New Construction Project for 56 Unit Townhomes in Titusville, Florida

Townhomes of Titusville
INVESTMENT PROPOSAL
GreenBridge Holdings LLC

EXECUTIVE
SUMMARY
Located on 5.54 acres in the heart of The Beautiful Overlooking the Indian River City
of Titusville Florida. 4.17 acres zoned R-3 (Residential Multifamily) with Density of
15 units per acre and 1.37 acres zoned OR (Open Space Recreation), which makes it
perfectly suitable for Green Zone/Park/Recreational Area.
This development is planned to be a gated community consisting of 56 Townhomes
under 1400 sq.ft each, catered mostly to the first home buyers clientele, 3 Story 2
Bdrms, 2 1/2 Bath with open space floor plan. Focused on creating an active and
healthy lifestyle this community residents will range from young professionals and
families to retirees. Residents will also be able to enjoy the marinas and boat ramps
throughout the city as well as quick access to the beaches, county parks, shopping,
new medical facilities and world famous seafood. The new finished product will be
offered at $160,000 to $180,000 price range per unit. The comprehensive study of
the local real estate market made us to believe that there is a strong demand for
new homes under $200,000 range with zero competition.
5.54 ACRES | R-3 ZONED
LOCATION: 824 West C Stafford St, TITUSVILLE FL 32780

INVESTMENT
HIGHLIGHTS
• Only 50 minutes from Orlando International Airport
• One hour from Disney World Resort
• 20 minutes drive from Port Canaveral and Kennedy Space Center
• 15 min to I-95
• Less than 15 miles from one of the top rated by Tripadvisor.com,
Playalinda Beach
• Quick access to University of Central Florida, Eastern Florida State
College and Florida Institute of Technology
• No zoning changes required
• Quick turnaround
• Cost of the land less than $4000 per door
5.54 ACRES | R-3 ZONED

Aerial View

SITE PLAN

UNIT INFO
FIRST FLOOR SECOND FLOOR THIRD FLOOR

PROFORMA
OPTION A –
BUILD AND
SELL
INDIVIDUAL
UNITS
PHASE ONE | EQUITY REQUIRED
Land Acres Cost
Purchase Price 5.54 $195,000
Acquisition Fee $3,000
Total Land Cost $198,000
Soft Cost
Architect $25,000
Engineering $40,000
Permits (Land Development Only) $65,000
Common Area – Green Zone Landscaping Expense 1.37 acres.
Total Soft Cost
$45,000
$175,000
Land Development: 56 townhomes – 112 parking spaces 56x17 feet width =
952 lineal feet of road @$220
$209,440
TOTAL PHASE ONE/EQUITY REQUIRED $582,440

PROFORMA
OPTION A –
BUILD AND
SELL
INDIVIDUAL
UNITS
PHASE TWO | BANK CONSTRUCTION FINANCING
Construction Cost (Vertical) Net saleable SF $ Per NSF Total $NSF
56 units @1,344 sq.ft 75,264 $70.00 (Including Building permits) $5,268,480
TOTAL PHASE TWO/BANK CONSTRUCTION FINANCING ($1,317,120 Revolving Credit Facility) – 4
phases
$5,268,480
TOTAL COST OF PROJECT $5,850,920
Gross Sales Net saleable SF $ Per SF $Gross Sales
56 units @1,344 sq.ft 75,264 $120.00 $9,031,680
TOTAL GROSS SALES $9,031,680
SALES AND MARKETING EXPENSE
RE Commissions and Closing Cost @ 6% of Gross Sales
Legal and Construction Loan Fees ($1,317,120) Revolving Credit Facility – 4 phases – 14 units
each phase
$541,900
$130,000
Projected Net Profit $2,508,860
ROI 42.8%
IRR (Return on Invested Equity of $582,440) 430%
DURATION OF THE PROJECT 36 months

PROFORMA
OPTION B –
BUILD, RENT
AND SELL AS
CASH FLOW
PERFORMING
ASSET
PHASE ONE | EQUITY REQUIRED
Land Acres Cost
Purchase Price 5.54 $195,000
Acquisition Fee $3,000
Total Land Cost $198,000
Soft Cost
Architect $25,000
Engineering $40,000
Permits (Land Development Only) $65,000
Common Area – Green Zone Landscaping Expense 1.37 acres.
Total Soft Cost
$45,000
$175,000
Land Development: 56 townhomes – 112 parking spaces 56x17 feet width =
952 lineal feet of road @$220
$209,440
TOTAL PHASE ONE/EQUITY REQUIRED $582,440

PROFORMA
OPTION B –
BUILD, RENT
AND SELL AS
CASH FLOW
PERFORMING
ASSET
PHASE TWO | BANK CONSTRUCTION FINANCING
Construction Cost (Vertical) Net saleable SF $ Per NSF Total $NSF
56 units @1,344 sq.ft 75,264 $70.00 (Including Building permits) $5,268,480
TOTAL PHASE TWO/BANK CONSTRUCTION FINANCING ($1,317,120 Revolving Credit Facility) – 4
phases
Legal and Construction Loan Fees
$5,268,480
$130,000
TOTAL COST OF PROJECT (including phase one) $5,980,920
LEASING AND MANAGEMENT EXPENSE
Annual Gross revenue – 56 units @ 1200 monthly x 12 months
Less Property Taxes at approximately 1.25% of the assessed value of $160,000 per unit x 56
Less Property Insurance at annual rate of $1,000 per unit
Less 5% Property Management Fee - $40,320 per year and $18,000 common area park
maintenance
$806,400
$112,000
$56,000
$58,320
Less Total Cost of Project $5,980,920
Less Commission and Closing Costs at 4% $386,720
Projected Net Profit $3,300,000
ROI 55%
IRR (Return on Invested Equity of $582,440) 566%
DURATION OF THE PROJECT 36 months

COMMUNITY
DATA PROFILE
LOCATION – DISTANCE IN MILES
Atlanta, GA 478 Birmingham, AL 596
Charlotte, NC 518 Miami, FL 221
Mobile, AL 538 New Orleans, LA 681
Nashville, TN 730 Jacksonville, FL 134
Tampa, FL 127 Washington, DC 847
SPACE INDUSTRY
Kennedy Space Center (NASA): 8,300 employees
Estimated that 100 service members separate from nearby Patrick Air
Force Base each year;
Over 40,000 vehicles are registered on the base;
Titusville/Cocoa Regional Airport designated state “Spaceport” in 2013
for low orbit vehicles; and Blue Origin building $200 million rocket plant
here.

COMMUNITY
DATA PROFILE
POPULATION
2000 Census 2010 Census 2015 Census
City of Titusville 40,670 43,761 44,557
Brevard County 476,230 543,372 556,885
Florida 15,982,378 18,802,690 19,893,297
COMMUNITY FACILITIES
Libraries 3
Golf Courses 5
Fitness Centers 12
Recreation Parks 15
Movie Screens 14

COMMUNITY
DATA PROFILE
CLIMATE
LABOR FORCE ANALYSIS
Mean Temperature 77F
Cold Season (Dec-Mar) 71F
Climate Type Tropical
Civilian Labor Force 258,700
Total Non-Farm 200,500
Goods Producing 21,200
Service Providing 135,400
Government 26,600
Other Services 8,300

COMMUNITY
DATA PROFILE
INCOME CHARACTERISTICS
MAJOR INDUSTRIES / SECTORS
Median Household Income (2015) $ 46,280
Average Household Income (2015) $ 57,263
Average Family Income (2015) $ 66,814
Kennedy Space Center (NASA) Space exploration/services 8,300
Parrish Medical Center Health services provider 1,200
Knight’s Armament Ammunition manufacturer 280
Professional Aircraft Accessories Aviation components manufacturer 170
Boeing Aerospace (office) 125

ZONING AND
FUTURE USE

COMPARABLE
CURRENT
LISTINGS

FUN THINGS
TO DO
DISCLAIMER: All information provided deemed reliable but not guaranteed,
since the zoning and market conditions may change – all potential buyers
are responsible for verifying accuracy of all information.

New Construction Project for 56 Unit Townhomes in Titusville, Florida

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