915 S Park Ave
Titusville, FL 32780
Village at Valencia · Multifamily Property For Sale · 96 Units

EXISTING UPGRADES The Village at Valencia has undergone an extensive in-unit renovation plan since current ownership took possession in June 2017. A total of 61 units have been upgraded with the addition of any combination of vinyl plank flooring, resurfaced countertops, new plumbing fixtures, new lighting fixtures, new kitchen cabinetry and bathroom vanities and either black or stainless steel appliances. These renovations have been achieving a premium of approximately $78 per unit based on the current asking rents however there is a $180 per unit differential between unrenovated units and the current renovated market rent. POTENTIAL Cushman & Wakefield assumes that new ownership will complete the comprehensive in-unit renovation program. There are currently 35 units positioned for a full in-unit renovation plan. Updates to these units would include vinyl plank flooring, resurfaced countertops, new cabinets and stainless steel appliances. The cost of the updates is estimated to be $4,000 for one-bedroom floor plans and $5,000 for two-bedroom floor plans, resulting in a potential market rent premium of $78 per unit and a $94 premium over effective rents. In addition to the 35-unit full renovation plan, we anticipate additional capital to be spent on the remaining 61 renovated units. Some of these units might not have the full amenity package, we have budgeted an additional $1,000 per renovated unit for completion of any items that were not completed by prior ownership. Additionally, water/sewer and trash can be billed back to the tenants. Overall, completion of the proposed value-add program is projected to be a blended cost of approximately $2,300 per unit ($220,000 total). The construction time is expected to be spread out over the first two years of ownership, resulting in an increase of $194,937 in Net Operating Income and a 10.59% Return on Investment. CAPITAL IMPROVEMENTS Cushman & Wakefield assumes that new ownership will complete the comprehensive in-unit renovation program. In addition to the unit renovations, current ownership has invested a significant amount of capital into the exteriors and common area, totaling over $1 million. This is inclusive of new roofs, HVAC’s and parking surface. A summary of some of the main capital expenditures completed are below: • Swimming Pool Refurbishment - $6k (Aug 17) • Site Improvements - $83K • HVAC Repair & Replacements – $181K • Roof Replacements – $180K (Oct 18) The extensive amount of investment into the common area allows new ownership the luxury of focusing on completion of the in-unit value add program without the fear of major big ticket common area capital expenditures occurring in the same time frame.