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Real Estate Portfolio Analysis

Real Estate Portfolio Analysis. City of Key West May 2009. Portfolio Review. Evaluation and Characterization Appraisals Recommendations for: Utilization Revenue Production Expense Reduction Re-development Disposition. City of Key West Real Estate Portfolio. 1. 2. 3.

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Real Estate Portfolio Analysis

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  1. Real Estate Portfolio Analysis City of Key West May 2009

  2. Portfolio Review • Evaluation and Characterization • Appraisals • Recommendations for: • Utilization • Revenue Production • Expense Reduction • Re-development • Disposition

  3. City of Key WestReal Estate Portfolio 1. 2. 3. City Owned Tenant Occupied City Owned Property City Occupied Leased Revenue Producing • Enterprise Funds • General Fund • Occupied • Vacant • Re-development • Renew • Re-locate • Downsize Non-Revenue Leases • Non-Profits • Government

  4. 1. City Owned/ Tenant Occupied • Renew Leases at Market Rates • Re-utilization by City • Re-development Opportunities • Disposition of Surplus Property • Income Stream vs. Sale Proceeds • Highest and Best Use • Potential New Revenue

  5. Enterprise Funds Key West Bight General Fund 819 Olivia* A-1 Boatyard Cable Hut – Island Adventures Cable Hut – HTA Casa Cayo Hueso Chamber of Commerce Comcast Tower Cultural Preservation - Mallory Golf Course GB Marina Upland* GB – Angelfish Pier GRM Enterprises – 0 Duval HTA Tropical Shell & Aquarium HTA – Conch Tour/Buggy Bus Pier House JV* Southernmost Beach Café Sunset Watersports Smather’s We’ve Got the Keys – Park-N-Ride 1. Revenue Producing Properties

  6. 1. Non-Revenue Producing Leases • Revenue Potential • Re-utilization • Disposition • Alignment with City Mission • Appropriateness of Location • Tenant Activity Offsetting City Costs

  7. Easter Seals College Rd* Historic Firehouse Hospitality House* – Mallory KW Art Center KW Botanical Garden KW Players KW Power Squadron KW Sailing Club* KW Yacht Club Monroe County Animal Shelter Mosquito Control *– College Rd Wesley House – Bayview Park* Wesley House Community Center Wildlife Rescue – Indigenous Park 1. Non-Revenue Producing Properties

  8. 2. City Owned Property Strategy • Data Gathering • Evaluation/Utilization • Supports Long-term Strategic Plan • Appraisals • Analysis • Maximum Value to the City • Reduces Occupancy Cost • Co-location Efficiencies • Functionality/Energy Efficient/Green • Recommendations • Utilization/Renovation/ Disposition • Short and Long Term Plans

  9. 3. City Leased/ Occupied • Space Needs/Utilization • Renegotiate/Renew • Re-Locate • Downsize

  10. Vacant 837 Olivia 908 Caroline Trumbo Road City Leased 623 Duval Redevelopment College Road Palm Avenue 2. City Owned Vacant/Re-Development3. City Leased/ Occupied

  11. Portfolio Review Outcomes • Initiate Evaluation/ Characterization • Determination/Prioritization • Obtain Appropriate Appraisals • Recommendations to Commission • Initiate Ballot Referendum Process for any Property Dispositions

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