A unique opportunity to build up to 84 condominiums within an existing development at Atlantic Beach, North Carolina. This project replaces 14 demolished buildings within the pre-existing footprint. Streets, parking, sewer system, direct beach access to private ocean beach, 2 outdoor pools, 1 indoor pool, playground, plus other amenities galore are already in place. Permitting should be simple to re-create this highly profitable venture. City officials and the existing development will welcome this project

1. Ocean Ridge Crossing
715 W. Fort Macon Road
Atlantic Beach, NC 28512
252-422-2205

2. A unique opportunity to build up to 84 condominiums
within an existing development at Atlantic Beach, North
Carolina. This project replaces 14 demolished buildings within
the pre-existing footprint. Streets, parking, sewer system,
direct beach access to private ocean beach, 2 outdoor pools, 1
indoor pool, playground, plus other amenities galore are
already in place. Total estimated value of all amenities and
infrastructure is $2.2MM. You only have to build the
buildings, which can be built in phases to limit your financial
exposure. Permitting should be simple to re-create this highly
profitable venture. City officials and the existing development
will welcome this project.

4. $4,500,000 Land Cost, *Amenities, and Infrastructure
*Amenities and Infrastructure estimated valued at ~ $2.2MM
84 Units
900 Sqft each
$125 $/Sqft Building Construction
$234,000 Unit Sales Price
$44,529 Estimated Profit Per Unit before interest and tax
4 Years Estimated Sellout
45.2% Projected Project Rate of Return
~$1.5MM Estimated Investor Cash Required
Condominium Year Built Bedroom Baths Sq. Ft List Price List/Sq. Ft
Ocean Ridge Crossing NEW 2 2 900 234,000$ 260$
Condominium Year Built Bedroom Baths Sq. Ft Sold Price Sold/Sq. Ft
A Place At The Beach 1984 2 2 864 166,000$ 192$
Island Beach & Racquet Club 1984 2 2 886 209,900$ 237$
Sands Villas 1985 2 2 1,016 267,000$ 263$
Sea Spray 1980 2 2 840 157,645$ 188$
Smugglers Cove 1974 2 2 1,005 291,000$ 295$
Southwinds 1978 2 2 818 158,705$ 199$
Condominium Year Built Bedroom Baths Sq. Ft List Price List/Sq. Ft
A Place At The Beach 1984 2 2 864 190,000$ 375$
Island Beach & Racquet Club 1984 2 2 886 235,000$ 265$
Sands Villas 1985 2 2 1,016 229,900$ 226$
Sea Spray 1980 2 2 840 212,500$ 252$
Smugglers Cove 1974 2 2 1,005 291,000$ 295$
Southwinds 1978 2 2 818 204,000$ 249$
Ocean Ridge Crossing (Key Data)
Proforma Summary and Assumptions
COMPARABLE SALES
Closed Sales
For Sale
NOTE: There are 17 Units on the Market as of 11-17-16
Subject Property

5. Property Location: Ocean Ridge Crossing
Atlantic Beach is in the heart of Atlantic
Beach, walking distance from Hoop Pole
Creek Nature Trail and Coral Bay Shopping
Center. This beach condominium resort is
within close proximity of Anchorage Marina
and Atlantic Beach Pier.

7. 2 Parcels ~2.055 Acres
and ~2.337 Acres

8. 4 Demolished Buildings is Equivalent Footprint

10. Amenities: Enjoy a range of recreational
amenities, including outdoor tennis courts, 2
outdoor pools, and an indoor pool and
Jacuzzi. And most importantly…Direct
Beach Access. Amenities include an
arcade/game room, a picnic area and outside
activity areas are all on site.

11. Ocean Ridge Crossing Amenities
o Indoor pool
o 2 Outdoor pools
o Children pool
o Spa Tub
o Picnic area
o Gazebo
o Pavilion
o Fitness facilities
o 9 Hole Miniature Golf
o Volleyball Court
o Basketball Court
o 2 Outdoor tennis courts
o Playground
o Shuffleboard
o Horseshoe Pit
o Barbecue grill(s)
o Laundry Rooms
o Security
o Free Wi-Fi
o Free wired high-speed Internet

12. Amenities Value
Indoor Pool 45K gal 400,000
Outdoor Pool A 67K gal 2500ft2 160,000
Outdoor Pool B 50K gal 1500ft2 120,000
Beach Access 900,000
Tennis Courts 100,000
Other 200,000
Total 1,880,000
1/3 Share above items 626,604
Parking and Streets 300,000
Sewer System 1,260,000
Total 2,186,604

13. Streets and Parking

14. Amenities Locations

31. Exclusive Listing Agent
201 W. Fort Macon Road – Atlantic Beach, NC 28512
252-727-5656 – Office