Masterbeat Corporation (OTC PINK: MSTO), a company specializing in hard, tangible asset acquisitions with an intense focus on real estate, collectible classic automobiles, and other tangible assets, is pleased to announce it has sold its 183 Rolling Dunes, Santa Rosa Beach, Florida beach property for $4.25 Million ($4,250,000). The land acquisition and construction costs for this property are $1.85 Million ($1,850,000) which realizes a $2.4 Million ($2,400,000) gross profit for the Company.
In February of 2021, SBQ announced the acquisition and purchase of a parcel of land (183 Rolling Dunes) in a high-end area located in the sunny beach town of Santa Rosa Beach, Florida. The Rolling Dunes lot was purchased for $400,000, with an estimated construction cost of $1,450,000, for an “all in” cost of $1,850,000. At the time, comparable properties in the immediate area were selling for between $2.5 Million and $3.2 Million and generating an annual rental revenue of approximately $300,000 per year.
In July, 2021, SBQ announced that SBQ had broken ground and was going to be starting construction on the 183 Rolling Dunes asset. In August, 2021, they announced the lot was cleared and construction had started. In October of 2021, the 183 Rolling Dunes property was listed on the Multiple Listing Service (MLS) with an asking price of $4.25 Million.
In December, 2021, SBQ received an all-cash offer and agreed to sell the property for the asking price of $4.25 Million. The funds are in escrow until the completion of the build which is still expected to be completed in April, 2022. The 183 Rolling Dunes property will realize a gross profit of $2.4 Million ($2,400,000) and, after the Realtor Commission of 4 % ($170k), a net profit of $2.23 Million ($2,230,000) for the Company.
SBQ’s 183 Rolling Dunes, Santa Rosa property is the first of multiple custom 5,000 sq. ft. vacation style homes that SBQ will be constructing in the Florida Panhandle. SBQ recently announced the acquisition of three additional properties in the area that will be constructed throughout 2022. SBQ will be implementing an aggressive land acquisition strategy throughout the year. The Company plans to use proceeds from its recently filed Regulation A capital raise to purchase additional, already identified, parcels of land followed by traditional construction financing to build these vacation style properties.
SBQ’s vacation style homes are custom 5,000 sq. ft. vacation style homes that feature 8 to 9 bedrooms, 8 to 9 bathrooms, 3 to 4 stories with ocean views, rooftop decks, short walks to the beach, elevators, 16-person hot tubs, fire pits, professional putting greens and can sleep up to 32 people per home.
Rented Inc., recently listed the Florida Panhandle as the best location for investors to purchase vacation rental homes. Florida's northwest Gulf Coast ranked #1 on the new "100 Best Places to Buy Vacation Rentals." The report was compiled by Rented Research and Weiss Analytics ranking destinations by the cost of ownership, short-term revenue potential, acquisition cost, annual appreciation, and projected changes in asset value. The new 2020 report determined that Florida's Panhandle offers the best returns on vacation home investments over "Every Other Market" in the United States and has an index score of 98.7 out of 100. The Florida Panhandle has emerged as the clear winner as the top vacation-home investment area in the United States. See more at www.inman.com/2020/07/20/florida-is-the-no-1-state-to-purchase-a-vacation-rental/
“Pre-selling our Rolling Dunes property for $4.25 Million ($2.4 Million Gross Profit) is another major milestone for the Company and its shareholders. We proved our concept with our Verano Palace property, and we have now proved our vacation rental property business model is robust and scalable with this Rolling Dunes sale that realizes dividend-like returns,” stated Josh Tannariello, CEO of Masterbeat Corp. “This property is just the first of numerous similar properties already on our books, but our plan is to truly scale up our model. We plan to strategically use our recently filed Regulation A capital raise to aggressively purchase similar land parcels. These acquisitions, paired with traditional construction loan financing (as recently announced) to build our vacation rental properties, are expected to exponentially increase our cashflow, revenues and asset values to realize a potential trading market move.”
About MasterBeat Corp.
MasterBeat Corporation (OTC: MSTO), incorporated under the laws of Delaware, is a publicly traded company specializing in hard, tangible asset acquisitions with an intense focus on real estate, precious metals, and other tangible assets. The company believes its progressive approach to an old school model, especially in this market based on fragile earnings multiples and uncertainty, to acquire hard, tangible assets will not only offer long term capital appreciation but also deliver revenues, profits, and self-sustainability.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005657/en/
Contacts
Josh Tannariello
561-570-7050
josh@masterbeatcorp.com
