$MSTO Feb. 04, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- MasterBeat Corporation (OTC: MSTO), a company specializing in hard, tangible asset acquisitions with an intense focus on real estate, precious metals, collectible classic automobiles, and other tangible assets, enters into a Joint Venture Agreement to purchase land and build a vacation property in Santa Rosa Beach, Florida to further boost its Real Estate portfolio.
SBQ Holdings, LLC , a subsidiary of Masterbeat Corp. , has entered into Agreements to purchase a parcel of land in a high-end area located in the sunny town of Santa Rosa Beach, Florida .
SBQ’s joint venture will create a mutually beneficial partnership to both purchase the land ( $400,000 ) and build ( $1,200,000 ) the 5,000 sq. ft. vacation destination real estate property. The total gross cost of $1,600,000 will utilize traditional bank financing by the joint venture.
Comparable properties in the immediate area are selling between $2.5 Million and $3.2 Million and generating an annual rental revenue of approximately $300,000 per year. Local real estate sale prices are increasing over 10% year over year and are projected to have another double digit year in 2021.
The 5,000 sq. ft. Santa Rosa property is a 9-bedroom, 9-bathroom, 4-story vacation style home with ocean views, including from the roof-top deck, and a short walk to the beach. The land parcel is a 110’ x 200’ lot, which is very large for the area. In comparison, the Company’s Verano Palace lot size is 50’ x 110’. The timeframe to completion is expected to be approximately six months, and SBQ has the opportunity to purchase additional land parcels for similar builds, at SBQ’s option.
“This home, similar to our Verano Palace property, is ideal for both revenue generation and asset appreciation. The completion of our annual audits, completed by Malone Bailey , has created many opportunities to expand our Real Estate portfolio. This Santa Rosa property is just the first of many we have planned for our company,” stated Josh Tannariello , CEO of Masterbeat . “This property will be approximately 5,000 sq. ft., have 9 bedrooms and 9 bathrooms, a resort style pool with jacuzzi, outdoor kitchen, billiards room, game room, high-end appliances, furnishings, and amenities. Everything about this property delivers luxury to our clients that translates into revenue and appreciation to our Company.”
