MIRAMAR BEACH, FL, March 23, 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, is pleased to announce that it has completed the land acquisition for its Santa Rosa Beach, Florida Property. The Company expects to begin construction of the 4-story, 8-bedroom, 5,000 sq. ft. asset utilizing traditional bank financing.
As previously announced on February 4, 2021, the Company entered into a Joint Venture Agreement to purchase the land ($400,000) and build ($1,400,000) the 5,000 sq. ft. vacation destination real estate property. 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.
With the completion of the land purchase, the Company anticipates starting construction of the 4-story, 8-bedroom, 5,000 sq. ft. vacation style home as soon as permits are approved (less than 2 months) and total construction time is estimated to be less than 12 months. Additionally, the Company has the first rights / opportunity to purchase additional / adjacent land parcels for similar builds.
The 5,000 sq. ft. Santa Rosa vacation style property boasts 8 bedrooms, 8.5 bathrooms, 4 stories with ocean views, a rooftop deck, a short walk to the beach, and an elevator. The property will sleep 32 people, includes a private resort style pool with 16-person hot tub, fire pit and professional putting green.
“This property is going to be an amazing addition to our portfolio and is expected to substantially grow our revenue streams and add significant asset value and appreciation,” stated Josh Tannariello, CEO of MasterBeat. “The completion of our annual audits, completed by Malone Bailey, and our patient planning has allowed our Company to now utilize Traditional Bank Financing for asset purchases and builds. This is a huge milestone for our Company and our shareholders.”
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.
info@masterbeatcorp.com
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.
Contact:
Josh Tannariello
561-570-7050
josh@masterbeatcorp.com