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St. Clare Terrace MILWAUKEE, WI St. Clare Terrace MILWAUKEE, WI OFFERING MEMORANDUM St. Clare Terrace MILWAUKEE, WI CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. St. Clare Terrace MILWAUKEE, WI TABLE OF CONTENTS Section 1 PRICING AND FINANCIAL ANALYSIS Section 2 PROPERTY DESCRIPTION Section 3 RECENT SALES Section 4 RENT COMPARABLES Section 5 MARKET OVERVIEW Section 6 DEMOGRAPHIC ANALYSIS Section 7 MARKETING PLAN Section 8 THE MARCUS & MILLICHAP ADVANTAGE PRICING AND FINANCIAL ANALYSIS St. Clare Terrace MILWAUKEE, WI St. Clare Terrace MILWAUKEE, WI PRICING AND FINANCIAL ANALYSIS OFFERING SUMMARY Quality Mix No. of Payer Average Residents Type Rate 48 Family Care $2,425 5 Private Pay $2,399 53 Total Comments The rates above are for 2016. The facility just received a $4 per day Family Care rate increase for 2017 which would put the average rate at $2,560 per resident. The Seller estimates a $78,000 annual increase revenue. Major Employers Company Local Employees Price $4,290,000 Wheat Franc Healt St Franc 4,000 Price Per Unit $72,712 Midwest Air Group Inc 3,442 Price per Square Foot $78.98 St Luke's Medical Center Inc 3,148 Type of Care RCAC Miller Breweries East Inc 2,889 Total Units 59 Joy Global Surface Mining Inc 2,287 Milwaukee County Wisconsin 2,135 Unit Breakdown 59 One bedroom Units Clement J Zablocki Vamc 695 2,052 Total Square Feet 54,319 Aurora West Allis Medical Ctr 2,000 Occupancy - YE 2016 90.00% Business Information Solution 2,000 Occupancy - Pro Forma 97.00% Children's Hosp & Hlth Sys Inc 2,000 Children's Hosp of Wisconsin 1,900 Number of Buildings One Fortis Insurance Company 1,847 Number of Floors Four Stories Year Built/Complete Renovated 1964 / 2000 Demographics Lot Size 2.41 Acres 1-Mile 3-Miles 5-Miles 2014 Total 19,091 196,682 393,378 Population 2019 Total 19,312 198,273 396,569 Vital Data Population CAP Rate - YE 2016 4.47% 2014 Total 8,480 76,427 159,613 Households EGIM - YE 2016 2.77 2019 Total 8,592 77,224 161,951 Households EBITDA - YE 2016 $191,976 Median HH Income $45,480 $40,454 $40,537 CAP Rate - Pro Forma 6.97% Per Capita Income $25,463 $20,020 $22,084 (based on Total EGIM- Pro Forma 2.47 Population) EBITDA - Pro Forma $298,908 Average (Mean) HH $56,802 $51,180 $53,658 Income This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2017 X0170005 Marcus & Millichap. All rights reserved. St. Clare Terrace MILWAUKEE, WI PRICING AND FINANCIAL ANALYSIS UNIT MIX Type of No. of Pro Forma Unit Approx. Avg. YE 2016 Avg. Pro Forma Care Units Units Type Square Rates Monthly Rates Monthly Feet Income Income RCAC 48 51 Family Care $2,425 $116,400 $2,560 $130,560 RCAC 5 6 Private Pay $2,399 $11,995 $2,399 $14,394 RCAC 6 2 Vacant $2,420 $14,520 $2,544 $5,088 59 59 TOTAL 54,319 $142,915 $150,042 QUALITY MIX TypeNo.No.ProUnitApprox.Avg.YEAvg.Pro RCAC596548596548592651TOTALVacantPrivateFamily54,319$2,420$2,399$2,425$142,915$14,520$11,995116,400$2,544$2,399$2,560$150,042$5,088$14,394$130,560 ofofofFormaPayCareTypeSquareRates2016RatesForma CareUnitsBedsBedsFeetMonthlyMonthly IncomeIncome YE 2016 Pro Forma Vacant: 8.62% Vacant: 3.39% Private Pay: 8.62% Private Pay: 10.17% Family Care: 82.76% Family Care: 86.44% Comments In 2017, the Family Care rate went up by $4 per day. The Seller estimates a $78,000 annual increase in revenue due to the Family Care rate increase. The Family Care Pro Forma rate reflects that increase. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2017 X0170005 Marcus & Millichap. All rights reserved. St. Clare Terrace MILWAUKEE, WI PRICING AND FINANCIAL ANALYSIS INCOME AND EXPENSES Per Per Unit Unit YE 2016 Pro Forma Resident Service Fees Care & Service Rent $1,714,980 $29,067.46 $1,800,504 $30,517.02 Other Rent ($208) ($3.53) GROSS POTENTIAL REVENUE $1,714,772 $29,063.93 $1,800,504 $30,517.02 Vacancy (% of GPR) 10.2% / $174,235 $2,953.14 3.4% / $61,056 $1,034.85 Other Revenue Miscellaneous $5,913 $100.22 Other $555 $9.41 Uncategorized Income $936 $15.86 TOTAL OTHER REVENUE $7,404 $125.49 ACTUAL REVENUE $1,547,941 $26,236.29 $1,739,448 $29,482.17 Total Expenses $1,355,965 $22,982.46 $1,440,540 $24,415.94 EBITDA $191,976 $3,253.83 $298,908 $5,066.23 Comments This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2017 X0170005 Marcus & Millichap. All rights reserved. St. Clare Terrace MILWAUKEE, WI PRICING AND FINANCIAL ANALYSIS EXPENSES Per Per YE 2016 Unit Pro Forma Unit * Property Taxes $75,000 $1,271 Maintenance & Repairs $20,960 $355 $20,960 $355 Licenses & Permits $660 $11 $660 $11 Management (5% of GPI) $77,397 $1,312 $86,972 $1,474 Administrator $68,101 $1,154 $68,101 $1,154 Salaries & Wages $601,267 $10,191 $601,267 $10,191 Payroll Expenses $127,531 $2,162 $127,531 $2,162 Professional Fees $9,904 $168 $9,904 $168 Office Supplies $3,148 $53 $3,148 $53 Activities $372 $6 $372 $6 Building Supplies $36,678 $622 $36,678 $622 Housekeeping $4,036 $68 $4,036 $68 Laundry & Linens $5,032 $85 $5,032 $85 Dietary $156,199 $2,647 $156,199 $2,647 Advertising & Marketing $3,458 $59 $3,458 $59 Snow Removal $5,703 $97 $5,703 $97 Travel & Entertainment $39,810 $675 $39,810 $675 Equipment Rental $1,932 $33 $1,932 $33 Building Insurance $18,233 $309 $18,233 $309 Utilities $124,219 $2,105 $124,219 $2,105 Elevator $17,452 $296 $17,452 $296 Fire Protection & Inspection $5,623 $95 $5,623 $95 Medical $15,146 $257 $15,146 $257 Personal Care $961 $16 $961 $16 Miscellenous $12,143 $206 $12,143 $206 TOTAL EXPENSES $1,355,965 $22,982 $1,440,540 $24,416 % of GPI 88% 83% EBITDA $191,976 $298,908 % of GPI 12% 17% Comments St. Clare is a tax exempt property. The $75,000 for property in taxes in the Pro Forma column is an estimated property based off of the Milwaukee County mill rate. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate.
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