PROPERTY & INVESTMENT INFORMATION Price $7,200,000 Price/SF Land $66.11/sf Price/SF Improvements $139.27/sf 2.5 ACRE SITE Land Size 2.5 acres SAN MARCOS, TEXAS • CONTIGUOUS TO TEXAS STATE UNIVERSITY Improvement Size 51,697 SF Prime Redevelopment Site Exclusively presented by Mike Dallas Properties Year of Construction 1963-1983
Unit Mix and Rents Unit Type # Units Unit Size Current Rent Current Rent/SFCurrent Rent Annualized BALCONES APARTMENTS 1/1 14 500SF $625 $1.25$105,000 1/1 1 235SF $450 $1.91$5,400 1/1 1 755SF $750 $0.99$9,000 1/1 6 616SF $625 $1.01$45,000 2/1 4 780SF $725 $0.93$34,800 2/1.5 4 813SF $740 $0.91$35,520 2/2 4 890SF $760 $0.85$36,480 3/1.5 2 973SF $945 $0.97$22,680 3/2 4 1053SF $1,020 $0.97$48,960 Total/Avg. 40 704SF$715$1.03/SF $342,840 LINDSEY HOUSE 1/1 10 3,432SF $373 $44,760 PAT GARRISON FOURPLEXES 2/1 4 $725 $34,800 3/1.5 4 $945 $45,360 Total/Avg. 8 $835 $0.89/SF $80,160 CARLYLE APARTMENTS 1/1 4 $575 $27,600 1/1.5 1 $575 $6,900 2/1.5 1 $740 $8,880 2/2 4 $760 $36,480 Texas State University Total/Avg. 10 $665 $0.75/SF $79,860 Mixed Use Development Site COMANCHE HOUSE 401 North Fredericksburg, San Marcos, Texas 1/1 4 2,318SF $375 $18,000 TOTAL POSSIBLE INCOME • 2.55 acres per Hays CAD 60 Apartment Units, 2 Rooming Houses $565,620 Proforma Income & Expense • Outstanding Location Providing an Excellent 2007 - 08 CURRENT SCHEDULE INCOME 2008 - 09 PERFORMA Opportunity for an In-fill Mixed-Use Redevelopment RENTAL INCOME $565,620 $622,182 • Across the Street from Texas State University LESS VACANCY (2%) $11,312$12,444 • Currently Operating as the Balcones, Carlyle, and Pat NET RENTAL INCOME $554,308 $609,738 OTHER INCOME $39,593 $43,553 Garrison Apartments – 60 Units & 2 Boarding Houses EFFECTIVE INCOME $593,901$653,291 • Located between TSU Campus and San Marcos CBD LESS EXPENSES ($5.50/SF)$284,333 $301,182 Apartments and Land Adjacent to • Easy Walking Distance to Campus and Downtown NET OPERATING INCOME $309,569 $343,109 Texas State University • Redeveloped Site will offer Excellent Hill Country Views One of the Best Locations in San Marcos
Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected] Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected] Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected] Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected]
Balcones Apartments City of San Marcos, Texas Texas State University The redevelopment of the Balcones Apartments Campus Located between the State Capitol of Austin and the Alamo City of San Antonio, the “Jewel of the Corridor” is would allow a developer to get as close as possible home to Texas State University and the best outlet mall shopping in the southwest. to the Texas State University campus. This would be the closest, modern, off-campus student Dramatic scenery, clear water, a mild climate, and abundant recreational opportunities combine to make San Marcos housing at Texas State. Students would be able to HEB San Marcos a wonderful place to live and work. With San Antonio to the south, Austin to the north, and the beautiful Texas live and park closer to campus than the current CBD Hill Country to the west, there’s never a shortage of recreation, entertainment, and special events. Sports lovers satellite parking lots and remote student housing apartment complexes. Reportedly, The City of can participate in year-round outdoor activities or choose from the area’s college and professional sports teams. Hays County Those who prefer indoor activities will enjoy the many live music and performing arts venues in San Marcos and San Marcos will support this redevelopment as Courthouse it would bring students closer to campus thus the surrounding area. San Marcos is home to the state’s third most popular tourist attraction – the Tanger Outlet taking cars off the congested streets. Center and Prime Outlets – which draw more than 8 million visitors a year.
San Marcos offers a high quality of life, with access to a rich array of natural resources, recreational opportunities and cultural amenities. The spring-fed San Marcos River meanders through the city between park-lined banks. The Texas State University river is also a focus for swimming, canoeing, tubing, fishing, scuba diving and snorkeling. While nearby lakes are ideal for sailing, power boating and wind surfing. San Marcos’ mild climate lets enthusiasts pursue golf, tennis, Texas State’s 27,485 students choose from 111 bachelor’s, 86 master’s and six doctoral degree programs offered by the following colleges: Applied Arts, Business Administration, Education, Fine Arts and Communication, Health cycling, fishing, and other activities throughout the year. Live music, performing arts and cultural exhibits are also Professions, Liberal Arts, Science, University College and the Graduate College. plentiful. As the university’s student population has grown—from 21,500 in 1998 to 27,485 in 2006—the San Marcos campus has expanded. Today it consists of a 456-acre main campus and 5,000 additional acres in recreational, instructional, farm and ranch land.
Texas State students come from around the globe, and the student body is diverse. More than 29 percent of Texas State students are ethnic minorities. In fact, Texas State is ranked among the top 20 universities in the nation for the number of degrees granted to Hispanic undergraduates.
Texas State’s main campus is in San Marcos, a growing community of nearly 50,000 people about halfway between Austin and San Antonio. Located on the edge of the Texas Hill Country, Texas State enjoys a setting that is unique among Texas universities. The beauty of the San Marcos River and the stately campus adds to the charm of the university’s picturesque setting. The location on the banks of the River provides recreational activities for students throughout the year.
The Texas State campus is as diverse as the students who live and learn here. Nearly 170 buildings dot the hilly campus. Some, like Old Main, are as old as the university itself. Others, such as the brand-new McCoy Hall, with flat screen monitors rather than bulletin boards, and the Mitte Complex, which contains a high-tech clean room and microchip fabrication lab, are cutting-edge facilities. Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected] Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected]
Balcones Apartments City of San Marcos, Texas Texas State University The redevelopment of the Balcones Apartments Campus Located between the State Capitol of Austin and the Alamo City of San Antonio, the “Jewel of the Corridor” is would allow a developer to get as close as possible home to Texas State University and the best outlet mall shopping in the southwest. to the Texas State University campus. This would be the closest, modern, off-campus student Dramatic scenery, clear water, a mild climate, and abundant recreational opportunities combine to make San Marcos housing at Texas State. Students would be able to HEB San Marcos a wonderful place to live and work. With San Antonio to the south, Austin to the north, and the beautiful Texas live and park closer to campus than the current CBD Hill Country to the west, there’s never a shortage of recreation, entertainment, and special events. Sports lovers satellite parking lots and remote student housing apartment complexes. Reportedly, The City of can participate in year-round outdoor activities or choose from the area’s college and professional sports teams. Hays County Those who prefer indoor activities will enjoy the many live music and performing arts venues in San Marcos and San Marcos will support this redevelopment as Courthouse it would bring students closer to campus thus the surrounding area. San Marcos is home to the state’s third most popular tourist attraction – the Tanger Outlet taking cars off the congested streets. Center and Prime Outlets – which draw more than 8 million visitors a year.
San Marcos offers a high quality of life, with access to a rich array of natural resources, recreational opportunities and cultural amenities. The spring-fed San Marcos River meanders through the city between park-lined banks. The Texas State University river is also a focus for swimming, canoeing, tubing, fishing, scuba diving and snorkeling. While nearby lakes are ideal for sailing, power boating and wind surfing. San Marcos’ mild climate lets enthusiasts pursue golf, tennis, Texas State’s 27,485 students choose from 111 bachelor’s, 86 master’s and six doctoral degree programs offered by the following colleges: Applied Arts, Business Administration, Education, Fine Arts and Communication, Health cycling, fishing, and other activities throughout the year. Live music, performing arts and cultural exhibits are also Professions, Liberal Arts, Science, University College and the Graduate College. plentiful. As the university’s student population has grown—from 21,500 in 1998 to 27,485 in 2006—the San Marcos campus has expanded. Today it consists of a 456-acre main campus and 5,000 additional acres in recreational, instructional, farm and ranch land.
Texas State students come from around the globe, and the student body is diverse. More than 29 percent of Texas State students are ethnic minorities. In fact, Texas State is ranked among the top 20 universities in the nation for the number of degrees granted to Hispanic undergraduates.
Texas State’s main campus is in San Marcos, a growing community of nearly 50,000 people about halfway between Austin and San Antonio. Located on the edge of the Texas Hill Country, Texas State enjoys a setting that is unique among Texas universities. The beauty of the San Marcos River and the stately campus adds to the charm of the university’s picturesque setting. The location on the banks of the River provides recreational activities for students throughout the year.
The Texas State campus is as diverse as the students who live and learn here. Nearly 170 buildings dot the hilly campus. Some, like Old Main, are as old as the university itself. Others, such as the brand-new McCoy Hall, with flat screen monitors rather than bulletin boards, and the Mitte Complex, which contains a high-tech clean room and microchip fabrication lab, are cutting-edge facilities. PROPERTY & INVESTMENT INFORMATION Price $7,200,000 Price/SF Land $66.11/sf Price/SF Improvements $139.27/sf 2.5 ACRE SITE Land Size 2.5 acres SAN MARCOS, TEXAS • CONTIGUOUS TO TEXAS STATE UNIVERSITY Improvement Size 51,697 SF Prime Redevelopment Site Exclusively presented by Mike Dallas Properties Year of Construction 1963-1983
Unit Mix and Rents Unit Type # Units Unit Size Current Rent Current Rent/SFCurrent Rent Annualized BALCONES APARTMENTS 1/1 14 500SF $625 $1.25$105,000 1/1 1 235SF $450 $1.91$5,400 1/1 1 755SF $750 $0.99$9,000 1/1 6 616SF $625 $1.01$45,000 2/1 4 780SF $725 $0.93$34,800 2/1.5 4 813SF $740 $0.91$35,520 2/2 4 890SF $760 $0.85$36,480 3/1.5 2 973SF $945 $0.97$22,680 3/2 4 1053SF $1,020 $0.97$48,960 Total/Avg. 40 704SF$715$1.03/SF $342,840 LINDSEY HOUSE 1/1 10 3,432SF $373 $44,760 PAT GARRISON FOURPLEXES 2/1 4 $725 $34,800 3/1.5 4 $945 $45,360 Total/Avg. 8 $835 $0.89/SF $80,160 CARLYLE APARTMENTS 1/1 4 $575 $27,600 1/1.5 1 $575 $6,900 2/1.5 1 $740 $8,880 2/2 4 $760 $36,480 Texas State University Total/Avg. 10 $665 $0.75/SF $79,860 Mixed Use Development Site COMANCHE HOUSE 401 North Fredericksburg, San Marcos, Texas 1/1 4 2,318SF $375 $18,000 TOTAL POSSIBLE INCOME • 2.55 acres per Hays CAD 60 Apartment Units, 2 Rooming Houses $565,620 Proforma Income & Expense • Outstanding Location Providing an Excellent 2007 - 08 CURRENT SCHEDULE INCOME 2008 - 09 PERFORMA Opportunity for an In-fill Mixed-Use Redevelopment RENTAL INCOME $565,620 $622,182 • Across the Street from Texas State University LESS VACANCY (2%) $11,312$12,444 • Currently Operating as the Balcones, Carlyle, and Pat NET RENTAL INCOME $554,308 $609,738 OTHER INCOME $39,593 $43,553 Garrison Apartments – 60 Units & 2 Boarding Houses EFFECTIVE INCOME $593,901$653,291 • Located between TSU Campus and San Marcos CBD LESS EXPENSES ($5.50/SF)$284,333 $301,182 Apartments and Land Adjacent to • Easy Walking Distance to Campus and Downtown NET OPERATING INCOME $309,569 $343,109 Texas State University • Redeveloped Site will offer Excellent Hill Country Views One of the Best Locations in San Marcos
Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected] Mike Dallas, CCIM ★ 512-708-1800 or 512-626-7878 ★ [email protected]