ATHOL APARTMENTS MULTYFAMILY INVESTMENT OPPORTUNITY
RICHARD CRIGHTON CHRIS BROWN ROTHWELL GORNT COMPANIES Stunning Modern Design Built in 1988 1 OOo/o Occupied Remodeled Units to Class A Standards Tile Floors Quartz Counters Stainless Steel Appliances Brand New Roof in 2017 Brand New Parking Lot Phase 1 Complete Extra Large units Central HVAC Surrounded by Thousands of Business/Jobs
_A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 COMPANIES CHRIS BROWN - (702) 445.1330
ATHOL APARTMENTS 1638, 1640, 1644 Athol Ave, HENDERSON, NV 89011 Property Overview:
The ATHOLApa rtment Complex located in Henderson Nevada consists of 28 total units, 20 EXTRA large 1 bedroom apartments built in 1988 and 8 Studio apartments built in 1954.
If you are looking for a carefree investment with absolute minimal expenses and tenants that actually mail in their rent and have pride of ownership, look no further.
The buildings have been completely renovated with a brand new roof on each building, even the storage building, brand new parking lot, modernized exterior that has every passerby stopping to take pictures and attracting a waiting list of tenants. The building is currently 100% occupied.
The units themselves are extremely spacious with almost half being renovated to Class A standards with 100% tile floors, quartz counter tops and stainless steel appliances.
The location and zoning consists of mixed use in the City of Henderson allowing for multi-family, retail, industrial and more. The property itself is immediately adjacent to the Skyline Casino which just completed a ten million dollar renovation and Best Western Hotel to the South which just completed it's renovation. It is less than 1/2 mile off of a major thoroughfare Boulder Highway and Sunset to the North and Lake Mead to the South allowing access to both the 1-215 freeway and the 1-95 freeway. The property is within 2.5 miles of Galleria Mall, Sunset Station, Jokers Wild Casino, Wal-Mart, Target, Ross, Downtown Henderson and much more. Infrastructure for jobs, retail and dining is abundant making the property unique in it's immediate location, but beneficial for tenants as a global picture.
The management for Athol Apartments has been so easy that off-site management is in place and tenants mail in their rent or bring it to the management office.
,tllQ\ .A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 FINANCIALS FINANCIAL SUMMARY ATHOL APARTMENTS, HENDERSON NV
2016 ACTUAL ANNUAL EXPENSES City of Henderson - Water $11,700.93 - Republic service - Trash $3,243.00 - Nevada Power co - Electric $5,843.69 - . Insurance $8,058.00 . Taxes $7,895.85 - Plumbing $589.00 Appliances $400.00 . Management/ Officesupply $12,000.00 lTOTALANNUAL EXPENSES ______._____ $49,730.47
� .A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330
BROMLEY APARTMENT PHOTOS CornucopiaAve ESunset Rd ESunset Rd Galleria at Sunset 0 �Rd e 00 ;e_" l\>- ,;$ ;:ES:: ' 3:: 3:: . Whitney Ranch ;::: c}> .. (!) m���g Rexford Dr () � ESt Shopping Center () g; a� (!)a. > � ,g !!: c.. :, ci l> 3· o Jefferson Blvd TabonyAve I �� ��ft> (!)< ., � 0 The Home Depot ;;; j .fr' �"' DutchmanAve TargetO a', Q (!�) PITTMANN r- :I:" W Sunset Rd ()Sears Outlet W Sunset Rd WSunset Rd '21, W Merlayne Or Cl1ppertonAve O Findlay Toyota Lake Mead Crossing 0 Raising Cane's ID. � ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 f Sunpac Avo \Q � 2. 5 M,l.1..,6�IO E Sunset Rd COSTCO TobonyAvo Outchm.on Avo ,.. f E Mcr1oynoOr � z WSuns.,tRd 0�� i Si' - ,0 I OAhern Rentals1.5 Mli.ES TO a. Guilf0 Close Ave 2.5 MILES TO ZuberAve GREEN�tg,'f:ff�H SCHOOL "ll w worm Spungo\ Rd �-- i� W warm SpringsRd sci1--.91 Pr)"O Lake Mead Crossing 0 Cornerstone Park lflSAW Ra1smg Cane·s (DChicken Fingers .,_,.rl Vista Landscape � O Centers. Inc. w,ov<">"' ODream Apar1ments ...' ...-- _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 ...' -- ---�v=-»_ / _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 .tC;\ _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 .tC;\ _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 - � . �--:..=--�- ��-- _ ___ ,- � ,:.. - _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 .tC;\ _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 .tC;\ _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 COM PARABLES Lease Information In addition to the properties presented on the previous pages, individual units similar to the subject units were researched for leasing information. The table below summarizes details of recent lease agreements of comparable units. The lease information is sorted by lease date. Comparable Unit Lease Details # .Address Unit# Rent�lo. BuildingType Size (SF) Beds/Baths Yr. Bit. LeaseDate Lease 639 AnneLn 0 $775 Condo 724 1/1 1995 10/26/2016 Lease 342 South \Vater St 3 $595 Apartment 650 1/1 1962 1/4/2017 Lease 267 E VanWagenen St 267 $620 To\\inhouse 551 1/1 1971 1/27/2017 Lease 342 South Water St 3 $595 Condo 650 1/1 1962 2/3/2017 Lease 639 AnneLn 0 $775 Condo 724 1/1 1995 2/15/2017 Lease 408 East Sunset Rd D $795 Fowple.x 750 2/1 1983 4/12/2017 Lease 332 Van Wagenen St NIA $575 Condo 450 1/1 1971 4/21/2017 Lease 726AnneLn 78C $775 Condo 724 1/1 1994 4/24/2017 Lease 408 East Sunset Rd C $795 Fowple.x 750 2/1 1983 4/24/2017 Lease 357 E Van \Vagenen St 0 $650 Condo 551 1/1 1971 5/4/2017 Lease 147 Van Wagenen St 147 $750 To\\rnhouse 551 1/1 1971 6/9/2017 Lease 480 Rexford Dr 3 $595 Apartment 624 Studio 1950 6/13/2017 Lease 5903 Whitney Ave 0 $600 SFR 396 1/1 1940 7/1/2017 Lease 5919 Cassedy Ln B $550 Duplex 400 Studio 1949 7/14/2017 Lease 308 Eastminister Ct D $600 Apartment 715 2/1 1979 7/28/2017 Lease 308 EastministerCt E $500 Apartment 400 Studio 1979 8/12/2017 Lease 357 E Van \Vagenen St 0 $700 Condo 551 1/1 1971 8/21/2017 Lease 5320 Duralite St 102 $650 Condo 724 1/1 1996 9/6/2017 _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 NEIGHBORHOOD DESCRIPTION Location The subject neighborhood is located approximately 1 O miles south and southeast of downtown Las Vegas, and is generally delineated by the following boundaries: North: Sunset Road East: Lake Mead National Recreation Area South: Black Mountain Range West: Interstate 15 The majority of the neighborhood is within the City of Henderson boundaries, but also includes unincorporated portions of Clark County and a section of Paradise Valley Township. Henderson comprises the majority of the southeast Las Vegas Valley and includes the majority of the population in the area. Most of the developments that have an impact on the area are within the city limits of Henderson, including large well-established master-planned communities. Statistical data for the city of Henderson is primarily presented as it provides the best indications of the trends seen in the neighborhood . _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 COMPANIES CHRIS BROWN - (702) 445.1330 Information on population, housing and income for the City of Henderson are presented in the following tables: CITY OF HENDERSON POPULATION BY ZIP CODE HISTORICAL POPULATION TRENDS AND FUTURE GROWTH PROJECTIONS 79,255 1 7, 1 • 1999 256 24,943 82,102 63,775 171,076 13,700 8.7% 2000 356 18,307 83,513 65,442 18,055 185,673 14,597 8.5% 2001 504 21,015 38,573 67,105 24,398 46,631 198,226 12,553 6.8% 2002 621 24,217 39,063 68,780 30,287 47,238 210,206 11,980 6.0% 2003 654 25,672 38,892 71,332 36,566 47,120 220,236 10,030 4.8% 2004 847 26,438 39,363 74,468 1,589 42,357 48,444 233,506 13,270 6.0% 2005 967 27,510 39,529 78,145 4,586 44,573 48,587 243,897 10,391 4.4% 2006 29,345 13,816 28,510 39,943 41,018 8,307 46,256 48,933 256,128 12,231 5.0% 2007 31,525 16,165 28,567 40,120 41,138 12,202 48,207 47,866 265,790 9,662 3.8% 2008 32,355 17,320 29,376 40,818 41,339 14,535 48,139 48,181 272,063 6,273 2.4% 2009 32,843 18,670 28,713 40,170 41,523 15,858 49,315 48,042 275,134 3,071 1.1% 2010 32,165 19,187 28,829 40,423 40,876 16,486 49,987 48,475 276,428 1,294 0.5% 2015 32,165 20,837 29,442 40,423 40,876 21,202 51,704 50,928 287,578 11,150 4.0% 2020 34,096 33,084 32,302 41,499 40,876 25,211 54,026 50,928 312,022 24,444 8.5% 2025 43,247 39,412 32,546 41,596 42,726 27,864 55,097 53,873 336,360 24,338 7.8% 2030 46,375 �.492 33,605 42,479 47,922 36,113 55,728 53,873 361,587 25,227 7.5% 2035 51,317 53,310 33,605 42,995 50,381 43,981 56,711 53,873 386,175 24,588 6.8% 3, 22 5 2, 5. , 7 2 , Source: City ol Henderson Commun'1y 0evelopm«it Department. January 2015 • Bui lo-Out reflects withthe c;,paaty in the e»$ting corporatel imits The population in the City of Henderson has had significant growth in recent years with a total increase of nearly 55% from 2000 to 2015, indicating an annual growth rate of near 3%. Between 2000 and 2006, Henderson was the fastest growing city in the country in terms of percentage growth in the United States with a population over 200,000. The annual growth rate over this period was about 5.5%. Beginning in 2007, population growth has slowed considerable with an annual growth rate of less than 1 % since that time. The current population projections for beyond 2015 are for average annual increases of approximately 1.5% per year until 2040. _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 COMPANIES CHRIS BROWN - (702) 445.1330 Land Use/Development The city is comprised of a variety of land uses, from low density residential to industrial and commercial. Land within the city limits is divided into various land usages as follows. Existing Land Use Category Acres Percent Low Density Residential 14,683 20.91% Medium Density Residential 539 77.00% High Density Residential 3,692 5.26% Industrial 1,160 1.65% Commercial 5,719 8.15% Public/Semi-Public 5,815 8.28% Other 1,064 1.51% Right-of-Way 9,302 13.25% Vacant 28,234 40.22% In the previous ten to twenty years, Henderson has experienced a tremendous amount of commercial and residential development. Significant commercial development has occurred to support the population base including the relocation of numerous businesses to the area. Retail and office development are primarily located along the major roadways and much of the new construction has been in the southwest portion of the city along St. Rose Parkway and Eastern Avenue. New commercial projects not only provide an amenity to the area residents, but also _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 add to the employment base. Large developments include the Galleria Regional Mall, Green Valley Ranch District, Sunset Station Hotel/Casino and the Green Valley Auto Center, all of which have been well received and added to the employment opportunities in Henderson. The Galleria Mall is a major regional mall with Robinson's-May, Dillard's and J C Penney as anchor tenants. The District is an open-air village retail center adjacent to the Green Valley Ranch Resort with upscale stores and restaurants at ground level and condominium units above Industrial development has primarily been along the U.S. 95 corridor, generally between Sunset Road on the north and Lake Mead Drive on the south. Industrial parks such as Black Mountain Business Park, Gibson Business Park, Green Valley Business Park and Whitney Mesa have attracted new businesses, many relocating to the Las Vegas area With an increasing population over the past ten years, commercial facilities have been in demand. Office buildings had been generally well received by the market, as have most retail centers. These facilities are generally located along the major thoroughfares, with secondary locations being built-out with residential product. An indirect influence of the subject neighborhood is the City of Henderson downtown core. This older section of Henderson is undergoing revitalization supported by the Redevelopment Agency and is evidenced by several new retail, residential, and office projects. The following summarizes the commercial market segments and is from the City of Henderson Current Economic Update, from September of 2017. OfficeMarket Retail �lar-kct Industrial �1arkct t!�!:!!!;B� HENDERSON � 20.4% $2.06 -� VACANCY RATE LEASE RATE 7.3% 7.9% $0.59 VACANCY RATE LEASERATE VACANCY RATE LEASE RATE 02'17 02'17 02·17 02'17 QI '17 01 '17 -0 8% VS PRIORYR 3 2'" VS PRIORYR -0 ft VS PRIORYR ·2 3� VS PHIOR YR -1.0% VS. PRIORQlR -0.3� VS. PRIOROTR 3 4% VS PRIORYR -0 (11(,VS PRIORYR -O�VS PRIOROlR 4�VS PRIOROTR 3 5% VS PRIORQTR 0 S'- VS PRIOR QTR LAS VEGASAREA UIS VEGAS AAEA 19.3% $1.94 I.AS VEGAS AREA 8.1% $1.65 6.9% $0.61 _A\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 � COMPANIES CHRIS BROWN - (702) 445.1330 LAS VEGAS ECONOMIC GROWTH Las Vegas by the Numbers FY 2016 DOWNTOWN PROJECTS COMPLETED f10A1&.l0At )> RRl(vtt.OIJMQfTAlllAS �c,, • .-�, 847 CONSTRUCTION WORKERS EMPLOYED * -> ... 1440 PERMANENT JOBS CREATED :::0 ... 798 PERMANENT JOBS RETAINED )> l ....JOU•MIIIIJ ••.•• etyuil'IC $91 + MILLION PROJECT VALUE/ COST N ,a � ,...i,,:O.C..-,:i.� 27 PROJECTS ffl ---- FY 2016 DOWNTOWN PROJECTS ffl UNDER CONSTRUCTION 864 CONSTRUCTION WORKERS CURRENTLY ffl l� EMPLOYED l> 1105 PERMANENT JOBS TO BE CREATED ,a • ffl $197 + MILLION PROJECT VALUE/ COST l> 11 PROJECTS PLANNED DOWNTOWN PROJECTS Redevelopment Area 1 includes downtown Las Vegas east of 1-15 south of Washin ton Avenue north of Sahara $3 BILLION PROJECT VALUE/COST ESTIMATED , g , FOR MULTIPLEPROJECTS IN NEWLY EXPANDED Avenue and west of Maryland Parkway. It also includes DOWNTOWN MEDICAL DISTRICT the Charleston Boulevard, Martin L. King Boulevard and Eastern Avenue corridors. In December 2015, the * Peak employment Las Vegas City Council approved expanding this Sources: Project developers Redevelopment Area to include the Las Vegas Medical District, the Maryland Parkway area from Sahara Avenue to Charleston Boulevard, and the Historic Westside community. Economic and Urban Development Department Redevelopment Area 2 covers Sahara Avenue from 1-15 Sixth Floor, 495 S. Main St. to Decatur Boulevard, Charleston Boulevard from Rancho Las Vegas NV 89101 , Drive to Rainbow Boulevard, and Decatur Boulevard from Office: 702.229.6551 • TTY: 7-1-1 Sahara Avenue to U.S. 95. www.lasvegasnevada.gov/EUD LC;-,. �\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 @:1 COMPANIES CHRIS BROWN - (702) 445.1330 $4 BILLION PROJECT RAIDERS MOVE TO VEGAS LUCKY DRAGON LAS VEGAS - Major construction on The Raiders will head into next week's Address: 300 W. Sahara Ave. Resorts World Las Vegas is expected Annual League Meetings in Arizona Ty pe: Boutique hotel to begin later this year, with plans for closing in on a potential move to Developer: Lucky Dragon Hotel & Casino, LLC the Chinese-themed resort on the Las Vegas. Though it's not a full Size: 200+ rooms & 27,500 sq. ft. casino Las Vegas Strip to open in 2019. certainty, the expectation is the 32 Status: Projected to open late 201 6 The Las Vegas Sun reports that owners will vote on whether the Las Construction Jobs Generated: 250 project officials had initially planned Vegas Raiders is in the NFL's future. Permanent Jobs Generated: 800 for a 2018 opening of the hotel-casino. According to several sources informed Total Project Cost: $115 million But Resorts World General Counsel of their situation, the outlook is positive City Investment: N/A Gerald Gardner says work on a that the team will get the OK to move - Website: luckydragonlv.com "complex design" has contributed either next week or at the Spring League Description: This Asian-themed, nine-story to the delay. Meeting in May. The Raiders will make boutique hotel will house at least 200 He told the Nevada Gaming Control a presentation, briefly touching on rooms situated on 2.5 acres and be Board on Wednesday that full-scale Oakland but mainly selling their vision located next-door to the Allure construction at the former site of to the league. condominium tower. Owners plan the Stardust Hotel would begin NFL Network's Judy Battista reported on targeting the Asian market. sometime in the last three months Thursday that a vote on the proposal is Will feature 27,500-square-foot casino, of this year. expected Monday and "very little resistance" several restaurants serving Asian Resorts World had its groundbreaking to the team's relocation is expected cuisine, a 4,500-square-foot spa in May 2015. Plans for the site include among owners. and a multilingual staff. 3,500 rooms and a 150,000-square-foot The Raiders aren't there yet. But based casino. on the way it is heading, the team could The $4 billion project is being end next week with their wheels in motion developed by Malaysia-based on a move to Las Vegas. Genting Group. LC;-,. �\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 @:1 COMPANIES CHRIS BROWN - (702) 445.1330 MGM RESORTS INT. FREMONT9 (THE) VENUE LAS VEGAS The Monte Carlo will be redesigned as Address: Corner of Fremont & Ninth Streets Address: 750 Fremont St. two hotels - Park MGM Grand and Ty pe: Mixed-use; residential & retail Ty pe: Indoor/outdoor special event space NoMad Las Vegas - keeps a promise Developer: Downtown Project & Developer: The Venues Group by MGM Resorts International Chairman Wolfe Company Size: 40,000 sq. ft., 3 levels and CEO Jim Murren to refrain from Size: 231 units; 15,000 sq. ft. of retail Status: Fully operational in late 2015 naming propertiesfor international tourist Status: Expected to be completed Construction Jobs Generated: 25 destinations. second quarter 2017 Permanent Jobs Generated: 200 The NoMad restaurant will be operated Construction Jobs Generated: Unavailable To tal Project Cost: $12 million by chef Daniel Humm and restaurateur Permanent Jobs Generated: Unavailable City Investment: N/A Will Guidara. Also in the plans: The Italian Total Project Cost: $25.6 million Website: thevenuelasvegas.com market Eataly, with cafes, walk-up counters Website: fremont9.com Description: Versatile, state-of-the-art and sit-down restaurants. NoMad Las Vegas City of Las Vegas Investment: N/A special events facility located in the and Park MGM finish the company's overhaul Description: A mixed-use, multifamily Fremont East Entertainment District. of the center Strip on the boulevard's residential project that will consist of Offers customizable event space, west side, which began in 2009 with the five stories, 231 market-rate units and patio seating and a rooftop bar/lounge opening of CityCenter and continued with offer 15,000 square feet of retail. overlooking the downtown area among the Park dining and entertainment promenade Expected completion for this project its amenities. Venue Las Vegas is suited and T-Mobile Arena. will be during the second quarter of for corporate events, meetings, weddings, 2017. This is a joint effort of the Downtown conferences and live entertainment. Project and an Arizona-based apartment The owner/operator is The Venues investment firm called the Wolfe Company. Group, a special event and entertainment facility organization with locations in Scottsdale and now Las Vegas. LC;-,. �\ ROTHWELL GORNT RICHARD CRIGHTON - (702) 768.5755 @:1 COMPANIES CHRIS BROWN - (702) 445.1330