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"A" Quality Asset Located in Clute, Texas

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Excellent "A" Quality Asset Located in Clute, Texas KET Enterprises Incorporated I 4295 San Felipe I Suite 355 I Houston, TX www.ketent.com TheThe Red Rose of TexasRed I 107 Hackberry Rose St. I Clute, TX 77531 of Texas 107 Hackberry St. I Clute, TX 77531 ASKING PRICE Market to Determine Units: 32 Avg Size: 1000 Date Built: 2014 Rentable Sq. Ft.: 32,000 Acreage: 7.83 Occupancy: 97% Class: A INVESTMENT HIGHLIGHTS ► Luxury Apartment Construction in Clute, Texas ► Opportunity to build an additional 64+ units onsite ► Well Positioned, Gated complex near several retail and other businesses. ► Located Approximately 50 Miles South of Houston ► Located Approximately 5 Miles Northwest of Freeport ► Major Employment in the Area with Excellent Job Growth Predicted ► Dow Chemical Has Announced Plant Expansions in Freeport and a New R&D Facility in Lake Jackson ► Owners will make plans available for a Phase II ► Individual waters meter and sprinkler in each unit FOR MORE INFORMATION PLEASE CONTACT: KET ENTERPRISES INCORPORATED 4295 San Felipe I Suite 355 I Houston, Tx 77027 Hashir Saleem www.ketent.com Broker/Senior Associate Broker License #0406902 [email protected] 713-355-4646 The Red Rose of Texas I 107 Hackberry St. I Clute, TX 77531 Physical Information Financial Information Mortgage Balance Operating Information Number of Units 32 Asking Price Market to Determine New Loan @ 75% of Value #VALUE! Est Mkt Rent (Jun-16) $32,000 Avg Unit Size 1000 Amortization 300 Avg Mo 2016 $25,448 Net Rentable Area 32,000 Debt Service #VALUE! Physical Occ (Jun-16) 97% Land Area (Acres) 7.83 Monthly P & I #VALUE! Est Ins per Unit per Yr $604 Units per Acre 4.086 Interest Rate 4.75% Property Tax Information Date Built 2014 Date Due 10 Yrs 2016 Tax Rate/$100 2.81299 Water Meter RUBS Est Res for Repl/Unit/Yr $300 2016 Prelim Tax Assessment $1,474,860 Elec Meter Indiv Yield Maintenance Yes 2016 Est Taxes $41,488 Roof Style Pitched Future Est Tax Assessment $2,608,000 HVAC System HVAC-Indiv Future Est Taxes $73,363 * per unit -; per ft - INCOME MODIFIED ACTUALS PRO-FORMA PRO-FORMA INCOME1 Current Street Rent with a 10% Increase 422,400 $35,200 / Mo Estimated Gross Scheduled Income 422,400 $35,200 / Mo Estimated Loss to Lease (1% of Total Street Rent) (4,224) 1% Estimated Vacancy (3% of Total Street Rent) (12,672) 3% Estimated Concessions and Other Rental Losses (4% of Total Street Rent) (16,896) 4% Estimated Utilities Income 8,500 $266 / Unit / Yr Estimated Other Income 9,000 $281 / Unit / Yr Estimated Total Rental Income 406,108 ESTIMATED TOTAL PRO-FORMA INCOME 406,108 $33,842 / Mo Jan thru Sept 2016 Income Annualized $305,376 Jan thru Sept 2016 Income & Expenses Future Expenses EXPENSE Annualized Fixed Expenses Fixed Expenses Estimated Fixed Expenses Taxes $41,488 $1,296 per Unit 2016 Rate & 2016 Assessment $73,363 $2,293 per Unit 2016 Tax Rate & Future Assessment Insurance $19,331 $604 per Unit $19,328 $604 per Unit Estimated Total Fixed Expense 60,818 $1,901 per Unit 92,691 $2,897 per Unit Utilities Utilities Estimated Utilities Electricity $4,301 $134 per Unit $4,301 $134 per Unit Gas $ per Unit $0 $ per Unit Water & Sewer $17,476 $546 per Unit $17,476 $546 per Unit Total Utilities 21,777 $681 per Unit 21,777 $681 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing $17,434 $545 per Unit $9,600 $300 per Unit Repairs & Maintenance $12,841 $401 per Unit $9,600 $300 per Unit Labor Costs $ per Unit $35,200 $1,100 per Unit Contract Services $6,898 $216 per Unit $2,560 $80 per Unit Management Fees $31,365 10.27% $980 per Unit $16,244 4.00% $508 per Unit Total Other Expense 68,537 $2,142 per Unit 73,204 $2,288 per Unit Total Operating Expense 151,133 $4,723 per Unit 187,672 $5,865 per Unit Reserve for Replacement 6,400 $200 per Unit 6,400 $200 per Unit Total Expense 157,533 $4,923 per Unit 194,072 $6,065 per Unit Net Operating Income (Actual Underwriting) 147,843 212,036 NOTES: ACTUALS: Income and Expenses were calculated using Jan thru Sept 2016 Income & Expenses Annualized. PRO FORMA: Income is estimated. Taxes were calculated using 2016 Tax Rate & Future Assessment. Insurance is estimated. Management Fees calculated as 4.% of Gross Income and Other expenses are Estimated for the Pro Forma. DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the price at anytime without notice during the marketing period. 10/3/2016 TheRedRoseofTexasClute The Red Rose of Texas I 107 Hackberry St. I Clute, TX 77531 Property Overview TAXING AUTHORITY PROPERTY INFORMATION CURRENT MORTGAGE Brazoria County Age: 2014 Ph I Mortgage Balance ACCT #: 234055 Renovated: N/A Amortization CITY OF CLUTE $0.659000 Elec Meter: Indiv P & I + MIP VELASCO DRAINAGE DISTRICT $0.093878 A/C Type: HVAC Type BRAZORIA COUNTY $0.426000 Water: RUBS Assumable BRAZOSPORT COLLEGE $0.277510 Wiring: Copper Origination Date PORT FREEPORT $0.041304 Roof: Pitched Due Date ROAD & BRIDGE FUND $0.060000 Paving: Concrete Interest Rate BRAZOSPORT INDEPENDENT SCHOOL DISTRICT $1.255300 Materials: Brick/HardiPlank # of Stories: 2 Buildings: 3 2016 Tax Rate/$100 $2.812992 Units/Acre: 4.09 2016 Prelim Tax Assessment $1,474,860 Open Parking: Yes Detached Garages: No Quality: A Key Map: 883K COLLECTIONS Avg Mo 2016 $ 25,448 $35,000 Jul 2015 $ 27,153 $30,000 Aug 2015 $ 27,228 $25,000 Sep 2015 $ 27,615 Oct 2015 $20,000 Nov 2015 $15,000 Dec 2015 $10,000 Jan 2016 $ 30,746 Feb 2016 $ 26,694 $5,000 Mar 2016 $ 27,294 $- Apr 2016 $ 21,253 May 2016 $ 21,253 Jun 2016 $ 25,043 PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER. PROPERTY HIGHLIGHTS KET Enterprises Incorporated is pleased to present The Red Rose of Texas Apartments, a new, class "A", two-story, garden-style, apartment community located in Clute,Texas, approximately 50 miles south of downtown Houston. The property offers spacious one, two and three bedroom units and an array of modern amenities. The community is surrounded by numberous parks as well as quaint entertainment venues, dining and retail centers that incorporate the area's abundance of employment centers, schools, and neighborhoods. The property is situated between Lake Jackson and Freeport and is less than 5 miles from Brazoria County's major employers such as The Dow Chemical Company with over 4,200 employees and Fluor Corporation with over 3,100 employees. It is also less than 10 miles from Surfside Beach, a popular fishing and beach resort community. Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. The Red Rose of Texas I 107 Hackberry St. I Clute, TX 77531 Unit Mix UNIT MIX JUNE 2016 Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF PHASE 1 Flat 1 Bed/1 Bath 16 900 14,400 $900 $14,400 $1.00 Flat 2 Bed/2 Bath 8 1,000 8,000 $1,000 $8,000 $1.00 Flat 3 Bed/2 Bath 8 1,200 9,600 $1,200 $9,600 $1.00 32 1000 32,000 $1,033 $32,000 $1.00 Average Sq. Total Sq. Average Average TOTALS AND AVERAGES Total Units Total Rent Ft. Feet Rent/Unit Rent/ SF 8 16 UNIT TYPE 8 1 Bed/1 Bath 2 Bed/2 Bath 3 Bed/2 Bath 900 1200 UNIT SIZE 1000 1 Bed/1 Bath 2 Bed/2 Bath 3 Bed/2 Bath The Red Rose of Texas I 107 Hackberry St. I Clute, TX 77531 Amenities RESIDENCE AMENITIES ♦ 9' Ceilings with Crown Molding ♦ high end carpet in bedrooms ♦ Walk-In Closets ♦ Washer and Dryer connections in every unit ♦ Black Kitchen Appliances* ♦ Plenty of closet space ♦ Ceramic Tile Backsplash ♦ Ceiling Fan w/Light Kit in Living Room & Bedroom ♦ Roman Tubs ♦ Patios and balconies ♦ 2" Faux Wood Blinds ♦ Ceramic Tiles in Living and bathrooms ♦ Solid wood cabinets in kitchens ♦ Granite Countertops* COMMUNITY AMENITIES ♦ Possibility of adding pool and fitness center ♦ 24-Hour Emergency Maintenance ♦ Gated property ♦ Ample parking ♦ 24 -Hour Surveillance on Common Area ♦ Possibility of On-Site Professional Management ♦ 24-Hour Emergency Maintenance PET POLICY ♦ Dogs and cats allowed (Some Breed Restrictions) ♦ Maximum weight 25 lb each ♦ One time fee $300 The Red Rose of Texas I 107 Hackberry St.
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