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Situated in the Epicenter of the Economic Boom on the Texas Gulf Coast

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Situated in the Epicenter of the Economic Boom on the Texas Gulf Coast Situated in the Epicenter of the Economic Boom on the Texas Gulf Coast Located near the Houston Ship Channel and Trinity Bay with Excellent Access to the Port of Houston Opportunity to Acquire the Newly Renovated, 56 Unit Class B+ Multi- Verve Apartments Family Asset in a Prime Baytown Location! KET Enterprises Incorporated I 1770 St. James Place, Suite 382 I Houston, TX 77056 I 713.355.4646 I www.ketent.com THE VERVE 3201 GARTH RD BAYTOWN, TX 77521 The Verve • 3201 Garth Road • Baytown, TX 77521 Asking Price $4,400,000 Units: 56 Price Per Unit $78,571 Avg Size: 827 Price Per Sq. Ft. $94.97 Date Built: 1963 Terms ALL CASH Rentable Sq. Ft.: 46,328 Acreage: 2.43 Occupancy: 91% Class: B++ INVESTMENT HIGHLIGHTS ► Blue/White Collar Profile ► Brick and Stucco Construction ► There is Tremendous Economic Growth in Baytown ► Exterior Renovations Completed - $1.36M ► Interior Renovations Completed - $700K ► Excellent School District - This is a Strong Plus! ► Ideal for Long Term Cash Flow! ► Rents are Rising! ► The Houston Ship Channel is Expanding ► The Ship Channel Will Add Approximately 100,000 jobs! ► Property Did NOT Flood During Hurricane Harvey Available All Cash or On An Assumption Basis for ► $4,250,000 PLEASE CALL FOR MORE DETAILS: TOM WILKINSON Broker/Vice President [email protected] 713-355-4646 ext 102 KET Enterprises Incorporated I 1770 St. James Place, Suite 3802 I Houston, TX 77056 I 713.355.4646 I www.ketent.com The Verve • 3201 Garth Road • Baytown, TX 77521 Physical Information Financial Information Existing Loan Parameters Operating Information Number of Units 56Asking Price $4,400,000 Mortgage Balance $3,515,000Est Mkt Rent (May-21) $52,696 Avg Unit Size 756Price Per Unit $78,571Amortization (months) 360 12 Mo Avg $47,984 Net Rentable Area 46,328Price Per Sq. Ft. $94.97 Debt Service $223,860 Physical Occ (Jun-21) 91% Land Area (Acres) 2.43Stabilized NOI $293,622 P & I $18,655 Est Ins per Unit per Yr $433 Units per Acre 23.041 Stabilized Value Capped @ 5.5% $5,338,588 Interest Rate 4.90% Property Tax Information Date Built 1963 Est Rehab/Upgrade @ $/unit $0 Date Due Sept 2024 2020 Tax Rate/$100 2.97054 Water Meter / Master RUBS Est. Entrepreneurial Profit $0 Est Res for Repl/Unit/Yr $300 2021 Tax Assessment $4,597,275 Elec Meter RUBS Est. Carry to Stabilization $0 Yield Maintenance Yes 2020 Est Taxes $136,564 Roof Style Pitched Calculation of Value $5,338,588 Est Future Tax Assessment $2,940,000 A/C Type: HVAC-Indiv Est Future Taxes $87,334 Tax Assessment Under Protest INCOME MODIFIED ACTUALS PRO-FORMA PRO-FORMA INCOME Current Street Rent with a % Increase 632,352 $52,696 / Mo Estimated Gross Scheduled Income 632,352 $52,696 / Mo Estimated Loss to Lease (3% of Total Street Rent) (1,500) 3% Estimated Vacancy (7% of Total Street Rent) (44,265) 7% Estimated Concessions and Other Rental Losses (4% of Total Street Rent) (25,294) 4% Estimated Utilities Income 79,296 $1,416 / Unit / Yr Estimated Other Income 7,457 $133 / Unit / Yr Estimated Total Rental Income 648,046 ESTIMATED TOTAL PRO-FORMA INCOME 648,046 $54,004 / Mo June ' 20 thru May '21 Income $575,806 EXPENSE May 2021 YTD Expenses Estimated Expenses Fixed Expenses Fixed Expenses Estimated Fixed Expenses Taxes $141,396 $2,525 per Unit 5/21 operating statement $87,334 $1,560 per Unit 2020 Tax Rate & Future Assessment Insurance $24,271 $433 per Unit $24,271 $433 per Unit Estimated Total Fixed Expense 165,667$2,958 per Unit 111,605 $1,993 per Unit Utilities Utilities Estimated Utilities Electricity $31,961 $571 per Unit $31,961 $571 per Unit Water & Sewer $48,235 $861 per UnitNeed Water Saving Devices $36,285 $648 per Unit Trash Removal $7,495 $134 per Unit $5,638 $101 per Unit Telephone $3,398 $61 per Unit $2,556 $46 per Unit Gas $8,580 $153 per Unit $8,580 $153 per Unit Utility Billing Fee $1,896 $34 per Unit $1,896 $34 per Unit Total Utilities 101,566$1,814 per Unit 86,917 $1,552 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing $11,150 $199 per Unit $19,600 $350 per Unit Repairs & Maintenance $26,518 $474 per Unit $22,400 $400 per Unit Labor Costs $80,266 $1,433 per UnitVery High $72,800 $1,300 per Unit Contract Services $0 $ per Unit $0 $ per Unit Management Fees $21,2883.70% $380 per Unit $24,302 3.75% $434 per Unit Total Other Expense 139,222$2,486 per Unit 139,102 $2,484 per Unit Total Operating Expense 406,454$7,258 per Unit 337,624 $6,029 per Unit Reserve for Replacement 16,800$300 per Unit 16,800 $300 per Unit Total Expense 423,254$7,558 per Unit 354,424 $6,329 per Unit Net Operating Income (Actual Underwriting) 152,552 293,622 Asking Price 4,400,000"As Is" 4,400,000 "All In" Price Cap Rate 3.47% 6.67% Existing Debt 3,515,000 3,515,000 Equity 885,000 885,000 Estimated Debt Service 223,860 223,860 Cash Flow (71,309) 69,762 Cash on Cash -8.06% 7.88% NOTES: ACTUALS: Income and Expenses were calculated using owner's 5/21 operating statement. PRO FORMA: Income is Pro Forma as Noted. Taxes were calculated using 2020 Tax Rate & Future Assessment. Insurance is estimated. Management Fees calculated as 3.8% of Gross Income, 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. 6/15/2021 VerveBaytown The Verve • 3201 Garth Road • Baytown, TX 77521 2021 KET RENT COMPARABLE TAX ANALYSIS Property Address Yr Built Units Impr Sq.Ft. Impr Value Impr Value/Unit Impr Value/Sq.Ft. 1 Blue Bird 510 Williams 1965 67 52,967 $5,412,184 $80,779 $102.18 451440010004 2 Hunt Garden (HAP) 800 Hunt Rd 1984 100 75,480 $4,994,822 $49,948 $66.17 0591500190059 3 Providence at Baytown 1711 James Bowie 1969 184 159,971 $8,754,712 $47,580 $54.73 0410740020006 4 Bay Oaks 1700 Bob Smith 1978 146 67,924 $5,227,150 $35,802 $76.96 0450130020205 5 Cedar Ridge 2900 W Baker 1982 276 122,316 $7,260,000 $26,304 $59.35 0451440010004 The Verve 3201 Garth Road 1963 56 45,850 $4,597,275 $82,094 $100.27 Averages 1974 138 89,806 $6,041,024 $53,751 $76.61 The Verve • 3201 Garth Road • Baytown, TX 77521 Keymap: 501P Building Quality: B++ PROPERTY INFORMATION AMENITIES TAXING AUTHORITY - HARRIS COUNTY Age: 1963 Access Gates Park & Ride Nearby Mortgage Balance $3,515,000 ACCT NO: 0451440020135 Elec Meter: RUBS Cable Ready Walk-In Closets Amortization 30 yr Goose Creek ISD 1.341100 A/C Type: HVAC-Indiv Club House School Bus Pick-up P & I $18,655.04 Harris County 0.391160 Water: RUBS Laundry Rooms Shuttle Route Type Freddie Mac Harris County Flood Control 0.031420 Wiring: Copper? Mini Blinds Patios/Balconies Assumable Yes Port of Houston Authority 0.009910 Roof: Pitched Bookshelves Courtyards Monthly Escrow Harris County Hospital District 0.166710 Paving: Asphalt Outside Storage Origination Date 8/1/2019 Harris County Education Dept 0.004993 Materials: Brick/Stone Ceiling Fans Due Date Sept 2024 Lee Jr College 0.230100 # of Stories: 2 Interest Rate 4.90% City of Baytown 0.795150 Parking: 85 Spaces Prepayment Penalty 5%: 1% stepdown (5,4,3,2,1) HCAD NRA 45,850 Buildings: 5 Yield Maintenance 2020 Tax Rate/$100 $2.9705 Units/Acre: 23.22 *In Select Units Transfer Fee 1%+app+legal 2021 Tax Assessment $4,597,275 PROPERTY HIGHLIGHTS COLLECTIONS The Verve Apartments, is a two story, garden-style, apartment community located in the Baytown submarket, east of Houston. The asset was built in 1963 and per owner, was massively rehabbed in 2017. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Lots of new refinery jobs in Baytown due to a heavy expansion in the plants. $14 billion alone is Total$ 563,599 allocated for Exxon. Reportedly there are 14,000 new workers at Exxon alone. June 2020$ 34,283 3 Mo Avg$ 47,266 A Major Exterior and Interior Rehab was completed in 2017. The exterior rehab included the total remodel, down to the studs, of the Leasing Office. In addition, Building 1 received a new roof, July 2020$ 49,478 solar screens were added to the property, new signage, major landscaping improvements as well Aug 2020$ 49,102 as improvements to the plumbing, fencing, and parking lot improvements at a cost of Sept 2020$ 50,927 6 Mo Avg$ 45,898 approximately $1.36 million.
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