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Crossroads Apartments crossroads apartments MULTIFAMILY INVESTMENT OPPORTUNITY THE OPPORTUNITY • crossroads apartments • 32 Units HIGHLIGHTS CROSSROADS APARTMENTS 1110 Redwood Street, Las Vegas, NV 89146 Units 32 PROPERTY OVERVIEW The Crossroads Apartments consist of large one and two-bedroom floorplans. This community was built in 1992 and sits on 1.66 acres Avg SF 883 SF of land. The community has endless amenities for its residents, including covered parking, fully securitized gates, swimming pool/ jacuzzi, mature landscaping, and much more. Units come fully equipped with washer/dryer, private patio, roman tubs, and fireplaces. Proforma $945 Avg Rent Crossroads is located in the highly desirable west side of Las Vegas. This quiet and secure location provides a desirable family-oriented atmosphere for its residents. Ideally located, Crossroads is within walking distance of the College of Southern Nevada, as well as NRA 28,240 SF many dining, shopping and entertainment options. The location is conveniently situated near the US-95 Freeway, which provides access to all arterials of the Las Vegas valley. YR Built 1992 AMENITIES Acreage 1.66 • Premium West-Side Location • Fireplaces • Fully Gated • Covered Parking Zoning R - 3 • Swimming Pool/Jacuzzi • Below Market Rents • Washer/Dryer In-Unit • Lush Landscaping • Private Patios • Walking Distance to CSN APN 163 - 02 - 104 - 002 Proforma 95% UNIT MIX Occupancy Proforma PROFORMA PROFORMA $350,542 UNITS UNIT TYPE SIZE Gross Income RENT RENT / SF 16 1x1 745 $895 $1.20 Proforma NOI $216,308 16 2x2 1020 $995 $0.98 MULTIFAMILY INVESTMENT • • 2 EXTERIOR PICTURES • crossroads apartments • 32 Units MULTIFAMILY INVESTMENT • • 3 EXTERIOR PICTURES • crossroads apartments • 32 Units MULTIFAMILY INVESTMENT • • 4 AERIAL PICTURES • crossroads apartments • 32 Units MULTIFAMILY INVESTMENT • • 5 location overview • crossroads apartments • 32 Units las vegas strip downtown las vegas college of southern nevada bonanza high school crossroads apartments charleston blvd. redwood st. new horizons center for learning MULTIFAMILY INVESTMENT • • 6 FINANCIALS crossroads apartments FINANCIALS • crossroads apartments • 32 Units INVESTMENT SUMMARY PROPERTY INFORMATION OFFERING PRICE: CONTACT BROKER RENTABLE AREA: 28,240 UNITS: 32 YEAR BUILT: 1992 PRICE PER UNIT: TBD PROFORMA GROSS INCOME: $350,542 PRICE SF: TBD PROFORMA AVERAGE RENT: $945 CAP RATE: TBD AVERAGE UNIT SIZE: 883 GRM: TBD PHYSICAL OCC:. 97% UNIT MIX UNIT TYPE UNITS SIZE PROFORMA RENT PROFORMA RENT / SF 16 1x1 745 $895 $1.20 16 2x2 1020 $995 $0.98 MULTIFAMILY INVESTMENT • • 8 PROFORMA BREAKOUT • crossroads apartments • 32 Units PROFORMA FINANCIALS 2018 PER UNIT % PROFORMA PER UNIT % Gross Potential Income $307,241 $9,601 $362,880 $11,340 Less Vacancy $(14,602) $(456) (4.75)% $(18,144) $(567) (5.00)% Less Concess/Allowance - - $(10,886) $(340) (3.00)% Net Rentable Income $292,639 $9,145 $333,850 $10,433 RUBS $5,734 $179 (1.96)% - - Other Income $5,834 $182 1.99% $16,692 $522 5.00% Gross Operating Income $304,207 $9,506 $350,542 $10,954 Estimated Operating Expenses Payroll $38,248 $1,195 12.57% $30,400 $950 8.67% Administration $14,226 $445 4.68% $4,800 $150 1.37% Management $12,380 $387 4.07% $17,527 $548 5.00% Repairs and Maintenance $58,527 $1,829 19.24% $11,200 $350 3.20% Utilities $30,042 $939 9.88% $31,684 $990 9.04% Advertising $273 $9 0.09% $1,600 $50 0.46% Insurance $541 $17 0.18% $7,200 $225 2.05% Landscaping $4,092 $128 1.35% $4,000 $125 1.14% Property Tax $17,007 $531 5.59% $17,823 $557 5.08% Capital Reserves $8,000 $250 2.63% $8,000 $250 2.28% Total Operating Expense $183,336 $5,729 60.27% $134,234 $4,195 38.29% Net Operating Income $120,871 $3,777 39.73% $216,308 $6,760 61.71% MULTIFAMILY INVESTMENT • • 9 COMPARABLES crossroads apartments SALEs COMPS • crossroads apartments • 32 Units PROPERTY SALES PRICE PRICE PER UNIT YEAR BUILT UNITS DATE SOLD UNIT MIX 16 U • 1B x 1b Crossroads Apartments CONTACT TBD 1992 32 TBD 32 1110 Redwood Street BROKER UNITS 16 U • 2B x 2b PROPERTY SALES PRICE PRICE PER UNIT YEAR BUILT UNITS DATE SOLD UNIT MIX 48 U • 1B x 1b The Arbors $29,500,000 $136,574 1988 216 4/26/19 216 120 U • 2B x 2b 1 2666 S. Decatur Blvd. UNITS 48 U • 3B x 2b 180 U • 1B x 1b Helix $48,750,000 $154,272 1989 316 11/16/18 316 2 1700 Alta Dr. UNITS 136 U • 2B x 2b 80 U • 1B x 1b The Grove $34,500,000 $134,766 1989 256 11/7/18 256 84 U • 2B x 1b 3 2901 N. Rainbow Blvd. UNITS 92 U • 2B x 2b Sequoia Meadows $22,250,000 $163,603 1989 136 10/23/18 136 136 U • 2B x 2b 4 5301 W. Pioneer Ave. UNITS 88 U • 1B x 1b Oasis Sierra $36,100,000 $173,558 1998 208 8/9/18 208 100 U • 2B x 2b 5 7001 W. Charleston Blvd. UNITS 20 U • 3B x 2b AVERAGE SALE PRICE PRICE PER UNIT YEAR BUILT UNITS $46,557,500 $144,843 1991 - MULTIFAMILY INVESTMENT • • 11 SALES COMPS MAP • crossroads apartments • 32 Units 3 CROSSROADS APARTMENTS THE GROVE OASIS SIERRA 2 5 HELIX 1 THE ARBORS 4 SEQUOIA MEADOWS MULTIFAMILY INVESTMENT • • 12 rent COMPS • crossroads apartments • 32 Units SUBJECT PROPERTY UNITS AV SF PRICE PRICE/SF Crossroads Apartments 32 883 $836 $0.95 SUBJECT PROPERTY UNITS AVG, SF PRICE PRICE/SF Sahara West 72 661 $1,113 $1.68 Oasis Sierra 88 741 $1,003 $1.35 1 BED Vista del Rey 32 750 $943 $1.26 Tiffany Place 48 750 $935 $1.25 Crossroads Apartments 16 745 $768* $1.03 Oasis Sierra 80 1,026 $1,281 $1.25 Sahara West 108 916 $1,253 $1.37 Vista del Rey 48 1,150 $1,200 $1.04 2 BED Oasis Sierra 20 1,024 $1,157 $1.13 Vista del Rey 80 950 $1,075 $1.13 Tiffany Place 110 1,150 $1,036 $0.90 Crossroads Apartments 16 1,020 $904* $0.89 *In Place Rents MULTIFAMILY INVESTMENT • • 13 rent COMPS MAP • crossroads apartments • 32 Units CROSSROADS APARTMENTS TIFFANY PLACE VISTA DEL REY OASIS SIERRA SAHARA WEST MULTIFAMILY INVESTMENT • • 14 LAS VEGAS MARKET GREATER LAS VEGAS MARKET • crossroads apartments • 32 Units LOCAL MULTIFAMILY ECONOMIC INDICATORS EMPLOYMENT 96.3% Rate APARTMENT MARKET TRENDS AVERAGE $58,432 With rents up 7.3% year-over-year through April—the highest rate among major U.S. metros—Las Median Income Vegas’ multifamily market continues to benefit from the city’s rapid economic expansion. The average rent reached $1,072 in April, well below the U.S. average, and the metro’s affordability advantage over other western cities, especially coastal Californian metros, continues to boost in-migration. With TOTAL JOBS 1,058,900 population rising at more than twice the national rate while multifamily construction lags behind, rental Clark County rates are bound to continue advancing at a sustained pace in the foreseeable future. Yardi Matrix expects the average rent to rise 5.4% in 2019 Robust in-migration, mainly from Southern California and consisting of young professionals as well as MARKET INDICATORS retirees, is fueling Las Vegas’ multifamily market. The pipeline grew significantly over the past three years, mostly across suburban areas and specifically along Interstate 215. Half of last year’s new inventory came online along this corridor.Following last year’s cycle peak of 4,119 delivered units, Relative to prior period q4-2018 Q1 2019* the metro had 4,380 units under construction as of April, with 2,340 expected to come online in 2019. Even so, the occupancy rate in stabilized properties inched up 30 basis points over 12 months, Vacancy reaching 94.9% in March. Net Absorption Roughly $680 million in multifamily properties traded in Las Vegas during 2019’s first quarter, which Completions puts the metro on track to surpass last year’s $2.2 billion volume. Economic growth buoyed by heavy in-migration, paired with rent growth and fast absorption, have kept investors interested, even though Rental Rate the metro has historically experienced housing volatility. Acquisition yields in the multifamily sector hover in the high 4.5% band, and investors are betting on sustained rent growth. *Projected *Data provided by Yardi Matrix HISTORICAL SALES DATA SUMMARY STATISTICS 2017 2018 2019 Las Vegas Market q3-18 q4-18 q1-19 Vacancy Rate 3.4% 4.2% 4.2% Units Sold 19,633 18,549 5,715 Rent (Per Unit) $1,055 $1,099 $1,112 Average Price Per Unit $105,318 $127,260 $119,757 Net Absorption (Units) 664 - 4 - 81 Cap Rate 5.6% 5.4% 5.6% New Completions (Units) 1,034 844 0 MULTIFAMILY INVESTMENT • • 16 DEVELOPMENT PROJECTS • crossroads apartments • 32 Units RAIDERS HEADQUARTERS Excerpt from news3lv.com By Matthew Seeman & Max Darrow | January 2019 The Las Vegas Raiders have planned to break ground on the team’s headquarters in Henderson, NV in late January of 2019. The headquarters will be located off St. Rose Parkway near Henderson Executive Airport. The team is planning to have a three-story office building for all of the team’s employees, along with a 130,000 square foot field house, which will facilitate one and a half indoor practice fields. There will also be a workout facility with a gym attached to the field house and an outdoor pool. In addition to the indoor practice fields, the facility will also have three outdoor fields with bleachers on both sides. Parking includes room for about 400 people between members of the team and the fans.
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