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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: 88% 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 (Apr-21) $52,696 Avg Unit Size 756Price Per Unit $78,571Amortization (months) 360 12 Mo Avg $47,828 Net Rentable Area 46,328Price Per Sq. Ft. $94.97 Debt Service $223,860 Physical Occ (May-21) 88% Land Area (Acres) 2.43Stabilized NOI $295,671 P & I $18,655 Est Ins per Unit per Yr $434 Units per Acre 23.041 Stabilized Value Capped @ 5.5% $5,375,830 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 2020 Tax Assessment $4,708,337 Elec Meter RUBS Est. Carry to Stabilization $0 Yield Maintenance Yes 2020 Est Taxes $139,863 Roof Style Pitched Calculation of Value $5,375,830 Est Future Tax Assessment $2,940,000 A/C Type: HVAC-Indiv Est Future Taxes $87,334 Property 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 63,408 $1,132 / Unit / Yr Estimated Other Income 28,644 $512 / Unit / Yr Estimated Total Rental Income 653,345 ESTIMATED TOTAL PRO-FORMA INCOME 653,345 $54,445 / Mo April 2021 Income Annualized $573,933 EXPENSE Apr 2021 YTD Expenses Estimated Expenses Fixed Expenses Fixed Expenses Estimated Fixed Expenses Taxes $141,396 $2,525 per Unit 4/21 operating statement $87,334 $1,560 per Unit 2020 Tax Rate & Future Assessment Insurance $24,294 $434 per Unit $24,294 $434 per Unit Estimated Total Fixed Expense 165,690$2,959 per Unit 111,628 $1,993 per Unit Utilities Utilities Estimated Utilities Electricity $36,045 $644 per Unit $36,045 $644 per Unit Water & Sewer $45,462 $812 per UnitNeed Water Saving Devices $34,199 $611 per Unit Trash Removal $7,740 $138 per Unit $5,822 $104 per Unit Telephone $3,384 $60 per Unit $2,546 $45 per Unit Gas $9,030 $161 per Unit $9,030 $161 per Unit Utility Billing Fee $2,304 $41 per Unit $2,304 $41 per Unit Total Utilities 103,965 $1,857 per Unit89,946 $1,606 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing $12,027 $215 per Unit $19,600 $350 per Unit Repairs & Maintenance $25,389 $453 per Unit $22,400 $400 per Unit Labor Costs $79,284 $1,416 per UnitVery High $72,800 $1,300 per Unit Contract Services $0 $ per Unit $0 $ per Unit Management Fees $19,2003.35% $343 per Unit $24,500 3.75% $438 per Unit Total Other Expense 135,900$2,427 per Unit 139,300 $2,488 per Unit Total Operating Expense 405,555$7,242 per Unit 340,875 $6,087 per Unit Reserve for Replacement 16,800$300 per Unit 16,800 $300 per Unit Total Expense 422,355$7,542 per Unit 357,675 $6,387 per Unit Net Operating Income (Actual Underwriting) 151,578 295,671 Asking Price 4,400,000 "As Is"4,400,000 "All In" Price Cap Rate 3.44% 6.72% Existing Debt 3,515,000 3,515,000 Equity 885,000 885,000 Estimated Debt Service 223,860 223,860 Cash Flow (72,282) 71,810 Cash on Cash -8.17% 8.11% NOTES: ACTUALS: Income and Expenses were calculated using owner's 4/21 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. 6/10/2021 VerveBaytown The Verve • 3201 Garth Road • Baytown, TX 77521 2020 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 $4,708,337 $84,077 $102.69 Averages 1974 138 89,806 $6,059,534 $54,082 $77.01 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 2020 Tax Assessment $4,708,337 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. $14 billion alone is Total$ 551,951 allocated for Exxon. Reportedly there are 14,000 new workers at Exxon alone. May 2020$ 39,390 3 Mo Avg$ 41,334 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, June 2020$ 34,283 solar screens were added to the property, new signage, major landscaping improvements as well July 2020$ 49,478 as improvements to the plumbing, fencing, and parking lot improvements at a cost of Aug 2020$ 49,102 6 Mo Avg$ 46,000 approximately $1.36 million.
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