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MUELLER REDEVELOPMENT University of Texas Austin Austin CBD university of texas A 26-UNIT BOUTIQUE ASSET MINUTES FROM MAJOR RETAIL, ENTERTAINMENT, AND EMPLOYMENT MUELLER REDEVELOPMENT 4715 Harmon Ave Austin, TX 78751 Price: TBD by Market PROPERTY DETAILS SITE INFORMATION Number of Units 26 Year Built 1962 Land Size 0.6 acres NRA 15,900± SF Leased 92.3% (as of Aug ‘17) Occupancy 92.3% (as of Aug ‘17) MECHANICAL SYSTEMS Electrical Individually metered (resident pays) HVAC Individual climate controlled units Individual heaters/boiler system Hot Water (resident pays) Water/Sewer Master-metered (owner pays) CONSTRUCTION Style Garden Foundation Concrete post tension slabs Exterior Brick Roof Flat INTERIOR AND COMMUNITY FEATURES Floor Covering Vinyl plank/tile • Spacious apartments with upgraded features Paving Asphalt • Vinyl plank flooring and tile throughout units Wiring Copper • Kitchens feature black appliances, islands, and dark cabinetry* Piping PVC wastelines • Contemporary vessel sinks and framed mirrors in bathrooms* PARKING • Stackable washer/dryer sets* • On-site laundry facility Total Surface Spaces 32 *in select units SCHOOLS District Austin INVESTMENT HIGHLIGHTS Elementary School Ridgetop • Irreplaceable in-fill real estate in a tremendous Hyde Park location, Middle School Lamar the oldest neighborhood in Austin and centrally located • Substantial renovation completed with extensive interior and High School McCallum exterior upgrades - provides investors with “newer” construction type product • Major exterior renovations include new roofs, front doors, HVACs, resurfaced parking lot and rehabbed decking and walkways • Ten units (38%) have been substantially renovated and are achieving rent premiums of $400+/-. Interior upgrades include: vinyl plank flooring, black appliances, cherry wood cabinets, granite countertops, white quartz countertops and ceramic tile in the bathroom, new lighting, two-inch faux wood blinds, new sinks, framed bathroom mirrors, bathroom tub backsplash, and stackable washer/dryer sets in units • Tremendous value-add opportunity for new buyer to continue the successful renovation program and to generate additional annual income by turning over the rent roll at the new renovated rental rate 4715 HARMON A 26-UNIT MULTIHOUSING INVESTMENT OPPORTUNITY PRICE: TBD BY MARKET Unit Mix & proforma PROFORMA AREA HIGHLIGHTS INCOME TOTAL PER UNIT • Irreplaceable real estate located in central Austin, attracting students (both graduate and undergraduate) and young professionals (Austin’s fastest growing 1 GROSS SCHEDULED RENT $312,840 $12,032 demographic) Less: (Gain) / Loss-to-Lease 0 $0 • Strong demographics within a five-mile radius: employment base of 174,100; median age of 30; average household income of $73,820 (U.S. Census Bureau, GROSS POTENTIAL INCOME $312,840 $12,032 Sep ‘17) Less: Vacancy 15,642 $602 • In the past year, homes within a half mile of the properties have sold for between $225k and $1mm, or an average of over $322 per square foot - some of the most TOTAL RENTAL INCOME $297,198 $11,431 expensive real estate in Austin Plus: RUBS Income2 9,750 $375 • UT Austin, less than two miles from 4715 Harmon, is the second largest university in Texas (total enrollment of approximately 51,000 students) with an on campus 3 Plus: Other Income 4,550 $175 housing supply of just 8,215 beds, resulting in 16 percent of students living on campus; as a result, almost 43,000 students have a demand for off-campus TOTAL OTHER INCOME 14,300 $550 housing each year EFFECTIVE GROSS INCOME $311,498 $11,981 • Just under three miles away is the new UT Austin Medical District – one of Austin’s largest and most anticipated development projects; spans from 12th Street to EXPENSES TOTAL PER UNIT MLK and bordered by IH-35 & Trinity Repairs and Maintenance $13,000 $500 • The newly completed Dell Medical School is the first medical school to be built at a tier-one research university in decades and recently welcomed its first class Payroll 13,000 $500 of students in June 2016 Administrative 2,600 $100 • The district will include over 575,000 square feet of space dedicated to education, administration, and research; the recently opened Dell Seton Marketing 3,900 $150 Medical Center is a 500,000 square foot, 211 bed teaching hospital and Level 1 Trash Removal 3,000 $115 Trauma Center that is being funded by Seton Healthcare Family • At completion, the medical district is expected to create 6,900 jobs Utilities4 13,000 $500 • Major employers in the area include the University of Texas (faculty of ±21,000), TOTAL VARIABLE EXPENSES $48,500 $1,865 St. David’s Healthcare (8,100 employees), Seton Healthcare (12,770 employees), and Austin Studios (8,000 employees) Taxes5 67,741 $2,605 • Directly across IH-35 from the Mueller Redevelopment – a 711-acre mixed-use Insurance 6,500 $250 urban village consisting of 4M square feet of office and retail, more than 5,700 homes and 140 acres of parks, trails, and open space; also home to the Dell Management Fee 12,460 $479 Children’s Medical Center of Central Texas and new 83,000 square foot H-E-B TOTAL OPERATING EXPENSES $135,200 $5,200 Grocery • Aldrich Street (Mueller Town Center) – 42 acres, 1.2M square feet of planned Plus: Capital Reserves6 7,800 $300 retail, restaurants, and entertainment including Alamo Drafthouse (opened TOTAL EXPENSES $143,000 $5,500 March 2017); the District will be the “pulse of the Mueller community” and a game changer for the area NET OPERATING INCOME $168,498 $6,481 • Located within walking distance of several city hotspots: 1. Gross Scheduled Rent based on in-place market rents from the 5/31/17 rent roll • Airport Boulevard is quickly becoming a corridor for dining, including both new 2. RUBS Income assumes 75% bill back of Utilities 3. Other Income based on typical market metrics options as well as local Austin institutions 4. Adjusted Utilities based on typical market metrics • North Loop District is one mile from Harmon Square’d and features vintage 5. Taxes based off of the 2016 mill rate of 2.230141 stores, record shops, coffee shops, bars, and restaurants 6. Numbers do not reflect actual expense • Hyde Park features several dining and retail options along nearby Duval Street, # OF SIZE MKT RENT MKT RENT Central Market, and the popular Hancock Center UNIT TYPE UNITS (SF) PER UNIT PER SF • Just north sits the New Austin Community College (ACC) Highland Mall campus: 1BR / 1BA 8 550 $795 $1.45 the $46M campus renovation will encompass 200,000 square feet of instruction space and house 6,000 students in its first phase 1BR / 1BA (Renov) 2 550 $1,095 $1.99 • Regional Workforce Innovation Center – a $152.8M project including residential, 2BR / 1BA 8 650 $895 $1.38 retail, hospitality, office, and parkland is scheduled to be completed in 2019 • Austin MSA in-migration of 58,300 from Jul ‘15 to Jul ‘16 (U.S. Census Bureau, 2BR / 1BA (Renov) 8 650 $1,295 $1.99 Mar ‘17) AVG. / TOTAL 26 612 $1,003 $1.64 • Austin ranked #1 “Best City to Live in the U.S.” (U.S. World & News Report, Jan ‘17) 4715 HARMON A 26-UNIT MULTIHOUSING INVESTMENT OPPORTUNITY PRICE: TBD BY MARKET N MEDICAL DISTRICT DOWNTOWN AUSTIN Employment base of 150,000+ Dell Medical School and its teaching hospital, jobs population of approx Dell Seton Medical Center at the University of 11,000 ranked #1 “Best City to Texas, are part of a vibrant health district and Live in U.S.” one of Austin’s largest and most anticipated MUELLER development projects the Dell Seton Medical A FAMIL Center is a 500,000 square foot, 211-bed E cutting-edge teaching hospital and Level 1 UNIVERSITY OF TEXAS AT AUSTIN Trauma Center that will replace existing $602 University Medical Center Brackenridge Second largest university in Texas with a total enrollment of about 51,000 students and 24,000 staff/faculty members ST A ENTER SET 1 HYDE PARK C USTIN A FAMIL E MUELLER REDEVELOPMENT $683 GUADAL ST 711-acre mixed-use urban village LAMAR CENTRAL consisting of 4M SF of office and retail, C more than 5,700 homes and 140 acres 35 REHABILITA SPITAL New 165,000 SF , Class A mixed-use development tenants include Kendra of parks, trails, and open space home 45 ST to the Dell Children’s Medical Center of 51 ST Scott (H), Snooze Eatery, and future Central Texas, Austin Studios and NORTH LOOP restaurant from The Chameleon Group 83,000 SF H-E-B Grocery North central Austin’s answer to edgy SoCo a vintage-inspired out of THE TRIANGLE downtown destination including 290 Epoch Coffee, Blue Velvet, Workhorse A 30-acre, Class A mixed-use Bar, Room Service Vintage, Foreign & development with living, retail and ROSEDALE Domestic, and drink.well 2222 park space tenants include Galaxy Cafe, Maudie’s Tex Mex, Hopdoddy A FAMIL Burger Bar, and Orange Theory Fitness E ACC HIGHLAND CAMPUS $754 BURNET RD Corridor undergoing 4M SF mixed-use redevelopment to revitalization home to include retail, office, and parkland; TX DEPT OF PUBLIC SAFETY numerous new restaurants anchored by one of Austin Community and bars including Barley College’s largest campuses Swine, Bufalina Due, Lick, AIRPOR VD Taco Flats, Noble Sandwich, Little Woodrow’s, and Pinthouse Pizza VD 2222 AIRPORT BLVD CRESTVIEW Growing corridor for new and A FAMIL local dining options including E Bullfight, Sala and Betty, Bun $514 Belly, uality Seafood Market, Kom Sushi Kitchen, Eastside WOODRO VE 183 Pies, Barfly’s, The Soup Peddler, In-N-Out Burger Additional information for 4715 Harmon is available on our website at: http://arausa.listinglab.com/4715Harmon PRIMARY CONTACTS: James Young Andrew Shih Matt Michelson 512-637-1265 512-637-1219 512-635-0420 [email protected] [email protected] [email protected] CAPITAL MARKETS: Matt Greer Patrick Short 512-637-1236 512-637-1297 [email protected] [email protected] Central Texas: 901 S.
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