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Apartment Homes BROKER'S OPINION OF VALUE H E R I T A G E Apartment 2660 MARILEE LANE ,HOUSTON, TX 77057 A 80 Unit ● Class C ● Multi-FamilyHomes Asset A 121 UNIT CLASS "B++" ASSET THE HERITAGE 2660 MARILEE LANE HOUSTON, TX 77057 APARTMENTS FOR SALE - OFF MARKET $16,335,000 PRICE/UNIT: $135,000 PRICE/SF: $120.98 Units: 121 TERMS: ALL CASH Avg Size: 1116 PRO-FORMA CAP RATE: 6.00% Date Built: 1964/2015 Rentable Sq. Ft.: 135,025 Stabilized Value Capped @ 6.% $20,900,577 Acreage: 3.88 Est Rehab/Upgrade @ $1,684/unit $203,750 Occupancy: 70% Est. Entrepreneurial Profit $0 Class: B++ Est. Carry to Stabilization $200,000 Stabilized NOI $1,254,035 Asking Price $16,335,000 SALIENT FACTS: ♦ Available on an All Cash or New Loan Basis ♦ Got the 2016 Cornerstone Award for Best Redevelopment ♦ Located in the Galleria area of Houston ♦ Stellar floor plans with old Southern features, including ♦ Per owner, it recently underwent a major rehab separate maid's entrances, valet trash ports from the kitchen ♦ Great Land Play long term to the hallways, and extreme upgrading on the landscaping. ♦ The asset boasts larger than normal units ♦ $3M in renovations over the past 3 years For More Information Please Contact: Tom Wilkinson [email protected] 713-355-4646 ext 102 4295 San Felipe, Suite 355 Houston, TX 77027 www.ketent.com Glenn Dickerson NewQuest Properties 8827 W. Sam Houston Pkwy N. #200 Houston, TX 77040 281.477.4384 (direct) 713.252.0907 (cell) THE HERITAGE 2660 MARILEE LANE HOUSTON, TX 77057 Physical Information Financial Information Proposed Loan Parameters Operating Information Number of Units 121 Asking Price $16,335,000 Loan @ 70% of Asking $11,434,500 Est Mkt Rent (Aug-16) $175,049 Avg Unit Size 1116 Price Per Unit $135,000 Amortization (months) 300 Estimated Collections $119,328 Net Rentable Area 135,025 Price Per Sq. Ft. $120.98 Debt Service $747,187 Physical Occ (Sep-16) 70% Land Area (Acres) 3.88 Stabilized NOI $1,254,035 Monthly P & I $62,266 Est Ins per Unit per Yr $350 Units per Acre 31.186 Stabilized Value Capped @ 6.% $20,900,577 Interest Rate 4.30% Property Tax Information Date Built 1964/2015 Est Rehab/Upgrade @ $1,684/unit $203,750 Date Due 10 Yrs Tax Rate (2015) 2.53516 Water Meter / Master RUBS Est. Entrepreneurial Profit $0 Est Res for Repl/Unit/Yr $300 2016 Tax Assessment $7,989,838 Elec Meter Indiv Est. Carry to Stabilization $200,000 Yield Maintenance Yes 2016 Taxes $202,555 Roof Style Pitched Calculation of Value $20,496,827 Est Future Tax Assessment $13,176,000 HVAC System Chill Water *Current Value is Stabilized Value less Rehab, Profit and Carry Est Future Taxes @ 80% $334,033 INCOME MODIFIED ACTUALS PRO-FORMA PRO-FORMA INCOME Current Street Rent with a 5% Increase 2,205,617 $183,801 / Mo Estimated Gross Scheduled Income 2,205,617 $183,801 / Mo Estimated Loss to Lease (2% of Total Street Rent) (44,112) 2% Estimated Vacancy (7% of Total Street Rent) (154,393) 7% Estimated Concessions and Other Rental Losses (4% of Total Street Rent) (88,225) 4% Estimated Utilities Income 141,646 $1,171 / Unit / Yr Estimated Other Income 57,222 $473 / Unit / Yr Estimated Total Rental Income 2,117,754 ESTIMATED TOTAL PRO-FORMA INCOME 2,117,754 $176,480 / Mo Aug '15 thru Jul '16 Income $1,431,933 EXPENSE Jan - July 2016 Expenses Annualized Estimated Stabilized Expenses Fixed Expenses Fixed Expenses Estimated Fixed Expenses Taxes $159,893 $1,321 per Unit 7/16 YTD Operating Statement $334,033 $2,761 per Unit 2015 Tax Rate & Future Assessment Insurance $57,760 $477 per Unit $42,350 $350 per Unit Estimated Total Fixed Expense 217,652 $1,799 per Unit 376,383 $3,111 per Unit Utilities Utilities Estimated Utilities Electricity $95,280 $787 per Unit higher than normal due to renovation $42,350 $350 per Unit Water & Sewer $50,470 $417 per Unit $66,550 $550 per Unit Gas $12,107 $100 per Unit $24,200 $200 per Unit Telephone $5,210 $43 per Unit $3,630 $30 per Unit Trash $25,363 $210 per Unit higher than normal due to renovation $12,100 $100 per Unit Total Utilities 188,429 $1,557 per Unit 148,830 $1,230 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing $85,090 $703 per Unit higher than normal due to renovation $31,460 $260 per Unit Repairs & Maintenance $195,910 $1,619 per Unit higher than normal due to renovation $48,400 $400 per Unit Labor Costs $312,351 $2,581 per Unit higher than normal due to renovation $133,100 $1,100 per Unit Contract Services $69,573 $575 per Unit higher than normal due to renovation $15,125 $125 per Unit Management Fees $39,342 2.75% $325 per Unit $74,121 3.50% $613 per Unit Total Other Expense 702,266 $5,804 per Unit 302,206 $2,498 per Unit Total Operating Expense 1,108,347 $9,160 per Unit 827,420 $6,838 per Unit Reserve for Replacement 36,300 $300 per Unit 36,300 $300 per Unit Total Expense 1,144,647 $9,460 per Unit 863,720 $7,138 per Unit Net Operating Income (Actual Underwriting) 287,286 1,254,035 Asking Price 16,335,000 "As-Is" Price 20,900,577 "All In" Price Cap Rate 1.76% 6.00% Proposed Debt 11,434,500 11,434,500 Equity 4,900,500 9,466,077 Estimated Debt Service 747,187 747,187 Cash Flow (459,901) 506,847 Cash on Cash -9.38% 5.35% NOTES: ACTUALS: Income and Expenses were calculated using owner's 7/16 YTD Operating Statement. PRO FORMA: Income is Pro Forma as Noted. Taxes were calculated using 2015 Tax Rate & Future Assessment. Insurance is estimated. Management Fees calculated as 3.5% 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. 9/13/2016 TheHeritage PROPERTY OVERVIEW THE HERITAGE 2660 MARILEE LANE HOUSTON, TX 77057 Keymap: 490V Construction Quality: B- PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY Age: 1964/2015 Access Gates Park & Ride Nearby Mortgage Balance ACCT NO: 0953780000001 Elec Meter: Indiv Cable Ready Walk-In Closets Amortization Houston ISD $1.196700 A/C Type: Chill Water Club House School Bus Pick-up P & I Harris County $0.419230 Water: RUBS Laundry Rooms Shuttle Route Type Harris County Flood Control $0.027330 Wiring: Copper Mini Blinds Patios/Balconies Assumable Port of Houston Authority $0.013420 Roof: Pitched Pool Monthly Escrow Harris County Hospital District $0.170000 Paving: Concrete Bookshelves Origination Date Harris County Education Dept $0.005422 Materials: Brick/Wood Outside Storage Due Date Houston Community College $0.101942 # of Stories: 2 Ceiling Fans Interest Rate City of Houston $0.601120 Parking: 117 Spaces Yield Maintenance Buildings: 5 Transfer Fee 2015 Tax Rate/$100 $2.535164 Units/Acre: 31.19 *In Select Units 2016 Tax Assessment $7,989,838 COLLECTIONS 12 Mo Avg $ 119,328 $160,000 Aug 2015 $ 127,017 $140,000 Please note that the current Sept 2015 $ 124,171 $120,000 expenses include an approximate Oct 2015 $ 129,607 $100,000 $6,500 Owner, Asset Manager, Nov 2015 $ 127,917 Construction Manager expenses $80,000 Dec 2015 $ 126,005 that are expensed from $60,000 Jan 2016 $ 116,119 operations. After sale of the Feb 2016 $ 135,883 $40,000 property there will be an Mar 2016 $ 106,027 $20,000 immediate increase in the bottom Apr 2016 $ 104,363 $- May 2016 $ 114,824 line by $6,500 each month x 12 = June 2016 $ 115,144 $78,000 annually. July 2016 $ 104,858 PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER. PROPERTY HIGHLIGHTS The Heritage Apartments is a two story, garden-style, apartment community located in the Galleria submarket of Houston, Texas. The asset was built in 1964 and recently received the 2016 Cornerstone Award for Best Redevelopment. Large windows with shutters, awnings, or Juliette balconies adorn the façade, while shade trees and palm trees surrounded by colorful flowers line the walkways of this newly renovated asset. Residents enjoy the amazing location near the Galleria along with ample amenities which include: a resort-style pool with cabana, a hot tub, picnic areas and gas grills, a fitness. Unit amenities include a gourmet kitchen with pantry, oversize bedrooms, huge closets, and designer touches. Some apartments feature under-counter LED lighting, wood plank flooring, and brushed nickel hardware. Per owner, the asset was recently rehabbed totaling over $3M in renovations in the past 3 years including a new chiller system, HVAC was installed in 2015 with a 5 year warranty. New roofs were installed in 2015, a new fitness center was built in June 2016 with warranties on all top of the line fitness equipment, a new leasing center was completed, new exterior led lighting and lighting in all common areas was added.
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