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82 Unit Class C Asset Located in Beaumont Texas

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82 Unit Class C Asset Located in Beaumont Texas 82 Unit ● Class C Asset ● Located in Beaumont Texas PARKWAY APARTMENTS ● 155 E. Florida Ave ● Beaumont, TX 77705 Apartments For Sale $2,419,000 Price Per Unit $29,500 Units: 82 Price Per Sq. Ft. $35.84 Avg Size: 823 Stabilized NOI $234,212 Date Built: 1968 Value Capped @ 8.5% $2,755,434 Rentable Sq. Ft.: 67,488 Acreage: 2.71 Occupancy: 90% Class: C+ HIGHLIGHTS ♦ Great Area Job Base! ♦ Upgrades to the Property in the Last 3 Years Include: ♦ Beaumont is a Strong Petrochemical Based Market A/C's, Roofs, Ceramic Tile, HardiPlank Siding, A/C Cages ♦ Property has been Rehabbed ♦ Lamar University is Slowly buying all the Real Estate Adjacent ♦ Good Drive-by and Curb Appeal to the Campus ♦ Well Maintained Smaller Asset in a Strong Area ♦ Please note that Parkway consist of 4 addresses: ♦ Located in Beaumont, Texas Approx 90 Miles East of ♦ 117 North Parkway 24 Units Houston ♦ 120 North Parkway 3 Units ♦ Area Benefits from Texas Gulf Coast Economic Boom ♦ 155 E. Florida Avenue 23 Units ♦ Student Housing Component - on Lamar University Campus ♦ 1140 Georgia 32 Units PLEASE DO NOT VISIT THE PROPERTY OR TALK TO THE STAFF WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER! For More Information Please Contact: Hashir Saleem, Senior Associate [email protected] l 713-355-4646 l ext 106 KET ENTERPRISES INCORPORATED 4295 San Felipe l Suite 355 l Houston, TX 77027 www.ketent.com Broker License #0406902 PARKWAY APARTMENTS ● 155 E. Florida Ave ● Beaumont, TX 77705 Physical Information Financial Information Proforma Loan Parameters Operating Information Number of Units 82 Asking Price $2,419,000 Proposed Loan at 70% $1,693,300 Est Mkt Rent (Sep-14) $46,900 Avg Unit Size 823 Price Per Unit $29,500 Amortization (months) 300 5 Mo Avg $41,308 Net Rentable Area 67,488 Price Per Sq. Ft. $35.84 P & I $9,653.80 Physical Occ (Aug-14) 90% Land Area (Acres) 2.71 Stabilized NOI $234,212 Debt Service/year 115,845.57 Est Ins per Unit per Yr $369 Units per Acre 30.296 Value Capped @ 8.5% $2,755,434 Origination Date Closing Property Tax Information Date Built 1968 Due Date 10 years 2013 Tax Rate/$100 2.68965 Water Meter / Master Master Interest Rate 4.8% 2014 Tax Assessment $1,458,140 Elec Meter Indiv Type Conduit Est 2014 Taxes $39,219 Roof Style Pitched Yield Maintenance Yes Est Future Tax Assessment $3,082,000 HVAC System Indiv Est Future Taxes $82,895 * per unit -; per ft - INCOME MODIFIED ACTUALS PRO-FORMA PRO-FORMA INCOME Current Street Rent with a % Increase 562,800 $46,900 / Mo Estimated Gross Scheduled Income 562,800 $46,900 / Mo Estimated Loss to Lease (8% of Total Street Rent) (45,024) 8% Estimated Vacancy (12% of Total Street Rent) (67,536) 12% Estimated Concessions and Other Rental Losses (10% of Total Street Rent) (56,280) 10% Estimated Utilities Income 188,100 $2,294 / Unit / Yr Estimated Other Income 23,000 $280 / Unit / Yr Estimated Total Rental Income 605,060 ESTIMATED TOTAL PRO-FORMA INCOME 605,060 $50,422 / Mo Apr thru Aug 2014 Income Annualized $495,694 1 EXPENSE Jan thru Aug 2014 Expenses Annualized Estimated FutureExpenses Fixed Expenses Fixed Expenses Estimated Fixed Expenses Taxes $39,219 $478 per Unit 2013 Tax Rate & 2014 Assessment $82,895 $1,011 per Unit 2013 Tax Rate & Est Future Assessment Insurance $30,280 $369 per Unit $30,258 $369 per Unit Estimated Total Fixed Expense 69,499 $848 per Unit 113,153 $1,380 per Unit Utilities Utilities Estimated Utilities Electricity $5,408 $66 per Unit $5,732 $70 per Unit Gas $ per Unit $ per Unit Water & Sewer $47,051 $574 per Unit $47,051 $574 per Unit Total Utilities 52,459 $640 per Unit 52,783 $644 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing $16,400 $200 per Unit 2. Adjusted by Broker $21,320 $260 per Unit Repairs & Maintenance $66,738 $814 per Unit $41,000 $500 per Unit Labor Costs $53,300 $650 per Unit 2. Adjusted by Broker $82,000 $1,000 per Unit Contract Services $11,789 $144 per Unit $11,789 $144 per Unit Management Fees $19,828 4.00% $242 per Unit 3. Added by Broker $24,202 4.00% $295 per Unit Total Other Expense 168,055 $2,049 per Unit 180,312 $2,199 per Unit Total Operating Expense 290,013 $3,537 per Unit 346,248 $4,223 per Unit Reserve for Replacement ` 24,600 $300 per Unit 24,600 $300 per Unit Total Expense 314,613 $3,837 per Unit 370,848 $4,523 per Unit Net Operating Income (Actual Underwriting) 181,081 234,212 Asking Price 2,419,000 2,419,000 Cap Rate 7.49% 9.68% Proposed Debt 1,693,300 1,693,300 Equity 725,700 725,700 Proposed Debt Service 115,846 115,846 Cash Flow 65,236 118,366 Cash on Cash 8.99% 16.31% NOTES: ACTUALS: Actuals are from Owner's Jan thru July 2014 operating statement. Reserve for Replacement estimated on actual and pro forma at $300/unit/year. 1. Per Owner, total income includes late fees, application fees, vending, etc.; however, there is no line item for miscellaneous income. 2. Parkway Apartment pays the bulk of property labor and maintenance charges, therefore an adjustment to these accounts has been made by the broker. 3. Management fees were added by the broker. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are estimated. 10/1/2014 Parkway.xlsx PARKWAY APARTMENTS ● 155 E. Florida Ave ● Beaumont, TX 77705 PROPERTY OVERVIEW PROPERTY INFORMATION TAXING AUTHORITY JEFFERSON COUNTY Age: 1968 ACCT ID Year Renovated: 2010 55691 Elec Meter: Indiv 62323 A/C Type: HVAC 45873 Water: Master Beaumont ISD $1.315000 Wiring: Copper City of Beaumont $0.690000 Roof: Pitched Port of Beaumont $0.069692 Paving: Concrete SabineNeches NAV Drainage $0.029374 Materials: Brick/HardiPlank Drainage District #6 $0.220587 # of Stories: 2 Jefferson County $0.365000 Parking: Open/Covered Buildings: 5 2013 Tax Rate/$100 $2.689653 Units/Acre: 30.30 2014 Tax Assessment $1,458,140 Please note that Parkway Apartments consists COLLECTIONS of 4 addresses: 5 Mo Avg $ 41,308 $50,000 1. 117 N. Parkway 24 units $45,000 Sep 2013 $ 36,160 $40,000 Oct 2013 $ 36,160 2. 155 E. Florida Ave. 23 units $35,000 Nov 2013 $ 36,160 $30,000 3. 1140 Georgia 32 units Dec 2013 $ 36,160 $25,000 Jan 2014 $ 31,401 $20,000 4. 120 N. Parkway 3 units Feb 2014 $ 31,080 $15,000 Mar 2014 $ 32,911 $10,000 Apr 2014 $ 45,460 $5,000 May 2014 $ 39,342 $- Jun 2014 $ 38,018 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2013 2013 2013 2013 2014 2014 2014 2014 2014 2014 2014 2014 Jul 2014 $ 37,918 Aug 2014 $ 45,801 PLEASE DO NOT VISIT THE SITE OR TALK TO THE STAFF WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER. PROPERTY HIGHLIGHTS A steady state opportunity, Parkway Apartments is an 82 unit garden style apartment complex, located on East Florida Avenue in Beaumont, TX. The property provides a playground, covered parking and patios/balconies. The project is across from Lamar University and maintains a strong occupancy while school is in session. The owner has recently painted the exterior and replaced wood siding with Hardi Plank. The asset historically maintains high occupancy due to its close proximity to the nearby University. It is in very good condition as well. Currenlty there is no utility RUBS. A water/sewer RUBS could be implemented for additional income. This property is an ideal candidate for low interest long-term debt, or the Lamar University officials may buy it. Disclaimer : The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. PARKWAY APARTMENTS ● 155 E. Florida Ave ● Beaumont, TX 77705 Unit Mix September 2014 Type No. Units Sq Ft Total SqFt Rent Total Rent Rent/SF Source: Owner 1BR / 1BA 32 630 20,160 $500 $16,000 $0.79 2BR / 1BA 39 871 33,969 $600 $23,400 $0.69 2BR / 1BA 4 993 3,972 $650 $2,600 $0.65 3BR / 2BA 7 1341 9,387 $700 $4,900 $0.52 Total / Avg 82 823 67,488 $572 $46,900 $0.69 UNITS BY SIZE UNITS BY TYPE 7 7 4 32 32 43 39 1BR / 1BA 2BR / 1BA 2BR / 1BA 3BR / 2BA 32 ea 1BR / 1BA 43 ea 2BR / 1BA 7 ea 3BR / 2BA Apartment Features Community Features Spacious Floorplans Conveniently Located to Nearby University Ceramic Tile Flooring Excellent Frontage Convenient Laundry Room Convenient Access to Freeway Large bedrooms with Natural Sunlight Across From Lamar College Ample Closet and Storage Space Central Air Conditioning Full Size Refrigerator Garbage Disposal Dishwasher Ceiling Fans PARKWAY APARTMENTS ● 155 E.
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