MULTIFAMILY/EXTENDED STAY OPPORTUNITY 580 Mesa Boulevard, Mesquite NV 89027 Confidentiality & Disclosure
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126 UNITS WITH OPTION TO PURCHASE ±2.5 ACRES OF DEVELOPMENT LAND MULTIFAMILY/EXTENDED STAY OPPORTUNITY 580 Mesa Boulevard, Mesquite NV 89027 CONFIDENTIALITY & DISCLOSURE SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. PROPERTY WALK-THROUGHS ARE TO BE CONDUCTED BY APPOINTMENT ONLY. ACCESS IS LIMITED AND SECURED. CONTACT BROKERS FOR ADDITIONAL INFORMATION. Cathy Jones, CPA, SIOR, CCIM Michael Hsu Paul Miachika CEO Senior Vice President Executive Vice President (702) 968-7320 (702) 968-7321 (602) 814-0661 [email protected] [email protected] [email protected] NV Lic # B.0056010.CORP NV Lic # S.0051609.LLC NV Lic # S.0184612 OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 2 TABLE OF CONTENTS CONTACT TEAM: Property Overview Section 1 Property Summary & Investment Highlights Property Overview Financial Overview & Unit Matrix Property Photos Assessor Parcel Map Cathy Jones, CPA, SIOR, CCIM CEO Surrounding Aerial (702) 968-7320 Mesquite Aerial [email protected] NV Lic # B.0056010.CORP Location Overview Section 2 Area Demographics Mesquite Map Mesquite Overview Michael Hsu State of Nevada Incentives Senior Vice President 702-968-7321 [email protected] NV Lic # S.0051609.LLC Paul Miachika Executive Vice President (602) 814-0661 [email protected] NV Lic # S.0184612 OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 3 PROPERTY SUMMARY & INVESTMENT HIGHLIGHTS PROPERTY SUMMARY The Property is situated less than 1 mile west of the Nevada/ Arizona state border, approximately 40 miles southwest of St. George, Utah, and approximately 80 miles northeast of Las Vegas, Nevada. The Property sits in proximity to Eureka Casino Resort, a 60 acre resort with over 200 rooms. Eureka serves as Nevada’s first 100% employee owned casino. The Property also sits in proximity to Virgin River Hotel and Casino with over 700 rooms and Oasis Golf Club, Mesquite’s only 36-hole golf facility with over 350 members and known for being one of Arnold Palmer’s Top 10 designs. Located across INVESTMENT HIGHLIGHTS the street from the subject property is Virgin Valley High • High Demand - This 126 unit multifamily property is 94% occupied School, which was founded in 1911 with over 700 students and a 19 to 1 student to teacher ratio, ranked #25 of the • Stable Income - 50% of tenants have been in the property over 12 months, Las Vegas MSA high schools based on performance and almost 30% over 2 years and close to 10% a decade or more preparation for college from US News. • Strong Tourism & Gaming Community - Mesquite leads the county in Mesquite takes pride in an ever improving community, gaming revenue increases according to the Las Vegas Convention and expanding and diversifying the local economic base, Visitors Authority (4.6% increase for 2019 over 2018) promoting a clean, safe, and beautiful city, while providing excellent service and opportunity to its residents • Development Potential - Excess land - There is an option to purchase the and visitors. The construction of a new high school, middle adjacent parcels up to ±2.5 acres zoned Commercial-General (CR-2) school, and two elementary schools reflect the increase of young families in the population. • ASKING PRICE: $7,175,000 • CAP RATE: 6.05% OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 4 PROPERTY OVERVIEW MULTIFAMILY/EXTENDED STAY OFFERING Ownership Interest: Fee Simple Address: 580 Mesa Boulevard, Mesquite, NV 89027 APN: 001-10-201-009 Site Size: ±3.74 Acres Zoning: CR-2, Commercial - General Number of Units: 126; 88 studio units, 38 one bed/bath units, and one office Building Area: ±45,660 Square Feet Building Description: 5 - 2 Story Buildings Year Built: 1996 Parking Spaces: ±158 spaces CONSTRUCTION AND UTILITIES LAND OFFERING Construction: Stucco/Wood Frame Northern Parcel HVAC: PTAC Units provide heating & cooling Address: 604 El Dorado Road, Mesquite, NV 89027 Power: The property is not individually metered. Assessor Parcel Number: 001-10-201-007 Owner pays for Power. Site Size: ±1.25 Acres There are 3 meters for the entire property: 1. A Building Price: Unpriced 2. B & E Buildings Southern Parcel 3. C & D Buildings Assessor Parcel Number: 001-10-201-008 Hot Water: Central propane tanks (no natural gas) Site Size: ±1.25 Acres Price: Unpriced OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 5 FINANCIAL OVERVIEW & UNIT MATRIX Asking Price: $7,175,000 Price Per Unit: $56,944 Annual Revenue: $1,091,112 (T-12 as of 2-29-2020) In-Place NOI: $434,368 (T-12 as of 2-29-2020) In-Place Cap Rate: 6.05% Physical Occupancy: 93.6% Number of Units: 126 units Year Built: 1996 Unit Matrix Total Units Type Average SF Weekly Rent Monthly Rent 88 Studio 311 $165.25 $716.10 37 1 BD / 1 BA 415 $177.80 $770.47 1 Office 415 N/A N/A Note: Landlord pays cable and all utilities other than wifi. OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 6 PROPERTY PHOTOS OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 7 PROPERTY PHOTOS OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 8 PROPERTY PHOTOS OFFERING MEMORANDUM: MULTIFAMILY/EXTENDED STAY OPPORTUNITY 9 ASSESSOR PARCEL MAP This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK COUNTY, NV. MAP SEC. S 2 NW 4 BOOK 001-10-2 This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK COUNTY, NV. T13S R71E 10 Briana Johnson - Assessor MAP SEC. S 2 NW 4 BOOK 001-10-2 No liability is assumed for the accuracy of the data deliniated herein. T13S R71E 10 8 4 8 4 PARCELBriana BOUNDARY Johnson - Assessor ROAD PARCEL NUMBER 6 5 4 3 2 1 NoInformation liability is onassumed roads andfor the other accuracy non-assessed of the data parcels deliniated may herein.be obtained CONDOMINIUM UNIT 001 8 4 8 4 ROAD PARCEL NUMBER 6 5 4 3 2 1 5 1 5 1 Informationfrom the Road on roads Document and other Listing non-assessed in the Assessor's parcels Office. may be obtained PARCELSUB BOUNDARY BOUNDARY CONDOMINIUMAIR SPACE UNIT PCL 001 001 PARCEL NUMER 7 8 9 10 11 12 SUB PM/LDBOUNDARY BOUNDARY PARCELACREAGE NUMER 121110987 5 1 5 1 from the Road Document Listing in the Assessor's Office. AIR SPACERIGHT PCL OF WAY PCL001 1.00 18 17 16 15 14 13 PM/LD BOUNDARY 6 2 6 2 ROAD EASEMENT 1.00 ACREAGE 18 17 16 15 1314 RIGHT OF WAY PCL PARCEL SUB/SEQ NUMBER 19 20 21 22 23 24 6 2 This map is compiled from official records, including surveys and deeds, ROADMATCH EASEMENT / LEADER LINE SUB-SURFACE PCL 202 002 001 2 6 This map is compiled from official records, including surveys and deeds, PARCEL SUB/SEQ NUMBER 19 30 2923222120 2824 27 26 25 but only contains the information required for assessment. See the q MATCH / LEADER LINE SUB-SURFACE PCL 202PB 24-45 PLAT RECORDING NUMBER002 001 7 3 7 3 HISTORIC LOT LINE 30 29 28 27 26 25 but only contains the information required for assessment. See the 31 32 33 34 35 36 7 3 7 3 NOTES recorded documents for more detailed legal information. q PB 24-45 PLAT RECORDING NUMBER HISTORICHISTORIC LOT LINESUB BOUNDARY BLOCK NUMBER 035 036 31 3635343332 8 4 8 4 NOTES recorded documentsUSE THIS SCALE(FEET) for more WHEN detailed MAP REDUCEDlegal information.