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Broker's Opinion of Value BROKER'S OPINION OF VALUE 132 OYSTER CREEK DR., LAKE JACKSON, TX 77566 A 80 Unit ● Class C ● Multi-Family Asset 4295 San Felipe ● Suite 355 ● Houston, TX 77027 www.ketent.com PEARL AT OYSTER CREEK 132 OYSTER CREEK DR., LAKE JACKSON, TX 77566 APARTMENTS FOR SALE Market PRICE/UNIT: #VALUE! PRICE/SF: #VALUE! Units: 72 TERMS: ALL CASH Avg Size: 958 PRO-FORMA CAP RATE: #VALUE! Date Built: 1970 Rentable Sq. Ft.: 69,000 High Valuation #VALUE! Acreage: 3.83 Occupancy: 94% Mid Range Market Class: B-/C+ Low Valuation #VALUE! SALIENT FACTS: ♦ Available on an Assumption Basis Only ♦ Extensively updated over the past 5 years ♦ Located in the Lake Jackson submarket ♦ Aggressive new on-site management ♦ Had a "to the studs" rehab in 2014 ♦ Lake Jackson is home to many petroleum plants including ♦ Great drive-by on Oyster Creek Dow Chemical 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 PEARL AT OYSTER CREEK 132 OYSTER CREEK DR., LAKE JACKSON, TX 77566 Physical Information Financial Information Existing Loan Parameters Operating Information Number of Units 72 Asking Price Market Mortgage Balance $3,770,000 Est Mkt Rent (Nov-18) $87,155 Avg Unit Size 958 Price Per Unit N/A Amortization (months) 360 12 Mo Avg $63,025 Net Rentable Area 69,000 Price Per Sq. Ft. N/A Debt Service $221,231 Physical Occ (Jan-19) 94% Land Area (Acres) 3.83 Stabilized NOI $434,872 Interest Only $18,436 Est Ins per Unit per Yr $733 Units per Acre 18.799 Stabilized Value Capped @ 7.% $6,212,454 Interest Rate 4.20% Property Tax Information Date Built 1970 Est Rehab/Upgrade @ $4,000/unit $288,000 Date Due 2/18/2023 Tax Rate (2018) 2.44113 Water Meter / Master Master Est. Entrepreneurial Profit $0 Est Res for Repl/Unit/Yr $300 2018 Tax Assessment $2,482,730 Elec Meter Master Est. Carry to Stabilization $30,000 Yield Maintenance Yes 2018 Taxes $60,607 Roof Style Flat Calculation of Value $5,894,454 Freddie Mac Small Loan Balance is not Est Future Tax Assessment $3,547,710 A/C Type: HVAC-Indiv *Current Value is Stabilized Value less Rehab, Profit and Carry resizable per the Mortgage Broker Est Future Taxes $86,604 INCOME MODIFIED ACTUALS PRO-FORMA PRO-FORMA INCOME Current Street Rent with a 5% Increase 1,098,153 $91,513 / Mo Estimated Gross Scheduled Income 1,098,153 $91,513 / Mo Estimated Loss to Lease (2% of Total Street Rent) (21,963) 2% Estimated Vacancy (11% of Total Street Rent) (120,797) 11% Estimated Concessions and Other Rental Losses (5% of Total Street Rent) (54,908) 5% Estimated Utilities Income $ / Unit / Yr Estimated Other Income 48,584 $675 / Unit / Yr Estimated Total Rental Income 949,069 ESTIMATED TOTAL PRO-FORMA INCOME 949,069 $79,089 / Mo 12 Mo Avg Income Annualized $756,299 11/18 operating statement EXPENSE Nov 2018 YTD Expenses Estimated Expenses Fixed Expenses Fixed Expenses Estimated Fixed Expenses Taxes $62,354 $866 per Unit 11/18 operating statement $86,604 $1,203 per Unit 2018 Tax Rate & Future Assessment Insurance $52,757 $733 per Unit Per owner, feels high! $52,757 $733 per Unit Estimated Total Fixed Expense 115,112 $1,599 per Unit 139,362 $1,936 per Unit Utilities Utilities Estimated Utilities Electricity $78,686 $1,093 per Unit $78,686 $1,093 per Unit Water & Sewer $40,561 $563 per Unit $40,561 $563 per Unit Gas $9,500 $132 per Unit $9,500 $132 per Unit Trash $17,917 $249 per Unit $17,917 $249 per Unit Total Utilities 146,664 $2,037 per Unit 146,664 $2,037 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing $38,703 $538 per Unit $18,720 $260 per Unit Repairs & Maintenance $80,609 $1,120 per Unit includes deferred maint. $36,000 $500 per Unit Labor Costs $131,931 $1,832 per Unit higher than normal $100,800 $1,400 per Unit Contract Services $13,089 $182 per Unit $13,089 $182 per Unit Management Fees $30,794 4.07% $428 per Unit $37,963 4.00% $527 per Unit Total Other Expense 295,127 $4,099 per Unit 206,571 $2,869 per Unit Total Operating Expense 556,903 $7,735 per Unit 492,597 $6,842 per Unit Reserve for Replacement 21,600 $300 per Unit 21,600 $300 per Unit Total Expense 578,503 $8,035 per Unit 514,197 $7,142 per Unit Net Operating Income (Actual Underwriting) 177,797 434,872 Asking Price Market Market Cap Rate #VALUE! #VALUE! Proposed Debt 3,770,000 3,770,000 Equity #VALUE! #VALUE! Estimated Debt Service 221,231 221,231 Cash Flow (43,435) 213,640 Cash on Cash #VALUE! #VALUE! NOTES: ACTUALS: Income and Expenses calculated using owner's 11/18 operating statement. PRO FORMA: Income is Pro Forma as Noted. Taxes were calculated using 2018 Tax Rate & Future Assessment. Insurance is estimated. Management Fees calculated as 4.% 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. 1/8/2019 PearlatOysterCreek PROPERTY OVERVIEW PEARL AT OYSTER CREEK 132 OYSTER CREEK DR., LAKE JACKSON, TX 77566 Keymap: Construction Quality: B PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - BRAZORIA COUNTY Age: 1970 Access Gates Park & Ride Nearby Mortgage Balance $3,770,000 ACCT NO: 223944 Elec Meter: Master Cable Ready Walk-In Closets Amortization 360 City of Lake Jackson $0.335200 A/C Type: HVAC-Indiv Club House School Bus Pick-up Interest Only $18,436 Velasco Drainage District $0.084120 Water: Master Laundry Rooms Shuttle Route Type Freddie Mac Brazoria County $0.367914 Wiring: Copper Mini Blinds Patios/Balconies Assumable Yes Brazosport College $0.298500 Roof: Flat Pool Monthly Escrow Yes Port Freeport $0.040100 Paving: Concrete Bookshelves Origination Date 1/21/2011 Road and Bridge Fund $0.060000 Materials: Brick/Wood Outside Storage Due Date 2/18/2023 Brazosport ISD $1.255300 # of Stories: 2 Ceiling Fans Interest Rate 4.20% Parking: Open Buildings: 12 Yield Maintenance Yes 2018 Tax Rate/$100 $2.441134 Units/Acre: 18.80 Transfer Fee 1%+app+legal 2018 Tax Assessment $2,482,730 *In Select Units Not Resizable - Freddie Mac small loan COLLECTIONS Total $ 756,299 $80,000 Dec 2017 $ 64,388 12 Mo Avg $ 63,025 $70,000 Jan 2018 $ 66,970 $60,000 Feb 2018 $ 66,229 $50,000 Mar 2018 $ 59,466 9 Mo Avg $ 62,079 Apr 2018 $ 60,025 $40,000 May 2018 $ 68,500 $30,000 June 2018 $ 62,919 6 Mo Avg $ 61,787 $20,000 July 2018 $ 63,502 $10,000 Aug 2018 $ 63,444 $- Sept 2018 $ 63,078 3 Mo Avg $ 60,285 Oct 2018 $ 62,829 Nov 2018 $ 54,949 PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER. PROPERTY HIGHLIGHTS The Pearl at Oyster Creek Apartments is a two story, garden-style, apartment community located in the Lake Jackson submarket. The asset was built in 1970. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies, walk-in closets, wood burning fireplaces. Currently there are no reported leasing concessions. The property appears to have excellent driveby. On a recent tour, the street was packed. Per owner, some roofs have been replaced and not all units have been updated. There is a small vacant tract that reportedly was a 12 unit apartment building but it had a fire and the building was scraped. The owner says that per the City of Lake Jackson, this could be rebuilt on the same footprint as was previously in place, but no other construction, such as a miniwarehouse or retail is permissable. This site could be used for a fancy dog park or as a children's playground. The property charges $35/mo for covered parking. The Brokers feel that the exterior paint and landscaping could be updated as well as the interiors. New on site management in place should increase in place collections. Loan terms: WRT Freddie SBL, interest only until November with a 20 year term, 30 year amortization and 4.2% fixed rate for 7 years, with the last 13 yrs floating based on LIBOR + 2.75% Per owner, there is a contract with Coinmach. However, half the property has washers/dryers in unit so, the laundry facility does not generate much revenue. Ideally, shrinking the laundry room and making it usable as a party space would help. The owner also suggests adding a playground and perhaps a soccer field on the vacant lot. Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc.
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