Multi Family 2681 Central Avenue, Memphis, TN 38111
Total Page:16
File Type:pdf, Size:1020Kb
Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Multi-Family Asset Mark Kramer 415-613-9314 mkramer@ kandcinvestments.com 14 Condominium Units 1 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Table of Contents I. Executive Summary Property Overview 3 Property Details 4 Specifications 5 Amenities 6 II. Area Overview/Maps 8 III. Market Overview - Memphis Location Highlights 9 Demographics/Jobs 10 Sales Market Report 10 Sales Comps 11 Rent Comps 12 IV. Contact Information 13 2 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Executive Summary Property Overview This is an offering of a 100% fee simple interest in 14 individual Condominiums within The Villas at Chickasaw 32 Unit Community, located at 2681 Central Avenue, Memphis, TN 38111. This multi-family asset offers substantial “value-add” upside by exercising the opportunity to sell off individual units or to raise rents and bringing them to current market rates with the knowledge that the rental properties have had a waiting list for a year! With a strong local rental market and an Occupancy rate of 99%! Upward leasing rates can be expected to continue well into the future. 3 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Property Details Includes 14 spacious and completely remodeled colonial revival style condos within a gated community - beautiful buildings complete with a community focused pool and barbeque area. Each condo is a 2-3 bedroom/2.5 bath and 1,200 to 1,500 square feet; upgraded with granite counters, stainless steel appliances and bamboo and ceramic tile floors. Exterior Improvements: All buildings are in excellent condition with recent cosmetic improvements for high impact curb appeal in addition to completing recent deferred maintenance to gutters, fascia boards, fencing, etc. Villas at Chickasaw is professionally managed by a local HOA – Memphis Property Management Professionals, Office 901-756-5776, Nickie Langley, Sr. Property Manager, 901-848-9138. The 14 Individual Condominiums are managed by REVID Property Management, Gus Pacente, Property Manager, 901-725-7766. Nestled in the heart of Midtown Memphis near to Chickasaw Gardens, the Villas offers easy accessibility to many of Memphis’ favorite spots. The Villas sits 5 miles from Downtown Memphis and close to Cooper Young, Overton Square, and Chickasaw Oaks offering a variety of restaurants, retail and entertainment options. The area attracts professional couples and students from nearby due to proximity to The University of Memphis, Christian Brothers University, and Rhodes College. A short drive to Tobey Park, the Dixon Galleries, and Botanic Gardens, the Villas location is truly ideal! Building/Unit Information FLOOR PLAN UNITS AVG SF TOTAL SF Rent/Unit Rent/SF 2 bdrm/2 bath 4 1,201 4,804 $1,095 $0.91 2 bdrm/2.5 bath 6 1,320 7,920 $1,162 $0.91 3 bdrm/2.5 bath 4 1,503 6,012 $1,236 $0.86 TOTALS 14 1,338 18,736 $1,195 $0.89 4 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Specifications General Description Address 2681 Central Avenue, Memphis, TN 38111 Year Built 1972 Number of Units Villas of Chickasaw - 32 Condo Units Offering is for 14 Individual Condo Units Number of Stories Two Number of Buildings 3 Residential Buildings Net Rentable Sq Ft 18,736 Zoning Garden/Low Rise Parcel Numbers 045018A00003, 045018A00005, 045018A00006 045018A00011, 045018A00014, 045018A00017, 045018A00019, 045018A00021, 045018A00023, 045018A00025, 045018A00028, 045018A00029, 045018A00032 School District Memphis City School District Elementary Sherwood Elementary School Middle School Sherwood Middle School Senior High East High School Construction Detail Basic Construction & Foundation Slab Foundation, Wood Construction Floor Structure Concrete Roof Composition Shingle Exterior walls Brick; Vinyl Siding Windows & Doors Single pane aluminum frame windows, Metal doors Mechanical Detail HVAC Central Heating and Air Plumbing Cast iron drain piping, Galvanized steel natural gas piping 5 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Amenities Interior Amenities Central Heating/Air Beautiful Bamboo Floors Ceramic Tile Floors Wall-to-Wall Carpeting Stainless Steel Appliances Granite Countertops Designer’s tile Washer/Dryer hookups Dishwasher Fireplaces in select units Balconies on select units Large Private Rear Patios Active Security System inside unit 6 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Amenities Exterior Amenities Professional Landscaping Gated Controlled Access Picnic and BBQ Areas Plenty of Parking Sparkling Pool 7 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Area Overview and Maps 2681 Central Avenue, Memphis, TX 38111 Property Map 8 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Market Overview – Memphis Location Highlights Conveniently located near schools, parks and retail shopping including Overton Square, Village of Chickasaw Oaks, Cooper-Young District, South Main Historic Arts District and Laurelwood Shopping Center. Transportation/Rail Access – Public Transportation services are readily available. Memphis International Airport – located a short 7 miles away! Local Destinations include the Memphis Botanic Gardens, Memphis Rock ‘n Soul Museum, Galloway and Audubon Park Golf Clubs and Tobey Park. Education – Memphis is the home to many educational institutions including: The University of Memphis, Christian Brothers University, Rhodes College, Memphis College of Art, and the University of Tennessee Health Science Center. Major Tourist Attractions – Some of the most visited tourist attractions in Memphis include the Mississippi River, Memphis Brooks Museum of Art, National Civil Rights Museum, Memphis Zoo, Gibson Guitar factory, and former home of Elvis Presley, Graceland. Sports – Major Sport’s teams include the Memphis Grizzlies NBA basketball team and the Memphis Redbirds Triple-A league baseball team. Memphis International Airport Memphis Botanic Gardens The Links at Audubon Golf Course 9 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Demographic Overview Total Population in zip code 38111 is 43,725 - 20,430 men and 23,295 women and the 32. The average adjusted gross income is $69,490. Located in Shelby County which has an overall population of 938,069 and 350,971 households. Jobs/Tennessee posts impressive manufacturing numbers Memphis led the way for Tennessee's third straight year of gaining manufacturing jobs. According to the 2015 Tennessee Manufacturers Register; the state has recovered 17 percent of jobs lost during the recession. That rate of recovery is outpacing the total U.S. gain by 3.3 percent. Sales Market Report One thing that historically has benefited the multifamily markets is that supply stays in step with demand, keeping rents high and protecting the market from the bubble risks. The multifamily market continues to be very strong and has been the strongest real estate sector for the past several years and there is positive momentum heading into 2017, and supply is at a steady pace. Sales Trends As of October 9, 2016, Axiometrics has identified 1,051 apartment units scheduled for delivery in 2016, of which, 707 have been delivered. As a comparison, there were 617 apartment units delivered in 2015. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,218 per unit, or $1.41 per square foot. Villas at Chickasaw The average price for Villas at Chickasaw properties is $145,000. The highest priced property in Villas at Chickasaw Condominiums is $160,000 while the lowest priced Condo is listed at $130,000. 10 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Sales Comps 295 Central Park Ave #4 Memphis, TN Built 1972 2BD 2 BA, 1,418 Sq Ft Sold For $103,500 2236 Brewers Landing #8 Memphis, TN Built 1983 2BD 2.5 BA, 1,442 Sq Ft Sold For $130,000 3520 Central Ave #402 Memphis, TN Built 2009 2BD 2 BA, 1,575 Sq Ft Sold For $215,000 564 Vinton Square Memphis, TN Built 1986 2BD 2.5 BA, 1,442 Sq Ft Sold For $139,050 11 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Rent Comps Miller Creek Apartments Homes Estates at River Pointe 3769 Skipping Stone Terrace 210 S McLean Blvd Memphis, 38125 Memphis, 38103 1,382 sq ft 1,368 sq ft 3BR /2BA 3BR/2BA $1,665 $1,924 Arbors River Oaks The Westbury Apartment Homes 225 Arbor Commons Circle 3820 Mission Hills Drive Memphis, 38120 Memphis, 38125 1,560 sq ft 1,348 sq ft 3BR/2.5BA 3 BR/2BA $1,465 - $1,696 $1,377 12 Offering Memorandum – Multi Family 2681 Central Avenue, Memphis, TN 38111 Contact Information FOR MORE INFORMATION ON THIS OFFERING MEMORANDUM CONTACT: K&C INVESTMENTS, INC. MARK KRAMER P.O. BOX 429 LINCOLN, CA 95648 [email protected] (415) 613-9314 No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by our principals. The depiction in the included photograph of any person, entity, sign, logo or property other than K&C Investment’s property offered is incidental only, and is not intended to connote any affiliation, connection, association sponsorship or approved by or between that which is incidentally depicted by K&C Investments, Inc. 13 .