CROSLIN COURT 300 E. CROSLIN STREET | , TX 78752 20 UNITS | BUILT 1970

Shown By Appointment Only

Daniel Elam - 512.343.2700 x4 Ellen Muskin - 512.343.2700 x3 [email protected] [email protected] Investment Highlights Price and Salient Data

„„ Compelling North Central Location less than a mile from the Price: Market Pricing Highland Redevelopment and the new ACC Highland Community College Central Campus Terms: All Cash or Third-Party Financed

„„ Very minimal MF Construction Activity in a 1.5-mile radius GRM: 10

„„ Class B/C Properties in the North Central Submarket averaged 95- # of Units: 20 in One (1) Large Building 96% in the 2nd Quarter of 2018 (according to Austin Total NRSF: Investor Interests) 20,461 ±

„„ Completing renovations and stabilizing management could increase Land Area: 0.9541 ± ACR (TCAD) Rental Income: Majority Brick with small areas Exterior: ÎÎ Current In-Place Rents average $1.08 vs. current Market Rents of Siding at the property at $1.18 Roofs: Mansard Style

ÎÎ Immediate Rent Comps show $1.38 and the North Central HVAC: Individual/Electric average is $1.62 Hot Water: Central Boiler System „„ Oversized Townhome Units with 1,022 +/- SF Average Floorplans Washer/Dryer Laundry Room „„ Distance to CBD: 6 miles (15 +/- minutes commute by car, 30 minutes by bike) Parking: 42 ± Spaces

Well located in the much sought-after North Central submarket of Austin, Croslin Court Apartments offer a unique opportunity for investors. The property is just southwest of the intersection at Interstate 35 and U.S. 183 with N. Lamar Blvd to the West and Airport Blvd to the South. Access to some of Austin’s latest redevelopment initiatives makes this location extremely desirable to both tenants and for investment.

Originally built in 1970, Croslin Court Apartments is located at 300 E. Croslin Street Austin, TX, 78752 and consists of one (1) building, separated by spacious breezeway areas. Surface parking wraps around building and public spaces are located along the front.

This community offers 20 units of unique floorplans with two-story townhome style units averaging an overall unit size of 1,002+/- Sf which exceeds the average unit size (for properties of 1970’s & 1980’s at 711+/- SF) by almost 300+/- SF. Croslin Court’s three floorplans range from the smallest 1 bedroom–1 bath of 852 +/- SF up to the largest 3 bedroom–2.5 bath unit with 1,150 +/- SF. The buildings sit on a land site of 0.9514 acres or 41,445+/- SF according to the Travis County Appraisal District (TCAD) records. Community features include a few trendy remodeled apartments with new black or stainless steel appliances, faux wood flooring, refreshing paint color scheme, window seating, and new bathroom tiling and faucets*. Other units have “upside potential” with future value-add renovations allowing for positive rental rate increases. There is one centralized laundry facility on-site for tenant convenience. Unit interiors also feature large, walk-in closets, individual HVAC’s, ceiling fans and built-in closet shelving. In the remodeled units, bathrooms highlight white ceramic tile with glass tile accents and special sprayer shower faucets. Cooks’ kitchens have stainless steel vent hoods, tile backsplashes, accent walls and pantries.

Croslin Court welcomes medium-sized pets in this friendly community with fenced-in patios on select first floor units. Tenants pay their electric bills directly to the utility company (City of Austin). There is a central hot water system shared among the units, and they are billed on a RUBS system for water/wastewater usage. * In Select Units AUSTIN, TX CROSLIN COURT CENTRAL BUSINESS DISTRICT

HIGHLAND I.H.35 MIXED-USE COMMUNITY AUSTIN CC

Twin Crest Drive CRESTVIEW STATION Duval Street

E. Croslin Street

300 E. Croslin Street Austin, TX 78752

INVESTMENT LOCATION

Croslin Court is conveniently situated in North Central Austin west of Interstate 35 and south of U.S. Highway 183 (providing excellent access to all parts of Austin.) To the west is North Lamar Blvd. and the Crestview Neighborhood, which is home to many eclectic shops, restaurants, brew pubs, and the Capital Metro Crestview Light Rail Station. To the south is Highland (formerly Highland Mall), Austin’s trendy redevelopment community housing diverse retail shops, offices, residential space, and a new high-tech campus for the Austin Community College (ACC).

Located in very close proximity to Croslin Court is the Mueller Community redevelopment, a 700 +/- acre mixed-use urban site. Formerly home to the Robert Mueller Municipal Airport, the Mueller Master Plan includes a mix of commercial, residential, retail, parks and open space. The Thinkery Children’s Museum, Alamo Drafthouse, Texas Film Studios, the Rathgeber Children’s Shelter, AISD Performing Arts Center, H-E-B Grocery, Home Depot, Best Buy, and Old Navy also call this home. Within this same area is the Children’s Medical Center of Central Texas, a level 1 pediatric trauma center with 1,400 +/- employees on a 32 +/- acre campus, and the Seton Hospital Administrative Office.

Less than 10 miles to the Northwest is Austin’s Tech and Startup Corridor, home to many of Austin’s largest tech employers such as Dell, Apple, Samsung, IBM, Microsoft, and HP. The Domain, an “upscale” high-density business, retail, and residential center operated by Simon Property Group and Endeavor Real Estate is within 6.4 +/- miles. Retailers include Austin’s first Neiman-Marcus, Macy’s, the Apple Store, Tesla, Aloft Hotel, Design within Reach, Anthropologie, Coach, Restoration Hardware, Tiffany & Co. and H&M. The second phase, The Domain Crossing, is located just south and adds an additional 350,000+/-SF of retail including a three-story Dillard’s, Westin Hotel, Lone Star Courts, Dick’s Sporting Goods and I-Pic Movie Theater. Domain Northside is now open with , Nordstrom, the “Rock Rose District,” and new boutique hotels and trendy and upper-end restaurants. Office tenants now include Facebook, We Work space, Fidelity Investments, Amazon, and HomeAway.

The University of Texas main campus is about 5.5 miles to the south with current enrollment of 51,000 +/-. U.T. is consistently ranked one of the best public universities in the country, with top ranked programs in Business, Engineering, Law, and Medicine. Dell Medical School opened in summer 2016 and is a 211-bed teaching hospital. Nearby public schools for student attendance are Brown Elementary School, Webb Middle School, and Lanier High School (all within the Austin Independent School District) or AISD. FINANCIAL ANALYSIS | CROSLIN COURT MUSKIN COMMERCIAL

UNIT MIX Unit Total Market Monthly Annual Rent/ Units Type SF± SF± Rent Mkt. Rent Mkt. Rent SF± 4 1 Bed / 1 Bath 852 3,408 $995 $3,980 $47,760 $1.17 14 2 Bed / 1.5 Bath 1,024 14,336 $1,195 $16,730 $200,760 $1.17 2 3 Bed / 2.5 Bath 1,150 2,300 $1,450 $2,900 $34,800 $1.26 20 1,002 20,044 $1,181 $23,610 $283,320 $1.18

INCOME Pro Forma

Scheduled Market Rent $283,320 Less: Loss to Lease 1.00% ($2,833) Less: Vacancy 4.00% ($11,333) Less: Concessions 0.50% ($1,417) Net Rental Income $267,737

Plus: Pet Rent $2,000 Plus: Fee Income $3,000 Plus: RUBS Income $12,000 Plus: Other Income $1,000 Total Operating Income (EGI) $285,737

EXPENSES Per Unit Admin & Advertising $200 $4,000 Repairs & Maintenance $500 $10,000 Management Fee 6.00% $857 $17,144 Utilities $1,200 $24,000 Contracted Services $625 $12,500 Real Estate Taxes 2.213985% $2,945 $58,890 Insurance $300 $6,000 Total Expenses $132,534

Per Unit: $6,627 Per SF: $6.61

NET OPERATING INCOME $153,203

Real Estate Taxes are based on 2018 Assessed Value Property Available on All Cash or Third-Party Financed Basis Contact Agents for Actual Property Financials 512.343.2700 - [email protected] CROSLIN COURT DETAILS

Property Features Community Features

„„ Two-Story Townhome Units „„ Fenced Patios on Select First Floor Units *

„„ Huge Average Unit Size (1,002 ± SF) „„ Laundry Room On-Site

„„ Black and Stainless Steel Appliances * „„ Super Easy Access to Major Thoroughfares (IH-35, U.S. 183, U.S. 290, N. Lamar Blvd, and Airport Blvd) „„ Desirable Gas Fired Ranges & Ovens „„ Local Favorite Restaurants and Nightlife: Black Star Co-Op, „„ Faux Wood-Look Vinyl Flooring Torchy’s Tacos, Fuzzy’s Taco Shop, BullFight, Kome Sushi, Ojos „„ Upgraded Lighting Fixtures and Hardware Packages * Locos Sports Cantina, Buffalo Wild Wings, Whichcraft, and Halcyon „„ Ample Resident Parking | Cul-De-Sac Street „„ Walking Distance to Crestview Station Light Rail Stop (Servicing „„ Window Seats and Designer Paint Colors * the Eastside and )

* In Select Units Croslin Court Apts. PROXIMITY MAP of AUSTIN Miles +/- to:

ACC Highland Campus 1.0 mi. AUSTIN TECH and METRORAIL Crestview 1.0 mi. STARTUP CORRIDOR Mueller Community 3.0 mi. University of Texas 4.7 mi. 35 Round Austin CBD 6.2 mi. 183 Cedar Park Rock The Domain 6.4 mi. Samsung 7.7 mi. Apple 9.4 mi.

MetroRail Lakeline Station 45

Lakeline Mall 45 620 1

183 35

Lake LABS Travis Arboretum The Domain

620

183 Croslin Court MetroRail Crestview Station Apartments 290

ACC 1 Highland

Mueller University Community of Texas 35

State Capitol 183 CBD

1 1 mi.

35 Information About Brokerage Services 11-2-2015 Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: that the owner will accept a price less than the written asking price; that the buyer/tenant will pay a price greater than the price submitted in a written offer; and any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Muskin Commercial,LLC 9000275 [email protected] (512)343-2700 Licensed Broker/Broker Firm Name or License No. Email Phone Primary Assumed Business Name

Ellen Muskin 334236 [email protected] (512)343-2700 Designated Broker of Firm License No. Email Phone

Ellen Muskin 334236 [email protected] (512)343-2700 Licensed Supervisor of Sales Agent/ License No. Email Phone Associate

Daniel Elam 616676 [email protected] (512)343-2700 Sales Agent/Associate's Name License No. Email Phone

Buyer/Tenant/Seller/Landlord Initials Date Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov TAR 2501 IABS 1-0 Muskin Commerical, LLC, 4705 Spicewood Springs Rd, Ste 200 Austin, TX 78759 Phone: (512)343-2700 Fax:(512)343-2703 IABS Ellen Muskin Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty or representation about the content. While this information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers should independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid.

MULTIFAMILY INVESTMENTS SALES

4601 Spicewood Springs Road, Bldg 4, Suite 101, Austin, TX 78759

ELLEN MUSKIN DANIEL ELAM 512.343.2700 x3 512.343.2700 x4 [email protected] [email protected]

www.muskincommercial.com