DOWNTOWN LAS VEGAS Prime Multi-Family Investment Opportunity 505-515 S
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DOWNTOWN LAS VEGAS Prime Multi-Family Investment Opportunity 505-515 S. 13th Street, Las Vegas, NV 89101 | Palm Garden Apartments • PRIME MULTI-FAMILY INVESTMENT • BELOW MARKET ASKING PSF OPPORTUNITY • LOCATED IN A QUALIFIED • 52 VERY SPACIOUS APARTMENT UNITS OPPORTUNITY ZONE • BELOW MARKET RENTS CommercialSun Real Estate, Inc. Sun Commercial Real Estate, Inc., 6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148 702 | 968 | 7300 Phone • 702 | 968 | 7301 Fax • www.SunCommercialRE.com CONFIDENTIALITY & DISCLOSURE SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis 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 BROKER FOR ADDITIONAL INFORMATION. Anders Graciano Senior Associate (702) 968-7336 [email protected] NV Lic # S0179938.LLC The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice. OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 2 TABLE OF CONTENTS Property Highlights Section 1 Property Summary & Investment Highlights CONTACT: Property Overview Property Location Section 2 Aerial - Looking West Surrounding Aerial Property Photos Assessor Parcel Map Opportunity Zone Anders Graciano Senior Associate Las Vegas Overview Section 3 (702) 968-7336 [email protected] Las Vegas New Developments NV Lic # S0179938.LLC Nevada Business Advantages OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 3 PROPERTY SUMMARY & INVESTMENT HIGHLIGHTS PROPERTY SUMMARY INVESTMENT HIGHLIGHTS Very well maintained 52 unit apartment complex located in • Unique Multi-Family Investment Opportunity a quaint, established Downtown Las Vegas neighborhood • VERY Spacious Updated Apartment Units; ±400 SF larger surrounded by updated townhome complexes. The surrounding than the average unit sold in the area area offers plenty of employment opportunities, shopping and dining experiences. Compared to the apartment complexes • Easy access to area amenities and Demand Generators in the area, these 52 units are very spacious and 34 of them including Las Vegas “Strip”, Downtown Fremont Street uniquely in 2 stories similar to town homes. The inner courtyard Experience, and the Charleston/I-15 Freeway Interchange is a little oasis featuring both a pool and barbecue grill and the • Very Well Maintained Property and Neighborhood property furthermore offers on-site laundry facilities, paid parking in the back and plenty of street parking in the front. The property • Located in a Qualified Opportunity Zone is located within walking distance from public transportation and just a 5-7 minute drive from the Charleston/I-15 interchange, and • Asking price PSF is significantly below average sold price PSF for the area the Charleston/I-515 interchange. OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 4 PROPERTY OVERVIEW Price: $5,200,000 Price / Unit: $100,000 Price / SF: $93.10 *Average area sold comps PSF: $122.09 Units: 52 Average Unit SF: ±1,074 *Area sold comps average SF: ±593 Proforma Average Rent: $793 Net Rentable Area: ±55,850 Year Built: 1963 Acreage: 1.0 Zoning: R-4 Opportunity Zone: Yes APN: 139-34-811-055 Proforma Occupancy: 92% Proforma Gross Income: $595,723 Proforma NOI: $343,352 Proforma CAP Rate: 6.6% OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 5 PROPERTY OVERVIEW UNIT MIX # OF UNITS UNIT TYPE SIZE ACTUAL RENT ACTUAL RENT / SF 2 1 x 1 SM 750 $715 $0.95 2 1 x 1 LG 1,000 $749 $0.80 3 2 x 1 1,150 $825 $0.72 34 2 x 1.5 (2 Story) 1,050 $825 $0.79 11 2 x 2 1,200 $850 $0.71 DEMOGRAPHICS POPULATION AVG. HOUSEHOLD INCOME HOUSEHOLDS 1 MILE 14,256 $7 7,73 3 6,475 3 MILES 183,802 $52,547 68,713 5 MILES 512,567 $53,618 181,272 OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 6 AERIAL - LOOKING WEST World Market Center Las Las Vegas Vegas North Premium Outlets Fremont Street Experience Clark County Government Center FREMONT STREET E. BONNEVILLE AVENUE LEWIS AVENUE E. BRIDGER AVENUE E. CLARK AVENUE GASS AVENUE E. CHARLESTON BOULEVARD S. MARYLAND PARKWAY S. 13TH STREET S. MARYLAND PARKWAY SUBJECT PROPERTY OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 7 SURROUNDING AERIAL Downtown Las Vegas Fremont Street Clark County Las Vegas Government North Premium Center Outlets SUBJECT PROPERTY E. CHARLESTON BOULEVARD Arts District Las Vegas The Strat S. LAS VEGAS BOULEVARD SITE E. SAHARA AVENUE OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 8 PROPERTY PHOTOS OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 9 PROPERTY PHOTOS OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 10 PROPERTY PHOTOS OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 11 PROPERTY PHOTOS OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 12 ASSESSOR PARECEL MAP This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK COUNTY, NV. MAP SEC. S 2 SE 4 BOOK T20S R61E 34 139-34-8 This map is for assessment use only and does NOT represent a survey. ASSESSOR'S BrianaPARCELS Johnson - CLARK - Assessor COUNTY, NV. MAP SEC. S 2 SE 4 No liability is assumed for the accuracy of the data deliniated herein. BOOK T20S R61E 34 8 4 8 4 139-34-8 125 124 123 6 5 4 3 2 1 Information on roads and other non-assessed parcels may be obtained PARCEL BOUNDARYBriana JohnsonCONDOMINIUM - Assessor UNIT 001 ROAD PARCEL NUMBER No liability is assumed for the accuracy of the data deliniated herein. 8 4 8 4 SUB BOUNDARY PARCEL NUMER 7 8 9 10 11 12 5 1 5 1 from the Road Document Listing in the Assessor's Office. PARCEL BOUNDARY CONDOMINIUMAIR SPACE PCLUNIT 001ROAD PARCEL NUMBER 125 124 123 6 5 4 3 2 1 Information on roads and other non-assessed parcels may be obtained PM/LD BOUNDARY 001 138 139 140 1.00 ACREAGE 18 17 16 15 14 13 5 1 SUB BOUNDARY RIGHT OF WAY PCL 001 PARCEL NUMER 121110987 1 5 from the Road Document Listing in the Assessor's Office. ROAD EASEMENT AIR SPACE PCL 138 139 140 6 2 6 2 PM/LD BOUNDARY ACREAGE 19 20 21 22 23 24 This map is compiled from official records, including surveys and deeds, RIGHTSUB-SURFACE OF WAY PCL PCL 1.00 PARCEL SUB/SEQ NUMBER 18 17 16 15 1314 ROADMATCH EASEMENT / LEADER LINE 202 6 2 6 2 butThis only map contains is compiled the information from official required records, for including assessment. surveys See and thedeeds, q PB 24-45PARCELPLAT SUB/SEQ RECORDING NUMBER NUMBER 163 161162 19 30 2923222120 2824 27 26 25 7 3 7 3 MATCHHISTORIC / LEADER LOT LINE SUB-SURFACE PCL 202 30 29 2831 2732 263325 34 35 36 NOTES recorded documents for more detailed legal information. 7 3 but only contains the information required for assessment. See the q HISTORIC SUB BOUNDARY PB 24-45 PLATBLOCK RECORDING NUMBER NUMBER 163 161162 3 7 HISTORIC LOT LINE 176 177 178 8 4 8 4 USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL 5 31 3635343332 NOTES recorded documents for more detailed legal information. HISTORICHISTORIC SUB PM/LD BOUNDARY BOUNDARY 5 BLOCK5 LOT NUMBER NUMBER 176 177 178 8 4 8 4 USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL MAP LEGEND SECTION LINE 5 1 5 1 0 100 200 400 600 800 HISTORIC PM/LD BOUNDARY 5 GL5LOT NUMBERGOV.