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Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV OFFERING MEMORANDUM Colonial Garden Court Suites RENO, NV CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Colonial Garden Court Suites TABLE OF CONTENTS Section 1 PRICING AND FINANCIAL ANALYSIS Section 2 PROPERTY DESCRIPTION Section 3 RECENT SALES Section 4 COMPETITIVE PROPERTIES Section 5 MARKET OVERVIEW Section 6 DEMOGRAPHIC ANALYSIS PRICING AND FINANCIAL ANALYSIS Colonial Garden Court Suites RENO, NV Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS FINANCIAL OVERVIEW Location 232 West Street Reno, NV 89501 Price $7,500,000 Down Payment 100.0% / $7,500,000 Total Number of Suites 54 Price/Suite $138,889 Occupancy 72.0% ADR $124.00 CAP Rate - Pro Forma 13.69% RRM - Pro Forma 4.71 Year Built/Renovated 1966 / 2011 Lot Size .56 Acres Type of Ownership Fee Simple Annualized Operating Data Income Pro Forma % of GR Suites Revenue $1,593,093 100.0% Gross Revenue $1,593,093 Total Expenses $566,227 35.5% Net Operating Income $1,026,866 64.5% Total Return 13.69% / $1,026,866 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 1 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS INCOME AND EXPENSES Total Number of Suites 54 Pro Forma 54 % of Pro Forma GR PAR Occupancy 72.0% ADR $124.00 Income Suites Revenue $1,593,093 100.0% $29,502 GROSS REVENUE $1,593,093 $29,502 Total Departmental Expenses $245,936 15.4% $4,554 Total Undistributed Expenses $233,602 14.7% $4,326 Total Fixed Expenses $86,689 5.4% $1,605 TOTAL EXPENSES $566,227 35.5% $10,486 NET OPERATING INCOME $1,026,866 64.5% $19,016 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 2 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS EXPENSES % of Pro Forma GR PAR Departmental Expenses Suites (15.25%) $243,000 15.3% $4,500 Telecommunications $2,936 $54 TOTAL DEPARTMENTAL EXPENSES $245,936 15.4% $4,554 Undistributed Expenses Administrative & General $55,591 3.5% $1,029 Sales & Marketing $3,843 0.2% $71 Property Operations & Maintenance $79,800 5.0% $1,478 Utilities $94,368 5.9% $1,748 TOTAL UNDISTRIBUTED EXPENSES $233,602 14.7% $4,326 Fixed Expenses FF&E Reserve $48,000 3.0% $889 Property Taxes $23,521 1.5% $436 Property Insurance $15,168 1.0% $281 TOTAL FIXED EXPENSES $86,689 5.4% $1,605 TOTAL EXPENSES $566,227 35.5% $10,486 NET OPERATING INCOME $1,026,866 64.5% $19,016 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 3 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS DETAILED EXPENSES Pro Forma % of POR PAR Salaries-Clerks & Adm $68,386 4.3% $1,266.41 Management $36,000 2.3% $666.67 Accounting $7,240 0.5% $134.07 Advertising $3,843 0.2% $71.17 Credit Check $278 0.0% $5.15 Dues & Subscriptions $250 0.0% $4.63 Insurance $15,168 1.0% $280.89 Contract Services $200 0.0% $3.70 Equipment Rental $1,320 0.1% $24.44 Legal $4,458 0.3% $82.56 Taxes & Licenses $1,057 0.1% $19.57 Lights, Power, Heat $73,709 4.6% $1,364.98 Sewer Use Fees $16,248 1.0% $300.89 Payroll Taxes $8,208 0.5% $152.00 Property Taxes $23,521 1.5% $435.57 Security $7,110 0.5% $131.67 Repairs and Maintenance $17,542 1.1% $324.85 TV-Utilities $21,203 1.3% $392.65 Elevator Maintenance $5,565 0.4% $103.06 Painting-Maintenance $621 0.0% $11.50 Heating & A/C Maintenance $13,182 0.8% $244.11 Supplies $6,442 0.4% $119.30 Pool Supplies $350 0.0% $6.48 Office Supplies $4,715 0.3% $87.31 Coffee Supplies-Room $134 0.0% $2.48 Telephone $2,937 0.2% $54.39 Waste Removal $3,548 0.2% $65.70 TOTAL EXPENSES $343,235 21.5% $6,356.20 Comments These are actual expenses for operations as an apartment building for the twelve months ended December 31, 2016. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Nevada, Inc. © 2018 Y0210355 4 Marcus & Millichap. All rights reserved. Colonial Garden Court Suites RENO, NV PRICING AND FINANCIAL ANALYSIS OFFERING SUMMARY Major Employers Local Company Price $7,500,000 Employees Down Payment 100.0% / $7,500,000 VA Sirra Nev Hlth Care Systems 3,000 Total Suites 54 Hilton 2,500 Price/Suite $138,889 Peppermill Hotel Casino 2,250 Occupancy 72.0% County of Washoe 1,987 ADR $124.00 Number of Buildings 3 St Marys Health Network 1,800 Number of Floors 5 Grand Sierra Resort and Casino 1,525 Year Built/Renovated 1966 / 2011 Circus Circus Reno 1,500 Lot Size .56 Acres Grand Sierra Resort Corp 1,500 Type of Ownership Fee Simple US Post Office 1,434 Saint Marys Regional Med Ctr 1,370 Club Cal-Neva 1,300 VITAL DATA Atlantis Casino Resort 1,000 CAP Rate - Pro Forma 13.69% RRM - Pro Forma 4.71 Demographics Net Operating Income - Pro Forma $1,026,866 1-Mile 3-Miles 5-Miles Total Return - Pro Forma 13.69% / $1,026,866 2014 Total 21,160 125,659 227,713 Population 2019 Total 21,979 128,287 235,130 Comments Population Originally a 100 room hotel, it is now operating as a multifamily 2014 Total 10,769 53,459 92,027 property. Steel and concrete structure with brick and stucco exterior it Households 2019 Total consists of 54 recently renovated studio, one- and two-bedroom 11,465 55,210 95,797 suites and can easily be converted to an Extended Stay Hotel. Households Median HH Income $25,155 $33,954 $39,245 Per Capita Income (based on Total $23,271 $22,544 $24,253 Population) Average (Mean) HH $40,522 $51,654 $58,940 Income This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
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