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Casa Roble OFFERING MEMORANDUM

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Casa Roble OFFERING MEMORANDUM OFFERING MEMORANDUM OPEN HOUSE Wednesday, March 21st, 2018 From 10:00 A.M. to 2:00 P.M. R.S.V.P. 713-783-6262 Casa Roble OFFERING MEMORANDUM | Multi-Family Brokerage | 713.783.6262 or 512.610.8000 | License #0393404 | hipapt.com EXCLUSIVE OFFERING: Casa Roble Apartments | 2708 & 2712 Oakcliff St.| Houston, TX 77023 LISTING BROKER: Lucas Fertitta| Houston Income Properties, Inc. | 713.783.6262 Offer Date: To Be Determined Offering Process: The Property is being offered on an "All Cash" basis to qualified purchasers (New Loan Required). Sale Condition: The owner of the Property is selling the Property in a "As-Is, Where-Is" condition and without representations or warranties, expressed or implied, of any kind. Offer Guidelines: Offers should be presented in the form of a non-binding Letter-of-Intent and must include at least: ·Purchase Price ·Earnest Money Deposit Amount ·Feasibility Period ·Description of Equity Source ·Closing Date ·Other terms and conditions particular to the buyer’s investment process ·Summary of buyer’s qualifications and evidence of financial ability to close Site Visits: All Site Visits are to be set up through the Listing Broker. All requests for additional information are to be made through the broker —713.783.6262 OPEN HOUSE: WEDNESDAY, MARCH 21st, 2018, FROM 10:00 A. M. TO 2:00 P. M. - R.S.V.P. 713-783-6262 Disclaimer: The offering is subject to the Disclaimer contained herein. Principals and their representatives shall please refrain from contacting any onsite personnel or residents. 2 EXECUTIVE SUMMARY table of contents4 • Investment Summary • Property Information (2 pages) • Location Maps (2 Pages) • Property Aerial FINANCIAL ANALYSIS 11 • Actual and Pro Forma Analysis • 10 Year Cash Flow Analysis • Value Projection at 60 Months PROPERTY OVERVIEW 15 • 2017 Rehab Detail • Community Features • Neighborhood Aerial • Harris County Plat • Flood Map MARKET OVERVIEW 21 • Multi-Family Market Forecast • Primary Market Statistics • Sub Market Statistics LOCATION OVERVIEW 25 • County Location Map • Snapshot of Harris County • Houston Area Map • Houston MSA Facts (2 pages) • Houston Business • Nearby Employment Areas • Area Development • Houston Demographics • Neighborhood Demographics PHOTO GALLERY 36 • Property Photos (3 Pages) LEGAL INFORMATION • Brokerage Services Information 40 • Disclaimer 41 3 EXECUTIVE SUMMARY 4 INVESTMENT SUMMARY PROPERTY DESCRIPTION INVESTMENT PROFILE Name: Casa Roble Type of Sale: ALL CASH - Buyer to Acquire a New Loan Address: 2708 & 2712 Oakcliff St. ASKING PRICE: No Official Asking Price City / State: Houston, Texas 77023 Current NOI: $104,887 For Current and Projected NOI see analysis in PLEASE DO NOT VISIT THE PROPERTY WITHOUT Projected NOI: $116,578 the financial section MAKING AN APPOINTMENT THROUGH THE BROKER. Property Type: Garden Style - 2 Story Buildings Current Occupancy: 100% As of 3-1-2018 No. of Apt. Buildings: 2 Water: Capped in Tenant leases and Tenant pays overage Yr. of Construction: 1956 Per HCAD Primary Market Area: HOUSTON - Operating Apartment Properties Materials: Brick and Hardi-Plank Siding Secondary Market Area: Inner Loop East - Operating Apartment Properties Number of Units: 14 Scheduled Market Rent: $12,880 / Mth Total Rentable SF: 8,540 Avg. Rent / Unit: $920 Avg. Unit Size: 610 S.F. Avg. Rent / SF: $1.51 INVESTMENT HIGHLIGHTS: Open House ‐ Wednesday, March 21st, 2018 from 11:00 A.M. to 2:00 P.M. 1) Located inside Loop 610 in East Houston in an area that is undergoing gentrification - Low Apartment Density in the area with a Dense Population 2) Easy Access to I-45, Loop 610, MetroRail (Green Line) 3) Located near major employment centers in Houston with ease of access to most of Houston due to the MetroRail (Green Line), I-45 and 610 Loop 4) University of Houston Downtown, Downtown Business District, Texas Medical Center, I-45 Corridor, 610 Loop Corridor, Port of Houston, EaDo and Greenway Plaza are all under 7 miles from the property 5) Possible Upside with continued Interior and Exterior upgrades 6) Possibly Additional Income Potential by implementing a full Water and Trash RUBS and removing the Tenant Gas Credit of $32/unit/Mth (Gas is individually metered) 7) Major Rehab completed in November 2017 at $7200/unit - See Property Information Section for the Owner's list of Completed Improvements 8) Good Investment for a Small and First Time Apartment Investor 5 PROPERTY INFORMATION PRICING INFORMATION PROPERTY INFORMATION UNIT MIX - CURRENT MARKET RENTS (please verify) Units: 14 No Official Asking Price Avg. Size Unit: 610 S.F. UNIT TOTAL RENT / TOTAL RENT #UNITS NOTES SQ. FT. Year Built: 1956 TYPE SQ. FT. UNIT RENT PER SF Electric / Gas Mete Upside in the Rents with Exterior Individual 3 1-1 610 1,830 $810 $2,430 $1.33 Roof: Pitched 11 2-1 610 6,710 $950 $10,450 $1.56 and Interior Upgrades Land (Acres) Per CAD: 0.24 14 100% 610 8,540 $920 $12,880 $1.51 Rentable Sq. Ft: 8,540 TOTAL Est. AVG. TOTAL SQ. AVG. TOTAL RENT AVG. Estimated Total Collections ~ (Occupancy is {100%} as of 3-1-2018 Rent Roll) UNITS Occupancy SQ. FT. FT. RENT/U RENT/SF Mth. 2018 Average Feb-2018 Jan-2018 Dec-2017 Nov-2017 Coll. $11,265 $11,265 $6,537 $4,183 $0 Unit Mix Stats 21% Casa Roble Apartments is a great opportunity for a first time or small 100% investor to purchase a 100% occupied, recently rehabbed "C+" apartment community located in a B- and improving area inside Loop 610 in East By Unit Type By Sq. Ft. Houston. The property is located within a nice improving residential 79% neighborhood. Interest in Houston's East End which includes EaDo (East Downtown) has increased substantially over the last few years. While the draw is the affordability of the housing, residents are equally excited about the new choice in public transportation (MetroRail Green Line). This area 1-1 2-1 610 has become a densely populated area with an ethnically diverse population and as with any older neighborhood inside Loop 610 of downtown, redevelopment and revitilaztion is taking place. Upgrade Summary (this information has been furnished by the current owner) Items Description Year Completed The property lies in a sub‐market (Inner Loop East) that has historically Roof Both Buildings Replaced circa 2013 and 2014 stable and higher occupancies than the Houston market as a whole. A A.C/Htr Units Most have been replaced by Prior and Current Owner 2014-2017 significant contributing factor for this is the area's demographic, Plumbing 4 of 4 Boilers have been replaced 2014-2017 convenient location and excellent cross town access via IH‐45/North Freeway and Loop 610. This location puts many of Houston's major Current Current owner has spent over 7,200/U in interior 2017-2018 employment areas within a 7 mile commute such as; Downtown Houston CapX and exterior improvements in the last 6 months. - 3.5 miles, Texas Medical Center - 4.5 miles, Loop 610 business corridor - Siding Changed from Wood to Hardi-Plank circa 2014 1 mile, I-45 business corridor .3 miles, Greenway Plaza - 7miles. Metal Railing Changed from Wood to Metal circa 2014 6 PROPERTY INFORMATION PROPERTY TAX PROPERTY HIGHLIGHTS HCAD# 0431590020145 Taxing EntityRate/$100 of Value 1.) Property is being offered "All Cash" (buyer to acquire new loan) Houston ISD 1.2067 2.) 1956 Built "C" Grade, Garden Style Apartment Complex Harris County 0.622615 3.) The property is located inside the 610 Loop in East Houston. It is minutes from Port of Houston 0.01256 Downtown Houston, Texas Medical Center and other Major Employment areas of City of Houston 0.58421 Houston. The area is undergoing revitalization due to the close in location Hou Comm College 0.100263 5.) City re-did the streets in 2015 at that time the 5 year gas test was done 6.) $7200/Unit rehab has been performed by the current owner in 2017 and 2018 2017 Tax Rate 2.526348 7.) Located within minutes of some of the largest Employment Areas of Houston 2017 Assmt. $248,588 8.) Good Property for a Small or First Time Apartment Investor Approx. Total Tax $6,280.20 9.) Property is now 100% occupied after the Major Rehab from 2017-2018 10.) Upside Potential with continued Improvements and Potential additional Income Flow CONSTRUCTION FEATURES from Implementing a full RUBS for Water and Trash and removing $32 Tenant Gas Age: 1956 11.) Area has Low Apartment density with a dense and growing population Electric Meter: Individual Water: Capped at 450/mth - Tenants pay overage Gas: Individual - Currently Owner credits $32 / Unit A/C Type: Window A/C Units with Heat Hot Water: 4 Gas Fired Boilers on House Meter Roof: Pitched Paving: Asphaltic Concrete Exterior Construction: Brick and Hardi-Plank Siding No. of Buildings: 2 # of Stories: Garden Style - 2 Story Buildings Trash: No RUBS in Place Parking: 12 Covered Spaces 7 LOCATION MAP Casa Roble Apartment Community 8 LOCATION MAP Casa Roble Apartment Community 9 PROPERTY AERIAL Casa Roble Apartment Community Oakcliff St. 10 FINANCIAL ANALYSIS 11 Casa Roble APARTMENT HOMES ACTUAL AND PRO FORMA ANALYSIS ASKING PRICE INCOME (See Details on the left) Actual Yr. 2 - Stabilized Pro forma Gross Scheduled Rent is {Current Rent} Annualized + 3% Incr. N/A $159,197 $13,266 / Mo MARKET TO DETERMINE THE PRICE (Loss)/Gain to Lease - Pro Forma Estimated at {3%} of GSR N/A {4,776} 3.00% Estimated Annual Gross Potential Rental Income N/A 154,421 97% Vacancy Loss - Pro-Forma Estimated at {1%} of GSR N/A {1,592} 1% INCOME DETAILS Non-Revenue Units - Pro Formas Estimated at {%} GSR N/A 0 0% Current Scheduled Rents {CSR} Increased 1-1-2018 Other Losses - Pro Forma Estimated at {1%} GSR N/A {1,592} 1% $12,880 / Mo $920 / Unit $1.51 / S.F.
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