ICBIDAHO COMMERCIAL BROKERAGE MULTI-FAMILY INVESTMENT OPPORTUNITY
Confederate Drive
N St Charles Street Salmon River Imperial Way 501 Imperial Way RPA00000500340
801 Imperial Way Discovery RPA00000500420 Care Center
N Daisy Street B&H APARTMENTS FOR ADDITIONAL INFORMATION, PLEASE CONTACT: Moe Therrien 501/801 Imperial Way Cell: 208.859.7935 Salmon, Idaho 83467 Email: [email protected]
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com IDAHO COMMERCIAL BROKERAGE ICB B&H APARTMENTS PROPERTY SUMMARY SALMON, IDAHO
B&H Apartments 501/801 Imperial Way, Salmon, ID 83467
OFFERING PRICE $ 1,650,000
PRICE PER UNIT $ 51,563
NUMBER OF UNITS 32
UNIT MIX 14 - 1BR Flats 696 SF 14 - 2 BR Townhouses 885 SF 4 - 3 BR Townhouses 1,088 SF
YEAR BUILT 1981
LAND ACRES 2.56 acres
PROFORMA CAP RATE 7.6%
PURCHASE TERMS Cash to Seller
PROGRAM Project Based HUD Section 8
SECTION 8 RENT CONTRACT 20 year start in 2011
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com 2 All information herein has been obtained from sources deemed reliable but is subject to verification by Buyer. This offering is subject to price change, corrections, errors, omissions, prior sales and/or withdrawal. IDAHO COMMERCIAL BROKERAGE ICB B&H APARTMENTS FINANCIAL OVERVIEW SALMON, IDAHO
2017 CONTRACT RENTS PROPERTY INCOME CURRENT 1 BEDROOM (14) $ 623 CONTRACT MONTHLY RENT $ 22,424 2 BEDROOM (14) $ 723 CONTRACT ANNUAL RENT $ 269,088 3 BEDROOM (4) $ 895 ESTIMATED VACANCY (RENT LOSS 2%) $ 5,381 EFFECTIVE ANNUAL RENT $ 263,700 ADDITIONAL MISC INCOME (LAUNDRY) $ 2,200 EFFECTIVE GROSS INCOME $ 265,900
BROKER EXPENSE SUMMARY 2015 2016 2017 PROFORMA MARKETING $ 990 $ 957 $ 719 $ 1000 PROFESSIONAL MANAGEMENT $ 28,006 $ 28,548 $ 20,297 $ 21,300 UTILITIES $ 23,130 $ 22,097 $ 21,292 $ 22,700 ADMINISTRATIVE/ONSITE $ 8,905 $ 10,102 $ 10,526 $ 6,000 BUSINESS COORDINATION/ONSITE $ 12,450 $ 11,990 $ 12,576 $ 12,000 PAYROLL $ 6,813 $ 6,638 $ 7,641 above GENERAL REPAIRS/PAINTING $ 7,895 $ 7,369 $ 7,136 $ 9,000 GROUNDS MAINTENANCE $ 6,790 $ 13,624 $ 3,299 $ 6,000 MAINTENANCE SUPPLIES $ 11,601 $ 13,019 $ 8,125 $ 12,000 MAINTENANCE PAYROLL $ 42,457 $ 40,570 $ 51,685 $ 20,000 PROPERTY TAX $ 13,453 $ 18,923 $ 17,930 $ 19,000 INSURANCE $ 10,251 $ 11,198 $ 10,683 $ 11,300 TOTAL EXPENSES $ 174,522 $ 185,035 $ 171,909 $ 140,300 (4,384/unit)
PROFORMA NET INCOME $ 125,600 LIST PRICE $ 1,650,000 CAP RATE 7.6% GROSS RENT MULTIPLIER 6.2x
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com 3 IDAHO COMMERCIAL BROKERAGE ICB B&H APARTMENTS EXTERIOR PHOTOS SALMON, IDAHO
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com 4 IDAHO COMMERCIAL BROKERAGE ICB B&H APARTMENTS EXTERIOR PHOTOS SALMON, IDAHO
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com 5 IDAHO COMMERCIAL BROKERAGE ICB B&H APARTMENTS INTERIOR PHOTOS SALMON, IDAHO
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com 6 IDAHO COMMERCIAL BROKERAGE ICB B&H APARTMENTS BROKER BIOGRAPHY/ICBRE OVERVIEW SALMON, IDAHO
WORK HISTORY IDAHO COMMERCIAL BROKERAGE Licensed Broker for 27 years Commercial Real Estate Appraiser for 37 years Idaho Commercial Brokerage was established in 2002 and operates on • Idaho Commercial Brokerage, LLC (2005): Seller/Buyer the premise of building dependable client-broker relationships Representation – Investment Real Estate Brokerage. unmatched by the larger Apartments, Offices, Retail, Warehouses and Land. corporate approach to brokerage MOE THERRIEN • MSA Realty (1999-2004) - Sole Owner, Broker with two representation. Associate Broker Principal, MAI agents, Seller/Buyer Representation, Investment Real The company consists of agents [email protected] Estate Brokerage. Apartments, Office, Retail, Residential David McDonald, Moe Therrien, and (208) 859-7935 Ryan Cantlon. Idaho Commercial Condominiums and Land. Brokerage specializes in apartment, • Mountain States Appraisal and Consulting, Inc. (1977 - Present) - Managing partner, office, retail, industrial, and land MAI designation, 1982. Commercial Real Estate Appraiser (Apartments, Office, investment sales. Retail, Warehouse, Land and Special Use). • Ada Real Estate Surveys (1987 - Present) - Ada County Apartment Surveys, Occupancy and Rent Tracking.
PROFESSIONAL DESIGNATIONS 1990-present: Licensed Real Estate Broker, State of Idaho 1990-present: Realtor – Idaho Association of Realtors 1982-present: Member of the Appraisal Institute (MAI) 1992-present: Idaho Certified Real Estate Appraiser (#GGA-8)
PERSONAL BACKGROUND • Boise resident since 1977 • Married to wife Roxy / 2 children, Marc 33 and Michael 30 • Washington State University – Bachelors of Arts Degree, Business • Administration- 1977 Summa Cum Laude
121 North 9th Street, Suite 402 • Boise, ID 83702 • (208)343-9300 • icbre.com 7