Central Austin Downtown Austin 2 ± Blocks to the 3107 Speedway, Austin, TX 78705 University of Texas
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Incomparable Austin Infill Location Excellent Value- Add Opportunity 16 UNITS 1.6 ± Miles to Central Austin Downtown Austin 2 ± Blocks to the 3107 Speedway, Austin, TX 78705 University of Texas ELLEN MUSKIN DANIEL ELAM VIEW SHOWN BY 512.343.2700 x3 512.343.2700 x4 PROPERTY APPOINTMENT ONLY [email protected] [email protected] WEBSITE: WITH LISTING AGENTS AERIAL VIEW MARKS II Austin (CBD) | 1.6 ± Miles University of Texas | 0.2 ± Miles Guadalupe St. (The Drag) | 0.3 ± Miles NORTH UNIVERSITY NEIGHBORHOOD Looking SOUTH SPEEDWAY HELMS ST. 3107 SPEEDWAY INVESTMENT OVERVIEW MARKS II INVESTMENT HIGHLIGHTS Æ Incomparable Austin Infill Location Æ Excellent Value-Add Opportunity - Spacious Bath Area and Two Closets (possible location for W/D's) Æ Adjacent to "Historic" Aldridge Place Neighborhood — average home price: $873,066 (or $521 psf) Æ Walking Distance to Quaint Restaurants, Grocery Stores, Nightlife, and Employers Æ Close Proximity to the Ascension Seton Medical Center, St. David’s Medical Center, Dell Seton Medical Center at U.T., and Related Medical Offices Æ 2 ± Blocks North of the University of Texas Main Campus (Students: 51K ± and Faculty/Staff: 24K ±) Æ Blocks to "The Drag", the iconic strip of Guadalupe St., featuring Restaurants, Bars, and Eclectic Shopping Property Character Æ Biker’s Paradise (89 Bike Score) and Very Walkable 16 Units | Underbuilding & Surface Parking via Speedway and Helms Streets Area (87 Walkability Score) The Marks II Apartments consists of one large, garden-style building, with two stories of MF units over under- building parking. The mix is all one-bedrooms with spacious living areas (550± sq. ft. floorplans). Each plan Some of Austin's best medical facilities features large open living rooms, walk-in closets, faux-wood vinyl flooring, vaulted ceilings with wooden are within a 1-mile ± radius of Marks II: beams*, kitchen gooseneck faucets*, built-in shelves in bedrooms, ceramic tile surrounding cast-iron bath- • Ascension Seton Medical Center tubs, gas stove and ranges, and mini-blinds. Interior features include individual HVACs, ceiling fans and large • St. David's Medical Center bedrooms. Current long-terms ownership has renovated a couple units, so this is a great value-add property • Dell Seton Medical Center at U.T. with an opportunity to increase rental rates, AND reduce operating expenses. Tenants have access to one laun- • Heart Hospital of Austin dry facility on-site (2W/2D), community bike racks, multiple entrance/exit points, and parking access in both front and back of the buildings (via Speedway or Helms Street). *in select units INVESTMENT OVERVIEW MARKS II Marks II Apartments SALIENT FACTS Price: $3,000,000 North University and Aldridge Place Neighborhoods | Central Austin Terms: All Cash # of Units: 16 Total Marks II Apartments (3107 Speedway) is truly a unique multifamily investment opportunity in central Austin’s North Univer- # of Buildings: 1 Total sity neighborhood, blocks from the University of Texas at Austin main campus and south of the historic Hyde Park and Aldridge Place. Surrounded by remodeled bungalow style single-family homes, eclectic shops, and local Austin restaurants, All Unit Sizes: 550 ± Sq. Ft. residents at Marks II enjoy all the benefits of this very WALKABLE and BIKEABLE community. Year Built: 1965 The location of this asset creates an ideal living environment for anyone looking to take advantage of "Austin’s urban core" Total NRSF: 8,880 ± SF (Rent Roll) with prime access to many of the city’s medical offices and hospitals, The Triangle mixed-use development, major educa- Land Area: 0.1887 ± ACRES (TCAD) tional facilities (University of Texas and Austin Community College Highland Campus), government institutions (State Capitol and multiple state agencies), as well as vibrant retail and entertainment options (Guadalupe Street — "The Drag", and Down- Zoning: NO-NCCD-NP town Austin). A broad demographic of residents in the North University neighborhood include: U.T. students and teachers, Exterior: Native Stone and Cedar Siding government employees, and business professionals. Roofs: Flat (currently being replaced) HVAC: Individual “Austin is Expected to be the No. 1 Housing Market in 2021” — Zillow Water Heater: 1 Gas Boiler (100 gallon) Gas: Cooking and Water Heater Laundry Room: 1 On-Site (2W / 2D) Parking: Surface Spaces + 10 Underbuilding The University of Texas at Austin main campus is only 2 ± blocks from Marks II Apartments allowing university students and staff convenient access to any of the prestigious 18 colleges and schools such as: Cockrell School of Engineering, Dell Medical School, LBJ School of Public Affairs, and McCombs School of Business. PROPERTY DETAILS MARKS II INTERIOR FEATURES Large Open Living Rooms Vaulted Ceilings with Wooden Beams* Natural Stone Countertops* Ceramic Tile surrounding Cast-Iron Bathtubs & Shower Combinations Gas Stoves/Ranges Individual HVACs Double Closets in Every Bedroom Miniblinds on all Windows * in select units COMMUNITY FEATURES Laundry Facilities On-site (2 W/2Ds) Under-Building Vehicle Parking Close Proximity to “The Drag” and Downtown, State Agencies, and Entertainment Districts Access via Speedway (front) and Helms Street (rear) Adjacent to Renovated Single-Family Homes Blocks from “Historic” Aldridge Place with Gorgeous Older Residences On the UT and Metro Bus Route Convenient to CBD, Hospitals, Major Employers, Restaurants, and Retail Ample Surface Parking | 10 Underbuilding Spaces Walk Score – 87, Bike Score - 89 FINANCIAL ANALYSIS MARKS II UNIT MIX Unit Total Market Monthly Annual Rent Units Type SF± SF± Rent Mkt. Rent Mkt. Rent / SF 15 A1 550± 8,250± $1,200 $18,000 $216,000 $2.18 1 A1 Rehab 550± 550± $1,400 $1,400 $16,800 $2.55 16 550± 8,800± $1,213 $19,400 $232,800 $2.20 INCOME Muskin Marketing JAN - JUN 2021 Yearend Yearend Pro Forma Annualized 2020 2019 Scheduled Market Rent $232,800 $211,600 $174,468 $173,151 Less: Loss to Lease 3.00% ($6,984) – – – Less: Vacancy 5.00% ($11,640) – – – Less: Concessions 1.00% ($2,328) – – – Net Rental Income $211,848 $211,600 $174,468 $173,151 Plus: Fee Income $3,000 – – – Plus: Laundry Income $150 – – – Plus: RUBS Income (gas, trash, water/sewer) $12,000 $6,528 $7,731 $9,848 Plus: Other Income $2,000 $348 $2,100 $7,258 Total Operating Income (EGI) $228,998 $218,476 $184,300 $190,258 EXPENSES Per Unit Administrative $125 $2,000 $1,550 $1,790 $2,109 Advertising & Promotion / Locators $150 $2,400 $1,344 $1,556 $3,093 Repairs & Maintenance $450 $7,200 $814 $1,100 $1,805 Management Fee 6.00% $859 $13,740 $15,470 $18,429 $11,974 Utilities $625 $10,000 $3,230 $9,669 $12,839 Contracted Services $219 $3,500 $3,074 $3,850 $3,257 Real Estate Taxes - Based on 85% of ask price 2.226665% $3,549 $56,780 $48,350 $42,844 $41,810 Insurance $500 $8,000 $5,406 $6,325 $5,608 Total Expenses $103,620 $79,238 $85,562 $82,494 Per Unit: $6,476 $4,952 $5,348 $5,156 Per SF: $11.77 $11.77 $11.77 $11.95 Net Operating Income $125,378 $139,238 $98,738 $107,764 INVESTMENT LOCATION MARKS II Central Austin NOTABLE AREA EMPLOYERS AUSTIN University of Texas at Austin • U.T. Dell Medical School • Austin Heart Hospital • Ascension Seton Hospital • St. David’s Medical Center • Bailey Square Surgical Center • Dell Children's Medical Center • Ascension Seton Shoal Creek Hospital • Texas State Capitol • various and related Government Agencies and Offices • Texas School for the Blind • TX Dept. of State Health Services • TX Dept. of Public Safety • St. Andrews private school (grades K-8) • Central Market (aka H-E-B's gourmet grocery store) • Central Park Shopping Center • Bank of America Financial Center • mid-sized to large retailers • medical offices • business offices • local neighborhood hotspots Fastest Growing Large Metro Since 2010 — U.S. Census Bureau — ENTERTAINMENT FOOD / RESTAURANTS NIGHTLIFE n Darrell K. Royal Memorial Stadium n Central Market Grocery Store n Spider House Ballroom Best Place To Live In Texas n Elisabet Ney Art Museum n H-E-B Grocery Store n Draught House Pub & Brewery — U.S. News & World Report — n Harry Ransom Center n Wheatsville Food Co-op n Mockingbird Saloon — ApartmentList — n Bass Concert Hall n Vaquero Taquero n Hole in the Wall — Bankrate — n LBJ Presidential Library n Black's Barbecue n Cain & Abel's n Bob Bullock History Museum n Via 313 Pizza n Crown & Anchor Pub n Frank Erwin Center n El Patio n Cactus Cafe n Blanton Museum n Thai Kitchen n Scholz Garten No. 1 Destination City for n Paramount Theater n Ceviche 7 n The Cloak Room Relocating Households n Mexic-Arte Museum n Halal Bros. n 6th Street District — Allied Van Lines — n ZACH Theatre n In-N-Out Burger n Warehouse District n Palmer Events Center n Kerby Lane Cafe n Rainey Street District OUTDOORS EASY ACCESS RETAIL / SHOPPING Best State Capital to Live In — WalletHub — n Adams-Hemphill Neighborhood Park n MoPac Expwy (Loop One) n Guadalupe Street ("The Drag") n Eastwoods Neighborhood Park n Interstate Highway 35 n The Triangle n Central Park n E. 38th Street n Central Park Shopping Center n Hancock Golf Course & Rec Center n E. 45th Street n Hancock Shopping Center Top Metro for Tech n Shoal Creek Greenbelt n Duval Street n Kerbey Lane Shops Professionals and n Elizabet Ney Park and Art Museum n Guadalupe Street (“The Drag”) n Mueller District Businesses n Pease District Park n Red River Street n The Linc at Highland — CompTIA — n U.T. Intramural Fields (CAW Fields) n N. Lamar Boulevard n Burnet Road Shops INVESTMENT LOCATION MARKS II Local Amenities and Attractions First Class Education Opportunities PEASE PARK THE TRIANGLE Pease Park, founded in 1875, is The Triangle is a 22-acre urban a popular 42-acre greenspace in complex that includes modern- 2 ± blocks south of Marks II is The University of central Austin.