FOR SALE OFFERING MEMORANDUM presented by: CAMERON GLINTON Vice President 2575 LYNNWOOD 702.954.4150 [email protected] APARTMENTS NV# S.0170880 CONFIDENTIALITY AGREEMENT This Offering Memorandum contains select information pertaining to the business and affairs By acknowledging your receipt of this Offering Memorandum from LCRE, you agree: of 2575 Lynnwood St., Las Vegas, NV 89104. This Memorandum was prepared 1. The Offering Memorandum and its contents are confidential; based on information supplied by Seller and Broker. It contains selected information about 2. You will hold it and treat it in the strictest of confidence; and the Property and the real estate market, but does not contain all the information necessary 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this to evaluate the acquisition of the Property. The financial projections contained herein (or in Offering Memorandum or its contents in any fashion or manner detrimental to the any other Confidential Information) are for general reference interest of the Seller. only. The projections are based on assumptions relating to the general economy and local competition, among other Seller and LCRE expressly reserve the right, at their sole discretion, factors. Accordingly, actual results may vary materially from to reject any and all expressions of interest or offers to purchase the such projections. Various documents have been summarized Property and to terminate discussions with any person or entity reviewing herein to facilitate your review; these summaries are not this Offering Memorandum or making an offer to purchase the Property intended to be a comprehensive statement of the terms or unless and until a written agreement for the purchase and sale of the legal analysis of such documents. Property has been fully executed and delivered. The information contained in this Offering Memorandum A prospective purchaser’s sole and exclusive rights with respect to this is confidential and furnished solely for the purpose of a prospective transaction, the Property, or information provided herein review by a prospective purchaser of the Property. It is not or in connection with the sale of the Property shall be limited to those to be used for any other purpose or made available to any expressly provided in an executed Purchase Agreement and shall be other person without the written consent of Seller or Logic subject to the terms thereof. In no event shall a prospective purchaser Commercial Real Estate (LCRE). The material is based in have any other claims against Seller or LCRE or any of their affiliates or any part upon information supplied by the Seller and in part of their respective officers, Directors, shareholders, owners, employees, upon financial information obtained from sources it deems or agents for any damages, liability, or causes of action relating to this reliable. Seller, nor their officers, employees, or agents solicitation process or the marketing or sale of the Property. makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering This Offering Memorandum shall not be deemed to represent the state Memorandum or any of its contents and no legal liability of affairs of the Property or constitute an indication that there has been is assumed or shall be implied with respect thereto. While no change in the state of affairs of the Property since the date this the information contained in the Memorandum and any other Confidential Information is Offering Memorandum. believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a LCRE has a policy of proactive broker cooperation with the investment brokerage prospective purchaser must make its own independent investigations, projections, and community. If applicable, a cooperating broker fee of the sales price shall be paid at closing conclusions regarding the acquisition of the Property without reliance on this Memorandum to cooperating broker that procures and represents the buyer that acquires this property. or any other Confidential Information. Although additional Confidential Information which If applicable, cooperation does not include brokers that represent themselves as Principals may include engineering, environmental or other reports may be provided to qualified or broker’s whose member of his immediate family is participating in the purchase of the parties as marketing proceeds, prospective purchasers should seek advice from their own property. No broker will be recognized on a prospect that has previously contacted or been attorneys, accountants, engineers, environmental and other experts. contacted by the Seller or the Seller’s representatives. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT LISTING AGENTS FOR MORE DETAILS. CONTENTS 1 EXECUTIVE SUMMARY 4 MAPS, AERIALS, AND PLANS 10 COMPARABLES 13 FINANCIAL OVERVIEW 15 MARKET OVERVIEW BROKERAGE CAMERON GLINTON Vice President 702.954.4150 [email protected] NV# S.0170880 EXECUTIVE SUMMARY MAPS, AERIALS, AND PLANS COMPARABLES FINANCIAL OVERVIEW 1 MARKET OVERVIEW 2575 LYNNWOOD APARTMENTS EXECUTIVE SUMMARY PROPERTY OVERVIEW PROPERTY DETAILS LOGIC Commercial Real Estate is pleased to present the opportunity to purchase Property Name: 2575 Lynnwood Apartments the 2575 Lynwood Apartments, a 10-unit, +/- 6,800 rentable SF property in Las Address: 2575 Lynnwood St., Las Vegas, NV 89104 Vegas, NV for $950,000. The property’s unit mix consists of 8 one bedroom, one Sales Price: $950,000 bath units, and 2 two bedroom, two bath units. The property was built in 1978 and Pro-Forma Cap Rate: 6.0% has undergone several recent improvements to interior of the units and the exterior SF: +/- 6,800 SF of the property since. Land Size: 0.22 AC Zoning: Apartments Residential R-5 Occupancy: 90% Year Built: 1978 NOI: $57,516 The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof. 2 2575 LYNNWOOD APARTMENTS EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS The property is located at 2575 Lynnwood St., which is three blocks East of the Sahara Casino on the Las Vegas Blvd. Strip. The property is located in between the Las Vegas Country Club and E. Sahara Ave. within walking distance to the Strip, the Turnberry Towers, and the new Drew Hotel. The property is well situated as it is within walking distance to the Las Vegas Strip, several retail shops, restaurants and public transportation. The property is extremely secure with gated access for all residents, and features parking for each tenant in the front of the building. The property is two-story and has a garden style layout with a central courtyard in the middle of the property. Each unit is secured by a security door and separate front door for added safety. The property has undergone renovations to the units and features granite countertops, tile flooring, new paint, modern European style cabinetry refinishing, and stainless steel kitchen hardware. The property has central air conditioning units, and the electricity is individually metered. The landlord is responsible for the water, sewer, and trash utilities. The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 3 makes no guarantees, warranties or representation as to the completeness or accuracy thereof. EXECUTIVE SUMMARY MAPS, AERIALS, AND PLANS COMPARABLES FINANCIAL OVERVIEW 4 MARKET OVERVIEW MAPS, AERIALS, AND PLANS SUBJECT The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 5 makes no guarantees, warranties or representation as to the completeness or accuracy thereof. MAPS, AERIALS, AND PLANS BOULDER HWY. S. EASTERN AVE. // 35,225 CPD S. EASTERN AVE. S. MARYLAND PKWY. // 41,038 CPD PKWY. S. MARYLAND SUBJECT S. LAS VEGAS BLVD. // 51,900 CPD E. SAHARA AVE. // 59,156 CPD VALLEY HIGH SCHOOL THE LAS VEGAS COUNTRY CLUB E. DESERT INN RD. // 33,000 CPD LAS VEGAS NATIONAL GOLF COURSE CHAPARRAL HIGH SCHOOL CALIDA +/- 350 MULTI-FAMILY UNITS LAS VEGAS STRP CRRDR The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 6 makes no guarantees, warranties or representation as to the completeness or accuracy thereof. MAPS, AERIALS, AND PLANS LAS VEGAS STRIP AREN AVE. SUBJECT JOE W BROWN DR. LYNNWOOD ST. The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 7 makes no guarantees, warranties or representation as to the completeness or accuracy thereof. MAPS, AERIALS, AND PLANS JOE W BROWN DR. SAHARA AVE. // 49,000 CPD SUBJECT LYNNWOOD ST. The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 8 makes no guarantees, warranties or representation as to the completeness or accuracy thereof. MAPS, AERIALS, AND PLANS LYNNWOOD ST. The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 9 makes no guarantees, warranties or representation as to the completeness or accuracy thereof. EXECUTIVE SUMMARY MAPS, AERIALS, AND PLANS COMPARABLES FINANCIAL OVERVIEW 10 MARKET OVERVIEW SOLDTHE GLINTON COMPARABLES TEAM 2575 Lynnwood Apartments 2575 Lynnwood St. Sale Price: $950,000 PSF: $139.71 SUBJECT Price Per Unit: $95,000 SUBJECT Year Built: 1978 Units: 10 2 221 W. New York Ave. 221 W. New York Ave. Sale Price: $940,000 PSF: $194.21 1 Price Per Unit: $94,000 Year Built: 1956 Units: 10 Sale Date: 02/19/20 1 3 81 N. 21st St. 81 N. 21st St. Sale Price: $700,000 PSF: $44.76 1 Price Per Unit: $87,500 Year Built: 1963 Units: 8 Sale Date: 12/31/19 557 San Pablo Dr. 557 San Pablo Dr. Sale Price: $689,000 PSF: $143.54 2 Price Per Unit: $86,125 Year Built: 1956 Units: 8 Sale Date: 08/29/19 The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate 11 makes no guarantees, warranties or representation as to the completeness or accuracy thereof.