True Value-Add Opportunity Fully Renovated/Under Performing EXCLUSIVE INVESTMENT OFFERING The Point on Flamingo 189 Units | Las Vegas, NV Vegas Sauter Multifamily Advisors Member of the NAI Global Worldwide Commercial Real Estate Network table of CONTENTS 04 24 The Opportunity Financial Analysis 06 29 Property Details Rent Comparables 17 36 The Location Las Vegas Demographics CONTACT Patrick Sauter Art Carll-Tangora Steve Nosrat T +1 702 534 1700 T +1 702 534 1701 T +1 702 534 1718 [email protected] [email protected] [email protected] License # B.0045077.LLC License # S.0167677 License # S.0176849 the OPPORTUNITY THE POINT ON FLAMINGO NAI Vegas, as exclusive advisor, is pleased to present The Point on Flamingo (the “Property”), a 189-unit multihousing investment opportunity in Las Vegas, Nevada. Located within the highly desirable and economically robust University submarket, The Point is directly adjacent to the University of Nevada Las Vegas as well as two major highway systems, I-215 and US-95, providing residents easy access to employers throughout Las Vegas Valley. The Point on Flamingo offers renovated two bedroom roommate floorplans that feature home-like quality amenities and spacious interiors with the opportunity for new ownership to capitalize on improved management and occupancy. Community amenities include two swimming pools, a renovated fitness center, cyber cafe, and clubhouse. Residents benefit from an abundance of surrounding retail within walking distance of the Property, as well as local attractions. With significant barriers to entry for new product and a supply-constrained submarket, The Point on Flamingo presents a unique opportunity to acquire an attractive asset in a highly desirable multi-housing submarkets in Las Vegas HIGHLIGHTS FOR THE POINT ON FLAMINGO: • Over $5.5 Million in Interior and Exterior Renovations • 100% Two Bedroom Two Bath units, Perfect for Roommates • Below Market Operations allowing for significant income growth • Adjacent to UNLV and the approx. 28,000 Full Time Students • Minutes from the Las Vegas Strip • High End Interior Finishes Provides a Home-like living area. • All Cash or New Financing the OPPORTUNITY INVESTMENT HIGHLIGHTS • Completed Renovations with Upside Available: The property features all 1,010 SF two bedroom two bath units featuring high-end finishes, including all new bathrooms, kitchens, lighting and plumbing fixtures in all units. The property has experienced below market occupancy due to the renovations allowing an Investor to benefit from improved opertations without the risk of capital expenditures from undergoing renovations. • Low Supply Market/Discount to Replacement Cost: The University submarket has seen no new market rate deliveries of multifamily product of scale (50+ units) in the past 12 months, with 553 (not including dedicated Student Housing construction) units scheduled to deliver in the submarket through 2020. As rapidly rising construction costs have suppressed supply across Las Vegas, The Point's unique opportunity and significant discount to replacement cost (Approx. $230,000 per unit) represents an opportunity to acquire an asset with lowered risk of competition. • Freeway Accessibility: . The Point offers residents proximity to all three major Las Vegas freeways: I-215 (2 miles), I-15 (3 miles), I-515 (5 miles). With commutability to employment hubs such as the Las Vegas Strip and Downtown Las Vegas, residents at The Point are well connected to one of the nation’s fastest growing metropolitan areas. • Superior Location: The Point on Flamingo is located in the University Submarket of the of the Las Vegas Metro. Resident are adjacent to the UNLV Campus and within 3 miles of the famed Las Vegas Strip and McCarran International Airport. Residents have an abundance of shopping, dining, entertainment and employment opportunities within walking distance of the property. Vegas Sauter Multifamily Advisors detail 06PROPERTY PROPERTY DETAILS THE OFFERING ADDRESS AVERAGE PROFORMA YEAR BUILT/ LAND SIZE NET AVG UNIT PHYSICAL 939 & 936 E. # OF UNITS MARKET INCOME RENOVATED RENTABLE SF SIZE OCCUPANCY 4.89 AC RENT Flamingo Rd 1973/2018 189 190,890 1,010 SF 55% $2,147,010 Las Vegas, NV 89121 $1,335 the PROPERTY Point on Flamingo is Located two miles east of the Las Vegas Strip and shares a common border with the UNLV Campus. The immediate area is comprised of all of the best entertainment and dining options that Las Vegas has to offer all of which are within walking distance. Some points of interest include, The Las Vegas Strip, McCarren Airport, Thomas and Mack Sports Arena and the University of Nevada, Las Vegas. You will also find in the immediate area a full spectrum of dining options ranging from casual dining to the most high-end restaurants in the city. APARTMENT AMENITIES • Quartz Countertops 2BD/2BA • Highly Upgraded Finishes • 100% Renovated Units 100% UNITS • Large Roommate Floorplans • Quartz Countertops • Full Kitchens with Dishwashers • New Modern Cabintry UNIT MIX 189 UNITS COMMUNITY AMENITIES • Quartz • • Gated Entrances • Quartz Countertops • Remodeled Clubhouse • New Modern Laundry Facilities • On-Site Leasing Office • Completely Renovated Building Exteriors INTERIOR DETAILS INTERIOR • 100% Remodeled Interiors HIGHLIGHTS • Large Roommate Floorplans • Ungraded Plank Vinyl Flooring • Quartz Countertops • New HVAC System • Stainless Appliance Package 2BD/2BA UNITS VVegasegas SauterSauter Multifamily Multifamily Advisors Advisors EXTERIOR DETAILS EXTERIOR • Renovated Exterior HIGHLIGHTS • Gated Entrances • Two Pools • New Clubhouse • New Fitness Center • New Landscape VVegasegas SauterSauter Multifamily Multifamily Advisors Advisors FLOOR PLANS Model Unit - Duel Master Suite 2BD/2BA CLICK HERE FOR VIRTUAL TOUR Vegas Sauter Multifamily Advisors Common Area - Clubhouse, Main Office & Laundry Room CLICK HERE FOR VIRTUAL TOUR CLICK HERE FOR VIRTUAL TOUR CLICK HERE FOR VIRTUAL TOUR Vegas Sauter Multifamily Advisors BUILDING & SITE DESCRIPTION ITEM DESCRIPTION Property Address 939 & 936 E. Flamingo Rd, Las Vegas, NV 89119 Parcel Numbers 162-22-501-002 & 003 Year Completed/Renovated 1973 / 2018 # of Buildings 2 # of Apartment Homes 189 Net Rentable Square Footage 190,890 Total Land Area 4.89 Acres Building Style 3 Story Garden-Style # of Floors Three Exterior Materials Stucco Windows Aluminum Framing Wood Roof Construction Built-up Flat Roof Age N/A Foundation Concrete Two Entrance on Flamingo Rd. Location & Number of Entrances Two Entrances on Clayon St. Vegas Sauter Multifamily Advisors KITCHEN SPECIFICATIONS MECHANICAL | ELECTRICAL PLUMBING ITEM DESCRIPTION ITEM DESCRIPTION Range Electric Heating Individual - Electric Dishwasher Yes Air Conditioning Individual - Electric Cabinet Materials Wood Finish Laminate Water Heater Individual - Electric Countertop Materials Quartz Electrical Copper Flooring Materials Vinyl/Carpet Plumbing Supply Copper Disposal Yes Plumbing Outlet PVC Refrigerator Yes Water Meter Master Washer/Dryer No Fire Extinguishers Exterior - Wall Mounted Vegas Sauter Multifamily Advisors MECHANICAL | ELECTRICAL PLUMBING UTILITIES UTILITIES/SERVICE PROVIDER PROPERTY PAYS RESIDENTS REIMBURSE PROPERTY RESIDENTS PAY DIRECTLY COMMENTS Electricity NV Energy X Gas Southwest Gas Not Available Water/Sewer Las Vegas Valley Water District X X Cable DirecTV X Internet Cox X Property Wide WIFI Telephone Century Link X Trash Republic Services X X Vegas Sauter Multifamily Advisors PARKING ITEM NUMBER Open Spaces 230 Carport N/A Total Spaces 230 Overall Ratio Per Unit 1.21 Vegas Sauter Multifamily Advisors the 17LOCATION the point on flamingo QUICK FACTS 1 MILE RADIUS - 2019 ESTIMATE NEIGHBORHOOD SHOPPING NEIGHBORHOOD QUICK FACTS POPULATION NUMBER OF HOUSEHOLDS 33,176 15,166 NEIGHBORHOOD CONVENIENCES AVERAGE MEDIAN AGE 17 HOUSEHOLD SIZE 35.2 2.08 RENTER OCCUPIED TOTAL BUSINESSES 69.6% 1,785 PRIMARY EDUCATION TOTAL AVERAGE EMPLOYEES HOUSEHOLD INCOME 28,557 $39,923 LOCATION HIGHLIGHTS Points of Interest 1. McCarran Airport - 0.5 miles 2. UNLV - 1 mile 3. Union Village - 1 mile 4. Las Vegas Strip - 2 miles 5. Downtown Las Vegas - 4 miles 5 6. Thomas & Mack Center - 1.5 miles 7. T-Mobile Arena - 2 miles 8. Raiders Stadium - 3 miles 9. Sunset Park - 2.5 miles 10. Boulevard Mall - 2 miles 4 10 2 6 7 1 3 4 9 8 Vegas Sauter Multifamily Advisors AERIAL MAP LAS VEGAS NATIONAL BOULDER HWY GOLF COURSE THE POINT ON FLAMINGO E FLAMINGO AVE PARADISE WILLIAM H. ORR ELEMENTARY SCHOOL MIDDLE SCHOOL PARADISE RECREATION CENTER E TROPICANA AVE 515 LAS VEGAS STRIP SOUTHWEST CAREER TECHNICAL ACADEMY 15 S LAS VEGAS BLVD S LAS DEL SOL ACADEMY OF THE PERFORMING ARTS E SUNSET RD TOWN SQUARE SUNSET 215 PARK location HIGHLIGHTS MCCARRAN MARKET PLACE MARYLAND CROSSING 5825 S Eastern Ave 1080 E Flamingo Rd McCarran Marketplace is a 600,000 square foot retail center located at the Maryland Crossing is a popular 150,000 sq.ft. retail center anchored by southwest corner of Eastern Avenue and Russell Road next to McCarran a high-traffic Target store, Maryland Crossing supports a variety of stores Airport Center in Las Vegas, Nevada.Co-anchored by a 217,000 square foot including Walgreen's, Five Guys Burgers, Raisin Canes, and GNC Nutrition. Wal-Mart Supercenter and Lowe’s Home Improvement Center. Other tenants include PetSmart, Office Depot, Ross, Starbucks, Bank of America, Jamba Juice, Del Taco, Carl’s Jr., Port of Subs, among other national, regional and local retail businesses. Surrounded by residential and office users the Center is positioned to service ±150,000