PROSPECT PLAZA APARTMENTS
OFFERING MEMORANDUM PRESENTED BY:GREG PRICE & GREG PARKER
1965CONSTRUCTION
48UNITS
TRINIDADCOLORADO
E X C L U S I V L Y L I S T E D B Y :
Greg Price
First Vice President Investments
Senior Director - National Multi Housing Group
Denver Office
Tel: (303) 328-2047
Fax: (303) 328-2010
License: CO FA40026598
Greg Parker
Associate
Associate Member - National Multi Housing Group
Denver Office
Tel: (303) 328-2015
Fax: (303) 328-2010
License: CO FA.100074810
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OFFERING SUMMARY
THE OFFERINGProperty Prospect Plaza Apartments
Price $2,750,000
Property Address 500 State St, Trinidad, CO
Assessors Parcel Number 10083600
SITE DESCRIPTIONNumber of Units 48
Number of Buildings 3
Number of Stories 3
Year Built/Renovated 1965
Rentable Square Feet 24,450
Lot Size 0.64 acre(s)
Type of Ownership Fee Simple
Parking 72
Parking Ratio 1.5 per Unit
UTILITIESWater Master Metered / Owner Pays
Electric Master Metered / Owner Pays
Gas Master Metered / Owner Pays
CONSTRUCTIONFoundation Concrete
Framing Wood Frame
Exterior Brick Masonry
Parking Surface Asphalt
Roof Pitched and Shingled
MECHANICALHVAC Three Central boilers & Window A/C
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PROPOSED FINANCINGLoan Amount $2,062,500
Loan Type Proposed New
Interest Rate 5.0%
Amortization 30 Years
Loan Term 10 Years
Loan to Value 75%
Debt Coverage Ratio 1.75
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INVESTMENT
OVERVIEW
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OFFERING SUMMARY
PROPERTY OVERVIEW
Prospect Plaza Apartments is a 48-unit multifamily community located in Trinidad, CO. Built in 1965, the
property boasts an attractive unit mix of (24) studio/one-bathroom units, (7) one-bedroom/one-
bathroom units, and (17) two-bedroom/one-bathroom units. Current ownership has improved theproperty by upgrading units with modern fixtures, installing video patrol cameras throughout theproperty, upgrading community laundry rooms, and adding a brand new roof to each of the three
buildings. Tenants enjoy complimentary Wi-Fi and basic cable. The units have air conditioning, and areequipped with dishwashers, garbage disposals, walk-in closets, Wi-Fi, and intercoms. Site amenitiesinclude coin operated laundry facilities, on-site property manager and video patrol.
Additional value can be added by carpeting and painting common area stairwells and hallways as wellas continue unit upgrades as they turn over.
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▪ Property Manager on Site
▪ Ample Off-Street Parking
Common Area Amenities
▪ Laundry Facilities
▪ Video Patrol
▪ Air Conditioning / Heating
Unit Amenities
▪ Dishwasher
▪ Walk-In Closets
▪ Wi-Fi / Basic Cable
▪ Intercom System With Each Unit
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▪ High Yield Asset:
▪ 8.45% CAP
▪ 14.49% Cash-on-Cash Return
▪ Value Add Opportunity through
Continued Unit Renovations
▪ Limited Apartment Supply in Market
Investment Highlights
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OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER# OF
EMPLOYEES
Walmart 200
Mount San Rafael Hospital 179
Pense Brothers Drilling Co 83
Purgatoire Valley Cnstr Inc 80
Topar Welding 75
Danielson Dry Goods 73
Holiday Inn 70
South Cntl Bd Coop Eductl Svcs
66
Rocky Mtn Ser Early Lrng Ctr 65
Trinidad Head Start Day Care 65
State Brd For Commnty Colleges
61
Trinidad Middle School 60
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2016 Estimate Pop
5,602 9,087 9,463
2016 Census Pop 6,189 9,995 10,399
2016 Estimate HH
2,393 3,792 3,941
2016 Census HH 2,618 4,133 4,291
Median HH Income
$35,471 $37,860 $38,277
Per Capita Income
$21,938 $22,459 $22,568
Average HH Income
$49,741 $51,493 $51,798
UNIT MIXNUMBEROF UNITS
UNIT TYPEAPPROX.SQUARE FEET
24 Studio 450
7 One Bedroom 500
17 Two Bedroom 600
48 Total 24,500
VITAL DATAPrice $2,750,000 CURRENT YEAR 1
Down Payment 25% / $687,500 CAP Rate 8.45% 8.68%
Loan Amount $2,062,500 GRM 7.54 6.97
Loan Type Proposed NewNet Operating Income
$232,473 $238,785
Interest Rate / Amortization
5.0% / 30 YearsNet Cash Flow After Debt Service
14.49% / $99,609 15.41% / $105,921
Price/Unit $57,292 Total Return 18.91% / $130,039 20.06% / $137,907
Price/SF $112.24
Number of Units 48
Rentable Square Feet 24,500
Number of Buildings 3
Number of Stories 3
Year Built 1965
Lot Size 0.64 acre(s)
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INTERIOR PHOTOS
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INTERIOR PHOTOS
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SAMPLE FLOOR PLANS
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ONE BEDROOM TWO BEDROOM
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OFFERING SUMMARY
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Trinidad's location at the foot of Raton Pass, along the Santa Fe Trail betweenSt. Joseph, Missouri, and Santa Fe, New Mexico, has always made it a
favored route for travelers. Today, Interstate 25, the most highly traveledroute between Colorado and New Mexico, passes through Trinidad. Located
75 miles south of Pueblo, Colorado, Trinidad is known as a beautiful andscenic city with a strong employment base. The city hosts a year roundcalendar of cultural events and live theater; it is home to the southern
Colorado repertory theater, which is a professional live theater group thatoffers performances almost every evening during the summer. Trinidad offersdowntown shopping with a mix of furniture, textiles, fine art, jewelry and
crafts from around the world.
The property’s central location provides residents with convenient access to
countless retail and eatery options, as well as numerous nearby schools and
parks. Just 1.2 miles from the property is Trinidad Municipal Golf Course,which is one of the oldest courses in the state and has been recognized as
one of “Colorado’s Best Nine Hole Golf Courses” for years. Another common
Trinidad attraction is the A.R Mitchell Museum of Western Art. This museumis located half a mile from Prospect Plaza Apartments. Located less than two
miles from the property is San Rafael hospital. This medical and surgical
facility is equipped with a 25 bed critical access facility serving the medicaland surgical needs of Trinidad residents and surrounding areas.
LOCATION OVERVIEW
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Trinidad Economic Highlights
• Business Licenses Have Increased 54% from 2015 to 2017
• Downtown Vacancy Rates Have Been Reduced to 22% in January 2018 from
69% in 2013
• Investment in the Private Sector Estimated at $77 Million
• Lodging Tax Revenues Expected to see a Significant Increase with Addition
of 50-Room Hotel
TRINIDAD MUNICIPAL GOLF COURSE
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OFFERING SUMMARY
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Trinidad State Junior College is the oldest public community college in Colorado. It was established in 1925 and joined the public college system in 1968. Fallenrollment exceeded 2000 students alone with 45 faculty members and 127 instructors. The campus is located .3 miles from the property. TSJC is a two-year
college that offers 49 degree programs in academic or vocational fields.
EDUCATION
INFRASRUCTURE
TRANSPOTRION
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The Trinidad Amtrak Station—located at 110 West Pine Street—is the closest public transportation and is just a three minute walk, or .2 miles, from theProspect Plaza Apartments, and provides an easy commute throughout Colorado. Additionally, the Greyhound Station is located just 2.8 miles from the property.
• I-25 runs northbound to Denver and Southbound to
Santa Fe and Albuquerque, NM
• Highway 160 runs east to Springfield, CO• Highway 350 runs northeast to Junta, CO
• Highway 12, scenic highway of legends, runs westand loops to Trinidad
TRINIDAD STATE JUNIOR COLLEGE
1925BUILD
TRINIDAD STATE JUNIOR COLLEGE
2000STUDENTS
0.3 MILES AWAY
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OFFERING SUMMARY
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TRINIDAD REVITALIZATION NEWS
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• “Phil Long Dealerships CEO Jay Cimino is spearheading a $30 million development near
downtown Trinidad that will include a classic car museum, brew pub, baseball training center,
hotel, movie theater and shopping center that he believes will bring tourists to the area…
Cimino said he and his partners plan to select a developer during the next few weeks to
renovate the six buildings on the site, which they acquired from the railroad, and add several
new structures that will look as if they were built in the early 1900s… “We estimate that La
Puerta will attract 175,000 visitors during the first six months and 225,000 visitors during the
first year, based on traffic counts that show 2.5 million people drive through Trinidad annually
on Interstate 25. That will provide a $75 million economic benefit for the city,” Cimino said.”
• “Community leaders said Wednesday that Trinidad soon will have a new energy, a spirit and a
sense of well-being thanks in part to El Pomar Foundation.” “Jay Cimino said the 1907 church and
adjacent music hall are becoming an integrated care facility combining medical, mental health
and other services to Trinidad.” "Mount Carmel will bring back the spirit of the city of champions
that once was for that great little city," Cimino said.
• “Trinidad Artspace is the demonstration project for Space to Create, a state-led initiative to
create affordable workforce housing and workspace in rural Colorado communities. Trinidad
Artspace will transform an entire downtown block on Main Street into artist live/work
housing, gallery, and flexible community space.” Estimated Project Cost: $14 million.
http://gazette.com/30m-development-planned-for-downtown-trinidad/article/150008
http://www.artspace.org/our-places/trinidad-artspace#tab-node_place_full_group_overview
https://www.chieftain.com/business/trinidad-wellness-center-gets-shot-in-the-
arm/article_1be945bc-1bcd-11e1-9e4f-001cc4c03286.html
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AERIAL MAP
Trinidad State Jr. College
Trinidad Middle School
Trinidad High School
Trinidad History Museum
Prospect Plaza
Trinidad Artspace
La Puerta de
Colorado
Mt. Carmet Wellness &
Community Center
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Prospect Plaza Apartments
REGIONAL MAP
PUEBLO1 h 13 min (86.1 mi) via I-25 N
COLORADO SPRINGS1 h 51 min (127.6 mi) via I-25 N
DENVER2 h 53 min (198.0 mi) via I-25 N
Sante Fe, NM1 h 48 min (195 mi) via I-25 N
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FINANCIAL
ANALYSIS
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FINANCIAL ANALYSIS
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RENT ROLL SUMMARY
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FINANCIAL ANALYSIS
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RENT ROLL DETAIL
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FINANCIAL ANALYSIS
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RENT ROLL DETAIL
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FINANCIAL ANALYSIS
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OPERATING STATEMENT
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FINANCIAL ANALYSIS
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NOTES
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FINANCIAL ANALYSIS
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PRICING DETAIL
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FINANCIAL ANALYSIS
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GROWTH RATE PROJECTIONS
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FINANCIAL ANALYSIS
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CASH FLOW
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MARKET
COMPARABLES
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SALES COMPARABLES MAP
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(SUBJECT)
Cimarron Square
1906 Vinewood Ln
36-unit Portfolio
Casa Del Sol
La Morada
SALES COMPARABLES
ON MARKET COMPARABLES
1
2
3
4
5
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PROPERTY NAMEPROSPECT PLAZA APARTMENTS
SALES COMPARABLES
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SALES COMPARABLES
Avg. $53,975
Avg. $56,667
$0
$6,000
$12,000
$18,000
$24,000
$30,000
$36,000
$42,000
$48,000
$54,000
$60,000
ProspectPlaza
Apartments
CimarronSquare
1906Vinewood Ln
36-unitPortfolio
CasaDel Sol
La Morada
Average Price Per Unit
Avg. 7.58%
Avg. 8.30%
0.0
0.9
1.8
2.7
3.6
4.5
5.4
6.3
7.2
8.1
9.0
ProspectPlaza
Apartments
CimarronSquare
1906Vinewood Ln
36-unitPortfolio
CasaDel Sol
La Morada
Average Cap Rate
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
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PROPERTY NAME
MARKETING TEAM
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SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
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SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type
Offering Price: $2,750,000 24 Studio
Price/Unit: $57,292 7 One Bdr
Price/SF: $112.24 17 Two Bdr
CAP Rate: 8.20%
GRM: 8.07
Total No. of Units: 48
Year Built: 1965
PROSPECT PLAZA APARTMENTS500 State St, Trinidad, CO, 81082
1
Close Of Escrow: 11/6/2016
Sales Price: $2,750,000
Price/Unit: $52,885
Price/SF: $40.02
CAP Rate: 7.50%
Total No. of Units: 52
Year Built: 1964
CIMARRON SQUARE1021 Ruppel St, Pueblo, CO, 81001
Units Unit Type
Close Of Escrow: 11/30/2016 12 2 Bdr 1 Bath
Sales Price: $650,000
Price/Unit: $54,167
Price/SF: $94.04
CAP Rate: 7.90%
Total No. of Units: 12
Year Built: 1972
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1906 VINEWOOD LN1906 Vinewood Ln, Pueblo, CO, 81005
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PROPERTY NAME
MARKETING TEAM
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SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type
Close Of Escrow: 11/17/2017 6 1 Bdr 1 Bath
Sales Price: $1,800,000 30 2 Bdr 1 Bath
Price/Unit: $50,000
Price/SF: $236.84
CAP Rate: 7.90%
Total No. of Units: 36
Year Built: 1972
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NOTES
Includes 1691 Moore Avenue & 1936, 2018 Vinewood Lane
36-UNIT PORTFOLIO1691 Moore Ave, Pueblo, CO, 81005
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Units Unit Type
Close Of Escrow: 1/9/2017 13 1 Bdr 1 Bath
Sales Price: $765,000
Price/Unit: $58,846
Price/SF: $52.85
CAP Rate: 7.00%
Total No. of Units: 13
Year Built: 1995
CASA DEL SOL531 S Angus Ave, Pueblo, CO, 81007
Units Unit Type
On Market 1 1 Bdr 1 Bath
List Price: $340,000 5 2 Bdr 1 Bath
Price/Unit: $56,667
Price/SF: $98.38
CAP Rate: 8.30%
Total No. of Units: 6
Year Built: 1929
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LA MORADA520 W 11th St, Pueblo, CO, 81003
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MARKET
OVERVIEW
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PROPERTY NAME
MARKETING TEAM
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DEMOGRAPHICS
Source: © 2016 Experian
Created on December 2017
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2021 Projection
Total Population 5,564 9,119 9,514
▪ 2016 Estimate
Total Population 5,602 9,087 9,463
▪ 2010 Census
Total Population 6,189 9,995 10,399
▪ 2000 Census
Total Population 6,273 9,851 10,221
▪ Daytime Population
2016 Estimate 6,392 9,938 10,433
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2021 Projection
Total Households 2,397 3,847 4,005
▪ 2016 Estimate
Total Households 2,393 3,792 3,941
Average (Mean) Household Size 2.25 2.27 2.27
▪ 2010 Census
Total Households 2,618 4,133 4,291
▪ 2000 Census
Total Households 2,645 4,003 4,144
Growth 2015-2020 0.17% 1.45% 1.62%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
▪ Occupied Units
2021 Projection 2,397 3,847 4,005
2016 Estimate 3,072 4,808 5,008
Owner Occupied 1,450 2,410 2,532
Renter Occupied 943 1,382 1,409
Vacant 679 1,016 1,067
▪ Persons In Units
2016 Estimate Total Occupied Units 2,393 3,792 3,941
1 Person Units 37.90% 36.74% 36.44%
2 Person Units 30.59% 31.65% 31.97%
3 Person Units 13.66% 13.26% 13.30%
4 Person Units 9.36% 9.94% 9.92%
5 Person Units 5.35% 5.33% 5.33%
6+ Person Units 3.13% 3.09% 3.07%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2016 Estimate
$200,000 or More 1.11% 1.12% 1.11%
$150,000 - $199,000 0.50% 0.83% 0.89%
$100,000 - $149,000 11.31% 10.78% 10.84%
$75,000 - $99,999 8.83% 9.94% 9.99%
$50,000 - $74,999 12.91% 13.50% 13.80%
$35,000 - $49,999 15.90% 17.20% 17.19%
$25,000 - $34,999 12.03% 12.14% 11.96%
$15,000 - $24,999 14.74% 14.19% 14.23%
Under $15,000 22.68% 20.31% 19.99%
Average Household Income $49,741 $51,493 $51,798
Median Household Income $35,471 $37,860 $38,277
Per Capita Income $21,938 $22,459 $22,568
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2016 Estimate Total Population 5,602 9,087 9,463
Under 20 24.63% 23.72% 23.47%
20 to 34 Years 18.35% 18.13% 18.00%
35 to 39 Years 4.80% 4.94% 4.93%
40 to 49 Years 10.39% 10.72% 10.78%
50 to 64 Years 21.92% 21.84% 22.03%
Age 65+ 19.90% 20.66% 20.78%
Median Age 42.20 43.10 43.45
▪ Population 25+ by Education Level
2016 Estimate Population Age 25+ 3,839 6,346 6,636
Elementary (0-8) 4.69% 5.27% 5.23%
Some High School (9-11) 10.47% 10.39% 10.40%
High School Graduate (12) 25.69% 26.35% 26.44%
Some College (13-15) 25.19% 25.34% 25.29%
Associate Degree Only 14.53% 14.09% 14.17%
Bachelors Degree Only 12.32% 11.96% 11.92%
Graduate Degree 6.58% 6.09% 6.07%
▪ Population by Gender
2016 Estimate Total Population 5,602 9,087 9,463
Male Population 49.56% 50.02% 50.18%
Female Population 50.44% 49.98% 49.82%
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Income
In 2016, the median household income for your selected geography is
$35,471, compare this to the US average which is currently $55,159.
The median household income for your area has changed by 33.02%
since 2000. It is estimated that the median household income in your
area will be $43,331 five years from now, which represents a change
of 22.16% from the current year.
The current year per capita income in your area is $21,938, compare
this to the US average, which is $30,249. The current year average
household income in your area is $49,741, compare this to the US
average which is $79,207.
Population
In 2016, the population in your selected geography is 5,602. The
population has changed by -10.70% since 2000. It is estimated that
the population in your area will be 5,564.00 five years from now, which
represents a change of -0.68% from the current year. The current
population is 49.56% male and 50.44% female. The median age of the
population in your area is 42.20, compare this to the US average
which is 37.69. The population density in your area is 1,781.74 people
per square mile.
Households
There are currently 2,393 households in your selected geography. The
number of households has changed by -9.53% since 2000. It is
estimated that the number of households in your area will be 2,397
five years from now, which represents a change of 0.17% from the
current year. The average household size in your area is 2.25
persons.
Employment
In 2016, there are 2,037 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
51.81% of employees are employed in white-collar occupations in this
geography, and 47.05% are employed in blue-collar occupations. In
2016, unemployment in this area is 8.27%. In 2000, the average time
traveled to work was 18.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
80.00% White, 1.17% Black, 0.12% Native American and 1.46%
Asian/Pacific Islander. Compare these to US averages which are:
70.60% White, 12.83% Black, 0.19% Native American and 5.43%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 48.83% of the current year
population in your selected area. Compare this to the US average of
17.77%.
PROPERTY NAME
MARKETING TEAM
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Housing
The median housing value in your area was $132,888 in 2016,
compare this to the US average of $190,673. In 2000, there were
1,707 owner occupied housing units in your area and there were 938
renter occupied housing units in your area. The median rent at the
time was $375.
Source: © 2016 Experian
DEMOGRAPHICS
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N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to
be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest
in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.
Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the
income or expenses for the subject property, the future projected financial performance of the property, the size and
square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or
the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its
occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from
sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
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is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights
reserved.
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with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any
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tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
PROSPECT PLAZA APARTMENTS
Trinidad, CO
ACT ID Y0050674
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E X C L U S I V L Y L I S T E D B Y :
Greg Price
First Vice President Investments
Senior Director - National Multi Housing Group
Denver Office
Tel: (303) 328-2047
Fax: (303) 328-2010
License: CO FA40026598
Greg Parker
Associate
Associate Member - National Multi Housing Group
Denver Office
Tel: (303) 328-2015
Fax: (303) 328-2010
License: CO FA.100074810