offering memorandum (l)€¦ · and the cool museum of geometric and madi art. location overview...

MULTIFAMILY PROPERTY FOR SALE

4104 COLEDALLAS, TX 75204

MATTEO FAETH

[email protected]

Presented By

PERRY GUEST COMPANY

2517 Thomas Avenue, Dallas, TX 75201

214.528.9250 | perryguestco.com

CONFIDENTIAL OFFERING MEMORANDUM | 2

OFFERING SUMMARY

Sale Price: $4,100,000

Number Of Units: 19

Cap Rate: 5.21%

NOI: $213,415

Lot Size: 0.4 Acres

Year Built: 1983

Building Size: 18,200

Zoning: MF2

Price / SF: $225.27

Price / Door: $215,789.47

Located in Uptown and overlooking Cole Park, 4104 Cole represents an enormous value add opportunity. Roll up yoursleeves and implement a renovation program to garner market rents. Property has been converted into condominiumsgiving you multiple exit strategies. Built in 1983 the large and spacious units average almost 1000 square feet. The unitmixture is versatile featuring studios, one and two bedroom flats and loft style units. Most units have balconies, fireplaces,crown moldings, and 1 car garages. The property is separately metered for electric, individual HVAC compressors, and hasgated access with a central courtyard. This is a trophy asset in an impeccable location with tremendous upside.

PROPERTY OVERVIEW

Uptown is known for its eclectic bar and restaurant scene, including lively sports bars, posh global bistros and hip cocktaillounges. The action centers on McKinney Avenue, where a free vintage trolley trundles past boutiques selling high-endfashion and chic western wear. Attracting joggers and cyclists, the Katy Trail skirts Turtle Creek, passing parks, beer gardensand the cool Museum of Geometric and MADI Art.

LOCATION OVERVIEW

PROPERTY HIGHLIGHTS

• Condo Converted

• Large and Versatile Floor Plans

• Built in 1983

• Trophy Asset and Location


EXECUTIVE SUMMARY


SALE PRICE $4,100,000

LOCATION INFORMATION

Street Address 4104 Cole

City, State, Zip Dallas, TX 75204

County/Township Dallas

BUILDING INFORMATION

Building Size 18,200 SF

Occupancy % 100.0

Number Of Floors 3

Average Floor Size 957 SF

Year Built 1983

Load Factor Yes

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning MF2

Lot Size 17,600 SF

Electric Metering

Gas N/A

Water

HVAC Individually Compressors

Roof

Foundation Slab


PROPERTY DETAILS

INCOME SUMMARY PER DOOR

Rental Income $407,280 $21,435

Other Income $2,440 $128

5% Vacancy Factor -$20,364 -$1,071

Gross Income $389,356 $20,492

EXPENSE SUMMARY PER DOOR

Management $25,308 $1,332

Administrative $2,655 $139

Maintenance $5,200 $273

Utilities $18,356 $966

Turnover $2,850 $150

Insurance $15,318 $806

Taxes $106,254 $5,592

Gross Expenses $175,941 $9,260

Net Operating Income $213,415 $11,232



INCOME & EXPENSES

UNIT TYPE COUNT % TOTAL SIZE (SF) RENT/SF MARKET RENT MARKET RENT/SF DEPOSIT

A - Studio 2 10.5 500 $1,295 $2.59

B - 1/1 4 21.1 675 $1,500 $2.22

C - 2/2 4 21.1 1,000 $1,950 $1.95

D - 1 Bed Loft 4 21.1 1,000 $1,850 $1.85

E - 1 Bed Loft 1 5.3 900 $1,750 $1.94

F - 2/2 4 21.1 1,400 $2,100 $1.50

Totals/Averages 19 100% 18,200 $0.00 $33,940 $1.86 $0



UNIT MIX SUMMARY


RENT COMPS UNIT TYPE RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

4302 Mckinney4302 MckinneyDallas, TX 75205

1-1 $2.23 650 SF 650 SF - -

4302 Mckinney4302 MckinneyDallas, TX 75205

Studio $3.24 400 SF 400 SF - -

Totals/Averages $2.74 $2.74 525 SF 525 SF 0 0%

1

2


RENT COMPS SUMMARY


1 4302 MckinneyDallas, TX 75205

4302 MCKINNEY2 4302 Mckinney

Dallas, TX 75205

4302 MCKINNEY

4104 Cole | Dallas, TX 75204SUBJECT PROPERTY


RENT COMPS MAP



REGIONAL MAP

1 MILE 2 MILES 3 MILES

Total population 28,968 94,243 173,116

Median age 33.6 33.5 33.1

Median age (male) 34.7 34.3 33.8

Median age (female) 32.3 32.4 32.3

Total households 15,484 47,656 80,982

Total persons per HH 1.9 2.0 2.1

Average HH income $108,670 $107,542 $107,152

Average house value $262,339 $265,736 $398,701

* Demographic data derived from 2010 US Census



DEMOGRAPHICS REPORT

POPULATION 1 MILE 2 MILES 3 MILES

Total population 28,968 94,243 173,116

Median age 33.6 33.5 33.1

Median age (male) 34.7 34.3 33.8

Median age (Female) 32.3 32.4 32.3

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES

Total households 15,484 47,656 80,982

# of persons per HH 1.9 2.0 2.1

Average HH income $108,670 $107,542 $107,152

Average house value $262,339 $265,736 $398,701

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP



CONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from Perry Guest Company its directors, officers,agents, advisors, affiliates and/or any third party sources are provided without representation orwarranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements, developability or suitability, financialperformance of the property, projected financial performance of the property for any party’s intendeduse or any and all other matters.

Neither Perry Guest Company its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materialsor information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct ofits own due diligence to determine these and other matters of significance to such party. Perry GuestCompany will not investigate or verify any such matters or conduct due diligence for a party unlessotherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verified bythe party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Perry Guest Company makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial data orassumptions. Perry Guest Company does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that usedfor financial modeling purposes, may differ from actual data or performance. Any estimates of marketrents and/or projected rents that may be provided to a party do not necessarily mean that rents canbe established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order todetermine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Perry Guest Company incompliance with all applicable fair housing and equal opportunity laws.


DISCLAIMER

offering memorandum (l)€¦ · and the cool museum of geometric and madi art. location overview...

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