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The ScarsdaleApartments17 Unit Multifamily Community125 South 900 EastSalt Lake City, Utah 84102

Mark [email protected]

Greg Ratliff 801.578.5531gratliff @ngacres.com

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376 East 400 South, Suite 120 l Salt Lake City, Utah 84111Offi ce 801.578.5555 l Fax 801.578.5500

The Scarsdale Apartments125 South 900 East, Salt Lake City, Utah 84102

THE OPPORTUNITYThe Scarsdale Apartments present a solid investment opportunity in the Greater Salt Lake Area’s hottest submarkets. The Property is located in a solid, established neighborhood close to both Downtown Salt Lake City and the University of Utah. The Salt Lake Area market is among the most solid of any multifamily markets in the United States from occupancy, rental growth and rising renter demographic standpoints. This market continues to outperform most rental markets in the U.S. with sub-4% vacancies as the new norm. Rental growth is this market is projected to eclipse 10% by year end. By contrast, the Scarsdale Apartments are below market with its competition on rental rates by an average of $125 per unit per month. The Scarsdale provides an opportunistic investor with tremendous long-term opportunity to acquire an established community with signifi cant pride of ownership benefi ts, while increasing revenues in the tightening rental market.

THE MARKETUtah continues to be among the nation’s leading economies and due to its diversity it is well positioned for several years ahead. Utah continues to rank high across many economic and demographic categories with the Greater Salt Lake Area as a Top-10 Growth Market and ranked #4 by Forbes for one of the best cities for tech jobs. Demand for rental product along the Wasatch Front is outpacing new supply at an almost 2:1 basis between 2010 and 2020. And despite new construction, the rental market will continue to tighten in the foreseeable future.

THE PROPERTYThe Scarsdale features seventeen mixed unit apartments, consisting of one studio, fi fteen one bedroom/one bath and one two bedroom/one bathroom. The average apartment size is approximately 700 square feet, which ideally suites the market’s renter demographic. Off-street parking accommodates 17 vehicles, a rarity among the cities competitors. The Property features controlled access and the dwelling units’ possess a charm that cannot be found by the newer properties in the area.

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PROPERTY HIGHLIGHTS• 17 Units

- One Studio- Fifteen 1 Bedroom & 1 Bathroom- One 2 Bedroom & 1 Bath

• Located Between Downtown Salt Lake City and the University of Utah

• Distinctive 1930’s Brick Architecture

• Excellent Upside Opportunity in One of Salt Lake’s Strongest Rental Markets

• Off-Street Parking for 17 Vehicles

• On-Site Laundry

• Below Market Rents

OFFERING SUMMARYPrice: $1,650,000

Current CAP Rate: 4.67%

Proforma CAP Rate: 5.97%

Price Per Unit: $86,746.99

Price Per SF: $141.46

Parcel Number: 1605133027

Land Size: 0.3 Acres

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PROPERTY INFORMATION SUMMARYParking: 17 Off-StreetSquare Feet: 11,664Age: 1931Utilities: Individually Metered Electricity Paid by Residents; Master

Metered Gas; Water, Sewer and Trash Paid by Owner

ESTIMATED ANNUALIZED OPERATING DATA2013 Proforma

Scheduled Gross Income: $118,998 $147,900Vacancy: NET / Included $2,958 (2%)

Other Income: $0 $7,500Total Operating Income: $118,998 $152,442Expenses: $42,011 $54,106

Net Operating Income: $76,987 $98,336Less Loan Payments: $61,200 $61,200

Pre-Tax Cash Flow: $15,787 $37,136Pre-Tax Cash Flow: 2.34% 5.51%

SOURCE OF INCOME (RENT AND OTHER INCOME)Effective Gross Annual Income: $118,998

PROPERTY ABSTRACTNumber of Units: 17Age: 1931Lot Size SF: 13,066Rentable SF: 11,664Cost Per Unit: $97,059

NEW DEBTFirst Loan (60%): $976,400Rate: 3.9%Term: 25 YearsAnnual Payment: $61,200

FINANCIAL INDICATORSPrice: $1,650,000Down Payment: $673,600Down Payment %: 40%Current CAP: 4.67%Proforma CAP: 5.97%Cash on Cash: 2.34%Expenses/Unit/Year $2,471

UNIT MIX UNITS SFStudio 1 3641 Bedroom, 1 Bath 15 700 (est.)2 Bedroom, 1 Bath 1 800Totals 17

FINANCIAL ANALYSIS

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PHOTOS

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UNIT TYPE RENT UTILITY TOTAL1 1x1 $625.00 $25.00 $650.002 1x1 $625.00 $25.00 $650.003 1x1 $625.00 $25.00 $650.004 2x1 $725.00 $25.00 $750.005 1x1 $625.00 $25.00 $650.006 1x1 $625.00 $25.00 $650.007 1x1 $625.00 $25.00 $650.008 1x1 $625.00 $25.00 $650.009 1x1 $625.00 $25.00 $650.00

10 1x1 $625.00 $25.00 $650.0011 1x1 $625.00 $25.00 $650.0012 1x1 $625.00 $25.00 $650.0013 1x1 $625.00 $25.00 $650.0014 1x1 $625.00 $25.00 $650.0015 1x1 $625.00 $25.00 $650.0016 1x1 $625.00 $25.00 $650.0017 1x1 $625.00 $25.00 $650.00

TOTALS

17 16 - 1x11 - 2x1 $10,725.00 $425.00 $11,150.00

RENT ROLL

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900

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SITE

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UTAH STATECAPITOL

THE GATEWAY

CITY CREEKCENTER

SALT LAKECITY & COUNTY

BUILDING

SALT LAKE CITYLIBRARY

TROLLEY SQUARE

SALT LAKELDS TEMPLE

THE LEONARDO

SALT LAKE CITYPUBLIC SAFETY

BUILDING

UNIVERSITY OF UTAH

UNIVERSITYMEDICAL CENTER

ENERGYSOLUTIONSARENA

LDS HOSPITAL

80

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400 Sou th

300

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800 Sou th50

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900

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1300

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500 Sou th

600 North

South Temple

Footh ill Drive

Sunn ys ide Aven ue

2100

Eas

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Victor yRoad

500 Sou th

N

SALT LAKE CITY ATTRACTIONS

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University Gardens1151 East 100 South

$5,612,750$86,350/Unit

6.04% Cap Rate

Liberty Apartments1140 South 500 East

$1,150,000$95,833/Unit

6.21% Cap Rate

570 North 200 West$786,500

$87,389/Unit5.77% Cap Rate

277 North Center Street$825,000

$68,750/Unit6.15% Cap Rate

Broadway Apartments440 East 300 South

$4,700,000$84.95/Unit

5.98% Cap Rate

The Scarsdale Apartments125 South 900 East

80

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400 Sou th

900

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300

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800 Sou th

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900

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1100

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South Temple

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400

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North Temp le 2nd Avenue3rd Avenu e

300 North

11th Avenue

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89

RECENT SALE COMPARABLESN

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PROPERTY UNIT TYPE UNIT SF RENT RENT/SF NOTES

SUBJECTScarsdale Apartments125 South 900 EastSalt Lake City, Utah 84102

1 - Studio15 - 1x11 - 1x1

364700800

$625.00$625.00$700.00

$1.72$0.89$0.88

Units: 17Water, Sewer, and Trash: $25Pet Friendly: No ChargeOccupancy: 100%

East Point Apartments133 South 900 EastSalt Lake City, Utah 84102

18 - 1x16 - 2x1

600700

$649.00-$694.00$754.00

$1.08-$1.16$1.08

Units: 24Water, Sewer, and Trash: $30Pet Friendly: $25 a MonthParking: No Charge, 1 Spot Per-Unit 4 Spots are CoveredStorage Units: 24 (Roughly 48Cubic ft.) Included in the RentOccupancy: 95%

Cedar Cliff Apartments250 South 900 EastSalt Lake City, Utah 84102

12 - 1x115 - 2x218 - 2x22 - 2x2

600750850900

$650.00-$680.00$715.00-$745.00$740.00-$770.00

$825.00

$1.08-$1.13$0.95-$0.99$0.87-$0.91

$0.92

Units: 47Water, Sewer, and Trash: Included in RentParking: 1 Per Unit Covered & Reserved $15 a MonthOccupancy: 97%

Devereaux Apartments130 South 900 EastSalt Lake City, Utah

19 - 1x110 - 2x21 - 3x2

8001,0001,500

$650.00$750.00$800.00

$0.81$0.75$0.53

Units: 30Water, Sewer, and Trash: Covered in RentPet Friendly: No ChargeParking: 1 Per Unit Covered in RentOccupancy: 100%

Commodore Apartments1107 East South TempleSalt Lake City, Utah

1 - 1x113 - 3x21 - 2x1

8201,4001,100

$700.00$1,140.00$825.00

$0.85$0.81$0.75

Units: 15Water, Sewer, and Trash: $35 Gas: $65Pet Friendly: $300 Deposite & $25 a MonthParking: $20 a Month Also there is Road ParkingOccupancy: 100%

RENT SURVEY

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