the town-home collection - loopnet · 2020-01-28 · repairs and maintenance $23,650 $815 utilities...

MULTIFAMILY PROPERTY FOR SALE

THE TOWN-HOME COLLECTION29 FULLY RENTED TOWN-HOME PACKAGE - EAST DALLAS AND OAK LAWN

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: $10,490,000

Number Of Units: 29

Cap Rate: 5.1%

NOI: $531,764

Lot Size: 1.04 Acres

Year Built: 2019 and 2013

Building Size: 47,634

Zoning: MF2

Price / SF: $220.22

Price / Door: $361,724.14

The Town-Home Collection represents a package of two newer construction rental communities totaling 29 townhomes.

Built in 2013 by exclusive builder Robert Elliott, 4950 Cedars Springs is comprised of 15 luxury town-homes. Eachunit is 2-bedroom, 2.5 bath with an attached 2 car garage. Each unit has an open floor plan with top to bottomcontemporary finishes, hard wood flooring, granite, stainless steel appliances, and roof top deck with downtownviews. The community features a resort style pool with BBQ area. Additional amenities included private yards aswell as a dog run.

Built in 2019 and located in Uptown East “The Guest House on Bennett” features 14 pristine town-homes. Similarly,each unit is 2-bedroom, 2.5 bath, with an attached 2 car garage. All units have modern sophisticated touches thatinclude 11-foot ceilings, light grey stained oak hard wood flooring running throughout, recessed lighting, arcticwhite quartz counter tops, suite of brand new premium stainless-steel appliances, and floor to ceiling Euro stylecabinets. The front units have private yards and balconies which garner a premium on rent.

Both properties have already been separated for condominiums so there are multiple exit strategies on this one.By purchasing them in a package you are buying them below market value if you were to sell them on the openmarket to an owner/user.

PROPERTY OVERVIEW


EXECUTIVE SUMMARY

INCOME SUMMARY PER DOOR

Rental Income $932,400 $32,151

5% Vacancy -$46,620 -$1,607

Other Income $19,085 $658

Gross Income $904,865 $31,202

EXPENSE SUMMARY PER DOOR

Repairs and Maintenance $23,650 $815

Utilities $25,362 $874

Administrative $50,981 $1,757

Legal, Finance, and Insurance $40,650 $1,401

Taxes $232,458 $8,015

Gross Expenses $373,101 $12,865

Net Operating Income $531,764 $18,336



PROFORMA INCOME & EXPENSES

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

4950-101 2 2.5 1,700 $2,500 $1.47 $2,700 $1.59

4950-102 2 2.5 1,700 $2,350 $1.38 $2,700 $1.59

4950-103 2 2.5 1,750 $2,700 $1.54 $2,800 $1.60

4950-104 2 2.5 1,750 $2,400 $1.37 $2,800 $1.60

4950-105 2 2.5 1,750 $2,500 $1.43 $2,800 $1.60

4950-201 2 2.5 1,700 $2,650 $1.56 $2,700 $1.59

4950-202 2 2.5 1,700 $2,500 $1.47 $2,700 $1.59

4950-203 2 2.5 1,750 $2,500 $1.43 $2,800 $1.60

4950-204 2 2.5 1,700 $2,695 $1.59 $2,700 $1.59

4950-205 2 2.5 1,700 $2,500 $1.47 $2,700 $1.59

4950-301 2 2.5 1,800 $2,650 $1.47 $2,850 $1.58

4950-302 2 2.5 1,800 $2,550 $1.42 $2,850 $1.58

4950-303 2 2.5 1,800 $2,500 $1.39 $2,850 $1.58

4950-304 2 2.5 1,800 $2,700 $1.50 $2,850 $1.58

4950-305 2 2.5 1,800 $2,750 $1.53 $2,850 $1.58

1500-101 2 2.5 1,579 $2,650 $1.68 $2,650 $1.68

1500-102 2 2.5 1,520 $2,350 $1.55 $2,650 $1.74

1500-103 2 2.5 1,520 $2,350 $1.55 $2,650 $1.74

1500-104 2 2.5 1,520 $2,350 $1.55 $2,650 $1.74



RENT ROLL

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

1500-105 2 2.5 1,520 $2,350 $1.55 $2,650 $1.74

1500-106 2 2.5 1,520 $2,350 $1.55 $2,650 $1.74

1500-107 2 2.5 1,541 $2,650 $1.72 $2,650 $1.72

1500-201 2 2.5 1,541 $2,500 $1.62 $2,500 $1.62

1500-202 2 2.5 1,520 $2,350 $1.55 $2,500 $1.64

1500-203 2 2.5 1,520 $2,200 $1.45 $2,500 $1.64

1500-204 2 2.5 1,520 $2,200 $1.45 $2,500 $1.64

1500-205 2 2.5 1,520 $2,200 $1.45 $2,500 $1.64

1500-206 2 2.5 1,520 $2,200 $1.45 $2,500 $1.64

1500-207 2 2.5 1,576 $2,200 $1.40 $2,500 $1.59

Totals/Averages 47,637 $71,345 $1.50 $77,700 $1.63



RENT ROLL



1500 BENNETT PHOTOS



1500 BENNETT SITE PLAN



4950 CEDAR SPRINGS PHOTOS



4950 CEDAR SPRINGS SITE PLAN

0.5 MILES 1 MILE 1.5 MILES

Total population 8,646 30,091 58,098

Median age 32.9 31.5 31.5

Median age (male) 33.6 32.2 31.9

Median age (female) 31.4 30.1 30.6

Total households 3,631 12,670 25,543

Total persons per HH 2.4 2.4 2.3

Average HH income $47,458 $54,781 $65,195

Average house value $217,050 $237,744 $253,523

* Demographic data derived from 2010 US Census



DEMOGRAPHICS REPORT

POPULATION 0.5 MILES 1 MILE 1.5 MILES

Total population 8,646 30,091 58,098

Median age 32.9 31.5 31.5

Median age (male) 33.6 32.2 31.9

Median age (Female) 31.4 30.1 30.6

HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES

Total households 3,631 12,670 25,543

# of persons per HH 2.4 2.4 2.3

Average HH income $47,458 $54,781 $65,195

Average house value $217,050 $237,744 $253,523

* 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

the town-home collection - loopnet · 2020-01-28 · repairs and maintenance $23,650 $815 utilities...

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