turnkey 54 unit carnegie portfolio · to present this turnkey 55 unit portfolio located in :...

| 1All SVN® Offices Independently Owned & Operated. ©2020 All Rights Reserved.

Keane GeorgeManaging Director(412) [email protected]

Chris ParkeAdvisor(412) [email protected]

TURNKEY 54 UNIT CARNEGIE PORTFOLIO

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The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.

SVN | Three Rivers Commercial Advisors309 Smithfield Street, 5th Fl, Pittsburgh, PA 15222

P: 412-535-8050 | F: 412-535-6855E: [email protected]

www.SVNThreeRivers.comAll SVN® offices independently owned and operated.

DISCLAIMER

TABLE OF CONTENTS

INVESTMENT OVERVIEW.................................3LOCATION MAP...................................................4301 1ST AVE..........................................................5508 SPIKENARD STREET.................................8447 CAROTHERS AVE.......................................11516 CAROTHERS AVE......................................14531 CAROTHERS AVE.......................................17503-505 CAROTHERS AVE...........................20113 PATTERSON AVE.......................................23457 CAROTHERS AVE.....................................26FINANCIAL SUMMARY....................................29SALE COMPARABLES.....................................32

54 UNITS | DISCLAIMER & TABLE OF CONTENTS | 2

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DISCLAIMER

54 UNITS | INVESTMENT OVERVIEW | 3

• Fully remodeled interiors

• Brand new plumbing in over half the buildings

• New electrical in over half the properties

• Very close proximity to one another in Carnegie

• Management team and management software in

place and transferable with sale

• New heating mechanicals in 3 of the 7 properties

• New roofs on 531 Carothers and 508 Spikenard

• 5 of the 7 properties have 2 new stand up washer /

dryer units in the building

SALE PRICE: $3,600,000

PROPERTIES: 8

NUMBER OF UNITS: 54

PRICE/UNIT: $66,667

OFFERING SUMMARY

HIGHLIGHTS

INVESTMENTOVERVIEW

SVN | Three Rivers Commercial Advisors is pleased to present this turnkey 55 unit portfolio located in Carnegie. All units have fully redone interiors. Over half of the buildings were fully gutted and have new electrical and plumbing. All of the buildings are in very close proximity to each other in the up and coming, desirable neighborhood of Carnegie. Management and software are fully in place and transferable with the sale making this a truly turnkey, stabilized investment.

| 454 UNITS | LOCATION OVERVIEWS

LOCATIONMAP

301 1ST AVE301 1ST AVE

531 CAROTHERS AVE531 CAROTHERS AVE

133 PATTERSON AVE133 PATTERSON AVE

508 SPIKENARD ST508 SPIKENARD ST516 CAROTHERS AVE516 CAROTHERS AVE

505 CAROTHERS AVE505 CAROTHERS AVE457 CAROTHERS AVE457 CAROTHERS AVE

447 CAROTHERS AVE447 CAROTHERS AVE

| 554 UNITS | 301 1ST AVE

3 Units | Carnegie

301 1ST AVE

PROPERTY HIGHLIGHTS ] New Electric

] 50% New Plumbing

] New Furnaces

] New Hot Water Tanks

PROPERTY: 301 1st AveCarnegie, PA 15106

NUMBER OF UNITS: 3

PARCEL ID: 0102-C-00330-0000-00

LOT AREA: 4,554 SF

INVESTMENT OVERVIEW


INCOME SUMMARY ACTUAL PER UNITRental Revenue $39,720 $13,240 Vacancy (3%) $1,192 $397 Laundry $- $-

Gross Income $38,528 $12,843

EXPENSE SUMMARY ACTUAL PER UNIT

Taxes $3,189 $1,063 Insurance $1,068 $356 Utilities $5,904 $1,968 Management $2,780 $927 Garbage $600 $200 Reserves $- $- Maintenance $2,000 $500

Gross Expenses $15,541 $5,014

NET OPERATING INCOME $22,987 $7,829

INCOME & EXPENSE SUMMARY RENT ROLL

3 Units | Carnegie

301 1ST AVE

UNIT # RENT

1A $650

1B F1 $800

1C F1 $650

TOTALS $2,100


3 Units | Carnegie

301 1ST AVE

| 854 UNITS | 508 SPIKENARD ST

7 Units | Carnegie

508 SPIKENARD STREET

PROPERTY HIGHLIGHTS ] (2) Stand-Up Washer/Dryer

] New Electric

] New Plumbing

] New Boiler

] New Roof

PROPERTY: 508 Spikenard StreetCarnegie, PA 15106

NUMBER OF UNITS: 7

PARCEL ID: 0102-L-00118-0000-00

BUILDING SIZE: 2,016 SF

LOT AREA: 4,040 SF

INVESTMENT OVERVIEW

| 954 UNITS | 508 SPIKENARD ST


7 Units | Carnegie



Gross Income $47,317 $6,760


Taxes $2,403 $343 Insurance $432 $62 Utilities $6,804 $972 Management $3,415 $488 Garbage $600 $86 Reserves $- $- Maintenance $3,500 $500



UNIT # RENT

1L $620

1R $640

2L $630

2R $665

3L $825

3R $740

Rear $725

TOTALS $4,845

| 1054 UNITS | 508 SPIKENARD STREET

7 Units | Carnegie


| 1154 UNITS | 447 CAROTHERS AVE

7 Units | Carnegie

447 CAROTHERS AVE


] 50% New Electric, all pretty new

] 50% New Plumbing

PROPERTY: 447 Carothers AveCarnegie PA, 15106

NUMBER OF UNITS: 7

PARCEL ID: 0102-G-00100-0000-00

LOT AREA: 2,678 SF

INVESTMENT OVERVIEW



7 Units | Carnegie

447 CAROTHERS AVE




Taxes $3,694 $528 Insurance $1,212 $173 Utilities $9,780 $1,397 Management $3,993 $570 Garbage $720 $103 Reserves $- $- Maintenance $3,500 $500



UNIT # RENT

1A $565

1B $665

1C $735

2A $655

2B $865

3A $795

3B $499

TOTALS $4,779


7 Units | Carnegie

447 CAROTHERS AVE


8 Units | Carnegie

516 CAROTHERS AVE


] New Electric

] New Plumbing

PROPERTY: 516 Carothers AveCarnegie, PA 15106

NUMBER OF UNITS: 8

PARCEL ID: 0102-L-00237-0000-00


LOT AREA: 3,834 SF

INVESTMENT OVERVIEW



8 Units | Carnegie

516 CAROTHERS AVE







UNIT # RENT

1A $540

1B $640

1C $640

1D $590

2A $650

2B $740

2C $720

2D $665

TOTALS $5,185


8 Units | Carnegie

516 CAROTHERS AVE


9 Units | Carnegie

531 CAROTHERS AVE


] New Electric

] New Plumbing

] New Boiler

] New Roof


NUMBER OF UNITS: 9

PARCEL ID: 0102-L-00319-0000-00

LOT AREA: 4,260 SF

INVESTMENT OVERVIEW



9 Units | Carnegie

531 CAROTHERS AVE







UNIT # RENT

531 3F $755

531 3R $820

531 2F $800

531 2R $775

531 1A $675

531 1B $725

531 1C $640

531 B In RENO

528 A $900

528 B $850

TOTALS $6,940


9 Units | Carnegie

531 CAROTHERS AVE

| 2054 UNITS | 503-505 CAROTHERS AVE

PROPERTY HIGHLIGHTS ] 50% New Electric, all pretty new

] 50% New PlumbingPROPERTY: 503-505 Carothers Ave

Carnegie, PA 15106

NUMBER OF UNITS: 6

PARCEL ID: 0102-G-00108-0000-00

LOT AREA: 4,007 SF

INVESTMENT OVERVIEW

6 Units | Carnegie

503-505 CAROTHERS AVE



6 Units | Carnegie








UNIT # RENT

503 $890

505 1 $865

505 2 $845

505 3 In RENO

505 4 In RENO

505 5 $670

TOTALS $3,270


6 Units | Carnegie


| 2354 UNITS | 113 PATTERSON AVE


] 50% New Electric

] 50% New Plumbing, all pretty new

PROPERTY: 113 Patterson AveCarnegie, PA 15106

NUMBER OF UNITS: 7

PARCEL ID: 0066-K-00108-0000-00


LOT AREA: 4,800 SF

INVESTMENT OVERVIEW

7 Units | Carnegie

113 PATTERSON AVE



7 Units | Carnegie

113 PATTERSON AVE







UNIT # RENT

1A $499

1B $700

1C $699

2R $975

2L $875

G1 $740

G2 $725

TOTALS $5,213


7 Units | Carnegie

113 PATTERSON AVE



] 50% New Electric, all pretty new

] 50% New Plumbing


NUMBER OF UNITS: 7

PARCEL ID: 0102-G-00106-0000-00

LOT AREA: 3,834 SF

INVESTMENT OVERVIEW

7 Units | Carnegie

457 CAROTHERS AVE



7 Units | Carnegie

457 CAROTHERS AVE




Taxes $4,293 $613 Insurance $1,452 $207 Utilities $6,948 $993 Management $4,267 $610 Garbage $720 $103 Reserves $- $- Maintenance $3,500 $500



UNIT # RENT

1 $670

2 $699

3 $720

4 $740

5 $820

6 $740

7 $740

TOTALS $5,129


7 Units | Carnegie

457 CAROTHERS AVE

| 2954 UNITS | FINANCIAL SUMMARY

INVESTMENT OVERVIEW TOTALS

Price $3,600,000

Price Per Unit $66,667

CAP Rate 7.5%

OPERATING DATA TOTALS

Gross Income $446,196

Operating Expenses $175,525

Net Operating Income $270,671

POrtFOLiO

FINANCIAL SUMMARY

| 3054 UNITS | INCOME & EXPENSES

POrtFOLiO

INCOME & EXPENSESINCOME SUMMARY ACTUAL PER UNIT

Rental Revenue $459,996 $8,518

Vacancy (3%) $13,800 $256

Laundry $- $-

Gross Income $446,196 $8,263


Taxes $31,661 $586

Insurance $11,040 $204

Utilities $68,640 $1,271

Management $32,200 $596

Garbage $4,984 $92

Reserves $- $-

Maintenance $27,000 $500



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Financing Through SVNProperty Type: Multi-Family

These terms do not represent a loan commitment, and are subject to further underwriting and approval on both a property-level basis and a borrower-level basis, and will also vary depending on the final price paid.

Please contact the financial team member below for more details and to customize options.

Francesco SergioDirector | Capital Markets

(412) [email protected]

* Depending on your finance needs other customized options available* Non-Recourse Available

For Addidtional Information please call:

LOAN TERMSLoan Amount:

Term:

Amortization:

Rate:

Max LTV:

Recourse and Non-Recourse

$2,880,000

5, 7, 10, 30 Year

Up to 30 Years

Starting At 3.95%

Up to 80%

Non-Recourse Loan

For Additional Information Please Call:

| 3254 UNITS | SALE COMPS

saLeCOMPARABLES

1

66-68 BRADFORD AVE

Pittsburgh, PA 15205

$280,000Sale Price: 1925Year Built: 5No. Units:

$56,000Price / Unit: 12/14/2018Closed:

1

2

1000 STATE AVE

Coraopolis, PA 15108

$708,500Sale Price: 8No. Units: $88,562Price / Unit:

11/07/2018Closed:

2

3

8 LOCUST ST

Pittsburgh, PA 15205

$640,000Sale Price: 5No. Units: $128,000Price / Unit:

09/26/2019Closed:

3

TURNKEY 55 UNIT CARNEGIE PORTFOLIO | 457 CAROTHERS AVE CARNEGIE, PA 15106 SVN | Three Rivers Commercial Advisors | Page 1The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.

Sale Comps

11 $58,181

| 3354 UNITS | SALE COMP SUMMARY

saLe COMParaBLes SUMMARY


1

2

3

SALE COMPS PRICE PRICE/UNIT # OF UNITS CLOSE

66-68 Bradford AvePittsburgh, PA15205

$280,000 $56,000 5 12/14/2018

1000 State AveCoraopolis, PA15108

$708,500 $88,562 8 11/07/2018

8 Locust StPittsburgh, PA15205

$640,000 $58,181 11 09/26/2019

PRICE PRICE/UNIT # OF UNITS CLOSE

Totals/Averages $542,833 $67,854 8

Sale Comps Summary

457 Carothers Ave, Carnegie, PA 15106SUBJECT PROPERTY

1 Pittsburgh, PA15205

66-68 BRADFORD AVE2 Coraopolis, PA

15108

1000 STATE AVE3 Pittsburgh, PA

15205

8 LOCUST ST


Sale Comps Map

| 3454 UNITS | CARNEGIE

309 Smithfield Street, 5th Floor | Pittsburgh, PA 15222(412) 535-8050 | [email protected]

www.svnthreerivers.com

Keane GeorgeManaging Director


Chris ParkeAdvisor


turnkey 54 unit carnegie portfolio · to present this turnkey 55 unit portfolio located in :...

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