Parkview Pointe Apartments

Transcription

1 For Sale 193 Units Multifamily Investment Offering Parkview Pointe Apartments Vegas The Sauter Multifamily Group Exclusively Marketed By: Devin Lee, CCIM Partner Art Carll Senior Partner Patrick J. Sauter Managing Partner W Russell Road, Suite 110, Las Vegas, NV naivegas.com

2 Property Description Highlights Price $7,750,000 Price Per Unit Units 193 $40,155 Parkview Pointe 3665/3675 S Cambridge Street, Las Vegas, NV Property Overview Parkview Pointe Apartments is ideally located in central Las Vegas with many amentities nearby including, The Strip, UNLV, Boulevard Mall, restaurants, and shopping. The property amenities include two swimming pools, controlled access, laundry facilities with new maytag washer and dryers, and covered parking. Each unit has private balcony/patios, semi-private entry, and extra outside storage. NRA 154,608 Avg SF 801 SF Year Built 1972 Zoning R-5 (Multifamily Res) Apartment Amenities Air Conditioning Ceiling Fan Patio/Balcony Pets Welcome Carpet, Hardwood, or Tile Flooring Cable or Satellite Community Amenities Laundry Room Playground Swimming Pool(s) Recreational Areas Covered Parking Physical Occupancy 57% Unit Mix APN # OF UNITS TYPE UNIT SIZE RENT PER SF 65 1B/1b 624 $525 $ B/2b 891 $650 $0.73 Avg Rent $608 Proforma Gross Inc. Proforma NOI Proforma Cap Rate $1,407,900 $637, %

3 Parkview Pointe Apartments Aerial & Map Located in Central Las Vegas, Parkview Pointe Apartments is situated in a convenient location with many amenities nearby. It is 1.5 miles from the famous Las Vegas Strip, five minutes north of the University of Las Vegas, and about eight minutes from the McCarran International Airport. It is also nearby the Convention Center and close to schools, parks, restaurants, and shopping. Public transportation and access to the I-15 which leads to US 93/95 and the 215 Beltway is a short distance away.

4 4 THE THE STRIP STRIP UNLV UNLV SUBJECT Convention Center 7 Year- $2.5 Billion Reno. Projected 8,600 Direct & Indirect Jobs MCCARRAN MCCARRAN INTERNATIONAL INTERNATIONAL AIRPORT AIRPORT Hard Rock Hotel WYNN WYNN GOLF GOLF CLUB CLUB Boulevard Mall Re-Development $25M Renovation New Stores, Restaurants, & Entertainment Venues Farmers Market With 70 Vendors Valet Parking For Convenience Free Wi-Fi For All Visitors Food Court Upgrade With 80 Inch Plasma Televisions Redesigned Exterior LAS LAS VEGAS VEGAS NATIONAL NATIONAL GOLF GOLF COURSE COURSE Aerial

5 Property Photographs Vegas 5

6 TRASH Building S Building R Building I Siteplan 1X1 Office Trash Facility 2X2 Carport Laundry Facility TRASH TRASH 3665 CAMBRIDGE STREET Building Q Laundry Building P Building O Building N Building M Laundry Building L Building K Building J POOL PLAYGROUND POOL Building G Building E Building C Building A Building H Building F Building D Building B Maint Laundry Office CAMBRIDGE STREET TRASH TRASH 6

7 Financials Parkview Pointe Financial Underwriting INVESTMENT SUMMARY OFFERING PRICE $7,750,000 # OF UNITS 193 PRICE PER UNIT $40,155 PRICE/SF $50.13 CAP RATE 8.23% GRM 5.50 PROPERTY INFORMATION RENTABLE AREA 154,608 YEAR BUILT 1972 GROSS POTENTIAL $1,407,900 AVERAGE RENT $608 AVERAGE UNIT SIZE 801 SF ECONOMIC OCC. 85% CURRENT ASKING STREET RENTS # OF UNITS TYPE UNIT SIZE RENT PER SF 65 1B/1b 624 SF $525 $ B/2b 891 SF $650 $0.73 PROFORMA OPERATIONS PER UNIT Gross Potential Income: $1,407,900 $7,295 Less Vacancy: (10%) $140,790 $729 Bad Debt/Less Concess/Other: (5%) $70,395 $365 Net Rentable Income: $1,196,715 $6,201 Rubs (7%): $81,060 $420 Other Income: (5%) $59,836 $310 Gross Operating Income: $1,337,611 $6,931 Estimated Operating Expenses: Payroll $212,300 $1,100 Administration $28,950 $150 Management (5%) $40,128 $208 Repairs/Maintenance $67,550 $350 Utilities $153,058 $793 Advertising $19,300 $100 Insurance $31,845 $165 Landscaping $19,300 $100 Property Tax (Actual) $40,584 $210 Turnover $38,600 $200 Capital Reserves $40,584 $250 Total Operating Expense: $699,865 $3,626 Net Operating Income: $637,745 $3,304 Vegas

8 Sales Comps Competitive Properties SALES COMPS Parkview Fleur De Lis S 1 2 Casa Del Sol 3 Country Hills 4 Pointe Villas Tropicana Village PROPERTY ADDRESS 3665 S Cambridge St Las Vegas, NV 3501 S Maryland Pkwy, Las Vegas, NV 5100 Obannion Dr Las Vegas, NV 5400 S. Maryland Pkwy, Las Vegas, NV 4995 S. Maryland Pkwy, Las Vegas, NV YEAR BUILT NUMBER OF UNITS NET RENTABLE AREA MANAGE- MENT COMPANY 154,608 94, , ,676 SF 127,108 SF Pinnacle Fleur De Lis Villas H&L Realty B&R Campbell % LEASED 57% 60% N/A 94.2% 90% DATE SOLD TBD 08/05/14 06/19/ /26/ /14/14 CAP RATE 8.23% N/A 5.04% 6.9% 7.42% SALES PRICE $7,750,000 $3,825,000 $7,700,000 $11,200,000 $7,850,000 PRICE PER UNIT $40,155 $41,576 $52,027 $53,846 $45,640 PRICE PER SQUARE FOOT $50.13 $40.27 $61.40 $61.31 $61.75

9 MERLIN Competitive Properties Buffalo Dr. Rainbow Blvd. W. Charleston Blvd. 15 N. Las Veg DOWNTOWN LAS VEGAS Sales Comps Map e Hualapai Way Fort Apache Desert Breeze Community Center & Park Durango Dr. Flamingo Rd. SPANISH TRAILS W. Russell Rd. S. Decatur Blvd. 2 THE STRIP 2bd/2b Convention Center S 1 Wynn Golf Club 1bd/1b UNLV 4 3 McCARRAN INTERNATIONAL AIRPORT Las Vegas Country Club Sansone Park Place

10 Rent Comps Competitive Properties RENT COMPS Parkview Desert S 1 2 Marina Bay 3 Las Palmas Pointe Pointe 4 Paradise Park PROPERTY ADDRESS 3665 S Cambridge St Las Vegas, NV 895 Sierra Vista Dr Las Vegas, NV 939 E Flamingo Rd Las Vegas, NV 3550 Paradise Rd Las Vegas, NV 446 E Twain Ave Las Vegas, NV YEAR BUILT NUMBER OF UNITS Studio 1Bx1b RANK PROPERTY NAME TOTAL # OF UNITS TYPE UNIT SIZE RENT PSF 1 Desert Pointe SF $493-$544 $0.82-$ Las Palmas SF $505 $1.12 RANK PROPERTY NAME TOTAL # OF UNITS TYPE UNIT SIZE RENT PSF 1 Las Palmas (1B/1.5b) 1,122 SF $800 $ Las Palmas SF $625 $ Desert Pointe SF $551-$600 $0.61-$ Paradise Park (1B/1.5b) 746 SF $550 $ Paradise Park SF $525 $ Parkview Pointe SF $525 $0.84 2Bx2b RANK PROPERTY NAME TOTAL # OF UNITS TYPE UNIT SIZE RENT PSF 1 Las Palmas ,120 $850 $ Las Palmas SF $785 $ Desert Pointe ,100 $710-$803 $0.64-$ Paradise Park SF $699 $ Marina Bay (2B/1.5b) 1,010 $665 $ Parkview Pointe SF $650 $ Paradise Park (2B/1b) 880 SF $649 $0.73

11 Competitive Properties Rent Comps Map 1 3 2bd/2b 1bd/1b S 4 2

12 Meet Our Team The Team The NAI Vegas team differentiates from other firms because of our in depth market knowledge, transaction experience, and resources. The team fully understands this type of asset and is prepared to overcome any obstacle in order to facilitate a successful transaction. Company Principal Multifamily Investment Group Patrick J. Sauter Managing Partner [email protected] Arthur T. Carll Senior Partner [email protected] Patrick Sauter is the managing partner and principal of NAI Vegas. He specializes in investment sales and also oversees all company operations. Since joining the company in 1998, he has been instrumental in the sale of over $2 billion dollars worth of real estate. He is also active in community and civic affairs. Mr. Sauter currently serves on the board of the non-profit development company, Nevada H.A.N.D., and is a past board member of the Southern Nevada YMCA. He is a member of the Southern Nevada Multi-Family Association, the Nevada Development Association and the Las Vegas Chamber of Commerce. He holds a bachelor s degree in real estate finance from the University of Nevada, Las Vegas and is a member of its alumni association. Art Carll joined NAI Vegas in March of 2010 after relocating to Las Vegas in 2008 serving as a Senior Vice President with the NAI Global Special Assets team. Art has been involved in over $1.5 Billion of investment real estate transactions. His proven track record and unique experiences have created extraordinary results, while specializing in both disposition and acquisition of Multi-Family Investment properties. Prior to joining NAI, Carll had more than 28 years of principal and managerial experience which included several years with Hendricks-Berkadia Apartment Real Estate Advisors where he served as both a broker and a member of the Senior management team. Mr. Carll attended Eastern New Mexico University and is currently a member of the Southern Nevada Multi-Family Housing Association and the National Multi-Family Council. He is involved in local charities, which include his favorite, The UNLV Rebel Athletic Fund. Vegas Devin Lee, CCIM Partner [email protected] Devin Lee joined NAI Vegas after a 12-year career in mortgage banking. In the course of his banking career, he completed over $500 million in financing transactions, primarily focused on the Las Vegas multifamily market. He earned his Certified Commercial Investment Member certification in 2005 and served as a Southern Nevada CCIM Chapter board member from He was named Southern Nevada CCIM Chapter president in 2008 and also served on the Commercial Alliance Las Vegas board in Mr. Lee has lived in Las Vegas since 1974 and has been active in several local charities, including the YMCA of Southern Nevada and Nathan Adelson Hospice. He is a graduate of the University of San Diego, where he earned a Bachelor of Business Administration degree in Business Economics with cum laude honors in

13 NAI Global is strategic & innovative. We are an international real estate services organization with the institutional strength of one of the world s leading property investment companies. Our experts are strategic and innovative, working collaboratively to realize maximum potential and generate creative solutions for our clients worldwide. Our collaborative services platform provides an expansive, yet nimble and responsive structure enabling us to efficiently deliver superior results. Locations by Country North America Canada Mexico United States Latin America & The Carribean Argentina Bahamas Brazil Chile Costa Rica Jamaica Panama Peru Venezuela Asia Pacific Australia China India Indonesia Japan South Korea Malaysia New Zealand Philippines Singapore Taiwan Europe, Africa & The Middle East Austria Belgium Bulgaria Czech Republic Denmark Finland France Germany Greece Iceland Israel Kazakhstan Kuwait Latvia Norway Qatar Republic of Serbia Romania Russian Federation South Africa Spain Sweden Switzerland Turkey Ukraine United Kingdom

14 Conditions Concerning Review of this Offering Our Company, Your Team This package is provided to you by NAI Vegas and is intended solely for your limited use and benefit in determining whether you desire to express further interest in purchasing the property described in the attached documentation (the Property ). The providing of this package to you and your use thereof is conditioned upon your agreement to the terms set forth below. This package contains selected information pertaining to the Property. It does not purport to be a representation of the state of affairs of the current owner, nor should it be construed to contain all or part of the information which prospective investors would deem necessary to evaluate the Property for purchase. Any financial projections and information provided are for general reference purposes only, are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the current owner and NAI Vegas. All projections, assumptions and other information provided are made herein are subject to material variation. NAI Vegas has not independently investigated the accuracy of the information within the package, as such information was obtained by the owner and/ or public records. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the owner, NAI Vegas, nor any of their respective directors, officers, agents, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained within this package or any supplemental information provided after the delivery of this package to you, and no legal commitment or obligation shall arise by reason of your receipt of this package or use of its contents. Please also refer to the disclaimer at the bottom of each page of this package, which disclaimer is incorporated herein by reference. You should understand and be advised that the owner of the Property expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with you or any other party at any time with or without notice which may arise as a result of this package. The owner shall have no legal commitment or obligation to you or any other party reviewing this package, nor shall the owner be required to accept an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligation therein have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of owner or NAI Vegas. You also agree that you will not use this brochure or any of its contents in any manner detrimental to the interest of the owner or NAI Vegas. This package describes certain documents including leases and other materials, which documents are described in summary form only. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected and advised to review all such summaries and other documents of whatever nature independently with legal counsel, tax and other professionals of their choice who have the expertise to assist in investigating this information in detail. You are therefore advised not to rely solely on this Memorandum as part of your investigations on this Property. If you have no interest in further pursuing this Property, please return this package to NAI Vegas. Vegas

15 Vegas NAI Vegas 8945 W Russell Road Suite 110 Las Vegas NV naivegas.com