1910 BENNETT AVE - LoopNetimages4.loopnet.com/d2/yP1ft7ib2dm-UGYYAoQk-9b3... · SUBJECT PROPERTY UNIT TYPE RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY % 1910 Bennett Ave Dallas,

MULTIFAMILY PROPERTY FOR SALE

1910 BENNETT AVEDALLAS, TX 75206

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: $4,389,500

Number Of Units: 26

Cap Rate: 5.0%

NOI: $218,771

Lot Size: 0.7 Acres

Year Built: 2002

Building Size: 16,246

Renovated: 2017

Zoning: MF 2

Price / SF: $270.19

Price / Door: $168,826.92

Sitting on 30,000 feet of land and located on a hard corner in the red hot Knox Henderson corridor, Bennett Monarch Loftsfeatures 26 flat and loft style units. The property was built in 2002 in which the current owner has renovated 20 out of the 26units. Renovations feature walnut wide plank wood flooring, black appliances, full size washer dryer connections, granitecounter tops, new bathrooms and kitchens. Upside lies in renovating the remaining six units. The building has no gas and isseparately metered for electricity keeping expenses low. The exterior has great curb appeal with professional landscapingand irrigation.Property has controlled access as well as gated parking. The main foyer has been modernized with stained polishedconcrete, new chandelier, and art work.This Class B asset is literally surrounded in every direction by Class A developments. The property offers an affordablealternative to the Class A which is making the area non-affordable.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• 2002 Build

• Full Size Washer Dryer Connections

• No Gas

• Upside in renovating remaining 6 units


EXECUTIVE SUMMARY

INCOME SUMMARY BENNETT MONARCH LOFTS PER DOOR

Income $363,240 $13,970

5% Vacancy -$18,162 -$698

Additional Income $2,210 $85

Gross Income $347,288 $13,357

EXPENSE SUMMARY BENNETT MONARCH LOFTS PER DOOR

Total Utilities $19,887 $764

Administrative $22,597 $869

Total Maintenance $19,899 $765

Taxes $54,792 $2,107

Total Legal, Financial, and Insurance $11,339 $436

Gross Expenses $128,516 $4,942

Net Operating Income $218,771 $8,414



INCOME & EXPENSES

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

1 1 1 605 $1,050 $1.74 $1,095 $1.81 $500

2 1 1 582 $765 $1.31 $1,095 $1.88

3 1 1 625 $1,025 $1.64 $1,095 $1.75 $500

4 1 1 569 $1,050 $1.85 $1,095 $1.92 $500

5 1 1 561 $800 $1.43 $1,095 $1.95

6 1 1 561 $975 $1.74 $1,095 $1.95 $500

7 1 1 605 $1,095 $1.81 $1,095 $1.81 $500

8 1 1 582 $1,015 $1.74 $1,095 $1.88 $500

9 1 1 625 $1,095 $1.75 $1,095 $1.75 $500

10 1 1 569 $1,082 $1.90 $1,095 $1.92 $650

11 1 1 561 $1,050 $1.87 $1,095 $1.95

12 1 1 561 $1,050 $1.87 $1,095 $1.95

14 1 1 770 $1,333 $1.73 $1,395 $1.81 $500

15 1 2 770 $1,200 $1.56 $1,395 $1.81

16 1 1 770 $927 $1.20 $1,395 $1.81 $300

17 1 1 625 $1,050 $1.68 $1,095 $1.75

18 1 1 569 $725 $1.27 $1,095 $1.92 $300

19 1 1 561 $1,095 $1.95 $1,095 $1.95

20 1 1 561 $695 $1.24 $1,095 $1.95 $300



RENT ROLL

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

21 1 2 770 $1,250 $1.62 $1,395 $1.81 $500

22 1 2 770 $1,395 $1.81 $1,395 $1.81 $500

23 1 1 770 $1,350 $1.75 $1,395 $1.81 $500

24 1 1 605 $1,095 $1.81 $1,095 $1.81

25 1 1 569 $1,050 $1.85 $1,095 $1.92

26 1 1 569 $1,050 $1.85 $1,095 $1.92 $1,050

27 1 1 561 $825 $1.47 $1,095 $1.95 $300

Totals/Averages 16,246 $27,092 $1.67 $30,270 $1.87 $8,400



RENT ROLL



ADDITIONAL PHOTOS


SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

1910 Bennett Ave

Dallas, TX 75206

$4,389,500 16,246 SF $270.19 $168,827 5.0% - 26

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

1820 N GarrettDallas, TX75204

$3,675,000 19,600 SF $187.50 $131,250 4.5% - 28 10/20/2017

Douglas Flats2902 DouglasDallas, TX 75219

$4,680,000 19,572 SF $239.12 $180,000 5.0% - 26 08/21/2017

6202 Gaston6202 GastonDallas, TX 75214

$2,635,000 14,625 SF $180.17 $155,000 5.0% - 17 10/10/2016

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Totals/Averages $3,663,333 17,932 SF $204.29 $154,766 4.83% - 23.67

1

2

3


SALE COMPS SUMMARY


1910 Bennett Ave | Dallas, TX 75206SUBJECT PROPERTY

1 Dallas, TX75204

1820 N GARRETT2 2902 Douglas

Dallas, TX 75219

DOUGLAS FLATS3 6202 Gaston

Dallas, TX 75214

6202 GASTON


SALE COMPS MAP


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

1910 Bennett Ave

Dallas, TX 75206

1 br / 1 ba1 br / 2 ba

$1.67 0 SF 16,246 SF 26 100.0%

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

5609 RossDallas, TX75206

Studio $2.50 400 SF 4,483 SF 12 100%

Delano2806 ReaganDallas, TX 75219

1-1 $1.92 650 SF 11,822 SF 19 100%

Douglas Flats2902 DouglasDallas, TX 75219

1-1 $1.86 700 SF 19,572 SF 26 100%

Apartments at M Streets1925 MoserDallas, TX 75206

1-1 $1.92 650 SF 65,620 SF - -

Totals/Averages $2.05 $2.05 600 SF 25,374 SF 19 100%

1

2

3

4


RENT COMPS SUMMARY


1 Dallas, TX75206

5609 ROSS2 2806 Reagan

Dallas, TX 75219

DELANO3 2902 Douglas

Dallas, TX 75219

DOUGLAS FLATS4 1925 Moser

Dallas, TX 75206

APARTMENTS AT M STREETS

1910 Bennett Ave | Dallas, TX 75206SUBJECT PROPERTY


RENT COMPS MAP



REGIONAL MAP

0.5 MILES 1 MILE 1.5 MILES

Total population 9,133 31,176 61,183

Median age 30.1 31.1 31.6

Median age (male) 30.9 31.9 32.4

Median age (female) 28.8 29.5 30.5

Total households 3,402 12,926 28,711

Total persons per HH 2.7 2.4 2.1

Average HH income $45,666 $54,888 $76,892

Average house value $216,132 $238,801 $265,020

* Demographic data derived from 2010 US Census



DEMOGRAPHICS REPORT

POPULATION 0.5 MILES 1 MILE 1.5 MILES

Total population 9,133 31,176 61,183

Median age 30.1 31.1 31.6

Median age (male) 30.9 31.9 32.4

Median age (Female) 28.8 29.5 30.5

HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES

Total households 3,402 12,926 28,711

# of persons per HH 2.7 2.4 2.1

Average HH income $45,666 $54,888 $76,892

Average house value $216,132 $238,801 $265,020

* 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

Documents

1910 BENNETT AVE - LoopNetimages4.loopnet.com/d2/yP1ft7ib2dm-UGYYAoQk-9b3... · SUBJECT PROPERTY UNIT TYPE RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY % 1910 Bennett Ave Dallas,