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Confidential Offering Memorandum
ANDI LYNN FLATS213-233 S INGALLS STREET I LAKEWOOD, CO 80214
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Table of Contents
Andi Lynn Flats213-233 Ingalls Street | Lakewood, CO 80214
Executive Summary
Financial Analysis
Sales Comparables
Location Overview
Josh [email protected]
Lindsey SantaulariaDirector of Team
[email protected]
One Broadway, Suite A300Denver, Colorado
80203303.962.9555www.PinnacleREA.com
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EXECUTIVE SUMMARY
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Andi Lynn Flats213-233 Ingalls Street, Lakewood, CO 80214
Units: 16
Year Built: 1960
List Price: $3,149,000
Price/Unit: $196,813
Price/SF: $237.48
Building Type: Brick
Building Size: 13,260
Lot Size: 0.75 Acres
Roof: Pitched - Newer
Heating: Hot Water Boiler - New
Parking: 30 Off-Street Parking Spaces
Property Features
• Fully Renovated with New Interiors, Granite/New
Cabinets, Roofs, Boilers, Windows, Paint, Landscaping
and More
• Hardwood Flooring in Excellent Condition
• All 2-Bedroom Units
• Expansive Lot with Picnic and BBQ Area
• Just One Mile from Belmar Shopping Center
• Pure, Turn-Key Asset!
Property Overview
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Property Overview
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FINANCIAL ANALYSIS
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Rent Roll
Unit Status Type Rent213 Current 2Bd/1Ba $1,315215 Current
2Bd/1Ba $1,375217 Current 2Bd/1Ba $1,350219 Current 2Bd/1Ba
$1,375223 Current 2Bd/1Ba $1,375225 Current 2Bd/1Ba $1,325227
Current 2Bd/1Ba $1,350229 Current 2Bd/1Ba $1,375233 Current 2Bd/1Ba
$1,350235 Current 2Bd/1Ba $1,325237 Current 2Bd/1Ba $1,325239
Current 2Bd/1Ba $1,375243 Current 2Bd/1Ba $1,325245 Current 2Bd/1Ba
$1,350247 Current 2Bd/1Ba $1,375249 Current 2Bd/1Ba $1,350
$21,615Total 16 Units
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Income & Expenses Analysis
UNIT MIX AND AVERAGE RENT SCHEDULE
UNIT TYPE No. ofUnitsApprox.
SFCurrent
RentMonthlyIncome
CurrentRent/SF
Pro Forma Rent
MonthlyIncome
Pro Forma Rent/SF
2 Bed 1 Bath 16 825 $1,351 $21,615 $1.64 $1,375 $22,000
$1.67TOTAL 16 13,200 $21,615 $22,000
INCOME CURRENT PRO FORMAGross Potential Rent $259,380
$264,000Other Income Laundry Income (Actual - 2017) $6,557
$6,557Total Other Income $6,557 $6,557
Gross Potential Income $266,937 $270,557Vacancy/Collection Loss
(Market) 5.00% ($12,969) 5.00% ($13,200)EFFECTIVE GROSS INCOME
$252,968 $257,357
EXPENSES CURRENT PRO FORMATaxes (Actual - 2018) $10,162
$10,162Insurance (Actual - 2017) $5,814 $5,814Gas & Electric
(Actual - 2017) $7,882 $7,882Water & Sewer (Actual - 2017)
$4,984 $4,984Trash (Actual - 2017) $1,062 $1,062Maint. &
Repairs (Actual - 2017/ Estimated: $650/Unit/Year) $14,817
$10,400Management Fee (Actual - 2017/ Estimated: 7%) $18,727
$18,015Administrative (Actual - 2017) $820 $820Legal &
Professional (Estimated) $2,500 $2,500TOTAL EXPENSES $66,768
$61,639Expenses per Unit $4,173 $3,852Expenses per SF $5.06 $4.67%
OF EGI 26.4% 24.0%NET OPERATING INCOME $186,200 $195,718
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Pricing Analysis
Price: $3,149,000 CASH FLOW INDICATORS CASH FLOW INDICATORS
Price/Unit: $196,813 Net Operating Income $186,200 Net Operating
Income $195,718
Price/SF: $237.48 Debt Service ($152,141) Debt Service
($152,141)
Net Cash Flow 4.33% $34,059 Net Cash Flow 5.54% $43,577
Principal Reduction $34,844 Principal Reduction $34,844
Total Return 8.75% $68,904 Total Return 9.96% $78,422
Loan Amount: $2,361,750
Down Payment: $787,250
Interest: 5.00% CAP Rate 5.91% CAP Rate 6.22%
Amortization: 30 Years Price Per Unit $196,813 Price Per Unit
$196,813
Monthly Payment: ($12,678) Price Per Foot $237.48 Price Per Foot
$237.48
Proposed Financing
VALUE INDICATORS
Pro FormaInvestment Summary Current
VALUE INDICATORS
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SALES COMPARABLES
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Number of Units: 14
Year Built: 1956
Sale Price: $2,575,000
Sale Date: 07/09/2018
Price/Unit: $183,929
Price/SF: $243.02
Unit Mix:
11 2Bd/1Ba
3 3Bd/1Ba
Number of Units: 10
Year Built: 1959
Sale Price: $1,900,000
Sale Date: 05/30/2018
Price/Unit: $190,000
Price/SF: $314.05
Unit Mix:
2 2Bd/1Ba
8 3Bd/1Ba
Number of Units: 17
Year Built: 1961
Sale Price: $3,190,000
Sale Date: 04/17/2018
Price/Unit: $187,647
Price/SF: $210.01
Unit Mix:
6 1Bd/1Ba
11 2Bd/1Ba
Comparable Sales
1 2 3
SUBJECT SUBJECT
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Lighthouse 6130 W 40th Avenue
Wheat Ridge, CO
3355-3373 Sheridan BlvdWheat Ridge, CO
Red Brick 1363 Pierce Street
Lakewood, CO
SUBJECT
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LOCATION OVERVIEW
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Location Overview
LAKEWOOD COUNTRY CLUB
POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME
1 mile 8,400
3 mile 61,945
5 mile 196,061
HOUSEHOLDS
POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME
1 mile $53,718
3 mile $49,988
5 mile $58,585
MEDIAN HH INCOME
POPULATION RESIDENTIAL COUNT AVERAGE HH INCOME
1 mile 21,747
3 mile 169,749
5 mile 445,821
POPULATION
W ALAMEDA AVENUE
S W
AD
SW
OR
TH
BL
VD
213-233 S Ingalls Street
BELMAR
S S
HE
RID
AN
BL
VD
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Location Overview
Encompassing approximately 44 square miles in Jefferson County,
Lakewood sits between the Rocky Mountains and the heart of Denver.
As the 5th largest city in Colorado by population, Lakewood is a
key component of the 7 county Denver-Aurora-Lakewood
Metropolitan Statistical Area. Surrounded by several major
universities and research facilities, including the world renowned
Colorado School of Mines, Lakewood has one of the most highly
educated workforces in the country with 36% of residents holding a
bachelor’s degree or higher. The city has dedicated more than 7,100
acres to parks and open space, with approximately 200 miles of
hiking and biking trails.
Lakewood has also become a hotbed for employment in the
aerospace, financial services, technology firms and government
sectors with corporations such as 1stBank, The Integer Group, and
HomeAdvisor holding large employment centers in Lakewood.
Government is Lakewood’s most dense employment sector, largely due
to the presence of the Denver Federal Center. Home to employees
from 26 different Federal agencies, Lakewood boasts the largest
concentration of federal agencies outside of Washington D.C. The
city also hosts employment concentrations in the mining/oil and
gas/energy related, medical device manufacturing, and renewable
energy sectors. Recently, Denver’s RTD program has made a concerted
effort to bring light rail to Denver’s west suburbs.
Lakewood has become the beneficiary of the RTD W Line which
opened in 2013, giving significant boost to local business and
commuters living in the city.
LAKEWOOD DEMOGRAPHICS
Population 153,621
Population Growth 2010-2016 7.4%
Households 67,482
Household Growth 2010-2016 9.2%
Median Age 40
Total Employment 77,626
Average Household Income $76,206
Median Home Value $289,628
RTD LIGHT RAILLAKEWOOD
W LINE
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Disclaimer
This confidential Offering Memorandum, has been prepared by
Pinnacle Real Estate Advisors, LLC (“Pinnacle REA”) for use by a
limited number of qualified parties. This Offering Memorandum has
been provided to you at your request based upon your assurances
that you are a knowledgeable and sophisticated investor in
commercial real estate projects and developments. Pinnacle REA
recommends you, as a potential buyer/investor, should perform your
own independent examination and inspection of the property located
at 213-233 S Ingalls Street in Lakewood, Colorado (the “Property”)
and of all of the information provided herein related to the
Property. By accepting this Offering Memorandum, you acknowledge
and agree that you shall rely solely upon your own examination and
investigation of the Property and you shall not rely on any
statements made in this Offering Memorandum or upon any other
materials, statements or information provided by Pinnacle REA or
its brokers.
Pinnacle REA makes no guarantee, warranty or representation
about the completeness or accuracy of the information set forth in
this Offering Memorandum. You are responsible to independently
verify its accuracy and completeness. Pinnacle REA has prepared the
information concerning the Property based upon assumptions relating
to the general economy, its knowledge of other similar properties
in the market, and on other market assumptions including factors
beyond the control of the Pinnacle REA and the Owner of the
Property. Pinnacle Real Estate Advisors make no representation or
warranty as to either the accuracy or completeness of the
information contained herein, and the information set forth in this
Offering Memorandum in not intended to be a promise or
representation as to the future performance of the Property.
Although the information contained herein is believed to be
accurate, Pinnacle REA and the Property Owner disclaim any
responsibility or liability for any inaccuracies. Further, Pinnacle
REA and the Property Owner disclaim any and all liability for any
express or implied representations and warranties contained in, or
for any omissions from, the Offering Memorandum and for any
other
written or oral communication transmitted or made available to
you. Pinnacle REA shall make available to you, as a qualified
prospective investor, additional information concerning the
Property and an opportunity to inspect the Property upon written
request. This Offering Memorandum and the contents are intended to
remain confidential except for such information which is in the
public domain or is otherwise available to the public. By accepting
this Offering Memorandum, you agree that you will hold and treat
Offering Memorandum in the strictest confidence, that you will not
photocopy or duplicate it, or distribute it. You agree you will not
disclose this Offering Memorandum or its contents to any other
person or entity, except to outside advisors retained by you and
from whom you have obtained an agreement of confidentiality,
without the prior written authorization of Pinnacle REA. You agree
that you will use the information in this Offering Memorandum for
the sole purpose of evaluating your interest in the Property. If
you determine you have no interest in the property, kindly return
the Offering Memorandum to Pinnacle REA at your earliest
convenience.
Investment Contacts:
Josh Newell, Principal303.962.9559 | [email protected]
Lindsey Santaularia, Director of Team Operations303.962.9573 |
[email protected]
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Confidential Offering Memorandum
ANDI LYNN FLATS213-233 S INGALLS STREET I LAKEWOOD, CO 80214
