Boreas Drive ... BOREAS DRIVE APARTMENTS 12302 BOREAS DRIVE HOUSTON, TX 77039 Apartments for Sale Units:

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  • A P A R T M E N T H O M E S

    Boreas Drive

  • BOREAS DRIVE APARTMENTS 12302 BOREAS DRIVE HOUSTON, TX 77039 Apartments for Sale

    Units: 10 Avg Size: 528 Date Built: 1985 Rentable Sq. Ft.: 5,280 Acreage: 0.50 Occupancy: 100% Class: C

    SALIENT FACTS:

    ♦ Available on a All Cash or New Loan Basis ♦ Close to work centers

    ♦ 10 unit duplex located in the Aldine submarket ♦ Maintains high occupancy ♦ Great upside potential ♦ Ideal starter property for the small investor ♦ Blue collar tenant profile ♦ NO TOURS ALLOWED WITHOUT AN ACCEPTED LOI ♦ Easy access to I-69, I-45, Beltway 8, Hardy Toll and Downtown Houston

    Market

    For More Information Please Contact:

    Tom Wilkinson twilk4@ketent.com

    713-355-4646 ext 102

    1770 St. James Place Suite 382 Houston, TX 77056

    www.ketent.com

  • BOREAS DRIVE APARTMENTS 12302 BOREAS DRIVE HOUSTON, TX 77039

    Asking Price Est Mkt Rent (Jul-20) Price Per Unit Amortization (months) Current Avg Rent Price Per Sq. Ft. Debt Service Stabilized NOI Monthly P & I

    Interest Rate Date Due

    Water Meter / Master Master (1 meter) Est Res for Repl/Unit/Yr Yield Maintenance

    Pitched

    PRO-FORMA INCOME Current Street Rent with a 5% Increase $7,665 / Mo Estimated Gross Scheduled Income $7,665 / Mo Estimated Loss to Lease (1% of Total Street Rent) 1% Estimated Vacancy (4% of Total Street Rent) Estimated Concessions and Other Rental Losses (% of Total Street Rent) 0% Estimated Utilities Income Estimated Other Income $175 / Unit / Yr Estimated Total Rental Income ESTIMATED TOTAL PRO-FORMA INCOME $7,428 / Mo

    3 Mo Avg Income Annualized

    Fixed Expenses 2019 Tax Rate & Future Assessment

    7/20 operating statement Estimated

    $1,431 per Unit $1,582 per Unit

    Gas

    Total Utilities $658 per Unit $565 per Unit

    Other Expenses General & Admin & Marketing Repairs & Maintenance Labor Costs Contract Services Management Fees 0.00% $ per Unit 5.00% $446 per Unit Total Other Expense $227 per Unit $996 per Unit

    Total Operating Expense $2,315 per Unit $3,142 per Unit Reserve for Replacement $300 per Unit $300 per Unit

    Total Expense $2,615 per Unit $3,442 per Unit Net Operating Income (Actual Underwriting)

    Asking Price Cap Rate

    Proposed Debt Equity Estimated Debt Service Cash Flow

    Cash on Cash

    1,750

    0 0 $ / Unit / Yr

    Estimated Fixed Expenses

    Estimated Expenses

    (3,679)

    $11,432

    PRO-FORMA

    91,980

    89,131

    Est Future Tax Assessment

    Proposed Loan Parameters

    A/C Type: HVAC-Indiv

    Physical Information

    Number of Units New Loan @ 65% of Value

    20.000

    Avg Unit Size

    Financial Information

    10 528

    Market

    Physical Occ (Jul-20)5,280 0.50Land Area (Acres) $54,708

    1985

    Indiv

    Units per Acre

    Elec Meter Roof Style

    DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the price at anytime without notice during the marketing period.

    $1,500

    $0

    $0 $85

    $1,754 $426

    $175 per Unit

    MarketMarket

    31,423

    54,708 34,423

    9,957

    3,000

    54,708

    Operating Information

    NOTES: ACTUALS: Income and Expenses calculated using owner's onwer's July, 2020 - 12 month trailing operating statement. Taxes are based on 2019 HCAD/Aldine ISD/MUD Tax Invoices. PRO FORMA: Income is Pro Forma as Noted. Taxes were calculated using 2019 Tax Rate & Future Assessment. Insurance is estimated. Management Fees calculated as 5.% of Gross Income, Other expenses are Estimated for the Pro Forma.

    26,153

    5,651

    $4,500

    100%

    4%

    $438

    $300

    4.00%

    2020 Tax Assessment $11,432

    91,980

    Est Ins per Unit per Yr

    $7,300 $7,290

    10 Yrs

    Yes

    Property Tax Information

    Net Rentable Area

    3.31828Tax Rate (2019)

    Est Future Taxes

    89,131

    $344,519

    $344,519 Est 2020 Taxes

    $43 per Unit

    23,153

    $8 per Unit

    Other Expenses

    $300 per Unit $150 per Unit

    $3,000

    $450 per Unit

    $115 per Unit$1,151

    Estimated Other Expenses

    MODIFIED ACTUALS

    $0$ per Unit

    2,265

    15,816

    (920)

    Trash

    Water & Sewer

    $115 per Unit

    Date Built

    $0 $ per Unit

    Utilities Total Fixed Expense

    Utilities Electricity $ per Unit$0

    14,310

    $5,427

    INCOME

    $993 per UnitTaxes

    EXPENSE $87,480

    Fixed Expenses

    Insurance

    Aug '19 thru Jul '20 Expenses

    61,327

    61,327

    3,000

    Estimated Utilities

    $0 $ per Unit

    $0 $ per Unit

    $100 per Unit$1,000 $ per Unit

    $4,457

    6,578

    $4,384$438 per Unit$4,384 $9,926 2019 HCAD/Aldine ISD/MUD Tax Invoices

    $543 per Unit

    $1,151

    $11,432 $1,143 per Unit $438 per Unit

    7/23/2020 BoreasDriveApartments

  • PROPERTY OVERVIEW

    BOREAS DRIVE APARTMENTS 12302 BOREAS DRIVE HOUSTON, TX 77039 Keymap: 414G Construction Quality: C

    Age: 1985 Access Gates Park & Ride Nearby Mortgage Balance Elec Meter: Indiv Cable Ready Walk-In Closets Amortization Aldine ISD $1.347115 A/C Type: HVAC-Indiv Laundry Rooms Near-by School Bus Pick-up P & I Harris County $0.407130 Water: Master (1 meter) Mini Blinds Shuttle Route Type Harris County Flood Control $0.027920 Wiring: Majority Copper Bookshelves Assumable Port of Houston Authority $0.107400 Roof: Pitched Ceiling Fans Monthly Escrow Harris County Hospital District $0.165910 Paving: Asphalt Origination Date Harris County Education Dept $0.005000

    Due Date Lonestar College Sys $0.107800

    # of Stories: 1 Interest Rate HC WCID 74 $0.950000 Parking: 15-20 HC Emerg Serv Dist 25 & 1 $0.200000 Buildings: 5 Yield Maintenance 2019 Tax Rate/$100 $3.318275 Units/Acre: 20.00 Transfer Fee 2020 Tax Assessment $344,519

    *In Select Units HCAD Improvement Sq.Ft. 5,280

    https://youtu.be/ISIJjBATY_g

    Materials: Wooden frame with concrete panels and mortar

    PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.

    PROPERTY HIGHLIGHTS

    PROPERTY INFORMATION TAXING AUTHORITY - HARRIS COUNTYEXISTING MORTGAGE ACCT NO: 0471660000075

    AMENITIES

    360

    02

    The Boreas Drive Apartments is 5 one story duplex apartments located in the I-69 North submarket of Houston, Texas. The assets were built in 1985, per HCAD.

    Residents enjoy a completely fenced and gated community with amenities that include mini-blinds, all electric appliances, kitchen pantries and ceiling fans. Water and trash

    are included in the rent. The apartments are all electric with separate electric meters and residents pay their own electric bills. There is one water meter and currently the owner pays for water and doesn't rebill the residents. The property does not have a laundry facility, however, there is one near-by. There are no washer/dryer connections in any of the units. There are 15 to 20 parking spaces. 15 are on the sides of the buildings and residents park in front of their building as well. There is one large dumpster located on the property, paid for by the owner, for the use of all residents.

    There are many industrial and airport employees in the area but minimal new apartments. Ideal to upgrade. Blue collar profile. Per owner, the roofs were replaced in 2017 and the property did not flood during Hurricane Harvey and Imelda. The Broker feels that interior upgrades could result in a rent increase.

    The owner reports that the property tends to stay 100% full. This suggests that there is rental upside. Unit #6 recently renewed with a $40/month increase (renewal begins 10/1/20).

    The broker added a 5% management fee, as, in his experience, there are companies which specialize in remote management of high occupancy properties for a 5% fee. And, any prospective lender will require a management fee in their underwriting.

    NO TOURS ALLOWED WITHOUT ACCEPTED LETTER OF INTENT FROM QUALIFIED BUYER. ALL TOURS BY APPOINTMENT ONLY AND MUST BE SCHEDULED THROUGH THE BROKER.

    PLEASE CLICK ON THE LINK BELOW FOR A VIDEO TOUR OF THE PROPERTY.

    Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. A