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A 48-UNIT MULTIFAMILY INVESTMENT OPPORTUNITYJONESBORO, AR
EXCLUSIVE OFFERING MEMORANDUM
CEDARPARK
PROPERTY DETAILS
PROPERTY INFORMATION
PRICE $3,329,985
ADDRESS 111 Daybreak Drive, Jonesboro, AR
PROPERTY TYPE LIHTC
NUMBER OF UNITS 48
YEAR BUILT 2003
AVERAGE LOT ACREAGE 4.16 acres (12 units/acre)
AVERAGE UNIT SIZE 1,348 SF
AVERAGE ASKING RENT $709
OCCUPANCY 92%
TERMS Free-and-Clear
PLACED IN SERVICE 2005
END OF COMPLIANCE PERIOD 2019
END OF EXTENDED USE PERIOD 2034
QUALIFIED CONTRACT ELIGIBLE YesMECHANICAL SYSTEMS
ELECTRICITY Paid by Tenant (Separately Metered)
WATER/SEWER Paid by Management
GAS N/A
TRASH Paid by ManagementCONSTRUCTION
STYLE Garden
NUMBER OF BUILDINGS 4 Residential Bldgs., 1 Community Bldg.
HEIGHT 3-Stories
FOUNDATION Slab
FRAMING Wood
EXTERIORS Vinyl
ROOF SYSTEM Hip with Composite Shingle
WINDOWS Single Hung Aluminum
ENTRY DOORS Metal Insulated/6-Panel
INTERIOR DOORS Hollow Core Wood
ELECTRICAL WIRING Copper
PLUMBING Copper & CPVC
HOT WATER Electric
HVAC Electric Heat PumpPERSONNEL OVERVIEW
PROPERTY MANAGER Full-Time
MAINTENANCE Part-Time
COMMUNITY AMENITIES
• Limited Access Gate• Clubhouse• Business Center• Children's Playground• Swimming Pool
• Picnic Area with BBQ Grill• Laundry Facility• Additional Storage Space• Management On-Site• Planned Social Activities
UNIT MIX
UNIT TYPE # OF UNITS UNITSIZE (SF)
GROSS RENT LIMIT
UTILITY ALLOWANCE
NET MAXRENT
ASKINGRENT
IN-PLACERENT
PROFORMA RENT $/SF
3BR/2BA - 30% AMI 2 1,348 $462 $102 $360 $336 $334 $336 $0.25
3BR/2BA - 60% AMI 36 1,348 $924 $102 $822 $725 $692 $725 $0.54
3BR/2BA - Market 10 1,348 - - - $725 $683 $725 $0.54
TOTALS/AVERAGES 48 1,348 - - - $709 $675 $709 $0.53
UNIT FEATURES
• All Electric Kitchen• Ceiling Fans• Carpet & Vinyl Flooring• Window Coverings
• Patio/Balcony• Walk-In Closets• Wheelchair Accessible (Rooms)• Washer & Dryer Connections
111 DAYBREAK DRIVEJONESBORO, AR 72401
EXCLUSIVE OFFERING MEMORANDUMA 48-UNIT MULTIFAMILY INVESTMENT OPPORTUNITY
PROFORMA
PROFORMA
INCOME TOTAL / UNIT or % GSR
Gross Potential Rent (GPR) $408,264 $4,253
Gross (Loss) to Lease $0 0.0%
GROSS SCHEDULED RENT (GSR) $408,264 $4,253
Vacancy ($20,413) (5.0%)
Bad Debt ($2,041) (0.5%)
Concessions $0 0.0%
Total Economic Loss ($22,455) (5.5%)
Total Other Income $24,960 $260
EFFECTIVE GROSS INCOME (EGI) $410,769 $4,279
OPERATING EXPENSES TOTAL / UNIT
Administrative $12,000 $250
Marketing $2,400 $50
Payroll & Burden $57,600 $1,200
Turnover Cost $9,600 $200
Contracted Services $12,000 $250
Repair & Maintenance $24,000 $500
Utilities $20,832 $434
Management Fees $24,646 6.0%
Real Estate Taxes $26,218 $546
Other Taxes $0 $0
Property/Liability Insurance $19,200 $400
TOTAL OPERATING EXPENSES $208,496 $2,172
NET OPERATING INCOME (NOI) $202,273 $2,107
Capital Expenses / RR $14,400 $300
NOI LESS CAP EX / RR $187,873 $1,957
111 DAYBREAK DRIVEJONESBORO, AR 72401
EXCLUSIVE OFFERING MEMORANDUMA 48-UNIT MULTIFAMILY INVESTMENT OPPORTUNITY
© 2020 Newmark Knight Frank. All Rights Reserved. This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Newmark Knight Frank (NKF) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by Newmark Knight Frank was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.
NKF Affordable Housing WebsiteNewmark Knight Frank: 2530 Walsh Tarlton Lane, Suite 200, Austin, TX 78746 | T 512.342.8100
Additional property information is available on our website at:http://arausa.listinglab.com/CedarPark
THE MALL AT TURTLE CREEK
ARKANSAS STATE UNIVERSITY
DOUGLAS MACARTHURJUNIOR HIGH SCHOOL
NORTH ELEMENTARY SCHOOL
NETTLETON HIGHSCHOOL
NEA BAPTISTMEMORIAL HOSPITAL
ST. BERNARDSMEDICAL CENTER
JOE MACK CAMPBELL PARK
PARKER PARK
CITY WATERAND LIGHT PARK
CEDARPARK
INVESTMENT TEAM:
Tommy [email protected]
Derek DeHay, [email protected]
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