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472 S G SC R , CO 80104
APARTMENTSAPARTMENTS
For SaleFor Sale
32-U V -A | I O
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S SUnits ................................................................ 32YOC/ Year Renovated ................................... 1985Rentable Square Feet ............................... 29,300Average Unit Square Feet .............................. 916Number of Buildings .......................................... 4Lot Size ...............2.19 Acres + 1 acre vacant landDensity ............................... 14.61 Units per AcreParking Spaces ................................................. 92 Parking Ra o ........................................ 2.88/unitCurrent Occupancy ..................................... 100%
A SPrice ..........................................................MarketTerms .......................................................All Cash Interest ...............................................Fee Simple
C SStyle ......................................................... GardenFounda on ............................................ConcreteFraming............................................Wood FrameExterior ........................................................ BrickRoof ...................................... Pitched/Composite Parking .................................................... .Asphalt
M SHea ng .................................. Electric BaseboardCooling .................................................. Wall A/CDomes c Hot Water ......Individual Water HeaterPlumbing ................................................. Copper Electrical Wiring ...................................... CopperFire Protec on ......................................DetectorsCO Protec on .......................................Detectors
U A› White Shaker Style Cabinets
› Stainless Steel Appliances
› Dishwasher
› Wood-Style Plank Flooring
› Newly Remodeled Bathrooms
› Washer & Dryer Hook-ups
APARTMENTSAPARTMENTS
472 S G SC R , CO 80104
Property OverviewProperty Overview
WW M 1980 V APinon Manor is a very well maintained 1980s vintage asset that offers tenants large, open floor plans with in-unit washer and dryer and individual water heaters. Recent capital projects include:
› New Roofs – 2017› Repainted – 2017› Closed-cell Polyurethane A c Insula on - 2015
OOpportunity to Increase NOI by Finishing Unit Renovation Program & Allowing PetsThe current owner has fully renovated 20 of 32 units for an average cost of approximately $5,500 per unit with an average rent premium, depending on fl oor plan, of over $100. Comparable proper es in the submarket are achieving far greater rent premiums (see Rent Comparable sec on) as well as off ering residents the op on of having pets. The future owner can drive revenue by fi nishing the current renova on plan or increasing the scope and drive rents in-line with comparable proper es as well as allow pets and charge pet rent and pet fees.
O D A 18 U C - L
This property includes a con guous 1-acre land parcel permi ed for an addi onal 18-units. The future owner can deliver these units while improving common areas and landscaping to totally transform the community. Recent sales of newly constructed mul family assets in Castle Rock have sold for nearly $300k per unit.
HH D C LPinon Manor is located in Castle Rock, CO, one of the most desirable towns to live in the Denver MSA and ranked as the 7th fastest growing city in America according to U.S. Census Data from May 2017 (see Castle Rock Economic Development Council). Distances to key loca ons:
› Downtown Castle Rock – 0.6 miles› Outlets at Castle Rock – 4.2 miles› Denver Tech Center – 19.4 miles› Downtown Denver – 31.3 miles
GG M FThe Denver MSA apartment market has performed extremely well since thegreat recession and is poised to con nue the same trend.
Key InvestmentsKey Investments
*Source: Yardi Matrix
DENVER YEAR AVERAGE RENTS
RENT GROWTH
Y O YVACANCY
RATE
Historical (Q3) 2019 $1,579 4.7% 4.9%
Forecast
(Q3)
2020 $1,614 1.7% 4.7%
2021 $1,668 3.3% 4.5%
2022 $1,751 5.0% 4.4%
2023 $1,843 5.2% 4.2%
2024 $1.938 5.2% 4.0%
R I Per Unit Per SF %GPRGross Poten al Rent $528,600 $16,519 $18.04 100.00%Gain (Loss)-to-Lease $0 $0 $0.00 0.00%Net Poten al Rent $528,600 $16,519 $18.04 100.00%Vacancy Loss ($26,430) ($826) ($0.90) -5.00%Concessions $0 $0 $0.00 0.00%Non Revenue Units $0 $0 $0.00 0.00%Other Rent Loss $0 $0 $0.00 0.00%NET RENTAL INCOME $502,170 $15,693 $17.14 95.00%
O IU lity Reimbursement $26,223 $819 $0.89 4.96%Miscellaneous $6,360 $199 $0.22 1.20%Total Other Income $32,584 $1,018.24 $1.11 6.16%EFFECTIVE GROSS INCOME $534,754 $16,711 $18.25 101.16%
E % EGIGeneral & Administra ve $4,800 $150 $0.16 0.90%Marke ng & Promo on $4,800 $150 $0.16 0.90%Payroll $0 $0 $0.00 0.00%Repairs & Maintenance $8,000 $250 $0.27 1.50%Turnover $8,000 $250 $0.27 1.50%Contract Services $4,800 $150 $0.16 0.90%Controllable Expenses Subtotal $30,400 $950 $1.04 5.68%U li es $30,851 $964 $1.05 5.77%Management Fee $42,780 $1,337 $1.46 8.00%Property Taxes $22,596 $706 $0.77 4.23%Insurance $15,422 $482 $0.53 2.88%Non-Controllable Expenses Subtotal $111,650 $3,489 $3.81 20.88%TOTAL OPERATING EXPENSES $142,050 $4,439 $4.85 26.56%NOI BEFORE RESERVES $392,704 $12,272 $13.40 73.44%Reserves & Replacements $8,000 $250 $0.27 1.50%NOI AFTER RESERVES $384,704 $12,022 $13.13 71.94%
This document has been prepared by Colliers Interna onal for adver sing purposes only. The informa on contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, no warranty or representa on is made of the foregoing informa- on. Terms of sale or lease and availability are subject to change or withdrawal without no ce.
Unit MixUnit Mix
Investment Pro FormaInvestment Pro Forma
F P B B U U M SF
N E
R /U
P F R /U
1x1 Classic 1 1 1 3.13% 600 $900 $1,2002x1 Classic 2 1 3 9.38% 900 $1,000 $1,3502x1 Par al 2 1 7 21.88% 900 $1,079 $1,3502x1 Full 2 1 17 53.13% 900 $1,250 $1,3503x1 Par al 3 1 1 3.13% 1,100 $1,250 $1,6003x1 Full 3 1 3 9.38% 1,100 $1,483 $1,600Total / Wtd. Average 32 100% $1,289 $1,377
S Circle Dr
Castle RockCastle Rock
Community Community
RecreationRecreation
CenterCenter
Metzler RanchMetzler Ranch
CommunityCommunity
Park Park
DOUGLAS COUNTY HIGH SCHOOL
Rock ParkRock Park
DowntownDowntown
Castle RockCastle Rock
Memmen RidgeMemmen Ridge
Open SpaceOpen Space
APARTMENTSAPARTMENTS
CRAIG STACK
Senior Vice President720 833 [email protected]
BILL MORKES
Vice President303 283 [email protected]
COLLIERS INTERNATIONAL DENVER
4643 South Ulster Street | Suite 1000 | Denver, CO 80237+1 303 745 5800 | FAX: +1 303 745 5888www.colliers.com/Denver
APARTMENTSAPARTMENTS
