Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
M U LT I FA M I LY P R O P E R T YF O R SF O R S A L EA L E
• Four Buildings | 34 Unit Multifamily Portfolio• Studio, One & Two Bedroom Floor Plans• Additional Laundry Income | Off-Street Parking
HAVERHILL MULTIFAMILY PORTFOLIO
Multiple Addresses, Haverhill, MA
DREW KIRKLANDDREW KIRKLAND FRANCIS SFRANCIS SAENZAENZ857.990.6802 857.990.6803
2
CCONFIDENTIALITY & DISCLAIMERONFIDENTIALITY & DISCLAIMER
All materials and information received or derived from Northeast Private Client Group its directors, officers, agents, advisors, affiliates and/orany third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither Northeast Private Client Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express orimplied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. Northeast Private Client Group will not investigate or verify any such mattersor conduct due diligence for a party unless otherwise 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 all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. Northeast Private Client Group makes no warranties and/or representations regarding the veracity, completeness, or relevanceof any financial data or assumptions. Northeast Private Client Group does not serve as a financial advisor to any party regarding any proposedtransaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily meanthat rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions,vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the conditionof the property and whether the property complies with applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed byNortheast Private Client Group in compliance with all applicable fair housing and equal opportunity laws.
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
DISCLAIMERDISCLAIMER
3
PROPERTY OPROPERTY OVERVERVIEWVIEW
Northeast Private Client Group is pleased to present the Haverhill Portfolio located at 87Webster St, 445 S Main St, 425 S Main St & 2 Academy Road in Haverhill, MA.
87 Webster Street is a 6,690 SF six unit multifamily property consisting of two bedroomunits. Tenants pay all utilities & deleaded certificates available. Coin-op laundry.
445 S Main Street is a 10,649 SF 10 unit multifamily property consisting of one bedroomunits. Landlord paid utilities (project scheduled to separate all electric, steam furnace (gas).Coin-op laundry.
425 S Main Street is a 10,124 SF eight unit multifamily property consisting of a studio, 5 onebedrooms & 2 two bedroom units. Landlord paid gas (steam) & tenant paid electric. Coin-oplaundry.
2 Academy Ave is a 8,504 SF 10 unit multifamily property consisting on all one bedroomunits. Tenant paid utilities except hot water. Coin-op laundry.
PROPERTY HIGHLIGHTPROPERTY HIGHLIGHTSS
• 34 Unit Multifamily Portfolio
• Primarily Located in the Bradford Section of Haverhill
• Studio, One, and Two Bedroom Floor Plans
OFFERING SUMMAROFFERING SUMMARYY
Sale Price: $5,000,000
Building Size: 35,967 SF
Price / Unit: $147,058
Cap Rate: 6.59%
Market Cap Rate: 7.51%
NOI: $329,572
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
EXECUTIVE SUMMAREXECUTIVE SUMMARYY
4
PROPERTY DESCRIPTIONPROPERTY DESCRIPTION
Northeast Private Client Group is pleased to present the HaverhillPortfolio located at 87 Webster St, 445 S Main St, 425 S Main St & 2Academy Road in Haverhill, MA.
87 Webster Street is a 6,690 SF six unit multifamily propertyconsisting of two bedroom units. Tenants pay all utilities & deleadedcertificates available. Coin-op laundry.
445 S Main Street is a 10,649 SF 10 unit multifamily propertyconsisting of one bedroom units. Landlord paid utilities (projectscheduled to separate all electric, steam furnace (gas). Coin-oplaundry.
425 S Main Street is a 10,124 SF eight unit multifamily propertyconsisting of a studio, 5 one bedrooms & 2 two bedroom units.Landlord paid gas (steam) & tenant paid electric. Coin-op laundry.
2 Academy Ave is a 8,504 SF 10 unit multifamily property consistingon all one bedroom units. Tenant paid utilities except hot water.Coin-op laundry.
LLOCAOCATION DESCRIPTIONTION DESCRIPTION
Located an hour north of Boston, Haverhill is a quaint city along theMassachusetts-New Hampshire border. The Merrimack River dividesHaverhill into two sections, complementing the town’s abundance ofnatural beauty. The rivers and lakes in Haverhill offer opportunitiesfor swimming, fishing, boating, and even ice skating.
Along with several parks and lakes, Haverhill is filled with countryclubs and golf clubs. Ski Bradford located in the southern part oftown, offering a small hill for big-time winter fun. This cozy cityenjoys a variety of apartment and condo rentals, ranging from luxurylofts to charming, brick houses.
Downtown Haverhill is filled with unique shops, restaurants, andnightlife venues in beautiful historic buildings, nestled along theshores of the Merrimack River. When residents need to make a tripout of town for work or play, locals have easy access to theMassachusetts Bay Transportation Authority’s commuter rail.
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
PROPERTY DESCRIPTIONPROPERTY DESCRIPTION
5
87 Webster Street 2 Academy Avenue
425 South Main Street 445 South Main Street
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
ADDITIONAL PHOADDITIONAL PHOTTOOSS
6
Webster Laundry Webster Bathroom
Webster Kitchen Webster Living Room
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
ADDITIONAL PHOADDITIONAL PHOTTOOSS
7
UNIT TYPEUNIT TYPE CCOUNTOUNT % T% TOOTTALAL AAVERAVERAGE RENTGE RENT LLOOWESWEST RENTT RENT HIGHESHIGHEST RENTT RENT MARKET RENTMARKET RENT
87 Webster - 2 Beds 6 17.6 $1,313 $1,175 $1,450 $1,450
425 S Main St - 1 Bed 5 14.7 $1,254 $1,150 $1,295 $1,300
425 S Main St - Studio 3 8.8 $1,030 $975 $1,065 $1,100
2 Academy Ave - 1 Bed 10 29.4 $1,154 $860 $1,295 $1,300
445 S Main St - 1 Bed 5 14.7 $1,149 $850 $1,300 $1,300
445 S Main St - Studio 5 14.7 $1,035 $735 $1,175 $1,175
Totals/Averages 34 100% $39,699 $43,875
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
UNIT MIX SUMMARUNIT MIX SUMMARYY
8
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
AERIAL MAPAERIAL MAP
9
INVESINVESTMENT OTMENT OVERVERVIEWVIEW AACTUCTUALAL PRO FORMAPRO FORMA
Price $5,000,000 $5,000,000
Price per Unit $147,058 $147,058
GRM 10.5 9.8
CAP Rate 6.6% 7.5%
Cash-on-Cash Return (yr 1) 9.18 % 12.87 %
Total Return (yr 1) $180,773 $226,945
Debt Coverage Ratio 1.53 1.75
OPERAOPERATING DTING DAATTAA AACTUCTUALAL PRO FORMAPRO FORMA
Gross Scheduled Income $476,400 $510,060
Other Income $10,800 $10,800
Total Scheduled Income $487,200 $520,860
Vacancy Cost $19,056 $21,060
Gross Income $468,144 $516,240
Operating Expenses $138,572 $140,496
Net Operating Income $329,572 $375,744
Pre-Tax Cash Flow $114,735 $160,907
FINANCING DFINANCING DAATTAA AACTUCTUALAL PRO FORMAPRO FORMA
Down Payment $1,250,000 $1,250,000
Loan Amount $3,750,000 $3,750,000
Debt Service $214,837 $214,837
Debt Service Monthly $17,903 $17,903
Principal Reduction (yr 1) $66,038 $66,038
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
FINANCIAL SUMMARFINANCIAL SUMMARYY
10
INCINCOME SUMMAROME SUMMARYY AACTUCTUALAL PER UNITPER UNIT PRO FORMAPRO FORMA PER UNITPER UNIT
Gross Scheduled Income $476,400 $14,011 $526,500 $15,485
Vacancy/Collections Loss (4%) -$19,056 -$560 -$21,060 -$619
Laundry Income $10,800 $317 $10,800 $317
Gross Income $468,144 $13,768 $516,240 $15,183
EXPENSE SUMMAREXPENSE SUMMARYY AACTUCTUALAL PER UNITPER UNIT PRO FORMAPRO FORMA PER UNITPER UNIT
Management (4%) $18,725 $550 $20,649 $607
Real Estate Taxes $36,727 $1,080 $36,727 $1,080
Insurance $13,500 $397 $13,500 $397
Water and Sewer $8,000 $235 $8,000 $235
CAM Electric $7,180 $211 $7,180 $211
Gas/Oil $14,680 $431 $14,680 $431
Trash Removal $5,760 $169 $5,760 $169
Repairs and Maintenance $17,000 $500 $17,000 $500
Payroll and Contract $17,000 $500 $17,000 $500
Gross Expenses $138,572 $4,075 $140,496 $4,132
Net Operating Income $329,572 $9,693 $375,744 $11,051
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
INCINCOME & EXPENSESOME & EXPENSES
11
Price: $5,000,000
Units: 34
Price/Unit: $147,059
Price / RSF: $139.02
Cap Rate: 6.59%
Market Cap Rate: 7.51%
GRM: 10.5
Market GRM: 9.8
INVESINVESTMENT SUMMARTMENT SUMMARYY
Loan Amount: $3,750,000
Interest Rate: 4.0%
DCR: 1.53
Term: 30 Years
Monthly Payment: $17,903
Down Payment: $1,250,000
FINANCING SUMMARFINANCING SUMMARYY
UNIT TYPEUNIT TYPE CCOUNTOUNT % T% TOOTTALAL RENTRENT MARKET RENTMARKET RENT
87 Webster-2 Beds 6 17.6 $1,313 $1,450
425 S Main St-1 Bed 5 14.7 $1,254 $1,300
425 S Main St-Studio 3 8.8 $1,030 $1,100
2 Academy Ave-1 Bed 10 29.4 $1,154 $1,300
445 S Main St-1 Bed 5 14.7 $1,149 $1,300
445 S Main St-Studio 5 14.7 $1,035 $1,175
Totals/Averages 34 100% $39,699 $43,875
INCINCOME SUMMAROME SUMMARYY AACTUCTUALAL
Gross Scheduled Income $476,400
Vacancy/Collections Loss (4%) -$19,056
Laundry Income $10,800
Gross Income $468,144
EXPENSE SUMMAREXPENSE SUMMARYY AACTUCTUALAL
Management (4%) $18,725
Real Estate Taxes $36,727
Insurance $13,500
Water and Sewer $8,000
CAM Electric $7,180
Gas/Oil $14,680
Trash Removal $5,760
Repairs and Maintenance $17,000
Payroll and Contract $17,000
Gross Expenses $138,572
Net Operating Income $329,572
Pre-Tax Cash Flow $329,572
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
PRO FORMA SUMMARPRO FORMA SUMMARYY
12
Subject PrSubject Propertyoperty
Multiple Addresses | Haverhill, MA 01830 and 01835
$5,000,000Sale Price: 34Unit Count:$147,059Price / Unit: 35,967 SFRentable SF:$139.02Price PSF:
11
110 Riv110 River Ser Stt110 River St | Haverhill, MA 01832
$880,000Sale Price: 08/13/2019Sale Date:6Unit Count: $146,666Price / Unit:5,672 SFRentable SF: $155.15Price PSF:
1
22
29 4th A29 4th Avvee29 4th Ave | Haverhill, MA 01830
$762,000Sale Price: 06/14/2019Sale Date:6Unit Count: $127,000Price / Unit:9,602 SFRentable SF: $79.36Price PSF:
2
33
109-109-111 High S111 High Stt109-111 High St | Haverhill, MA 01832
$624,000Sale Price: 04/29/2019Sale Date:5Unit Count: $124,800Price / Unit:5,523 SFRentable SF: $112.98Price PSF:
3
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
SSALE CALE COMPSOMPS
HAHAVERHILL MULVERHILL MULTIFTIFAMILAMILY PORTFOLIOY PORTFOLIO | HAVERHILL, MA 01830 AND 01835 | FOR SALE
PROFESPROFESSIONAL BIOSIONAL BIO
13