Nevada Courtyard - LoopNet

Nevada Courtyard4439 W. Nevada Place | Denver, CO 80219

CONFIDENTIAL OFFERING MEMORANDUM

© 2018 Greysteel / 2

04Investment Overview

The Offering

Property Details

Property Aerial

08Regional Overview

Area Highlights

Economic Highlights

Lifestyle Highlights

Demographics

Area Map

Major Employers Map

Retail / Transit Aerial

22Financial Analysis

Pricing Summary

Rent Roll

Unit Mix

Historical/Projected Income & Expenses

10-Year Cash Flow

18Sale Comparables

Sales Comps Map

Sales Comps Matrix


PROPERTY TOUR + OFFER PROCESSProperty Visitation: Prospective purchasers will be afforded the opportunity to visit the Property during prescheduled tours. Tours will include access to a representative sample of units as well as common areas. To not disturb the Property’s ongoing operations, visitation requires advance notice and scheduling.

Available Tour Dates: To schedule your tour of the Property, please contact Scott Whitfield at 303.390.1056 or [email protected].

Offer Submission: Offers should be submitted in the form of a non-binding Letter of Intent to Ryan Floyd at [email protected] or Scott Whitfield at [email protected]. Terms and conditions of Purchasers’ offer should at the minimum include:

• Offer price• Earnest money deposit• Due diligence and closing period• Description of Purchaser qualifications and proof of funds

LEGAL DISCLAIMERSThis Confidential Offering Memorandum (“Memorandum”) is solely for the use of the purchaser. While the information contained in this Analysis has been compiled from sources we believe to be reliable, neither Greysteel nor its representatives make any representations or warranties as to the accuracy or completeness of the information contained in this Analysis. All financial information and projections are provided for reference only and are based on assumptions relating to the general economy, market conditions and other factors beyond our control. Purchaser is encouraged to conduct an independent due diligence investigation, prepare independent financial projections, and consult with their legal, tax and other professional advisors before making an investment decision. Greysteel does not have authority to legally bind the owner and no contract or agreement providing for any transaction shall be deemed to exist unless and until a final definitive contract has been executed and delivered by owner.

All references to acreage, square footage, distance, and other measurements are approximations and must be independently verified.

SALES FINANCEScott [email protected]

Ryan FloydSenior [email protected]

Logan WiltseInvestment [email protected]

Paul HansonInvestment [email protected]

Daniel HartnettSenior Finance [email protected]

TRANSACTION SERVICESAri Firoozabadi*President & CEO

Rebecca WileyMarketing Director

Carl BrownCorporate Financial Analyst

Duerk BrewerChief Operating Officer

Nicole CapobiancoDirector of Transaction Services

Brett BurkhartLead Research Analyst

Yassi GhashghaiDirector of Corporate Services

*For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO ([email protected] | 202.417.3873).

• The Offering

• Property Details

• Property Aerial

Investment Overview


The Offering

Greysteel is pleased to present the opportunity to acquire Nevada Courtyard Apartments, a professionally-managed residential community in North-West Denver. The garden-style property is well-maintained featuring little to no deferred maintenance and contains nine (9) two-bedroom apartments. All of the units received measured interior upgrades in 2016 including upgrades to cabinetry, appliances, countertops, bathrooms, and flooring. Investors will have the opportunity to drive value by implementing a continuation of the kitchen/bathroom improvements securing additional rent premiums from the large workforce renter base in Denver and the surrounding area. The community offers amenities such as on-site parking, walk-up entrance, and rear patios, as well as on-site laundry.

Investment Highlights

• Nevada Courtyard Apartments presents the opportunity to acquire a value-add apartment community with significant future growth prospects.

• Stabilized rent with additional upside potential.


Property Details

Nevada Courtyard Apartments4439 W. Nevada Place • Denver, CO 80219

YEAR BUILT / RENOVATED NEIGHBORHOOD ZONING OWNERSHIP

1956 / 2016 Westwood E-TU-C Fee Simple

Stories 1

Units 9

Buildings 1

Occupancy 100%

ConstructionExterior Brick

Building Height 11.5’

Parking Spaces 9

LocationCounty Denver

Parcel ID 5182-01-015

TaxesCurrent Tax Bill $5,380

6,420GROSS BUILDING SQUARE FEET

12,500 SFLOT SIZE


WEST NEVADA PLACE

WEST ALAMEDA AVENUE

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PROPERTY AERIAL

• Area Highlights

• Economic Highlights

• Lifestyle Highlights

• Demographics

• Area Map

• Major Employers Map

• Retail / Transit Aerial

Regional Overview


AREA HIGHLIGHTS

Metropolitan DenverLocated in central Colorado, the Denver-Aurora-Lakewood Metropolitan Statistical Area consists of ten Colorado Counties totaling a population of over 2.9 million individuals. As the nation’s 19th most populated metro, Denver-Aurora-Lakewood MSA is a key economic center for the state, driven by the growth of a diversified economy ranging from Trade, Transportation, and Utilities to Government, Business, and Health Services. The region boasts a 2.3% unemployment rate accompanied by 3.6% in job growth, which contribute to the Denver-Aurora-Lakewood metro serving as home to a highly educated population, prominent schools and universities, and high incomes, as well as a high quality of life and access to a variety of outdoor recreational activities.

Metro Denver Key Facts:

• No. 7 – Highest average year-over-year population increase since 2010• No. 2 – Best Place to Live 2017 (U.S. News & World Report)• No. 2 – Most Educated State 2017 (U.S. News)• No. 1 – Best Place for Business and Careers 2017 & 2016 (Forbes)• Fortune 500 companies with headquarters in the metro (2017):

Arrow Electronics Inc., DaVita HealthCare Partners Inc., DISH Network Corporation, Liberty Interactive, Ball Aerospace and Technologies Corporation, Newmont Mining, Western Union, Level 3 Communications, Liberty Media, CH2M Hill Companies

City of DenverColorado’s capital, Denver, is nicknamed the Mile High City because of its exact one-mile elevation. Its 2018 population of nearly 715,000 makes it the 19th most populous U.S. city. What started out as a frontier town in 1858 has evolved into an economic center for Colorado and the surrounding Rocky Mountain and Great Plains states. Denver is also located just 340 miles from the exact center of the United States, making it an ideal central location for distribution centers and travel hubs. Three airlines have hubs in the Denver International Airport (DEN), the 6th busiest airport in the nation, and the fares to DEN have dropped nearly 42 percent in the last decade, making it an economical choice for travelers. Its economy is diversified in financial, commercial, federal, high-tech, educational, and tourism services, earning its No. 1 ranking as the “Best Place for Business and Careers” by Forbes in both 2017 and 2016. Denver also offers cultural attractions to its residents and visitors alike, including nationally recognized museums, the second largest performing arts center in the nation, and the Denver Zoo. Denver has more than 200 public parks and 20,000 acres of parks in the adjacent Rocky Mountains. The Downtown District, which features a mile-long pedestrian promenade, is approximately 12 miles east of the foothills of the Rocky Mountains and a starting point for many of the Colorado ski resorts.

Regional Economic Highlights: (*Per the Bureau of Labor Statistics as of May 2018)

3.6%EMPLOYMENT GROWTH

(Y-O-Y)

1,499,700TOTAL NONFARM

EMPLOYMENT

2.3%UNEMPLOYMENT

RATE

MAJOR GROWTH SECTORSInformation, Mining, Logging, and

Construction, Manufacturing


DENVER HEALTH (3.0 MILES) SAINT JOSEPH HOSPITAL (4.5 MILES) UNIVERSITY OF DENVER (5.0 MILES)

ECONOMIC HIGHLIGHTS

Denver Health (3.0 Miles): • Founded in 1997 in response to a need for affordable health care

coverage for employees of the Denver Health Authority and the Career Service Authority.

• Concentrates efforts on delivering quality health care products and services, providing the Denver community with access to high quality, cost-effective, locally managed health care.

• One of the top 25 employers in Metro Denver, with over 5,000 employees.

Denver Federal Center (3.5 Miles): • 623-acre campus with over 4 million square feet of office space housing

roughly 7,000 federal government employees.• 26 different agencies represented making it the largest concentration of

federal agencies outside of Washington, D.C.• Largest employer for the city of Lakewood.

Crossroads Commerce Park (3.9 Miles): • A modern development of nearly 1.0 million square feet of Class A

industrial space located in a central location with building sizes from 17,716–376,598 square feet.

• Minutes from Downtown Denver, providing close proximity to numerous amenities.

• Tenants include ATD, Empire Staple CO, Lennox, GLO, SP, and Inline.

Saint Joseph Hospital (4.5 Miles): • Saint Joseph Hospital was founded in Denver in 1873 by the Sisters of

Charity of Leavenworth as the first private teaching hospital in Colorado. Today, it remains the largest private teaching hospital in Denver.

• The hospital provides a tradition of healthcare that includes compassionate caregivers, stellar clinical expertise and active clinical partnerships with Kaiser Permanente, National Jewish Health and community physicians.

• The 831,000-square-foot hospital is home to 365 beds.• St. Joseph Hospital is a major employer in Denver with 2,370 local employees.

University of Denver (5.0 Miles): • The oldest and largest private university in the Rocky Mountain region,

the University of Denver currently has an undergraduate enrollment of 5,754 and a graduate enrollment of 5, 860. The university has 3,830 faculty and staff, with an average of $222 million spend annually on employee compensation, including wages and benefits.

• Students themselves contributed an estimated $115 million to the Denver metro economy in 2015—revenue generated primarily from housing, shopping and the service economy.

• Total economic benefit of the University for 2015 amounted to an estimated $958.2 million in total output produce by 7,661 University workers.

• The second largest employer in Denver County with 3,830 local employees.


SLOAN’S LAKE PARK (2.3 MILES) MILE HIGH STADIUM (2.5 MILES) PEPSI CENTER (3.2 MILES)

LIFESTYLE HIGHLIGHTS

Belmar (1.7 Miles): • Belmar is a shopping and entertainment district in the heart of Lakewood

designed to operate as a de facto town center.• Over 80 retailers and restaurants, offering a range of national brands and chains.• It is also at very close proximity to two other malls: Alameda Shopping

Center and Lakewood City Commons.• Other amenities: Bocce courts in the park, 100’s of apartment units for

lease, Lucky Strike Bowling, Century 16 movie theatre featuring spacious luxury loungers, Whole Foods Market, community events.

Sloan’s Lake Park (2.3 Miles): • Sloan’s Lake Park is the second largest park in Denver at 177 acres.

Popular activities at the park include hiking, jogging, and biking on the various trails throughout the park, or fishing and boating on the lake.

• The Park is famous to locals as the home of the Dragon Boat Festival celebrating Asian American culture. The event attracts thousands of visitors each summer.

Mile High Stadium (2.5 Miles): • Standing at 5,280 feet above sea level, Broncos Stadium at Mile High field is

known simply as “Mile High,” and is home to the NFL team the Denver Broncos.• The stadium represents the personality of Denver, reflecting the Rocky

Mountains to the west and the famous Denver skyline to the East.

• Located just 50 feet away from the original Mile High stadium, Sports Authority Field uses a massive 1.8 million square feet and is a proud symbol of the city of Denver.

• The arena seats over 76,000 fans, including 8,200 club seats and 144 luxury suites. Along with the Broncos, the arena also hosts the major league lacrosse team the Denver Outlaws, as well as high school sports games, and concerts.

Pepsi Center (3.2 Miles): • The Pepsi Center is a nationally recognized multipurpose arena located

in Downtown Denver, Colorado. The stadium is home to the Denver Nuggets (NBA), the Colorado Avalanche (NHL), and the Colorado Mammoth (NLL). When not in use by sports teams the arena also hosts concerts and special events. Nicknamed “The Can,” Pepsi center is known for its high quality visual and audio affects which help create its buzzing sports atmosphere. The property is 45 acres and the building itself is 675,000 square feet.

• The center is capable of seating over 20,000 people. It hosts about 200 events a year, and with 1000 people needed per event the arena is a strong employment force in the area.

• The arena includes three different restaurants as well as dozens of vendors that provide food and drink options during events.


LIFESTYLE HIGHLIGHTS

Colorado Convention Center (3.4 Miles): • This Multi-purpose convention center in the center of Denver hosts 400 events

per year and is known as one of the architectural landmarks of the city. The center consists of several meeting rooms, two ballrooms, and an indoor amphitheater. The interior and exterior of the center is decorated with over 300 pieces of public art, many of which have become symbols of the city of Denver.

• Events can hold up to 5,000 people in the Mile High Ballroom, which is equipped with a state of the art lighting system which gives the illusion of the night’s sky. On the other side of the center, the Four Seasons Ball room can hold up to 3,500 people.

• Located within walking distance of multiple hotels, over 300 restaurants, 9 theaters for Denver Preforming Arts Complex, and plenty of shopping and retail outlets.

16th Street Mall (3.6 Miles): • The 16th Street Mall is a commercial pedestrian street stretching from Union Station

down to Broadway Avenue.• It encompasses a range of brewpubs, restaurants, retail shops and office buildings.

Total: 300+ shops and 50+ restaurants.• This scenic promenade also hosts the Denver Pavilions and is at close proximity to

Larimer Square.• Free shuttles called “MallRide” ride up and down the mall every day.

Coors Field (4.0 Miles): • Home of the MLB’s Colorado Rockies, Coors Field is a baseball stadium located in

downtown Denver. The stadium was built to be highly accessible to the Denver metropolitan area, sitting right next to interstate 25 and within walking distance to rail access at Union Station.

• The stadium was originally designed to seat 43,000, however following record attendance numbers during the opening season at the park multiple upper levels were added, and the park currently has a seating capacity of over 51,000.

• The park offers concession stands, food trucks, and is located in walking distance to dozens of restaurants and bars for fans who want to grab a bite to eat before or after games.

COLORADO CONVENTION CENTER (3.4 MILES)

16TH STREET MALL (3.6 MILES)

COORS FIELD (4.0 MILES)


Demographic & Income Profile Report

TOTAL RESIDENTIALPOPULATION TOTAL EMPLOYEES RENTER OCCUPIED

HOUSING UNITS MEDIAN AGE

MILES 2018 2023

1 29,136 30,800

3 185,624 197,777

5 484,208 526,037

MILES 2018

1 12,396

3 87,005

5 268,803

MILES 2018 2023

1 4,357 4,253

3 32,906 33,391

5 116,827 126,193

MILES 2018 2023

1 29.4 30.2

3 33.2 33.7

5 35.7 36.2

MEDIANHOUSEHOLD INCOME

AVERAGEHOUSEHOLD INCOME PER CAPITA INCOME

MILES 2018 2023

1 $38,881 $45,954

3 $46,782 $54,058

5 $56,233 $65,876

MILES 2018 2023

1 $52,880 $62,100

3 $61,569 $70,640

5 $82,969 $94,732

MILES 2018 2023

1 $15,942 $18,536

3 $22,489 $25,612

5 $37,769 $43,180


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NEVADA COURTYARD

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391 121 95 26

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1218

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17 142070

15 Pepsi Center

16 Red Rocks Amphitheater

17 Mile High Stadium

18 Union Station

19 University of Denver

AREA MAP

2 MILES 4 MILES 8 MILES6 MILES

1 Colorado Mills

2 Colorado State Capitol

3 Coors Field

4 Denver Art Museum

5 Denver Botanic Gardens

6 Denver Health

7 Denver Museum of Nature & Science

8 Denver Zoo

9 Downtown Aquarium

10 Lamar Station Plaza

11 Larimer Square

12 LoDo

13 Museum of Contemporary Art

14 Paramount Theatre


3 MILES 10 MILES5 MILES 20 MILES

25

25

70

70

2

285

2017 MAJOR EMPLOYERS: DENVER

Company No. Employees

1 Denver Public School District #1 12,387

2 City and County of Denver 11,190

3 State of Colorado Central Payroll 10,548

4 Denver Health 6,842

5 United Airlines, Inc. 6,000

6 CHC Payroll Agent, Inc. 4,303

7 USDA National Finance Center 4,240

8 University of Denver 4,009

9 University of Colorado Central 3,399

10 U.S. Postal Service 3,225

1

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MAJOR EMPLOYERS MAP

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NEVADA COURTYARD

W. COLFAX AVE

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95

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RETAIL / TRANSIT AERIAL

W. NEVADA PLACE

NEVADA COURTYARD

W. BAYAUD AVENUE

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W. DAKOTA AVENUE

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• Sales Comps Map

• Sales Comps Matrix

Sale Comparables


25095

3856

1 Red Brick Apartments

2 Fenton Street Apartments

3 1475 S. Pierce Street

4 1208 Zephyr Street

70

3 MILES

NEVADA COURTYARD

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1 254

291

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SALES COMPS MAP


Sales Comps Matrix

PROPERTY UNITSYEARBUILT

SALEDATE

SALE PRICE SALE PRICE

PER UNIT SALE PRICE

PER SF CAP RATE

DIST. TO SUBJECT (MILES)

1 Red Brick Apartments 17 1961 Apr-18 $3,190,000 $187,647 $248.73 5.74% 2.38

2 1208 Zephyr Street 6 1960 May-17 $1,025,000 $170,833 $225.27 7.02% 2.75

3 1475 S. Pierce Street 8 1951 Jan-17 $1,350,000 $168,750 $167.24 5.98% 2.06

4439 W. Nevada Place 9 1956 -- $1,500,000 $166,667 $233.64 6.53% --

4 Fenton Street Apartments 13 1961 Sep-17 $2,100,000 $161,538 $168.17 6.38% 2.52

Survey Average $2,112,830 $172,925 $211.45 6.33%

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$145,000

$150,000

$155,000

$160,000

$165,000

$170,000

$175,000

$180,000

$185,000

$190,000

Red BrickApartments

Survey Average 1208 Zephyr Street 1475 S. Pierce Street 4439 W. NevadaPlace

Fenton StreetApartments

Sale

Pric

e Pe

r SF

Sale

Pric

e Pe

r U

nit

Sale Price Per Unit Sale Price Per SF

© 2018 Greysteel / 21DOWNTOWN DENVER (3.6 MILES)

• Pricing Summary

• Rent Roll

• Unit Mix

• Historical/Projected Income & Expenses

• 10-Year Cash Flow

Financial Analysis


Pricing Summary

Purchase Price $1,500,000

Price PSF $233.64

Price Per Unit $166,667

Current Cap Rate 6.53%

Current GRM 10.79X

Current Cash-on-Cash 7.34%

Pro Forma Cap Rate 6.97%

Pro Forma GRM 10.29X

Pro Forma Cash-on-Cash 9.09%

Current NOI $97,955

Pro Forma NOI $104,517

No. Of Units 9

GSF 6,420 SF

Property Summary

Fee Simple Pricing Summary


Rent Roll

Unit Number

Unit Bedrooms

Unit Bathrooms

Unit SFCurrent

Rent

Annual Current

Rent

Current Rent/SF

Pro Forma Rent

Annual Pro Forma Rent

Pro Forma Rent/SF

4419 2 BDR 1 BA 625 SF $1,315 $15,780 $2.10 $1,350 $16,200 $2.16

4421 2 BDR 1 BA 625 SF $1,325 $15,900 $2.12 $1,350 $16,200 $2.16

4423 2 BDR 1 BA 625 SF $1,250 $15,000 $2.00 $1,350 $16,200 $2.16

4425 2 BDR 1 BA 625 SF $1,275 $15,300 $2.04 $1,350 $16,200 $2.16

4429 2 BDR 1 BA 625 SF $1,315 $15,780 $2.10 $1,350 $16,200 $2.16

4433 2 BDR 1 BA 625 SF $1,150 $13,800 $1.84 $1,350 $16,200 $2.16

4435 2 BDR 1 BA 625 SF $1,300 $15,600 $2.08 $1,350 $16,200 $2.16

4437 2 BDR 1 BA 625 SF $1,350 $16,200 $2.16 $1,350 $16,200 $2.16

4439 2 BDR 1 BA 625 SF $1,300 $15,600 $2.08 $1,350 $16,200 $2.16

Total / Wtd. Avg:

- - 625 SF $1,287 $138,960 $2.06 $1,350 $145,800 $2.16


Unit Mix

Floor Plan No. of UnitsAvg.

Rentable SFTotal

Rentable SFCurrent

Rent/UnitCurrent Rent/SF

Total Current Rent

Pro Forma Rent/Unit

Pro Forma Rent/SF

Total Pro Forma Rent

2BD/1BA 9 625 SF 5,625 SF $1,287 $2.06 $11,580 $1,350 $2.16 $12,150

Total / Wtd. Avg: 9 625 SF 5,625 SF $1,287 $2.06 $11,580 $1,350 $2.16 $12,150

$1,287

$1,350

Current Rent/Unit Pro Forma Rent/Unit

2BD/1BA100%


Historical/Projected Income & Expenses

Operating Revenue Total $/Unit $/GSF % EGR Total $/Unit $/GSF % EGR

Potential Market Rent $138,960 $15,440 $21.64 102.8% $145,800 $16,200 $22.71 102.9%

Vacancy ($4,088) ($454) ($0.64) (3.0%) ($4,374) ($486) ($0.68) (3.1%)

Other Income $317 $35 $0.05 0.2% $325 $36 $0.05 0.2%

Effective Gross Revenue $135,189 $15,021 $21.06 100.0% $141,751 $15,750 $22.08 100.0%

Operating Expenses Total $/Unit $/GSF %EGR Total $/Unit $/GSF %EGR

Real Estate Taxes ($5,380) ($598) ($0.84) (4.0%) ($5,380) ($598) ($0.84) (3.8%)

Repairs & Maintenance ($5,261) ($585) ($0.82) (3.9%) ($5,261) ($585) ($0.82) (3.7%)

Insurance ($2,700) ($300) ($0.42) (2.0%) ($2,700) ($300) ($0.42) (1.9%)

Gas & Electricity ($6,090) ($677) ($0.95) (4.5%) ($6,090) ($677) ($0.95) (4.3%)

Water/Sewer ($3,074) ($342) ($0.48) (2.3%) ($3,074) ($342) ($0.48) (2.2%)

Management Fee ($10,255) ($1,139) ($1.60) (7.6%) ($10,255) ($1,139) ($1.60) (7.2%)

Trash Removal ($2,444) ($272) ($0.38) (1.8%) ($2,444) ($272) ($0.38) (1.7%)

Snow Removal ($120) ($13) ($0.02) (0.1%) ($120) ($13) ($0.02) (0.1%)

Landscaping ($1,560) ($173) ($0.24) (1.2%) ($1,560) ($173) ($0.24) (1.1%)

Miscellaneous ($350) ($39) ($0.05) (0.3%) ($350) ($39) ($0.05) (0.2%)

Total Expenses ($37,234) ($4,137) ($5.80) (27.5%) ($37,234) ($4,137) ($5.80) (26.3%)

Net Operating Income $97,955 $10,884 $15.26 72.5% $104,517 $11,613 $16.28 73.7%

Historical Cash Flow Pro Forma Cash Flow


10-Year Cash Flow

At Close 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Operating Cash Flow

Effective Gross Income $141,751 $146,004 $150,384 $154,895 $159,542 $164,328 $169,258 $174,336 $179,566 $184,953

Operating Expense ($37,234) ($37,979) ($38,738) ($39,513) ($40,303) ($41,109) ($41,932) ($42,770) ($43,626) ($44,498)

Net Operating Income $104,517 $108,025 $111,645 $115,382 $119,239 $123,219 $127,327 $131,566 $135,940 $140,455

Debt Service ($70,422) ($70,422) ($70,422) ($70,422) ($70,422) ($70,422) ($70,422) ($70,422) ($70,422) ($70,422)

Free Cash Flow $34,095 $37,602 $41,223 $44,960 $48,816 $52,797 $56,904 $61,143 $65,518 $70,032

Unlevered Investment Cash Flow

Total Cost ($1,500,000) - - - - - - - - - -

Net Cash Flow - $104,517 $108,025 $111,645 $115,382 $119,239 $123,219 $127,327 $131,566 $135,940 $140,455

Sales Price - - - - - - - - - - $1,821,249

Net Sale Proceeds - - - - - - - - - - $1,821,249

Unlevered Equity ($1,500,000) $104,517 $108,025 $111,645 $115,382 $119,239 $123,219 $127,327 $131,566 $135,940 $1,961,704

Levered Investment Cash Flow

Equity in ($375,000) - - - - - - - - - -

Net Cash Flow - $34,095 $37,602 $41,223 $44,960 $48,816 $52,797 $56,904 $61,143 $65,518 $70,032

Sales Price - - - - - - - - - - $1,821,249

Retire Perm Debt - - - - - - - - - - ($908,127)

Net Sale Proceeds - - - - - - - - - - $913,121

Levered Equity ($375,000) $34,095 $37,602 $41,223 $44,960 $48,816 $52,797 $56,904 $61,143 $65,518 $983,154

Returns

Return on Cost/Yield 7.0% 7.2% 7.4% 7.7% 7.9% 8.2% 8.5% 8.8% 9.1% 9.4%

Cash-on-Cash 9.1% 10.0% 11.0% 12.0% 13.0% 14.1% 15.2% 16.3% 17.5% 18.7%

DSCR 1.48x 1.53x 1.59x 1.64x 1.69x 1.75x 1.81x 1.87x 1.93x 1.99x

1001 Bannock Street • Suite 219 • Denver, CO 80204

303.390.1056 • www.greysteel.com

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CO LICENSE NO: 100074465

*Corporate Headquarters and Transaction Services Center

© 2018 Greysteel

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Nevada Courtyard - LoopNet