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WARNER ROBINS SFH PORTFOLIO 3100 Kingsbury Cir • Warner Robins, GA 31088
Offering Memorandum
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to
be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the future projected financial performance of the
property, the size and square footage of the property and improvements, the presence or absence of contaminating
substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or
intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure
has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not
verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding
these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the information set forth
herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017
Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in
this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply
affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for
the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
WARNER ROBINS SFH PORTFOLIO 3
Warner Robins, GA
ACT ID Y0230673
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
Growth Rate Projections
Cash Flow
MARKET COMPARABLES 03Sales Comparables
MARKET OVERVIEW 04Demographic Analysis
WARNER ROBINS SFH PORTFOLIO 3
WARNER ROBINS SFH PORTFOLIO 3
4
INVESTMENT
OVERVIEW
WARNER ROBINS SFH PORTFOLIO 3
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Logistics Management 3,000
Air Force US Dept of 1,694
Boeing 1,314
Robins Air Force Base 1,062
Hq Afrc/Dpic 1,000
Houston Healthcare 856
US Dept of Air Force 762
116th AGS/Ccq 700
Software Engineering Division 700
Video Warehouse Douglas Inc 502
Anchor Glass Container Corp 429
Aerospace Medicine Clinic 400
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2016 Estimate Pop 7,758 52,404 91,925
2016 Census Pop 7,510 50,048 86,288
2016 Estimate HH 2,965 20,673 35,782
2016 Census HH 2,886 19,836 33,745
Median HH Income $37,562 $38,290 $47,032
Per Capita Income $19,003 $19,655 $23,868
Average HH Income $49,475 $49,585 $61,037
UNIT MIX
NUMBEROF UNITS
UNIT TYPEAPPROX.SQUARE FEET
10 3 Bedroom 1,118
5 4 Bedroom 1,382
15 Total 18,096
VITAL DATA
Price $1,100,000 CURRENT PRO FORMA - YEAR 1
Down Payment 25% / $275,000 CAP Rate 10.26% 10.77%
Loan Amount $825,000 GRM 7.45 7.16
Loan Type Proposed NewNet Operating Income
$112,890 $118,495
Interest Rate / Amortization 5.00% / 30 YearsNet Cash Flow After Debt Service
21.73% / $59,745 20.13% / $55,350
Price/Unit $73,333 Total Return 26.15% / $71,916 24.78% / $68,144
Price/SF $60.79
Number of Units 15
Rentable Square Feet 18,096
Year Built 1970
5
WARNER ROBINS SFH PORTFOLIO 3
#
OFFERING SUMMARY
� Located 19 Miles South of Macon, GA; 116 Miles Southeast of Hartsfield-Jackson
Atlanta International Airport
� Business Week Magazine in 2009 named Warner Robins one of the Best Places to
Raise Kids
� Money magazine named Warner Robins one of the Best Places to live in 2006
� Primarily Residential Area in Close Proximity to Downtown Warner Robins and 2.2
Miles from Robins Air Force Base
� 5-Mile Radius Average Household Income - $62,831
� Population within a 5-Mile Radius is over 98,000 People
INVESTMENT HIGHLIGHTS
The Livingston SF Homes Portfolio is a collection of residential communities located in Houston County, Warner Robins, GA. This portfolio consists of a combination of 2
bed/1 bath, 3 bed/1 bath, 3 bed/1.5 bath, 3 bed/ 2 bath, 4 bed/1.5 bath, 4 bed/2 bath, and 4 bed/2 single family homes. Most of the homes were constructed in the
1970s; most having either a carport, 1-car garage or a 2-car garage. The average age of the homes is 40 years with the majority of them having undergone renovation
within the last five years; much of that work included upgrades to utility systems. All homes have dedicated driveways, tenant-maintained yards, fenced backyards, and
are metered separately.
INVESTMENT OVERVIEW
6
WARNER ROBINS SFH PORTFOLIO 3
PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust Deed
Loan Amount $825,000
Loan Type Proposed New
Interest Rate 5.00%
Amortization 30 Years
Loan Term 10 Years
Loan to Value 75%
Debt Coverage Ratio 2.12
7
REGIONAL MAP
WARNER ROBINS SFH PORTFOLIO 3
8
LOCAL MAP
WARNER ROBINS SFH PORTFOLIO 3
9
AERIAL PHOTO
WARNER ROBINS SFH PORTFOLIO 3
10
WARNER ROBINS SFH PORTFOLIO 3
11
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
RENT ROLL SUMMARY
12
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
13
RENT ROLL DETAIL
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
OPERATING STATEMENT
14
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
NOTES
15
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
PRICING DETAIL
16
MARCUS & MILLICHAP CAPITAL CORPORATION
CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms.
We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of financing options.
Our dedicated, knowledgeable experts understand the challenges of financingand work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage
offices
$5.1 billion
total national
volume in 2016
Access to
more capital
sources than
any other firm
in the industry
Optimum financing solutions
to enhance value
Our ability to enhance
buyer pool by expanding
finance options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,651
debt and equity
financings
in 2016
ACQUISITION FINANCING
WARNER ROBINS SFH PORTFOLIO 3
17
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
GROWTH RATE PROJECTIONS
18
FINANCIAL ANALYSIS
WARNER ROBINS SFH PORTFOLIO 3
CASH FLOW
19
WARNER ROBINS SFH PORTFOLIO 3
20
MARKET
COMPARABLES
8
WARNER ROBINS SFH PORTFOLIO 3
SALES COMPARABLES MAP
21
WARNER ROBINS SFH PORTFOLIO 3
(SUBJECT)
256 Valencia Circle
106 Victor Street
415 Ivelyn Court
104 Sidney Street
206 Meriwood Drive
429 Sentry Oak Drive
431 Sentry Oak Drive
SALES COMPARABLES
1
2
3
4
5
7
6
22
Avg. 10.80%
0
2
3
5
6
8
9
11
12
14
15
Warner
Robins SFH
Portfolio 3
256
Valencia
Circle
106 Victor
Street
415 Ivelyn
Court
104 Sidney
Street
206
Meriwood
Drive
429 Sentry
Oak Drive
431 Sentry
Oak Drive
Average Cap Rate
PROPERTY NAMEWARNER ROBINS SFH PORTFOLIO 3
SALES COMPARABLES
Avg. 7.48
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Warner
Robins SFH
Portfolio 3
256
Valencia
Circle
106 Victor
Street
415 Ivelyn
Court
104 Sidney
Street
206
Meriwood
Drive
429 Sentry
Oak Drive
431 Sentry
Oak Drive
Average GRM
SALES COMPARABLES SALES COMPS AVG
23
Avg. $66.35
$0.00
$8.70
$17.40
$26.10
$34.80
$43.50
$52.20
$60.90
$69.60
$78.30
$87.00
Warner
Robins SFH
Portfolio 3
256
Valencia
Circle
106 Victor
Street
415 Ivelyn
Court
104 Sidney
Street
206
Meriwood
Drive
429 Sentry
Oak Drive
431 Sentry
Oak Drive
Average Price Per Square Foot
PROPERTY NAMEWARNER ROBINS SFH PORTFOLIO 3
SALES COMPARABLES
Avg. $80,297
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
Warner
Robins SFH
Portfolio 3
256
Valencia
Circle
106 Victor
Street
415 Ivelyn
Court
104 Sidney
Street
206
Meriwood
Drive
429 Sentry
Oak Drive
431 Sentry
Oak Drive
Average Price Per Unit
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
WARNER ROBINS SFH PORTFOLIO 3
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
24
SALES COMPARABLES
Units Unit Type
Offering Price: $1,100,000 10 3 Bdr
Price/Unit: $73,333 5 4 Bdr
Price/SF: $60.79
CAP Rate: 10.26%
GRM: 7.45
Total No. of Units: 15
Year Built: 1970
Underwriting Criteria
Income $147,600 Expenses $34,710
NOI $112,890
WARNER ROBINS SFH PORTFOLIO 3100 Kingsbury Cir, Warner Robins, GA, 31088
1
Close Of Escrow: 3/16/2017
Days On Market: 83
Sales Price: $66,000
Price/Unit: $66,000
Price/SF: $58.67
CAP Rate: 12.73%
GRM: 6.15
Total No. of Units: 1
Year Built: 1964
Underwriting Criteria
Expenses $2,126
256 VALENCIA CIRCLE256 Valencia Circle, Centerville, GA, 31028
Close Of Escrow: 3/9/2017
Days On Market: 76
Sales Price: $67,505
Price/Unit: $67,505
Price/SF: $56.44
CAP Rate: 12.44%
GRM: 6.29
Total No. of Units: 1
Year Built: 1968
Underwriting Criteria
Expenses $2,126
2
106 VICTOR STREET106 Victor Street, Warner Robins, GA, 31088
PROPERTY NAME
MARKETING TEAM
WARNER ROBINS SFH PORTFOLIO 3
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
25
SALES COMPARABLES
Close Of Escrow: 3/9/2017
Days On Market: 76
Sales Price: $89,705
Price/Unit: $89,705
Price/SF: $66.15
CAP Rate: 9.36%
GRM: 8.35
Total No. of Units: 1
Year Built: 1971
Underwriting Criteria
Expenses $2,126
3
415 IVELYN COURT415 Ivelyn Court, Warner Robins, GA, 31088
4
Close Of Escrow: 3/9/2017
Days On Market: 76
Sales Price: $60,792
Price/Unit: $60,792
Price/SF: $54.04
CAP Rate: 13.82%
GRM: 5.66
Total No. of Units: 1
Year Built: 1964
Underwriting Criteria
Expenses $2,126
104 SIDNEY STREET104 Sidney Street, Warner Robins, GA, 31093
Close Of Escrow: 2/21/2017
Days On Market: 89
Sales Price: $98,424
Price/Unit: $98,424
Price/SF: $61.86
CAP Rate: 8.53%
GRM: 9.16
Total No. of Units: 1
Year Built: 1980
Underwriting Criteria
Expenses $2,126
5
206 MERIWOOD DRIVE206 Meriwood Drive, Warner Robins, GA, 31093
PROPERTY NAME
MARKETING TEAM
WARNER ROBINS SFH PORTFOLIO 3
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
26
SALES COMPARABLES
Close Of Escrow: 2/21/2017
Days On Market: 394
Sales Price: $91,346
Price/Unit: $91,346
Price/SF: $85.05
CAP Rate: 9.19%
GRM: 8.51
Total No. of Units: 1
Year Built: 1970
Underwriting Criteria
Expenses $2,126
6
429 SENTRY OAK DRIVE429 Sentry Oak Drive, Warner Robins, GA, 31093
7
Close Of Escrow: 2/21/2017
Days On Market: 89
Sales Price: $88,310
Price/Unit: $88,310
Price/SF: $82.23
CAP Rate: 9.51%
GRM: 8.22
Total No. of Units: 1
Year Built: 1970
Underwriting Criteria
Expenses $2,126
431 SENTRY OAK DRIVE431 Sentry Oak Drive, Warner Robins, GA, 31093
WARNER ROBINS SFH PORTFOLIO 3
27
MARKET
OVERVIEW
PROPERTY NAME
MARKETING TEAM
WARNER ROBINS SFH PORTFOLIO 3
DEMOGRAPHICS
Source: © yearcited Experian
Created on currentmonth
�
�
28
Income
In 2016, the median household income for your selected geography is
$37,562, compare this to the US average which is currently $54,505.
The median household income for your area has changed by 8.13%
since 2000. It is estimated that the median household income in your
area will be $40,755 five years from now, which represents a change
of 8.50% from the current year.
The current year per capita income in your area is $19,003, compare
this to the US average, which is $29,962. The current year average
household income in your area is $49,475, compare this to the US
average which is $78,425.
Population
In 2016, the population in your selected geography is 7,758. The
population has changed by 3.23% since 2000. It is estimated that the
population in your area will be 7,715.00 five years from now, which
represents a change of -0.55% from the current year. The current
population is 48.78% male and 51.22% female. The median age of
the population in your area is 34.35, compare this to the US average
which is 37.68. The population density in your area is 2,469.68 people
per square mile.
Households
There are currently 2,965 households in your selected geography. The
number of households has changed by -0.97% since 2000. It is
estimated that the number of households in your area will be 2,961
five years from now, which represents a change of -0.13% from the
current year. The average household size in your area is 2.59 persons.
Employment
In 2016, there are 3,105 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
52.05% of employees are employed in white-collar occupations in
this geography, and 47.42% are employed in blue-collar occupations.
In 2016, unemployment in this area is 8.86%. In 2000, the average
time traveled to work was 21.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
49.36% White, 41.02% Black, 0.11% Native American and 1.10%
Asian/Pacific Islander. Compare these to US averages which are:
70.77% White, 12.80% Black, 0.19% Native American and 5.36%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 8.56% of the current year
population in your selected area. Compare this to the US average of
17.65%.
PROPERTY NAME
MARKETING TEAM
WARNER ROBINS SFH PORTFOLIO 3
Housing
The median housing value in your area was $79,134 in 2016, compare
this to the US average of $187,181. In 2000, there were 1,940 owner
occupied housing units in your area and there were 1,054 renter
occupied housing units in your area. The median rent at the time was
$432.
Source: © 2016 Experian
DEMOGRAPHICS
29
8
WARNER ROBINS SFH PORTFOLIO 3
DEMOGRAPHICS
30