BROKER'S OPINION OF VALUE
www.ketent.com4295 San Felipe ● Suite 355 ● Houston, TX 77027
A 80 Unit ● Class C ● Multi-Family Asset
67 BREES BLVD, SAN ANTONIO, TX 78209
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
APARTMENTS FOR SALE
PRICE/UNIT:
PRICE/SF:
Units: 98 TERMS: ALL CASH
Avg Size: 1107 PRO-FORMA CAP RATE:
Date Built: 1972Rentable Sq. Ft.: 108,526Acreage: 4.85Occupancy: 95%Class: B-
Asking Price MarketSALIENT FACTS:
♦ Available on an All Cash or New Loan Basis ♦ Potential condo conversion
♦ Great land location ♦ Located in Alamo Heights District, best in San Antonio
♦ Close proximity to The University of Incarnate Word
♦ Strong rental area
♦ Located in the Alamo Heights submarket of San Antonio, TX
Market
For More Information Please Contact:
Tom Wilkinson [email protected]
713-355-4646 ext 102
Jim Hurd, Broker 713-783-6262
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
Asking Price Est Mkt Rent (Apr-19)
Price Per Unit Amortization (months) 6 Mo Avg
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched
PRO-FORMA INCOMECurrent Street Rent with a 6% Increase $117,133 / Mo
Estimated Gross Scheduled Income $117,133 / Mo
Estimated Loss to Lease (1% of Total Street Rent) 1%
Estimated Vacancy (4% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $485 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $119,657 / Mo
Trailing 6 Mo Income
Fixed Expenses2019 Tax Rate & 2019 Assessment
Estimated
$2,878 per Unit $3,223 per Unit
Telephone & Internet
Total Utilities $1,329 per Unit $1,329 per Unit
Other ExpensesGeneral & Admin & MarketingRepairs & MaintenanceLabor CostsContract ServicesManagement Fees 0.00% $ per Unit 3.00% $440 per Unit
Total Other Expense $1,976 per Unit $2,275 per Unit
Total Operating Expense $6,183 per Unit $6,827 per Unit
Reserve for Replacement $300 per Unit $300 per Unit
Total Expense $6,483 per Unit $7,127 per Unit
Net Operating Income (Actual Underwriting)
Asking Price
Cap RateProposed DebtEquityEstimated Debt ServiceCash Flow
Cash on Cash
47,492
(28,112)
81,188 $828 / Unit / Yr
Estimated Fixed Expenses
Estimated Expenses
(56,224)
$302,508
PRO-FORMA
1,405,599
1,435,887
Est Future Tax Assessment
Proposed Loan Parameters
A/C Type: HVAC-Indiv
Physical Information
Number of Units New Loan @ 75% of Asking
20.211
Avg Unit Size
Financial Information
98
1107
Market
Physical Occ (Apr-19)108,526
4.85Land Area (Acres) $737,457
1972
Indiv/Master Metered
Units per Acre
Elec Meter
Roof Style
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY
EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or
change the price at anytime without notice during the marketing period.
$26,929
$103,914
$0
$62,817
$26,929
$641 per Unit
MarketMarket
669,030
737,457
698,430
222,920
29,400
737,457
Operating Information
NOTES: ACTUALS: Taxes are from owner's 3/19 operating statement. Income and Expenses are from owner's 3/19 operating statement. PRO FORMA: Income is Pro Forma as
Noted. Taxes were calculated using 2019 Tax Rate & 2019 Assessment. Insurance is estimated. Management Fees calculated as 3.% of Gross Income, Other expenses are
Estimated for the Pro Forma.
635,287
130,212
$48,936
95%
4%
$114
360
$300
4.25%
2019 Tax Assessment
$302,508
1,405,599
Est Ins per Unit per Yr
$110,503
$108,924
10 Yrs
Yes
Property Tax Information
Net Rentable Area
2.55833Tax Rate (2019)
Est Future Taxes
1,435,887
$11,824,430
$11,824,430
2019 Taxes
$275 per Unit
605,887
$ per Unit
Other Expenses
$500 per Unit
$275 per Unit
$49,000
$499 per Unit
$87 per Unit$8,572
Estimated Other Expenses
MODIFIED ACTUALS
$103,914$1,060 per Unit
193,660
315,898
(14,056)
$87 per Unit
Date Built
$4,228 $43 per Unit
Utilities
Total Fixed Expense
Utilities
Electricity $699 per Unit$68,476
282,015
$48,936
INCOME
$2,741 per Unit
EXPENSE
$1,307,093
Fixed Expenses
Insurance 3/19 operating statement
Franchise Taxes $2,208 $23 per Unit
671,806
671,806
29,400
Estimated Utilities
$4,228 $43 per Unit
$68,476 $699 per Unit
$ per Unit$0
$1,060 per Unit
$43,077
130,212
$302,508
April '2018 thru March 2019 Expenses
$11,182$114 per Unit$11,182
$268,625 2018 Tax Billing
$499 per Unit
$8,572
$3,087 per Unit
$114 per Unit
Property Taxes
Trash
Water & Sewer
$2,208 $23 per Unit
4/26/2019 AshfordTanglewood
PROPERTY OVERVIEW
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209 Keymap: 583D6
Construction Quality: B-
Age: 1972 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv/Master Metered Cable Ready Walk-In Closets Amortization Bexas CO RD & Flood $0.023668
A/C Type: HVAC-Indiv Club House School Bus Pick-up P & I SA River Authority $0.018580
Water: RUBS Laundry Rooms Shuttle Route Type Alamo Community College $0.149150
Wiring: Copper Mini Blinds Patios/Balconies Assumable University Health System $0.276235
Roof: Pitched Pool Monthly Escrow Bexar County $0.277429
Paving: Asphalt Bookshelves Origination Date City of San Antonio $0.558270
Materials: Brick/Wood Outside Storage Due Date Alamo Height ISD $1.255000
# of Stories: 2 Ceiling Fans Interest Rate
Parking: Covered
Buildings: 19 Yield Maintenance 2019 Tax Rate/$100 $2.558332
Units/Acre: 20.21 Transfer Fee 2019 Tax Assessment
*In Select Units
Total 1,269,100$
Apr 2018 94,919$ 12 Mo Avg 105,758$
May 2018 102,498$ June 2018 101,016$ July 2018 102,020$ 9 Mo Avg 107,852$
Aug 2018 105,867$ Sept 2018 109,233$ Oct 2018 112,607$ 6 Mo Avg 108,924$
Nov 2018 109,239$ Dec 2018 111,352$ Jan 2019 104,969$ 3 Mo Avg 106,783$
Feb 2019 103,578$ Mar 2019 111,801$
$11,824,430
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
Owner is protesting the tax assessment
PROPERTY INFORMATION TAXING AUTHORITY - BEXAR COUNTYEXISTING MORTGAGE ACCT NO: 511318
AMENITIES
$85,000
$90,000
$95,000
$100,000
$105,000
$110,000
$115,000
The Ashford Tanglewood Apartments, is a two story, garden-style, apartment community located in the Alamo Heights submarket of San Antonio, Texas. The asset was built
in 1972 and per owner, was renovated in 2017. Residents enjoy ample amenities which include: 2" wood blinds, kitchen pantries, upgraded ceiling fans and fixtures, laundry
facilities, patios and balconies and walk-in closets. There are stainless steel appliances and/or granite counter tops in some units. Owner reports spending approximately
$464,425 in CapEx.
The property is located in a Class A location. Alamo Heights is one of the best school districts in San Antonio. The units are 1,107 sq.ft., much larger than normal. Owner is
currently protesting the 2019 tax assessment.
The property is ideal for long term hold and is a candidate for possible condo conversion. The Broker feels that additional upgrades could produce additional revenue.
Per owner, the property is half master metered and half individually metered, half boilers and half individual water heaters. It is all HVAC with no window units. There is copper
wiring, confirmed per owner and all out door lights are LED. The leasing office has been completely remodeled and expanded and a new AC unit was installed. There are
washer/dryer connections in 50% of the units. Offering washer/dryers in the units could generate additional revenue. Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any.
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209 Unit Mix
Type No. Units Sq Ft Total SqFtMarket
RentTotal Rent Rent/SF
1 Bed/1 Bath 6 663 3,978 $805 $4,828 $1.211 Bed/1 Bath 2 663 1,326 $967 $1,933 $1.461 Bed/1 Bath 7 777 5,439 $835 $5,842 $1.071 Bed/1 Bath 1 777 777 $1,009 $1,009 $1.301 Bed/1 Bath 6 804 4,824 $905 $5,427 $1.131 Bed/1 Bath 2 804 1,608 $1,037 $2,074 $1.292 Bed/1 Bath 6 998 5,988 $1,011 $6,067 $1.012 Bed/1 Bath 2 998 1,996 $1,305 $2,609 $1.312 Bed/1 Bath 10 1,044 10,440 $1,038 $10,379 $0.992 Bed/1 Bath 3 1,044 3,132 $1,041 $3,123 $1.002 Bed/2 Bath 14 1,114 15,596 $1,096 $15,345 $0.982 Bed/2 Bath 6 1,114 6,684 $1,352 $8,109 $1.212 Bed/2 Bath 11 1,285 14,135 $1,136 $12,496 $0.882 Bed/2 Bath 1 1,285 1,285 $1,409 $1,409 $1.103 Bed/2 Bath 2 1,449 2,898 $1,315 $2,630 $0.913 Bed/2 Bath 2 1,449 2,898 $1,615 $3,230 $1.11
3 Bed/2 Bath 6 1,452 8,712 $1,363 $8,176 $0.94
3 Bed/2 Bath 2 1,452 2,904 $1,675 $3,350 $1.15
3 Bed/2 Bath 7 1,676 11,732 $1,404 $9,827 $0.84
3 Bed/2 Bath 1 1,676 1,676 $1,765 $1,765 $1.05
Efficiency 1 498 498 $875 $875 $1.76
Owner's 4/1/19 Rent Roll
98 1107 108,526 $1,128 $110,503 $1.02
*In select units
UNIT MIX
TOTALS AND AVERAGESTotal
Units
Average
Sq. Ft.
Total Sq.
Feet
Average
Rent/UnitTotal Rent Average Rent/ SF
25%
21% 33%
20%
1%
1 Bed/1 Bath 2 Bed/1 Bath 2 Bed/2 Bath
3 Bed/2 Bath Efficiency
UNITS BY TYPE
High-Speed Internet
Reserved Parking
24hr Emergency Maintenance
Carports
Park & Ride Nearby
Laundry Rooms
Swimming Pools
Bookshelves
Outside Storage
9ft Ceilings
Upgraded Ceiling Fans & Fixtures
Dishwasher
Patios/Balconies
Walk-In Closets
2 Inch Wood Blinds
Disposals
Stainless Steel Appliances*
Granite Countertops*
Washer/Dryer Connections*
AMENITIES
PROPERTY LOCATION
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
1 Sunset Ridge
116 Vanderheck
2 The Beverly
123 Brackenridge Ave
3 Keystone at Alamo Heights
384 Treeline Park
4 Chelsea
151 Treasure Way
5 The Crescent
340 Treeline Park
Totals/Averages Comps 1975 88% 216 995 $1,184 $1.190
Ashford Tanglewood
67 Brees Blvd
Sub-Market Averages(Alamo Heights) 88% 4,543 921 $1,082 $1.191
San Antonio Market Avgs 90% 153,935 830 $856 $1.057
N/A
2017
P/SF
1949 88% 324 861 $1,085 1.260
0.800
1.310
1.2701994 82% 224 943 $1,198
1968 96% 137 856 $1,1211997
N/A
Occ #Units Avg SF Avg RentRehabbed
2004
89 1323 $1,058N/A
1972 95% 98 1,107 $1,128
RENT COMPARABLES (2019) Sorted by Avg Rent/Unit
1993 87% 306 990 $1,297 1.310
1969
$1.018
85%
Property Name Yr Blt
3
2
1
4
5
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
DEMOGRAPHICS
1 Mile Radius
3 Mile Radius 5 Mile Radius
2018 Estimated Population 14,460 49,746 102,6652023 Projected Population 15,656 53,635 110,4312010 Census Population 12,422 42,924 90,5572000 Census Population 12,750 43,292 90,321
Projected Annual Growth 2018 to 2023 1.7% 1.6% 1.5%Historical Annual Growth 2000 to 2018 0.7% 0.8% 0.8%
2018 Median Age 39.1 39.9 36.8
2018 Estimated Households 6,299 21,038 40,2962023 Projected Households 6,581 22,003 42,2192010 Census Households 5,678 18,907 36,9092000 Census Households 5,868 19,102 37,825
Projected Annual Growth 2018 to 2023 0.9% 0.9% 1.0%Historical Annual Growth 2000 to 2018 0.4% 0.6% 0.4%
2018 Estimated White 86.6% 81.2% 75.2%2018 Estimated Black or African American 3.4% 5.6% 7.8%2018 Estimated Asian or Pacific Islander 2.8% 3.1% 3.1%2018 Estimated American Indian or Native Alaskan 0.4% 0.6% 0.7%2018 Estimated Other Races 6.7% 9.5% 13.2%
2018 Estimated Hispanic 28.0% 34.7% 43.4%
2018 Estimated Average Household Income $145,271 $134,671 $105,6362018 Estimated Median Household Income $101,908 $90,977 $73,4822018 Estimated Per Capita Income $63,307 $57,282 $42,369
2018 Estimated Elementary (Grade Level 0 to 8) 1.0% 2.4% 4.0%2018 Estimated Some High School (Grade Level 9 to 11) 2.4% 3.7% 5.9%2018 Estimated High School Graduate 9.4% 13.5% 18.7%2018 Estimated Some College 15.2% 19.2% 20.9%2018 Estimated Associates Degree Only 5.2% 5.5% 6.5%2018 Estimated Bachelors Degree Only 35.7% 30.7% 25.2%2018 Estimated Graduate Degree 31.1% 25.0% 18.8%
2018 Estimated Total Businesses 802 3,365 6,9792018 Estimated Total Employees 9,962 36,729 76,9642018 Estimated Employee Population per Business 12.4 10.9 11.02018 Estimated Residential Population per Business 18.0 14.8 14.7
PO
PU
LA
TIO
NIN
CO
ME
ED
UC
AT
ION
(AG
E 2
5+
)B
US
INE
SS
HO
US
EH
OL
DS
RA
CE
AN
D E
TH
NIC
ITY
64%
2%
2%
5%
27%
White Black Asian Other Hispanic
$145,271
$72,073
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Subject Houston
72.0%
26.0% Non-Hispanic
Hispanic
SAN ANTONIO Thriving Economy
San Antonio is building the economy of the future. The area is already home to a thriving business
community, including the headquarters for 2 Fortune Global 500 firms and 7 Fortune 1000
companies. Through the City’s SA2020 initiative, it is focused on aggressively growing its unique
business assets that attract talent, and foster innovation in key industries. These industries include:
Aerospace
Biosciences/Healthcare
Defense
Energy
Information Technology & Cybersecurity
Manufacturing
These industries compliment the region’s strengths, one of which is a labor force that's experienced,
professional, diverse and growing. San Antonio’s long history of military service and geographic
location have produced a workforce that is adept at problem solving and naturally inclined to
working across cultures. The city is also home to more 130,000 students studying at colleges and
universities rapidly growing in both size and stature. San Antonio's excellent workforce pipeline is
complemented by the region’s cost of living, which is among the lowest among America’s large
cities. This allows companies to save costs doing business and allow its employees to enjoy an
incredible quality of life.
Add a central geographic location, a versatile transportation infrastructure that connects you to the
entire continent, and the Alamo City is one of the best places to live, work, and enjoy the good life in
the Americas.
2,332,345
$45,210
80.2
34.4
$210,000
32.3 inches
Source: http://www.sanantonioedf.com June 2018
Once known for its commitment to tradition, San Antonio has emerged as a renaissance city that is
said to be the poster child of what booming American cities will look like in the future. The
regeneration of urban space has created a culture that is not only unique to Texas, but the entire
United States. Iconic areas such as The Pearl and Southtown are prime examples of how the City is
resparking its appeal and repurposing historic areas to offer contemporary value. Young
professionals, established businesses and fresh start ups that crave an environment in which to thrive
and catapult their ideas and aspirations will all find their niche and contribute to the movement of
boundless possibilities.
Located in the central southwest United States, San Antonio has the culture for business. Located
at the confluence of several important logistical routes, as well as a crossroads of cultures, the city is uniquely
positioned as central hub for North America.
San Antonio sits along the historic Camino Real which linked modern day Mexico with the United States, and
has nurtured its important two way business relationships for centuries. As a result, the local workforce is unique
in its ability to understand business south of the border and help get your business setup faster and cheaper
than anywhere else.
The city’s culture is also one of collaboration. Whether it is between the public and private sector or between
government agencies, trust in San Antonians to come together and get the job done quickly. Business leaders
across multiple industries have praised the city’s effective and open communication style along with its
attitude toward partnering with businesses.
METRO POPULATION
2,332,345
MEDIAN ANNUAL SALARY
$45,210
AVG HIGH/LOW TEMPS
80.2º / 58.6º
MEDIAN AGE
34.4
MEDIAN HOME PRICE
$210,000
AVG ANNUAL RAINFALL
32.3 inches
SAN ANTONIO, TEXAS
Source: http://www.sanantonioedf.com June 2018
Source: http://www.sanantonioedf.com June 2018
SAN ANTONIO, TEXAS
H-E-B SuperMarket Chain 20,000
USAA Financial Services & Insurance 17,000
Cullen / Frost Bankers Financial Services 3,982
Bill Miller Bar-B-Q Fast Foop Chain 3,540
Rackspace IT Managed Hosting Solutions 3,300
CPS Energy Utilities 3,022
Toyota Motor Manufacturing Auto Manufacturing 2,900
Clear Channel Communications, Inc. TV & Radio Stations, Outdoor Ads 2,800
Southwest Research Institute Applied Research 2,715
Valero Energy Oil Refiner & Gasoline Manufacturing 1,653
Harland Clarke Check Printing 1,500
KCI Medical Supplies 1,400
Tesoro Oil Refiner & Petroleum Products 1,300
HVHC Optical Manufacturing 1,200
Security Service Federal Credit Union Financial Institution 1,200
SWBC Insurance 1,200
NuStar Energy Energy 550
Employer Sector Number of Local Employees
The 2017 Book of Lists, The San Antonio Business Journal and by contact with company representatives.
CORPORATE
HEADQUARTERS
Source: http://www.sanantonioedf.com June 2018
Lackland Air Force Base Military 37,000 Fort Sam Houston-U.S. Army Military 32,000
H-E-B Super Market Chain 20,000
USAA Financial Services and Insurance 18,305
Randolph Air Force Base Military 11,000
Methodist Healthcare System Health Care Services 9,620
City of San Antonio San Antonio 9,145
Baptist Health System Health Care Services 6,383
Wells Fargo Financial Services 5,703
Harland Clarke Managed Services 5,000
JP Morgan Chase Financial Services 5,000
Andeavor Oil Refiner 5,000
Bill Miller BBQ Restaurant Chain 4,500
AT&T Phone, Wireless and Internet Services 4,300
Valero Energy Corp. Oil Refiner and Gasoline Mktg 4,000
Rackspace IT Managed Hosting Solutions 3,540
CPS Energy Utilities 3,125
Six Flags Fiesta Texas Entertainment 3,000
Toyota Motor Manufacturing Manufacturing 2,834
CitiBank Financial 2,600
Southwest Research Institute Applied Research 2,574
Frost Bank Financial 2,242
Employer Sector Number of Local Employees
MAJOR REGIONAL
EMPLOYERS
The 2017 Book of Lists, The San Antonio Business Journal and by contact with company representatives.
SAN ANTONIO, TEXAS
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209
A 268 UNIT CLASS "B-/C+" GARDEN APARTMENT COMMUNITY
N/A