bank owned - office condo
Investment Property Offering $150,000
BANK OWNED - OFFICE CONDO
6765-2 S Eastern Avenue, Las Vegas, NV 89119
Presented By:
David Baird 8966 Spanish Ridge Ave Las Vegas, NV 89148 (702)765-6005 [email protected]
Offering Highlights Turn key condo - ready for immediate move in
Brandon Baird
High end finishes
8966 Spanish Ridge Ave Las Vegas, NV 89148 (702)765-6005 [email protected]
Great visibility High traffic area
11/29/2010 All Sperry Van Ness® Offices Independently Owned and Operated.
All materials and information received or derived from Sperry Van Ness(hereinafter collectively “ Sperry Van Ness” ), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by Sperry Van Ness its directors, officers, agents, advisors, or affiliates 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 the property, projected financial performance of the property for any party’ s intended use or any and all other matters. Neither Sperry Van Ness its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, 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 to determine these and other matters of significance to such party. Sperry Van Ness will not investigate or verify any such matters or 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 own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Sperry Van Ness makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Sperry Van Ness does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well 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 public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Sperry Van Ness in compliance with all applicable fair housing and equal opportunity laws. Sperry Van Ness is independently owned and operated.
Table of Contents 1
Financial Analysis Executive Summary Investment Information Financial Summary
2
Rent Comparables Copper Pointe Palm Court Palm Court Rent Comparables Summary Rent Comp Map
3
Sales Comparables Shea at Shadow Crest Eastern Canyon Plaza Sales Comparables Summary Sales Comp Map
4
Additional Information Pictures Locator Map Parcel Map
5
Advisor Profile
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
1 . Financial Analysis
All Sperry Van Ness® Offices Independently Owned and Operated.
BANK OWNED - OFFICE CONDO
Executive Summary List Price
$150,000.00
Price Per Sq.Ft.
$114.24
NOI
$16,591
CAP
11.06 %
Building Sq.Ft.
1,313
Rentable Sq.Ft.
1,313
Land Acres Load Factor Occupancy
PROPERTY DESCRIPTION 6765-2 S Eastern Avenue, Las Vegas, NV 89119
Construction
HIGHLIGHTS
Concrete Tilt Up
Turn key condo - ready for immediate move in High end finishes
Parking Common Area Parking
Area The project is located in the busy Airport corridor on S Eastern Avenue just south of E Sunset Road across from Sunset Park within close proximity of McCarran International Airport. The subject offers convenient access to the 215 Beltway, I-15 and "The Strip".
Great visibility High traffic area
Cross Street Tax Parcel No. Market Sub Market Year Built Building Class Location Class Zoning Type Mixed-Use No. of Buildings No. of Stories No. of Tenants No. of Parking Spaces HVAC Elevators
Major Tenants This property is currently in a VACANT condition.
E Sunset Rd 177-02-613-033 Las Vegas Airport 2007 A A MD
Property The subject property is a BANK OWNED, 1,313 SF office condo located in the Venture Commerce Center. Current build out consists of a reception area, two private offices, open work area, two restrooms, and a server room / storage area with bamboo flooring throughout with slate accents.
1 1
Exclusively Listed By:
Yes
11/29/2010
David Baird
Brandon Baird
(702)765-6005 [email protected]
(702)765-6005 [email protected]
Investment Information BANK OWNED - OFFICE CONDO Listing Price Pro Forma CAP
6765-2 S Eastern Avenue Las Vegas, NV 89119 $150,000 11.06 %
CAP
Building S.F. Rentable S.F.
1,313 1,313
Loan Amount
Price Per S.F. Expenses Per S.F.
$114.24 $0.00
Down Payment
Loan Description
Estimated Annualized Operating Data
Pro Forma
Scheduled Income
$21,270
Less Vacancy Gross Operating Income Less Expenses
$4,679 $16,591 $0
Net Operating Income Less Loan Payment Pre-Tax Cash Flow
$16,591 $0 $16,591
Cash on Cash Return
Estimated Annualized Expenses
Highlights
Pro Forma Total Expenses $0 Expenses Per S.F. $0.00 Please see expense detail on next page.
Turn key condo - ready for immediate move in High end finishes Great visibility High traffic area
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Estimated Expense Summary
Pro Forma
Totals
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Financial Summary Estimated Annualized Operating Data Scheduled Income Less Vacancy
Pro Forma $21,270 $4,679
Gross Operating Income
$16,591
Less Expenses Net Operating Income Less Loan Payment Pre-Tax Cash Flow Cash on Cash Return
$0 $16,591 $0 $16,591
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
2 . Rent Comparables
All Sperry Van Ness® Offices Independently Owned and Operated.
Rent Comparable Copper Pointe 4570 S Eastern Ave Las Vegas,NV 89119
THE PROPERTY Year Built
1988
Total S.F.
12,665
Asking Annual Rent/S.F.
$16.20
Comments
2nd generation space consisting of a reception area, conference room, 4 offices, storage and 1 private restroom.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Rent Comparable Palm Court 6877 S Eastern Las Vegas,NV 89119
THE PROPERTY Year Built
2006
Total S.F.
2,335
% Vacant
100.00 %
Asking Annual Rent/S.F.
$15.00
Comments
Single story - direct entry office suite, will build to suit.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Rent Comparable Palm Court 6871 S Eastern Ave Las Vegas,NV 89119
THE PROPERTY Year Built
2006
Total S.F.
10,498
% Vacant
50.00 %
Asking Annual Rent/S.F.
$19.20
Comments
Located within the Palm Court Office Park with excellent access to I-15, I-215, and McCarran Airport. This is a new office building with high end stone and glass exterior finishes. Building signage is available. Tenant improvements are complete and the space is ready to occupy.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$16.80
2000
Averages
75.00 %
2006 10,498 50.00 % $19.20 Located within the Palm Court Office Park with excellent access to I-15, I-215, and McCarran Airport. This is a new office building with high end stone and glass exterior finishes. Building signage is available. Tenant improvements are complete and the space is ready to occupy.
Palm Court 6871 S Eastern Ave Las Vegas,NV 89119
8,499
2006 2,335 100.00 % $15.00 Single story - direct entry office suite, will build to suit.
Palm Court 6877 S Eastern Las Vegas,NV 89119
Asking Annual Rent/S.F.
1988 12,665 $16.20 2nd generation space consisting of a reception area, conference room, 4 offices, storage and 1 private restroom.
% Vacant
Copper Pointe 4570 S Eastern Ave Las Vegas,NV 89119
Total S.F.
Year Built
Property Location
Rent Comparables Summary
www.svn.com
Photo
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Rent Comp Map
www.svn.com
3 . Sales Comparables
All Sperry Van Ness® Offices Independently Owned and Operated.
Sale Comparable - Closed Shea at Shadow Crest 1820 E Warm Springs Road Las Vegas,NV 89119
THE PROPERTY Building S.F. Closing Date
1,155 6/23/2010
Sale Price Year Built
$160,000 2007
Price / S.F.
$138.53
% Vacant
100.00 %
Comments
Ist generation Office space, Conference Room, Reception area, Kitchen, Covered Parking (1), Large Parking Lot. Great Tenant Improvements with several large offices. Owner spent 100K in making this a very upscale Office Condo.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Sale Comparable - Closed Eastern Canyon Plaza 8675 S Eastern Ave Las Vegas,NV 89123
THE PROPERTY Building S.F. Land Acres
7,268 0.5900
Sale Price Closing Date
$975,000 9/13/2010
Year Built
2004
Price / S.F.
$134.15
% Vacant
100.00 %
Comments
Beautiful new center located as part of a 17 acre development. Park sits on Eastern between Wigwam & Ford. Just N of I-215. Eastern is all commercial office and retail.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
100.00 %
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$136.34
$567,500
Averages
4,212
$975,000 2004 7,268 $134.15 100.00 % 9/13/2010 Beautiful new center located as part of a 17 acre development. Park sits on Eastern between Wigwam & Ford. Just N of I-215. Eastern is all commercial office and retail.
Eastern Canyon Plaza 8675 S Eastern Ave Las Vegas,NV 89123
COE
$160,000 2007 1,155 $138.53 100.00 % 6/23/2010 Ist generation Office space, Conference Room, Reception area, Kitchen, Covered Parking (1), Large Parking Lot. Great Tenant Improvements with several large offices. Owner spent 100K in making this a very upscale Office Condo.
Year Built Bldg S.F. Price/S.F. % Vacant NOI
Shea at Shadow Crest 1820 E Warm Springs Road Las Vegas,NV 89119
CAP
Sale Price
Property Location
Sales Comparables - Closed
Sales Comparables Summary
www.svn.com
Photo
Averages
CAP 4,212
$136.34
100.00 %
Year Built Bldg S.F. Price/S.F. % Vacant NOI
COE
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$567,500
Sale Price
Averages For All Sales Comparables
www.svn.com
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Sales Comp Map
www.svn.com
4 . Additional Information
All Sperry Van Ness® Offices Independently Owned and Operated.
Alternate view
Alternate view #2
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Alternate view #3
Alternate view #4
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Alternate view #5
Alternate view #6
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Alternate view #7
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Locator Map
www.svn.com
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Parcel Map
www.svn.com
5 . Advisor Profile
All Sperry Van Ness® Offices Independently Owned and Operated.
David Baird
Advisors
Sp e r r y Va n Ne s s A d v is o r s
David L. Baird serves as a senior vice president and national director of multifamily for Sperry Van Ness in the Las Vegas office. With over 32 years of industry experience, Baird has completed over 300 transactions valued at more than $2 billion, and has been a Sperry Van Ness top 10 producer for the past seven years. He also has experience in selling, developing and owning apartment projects in California, Arizona, Nevada, and Texas. As the National Director of Multifamily, Baird leads and supports the communication for Sperry Van Ness' national multifamily team, and is responsible for moderating the monthly national conference call that includes deal exchanges, industry and product discussions and relevant trade tips. Baird also works with local brokers on national deal opportunities and runs a monthly "open mic" call session to answer questions from the multifamily team. Baird has been published numerous times in publications such as, Newsweek, Commercial Property News, Apartment Finance Today, Western Real Estate News, National Real Estate Advisor, Multifamily Executive Globe Street and the Las Vegas Review Journal and others. Baird has been a features speaker and moderator at numerous Multifamily conferences.
David Baird Managing Director Sperry Van Ness
David Baird has been named Costar Power Broker for three years running, and was named one of only 20 Hot Brokers in the nation in 2006. Baird was named in the Heritage registry of "Who's Who". Baird's biggest accomplishment was the sale of a multifamily community with more than 1,400 units. By marketing proactively to the investment and brokerage communities, almost 200 registered buyers were generated and the property received 22 offers to purchase. During this time, he also managed to list and sell 765 units previously listed by other brokerage firms. As a seasoned Advisor, Baird has worked in a variety of market climates including the dramatic 80's down turn in Texas and the 90's real estate "depression" in California and Arizona. Through the years he has worked with the RTC Group, Inc. to find innovative ways to sell and finance large commercial properties. Baird is a licensed real estate broker in California, Arizona and Nevada. He also earned a bachelor's degree from California State University, Los Angeles.
Brandon Baird
Advisors
Sp e r r y Va n Ne s s A d v is o r s
Brandon Baird serves as an senior investment advisor for Sperry Van Ness Nevada specializing in the sale of retail and multifamily properties in Las Vegas. With six years of commercial real estate experience, Baird has secured 14 transactions with a career sales volume of $41 million. Prior to joining Sperry Van Ness, Baird served as computer network administrator for the United States Marine Corps. Baird was responsible for all policies, software roll outs, security and administration for a network that served as a backbone for over one thousand users. Baird was instrumental in designing and implementing a reliable network that served as a vital tool in logistics and communication. In his time as network administrator Baird received many awards and accolades for his dedication to completing a task as well as his ability to come up with creative solutions for complicated problems. In his time at Sperry Van Ness, Baird has served on several moderated panels, spoken to large groups and has been involved in transactions in all the major product types. Baird is perusing a bachelor’ s degree in Economics from University of Nevada Las Vegas.
Brandon Baird Senior Advisor Sperry Van Ness
Paul Chaffee
Advisors
Sp e r r y Va n Ne s s A d v is o r s
Paul Chaffee serves as a Senior Advisor and member of the Asset Recovery Team for Sperry Van Ness Nevada specializing in Distressed Assets, Retail and Vacant Land. With more than 10 years of commercial real estate experience and more than 24 years in Southern Nevada, Chaffee has extensive knowledge and experience of his local market. During these difficult market conditions, 2009-2010, Chaffee has been involved in 9 bank owned transactions, retail, multi-family and office, and has up-to-date market information that he provides to his clients. Prior to joining Sperry Van Ness, Chaffee served as Vice President of Commercial Sales for Nevada Title Company in Las Vegas, Nevada. Chaffee was charged with overseeing the day-to-day operations of the business and accomplishing effective control of marketing and sales results. Chaffee devised directives that propelled market share to greater than 40% in the Commercial Arena in Southern Nevada while guaranteeing that all customer expectations in quality, delivery and performance were consistently accomplished. Chaffee was also responsible for Investigating and delivering highly complex executive level presentations during public speaking and seminar engagements for the organization (NAIOP, CREW, SNLSA, BOMA, etc) about commercial real estate and distressed properties.
Paul Chaffee Associate Advisor Sperry Van Ness
Chaffee is an advisor of the Pi Kappa Alpha Fraternity at the University of Nevada, Las Vegas, was a founding father of this chapter as well as the President during his years at UNLV. Along with being involved in the undergraduate chapter, Chaffee is a member of the Greater Las Vegas Area Alumni Association of Pi Kappa Alpha, of which he is also a founder and former President. Chaffee sits on the Executive Committee Member of the Lied School of Real Estate Studies and a member of the University Nevada Las Vegas Alumni Association. As a 24 year Las Vegas resident, Chaffee graduated from Bonanza High School and went on to attend the University of Nevada, Las Vegas with a Bachelor of Arts in Communication Studies. Chaffee is a graduate of the Life Success, Men’ s Leadership, Pacesetters Leadership Dynamics and Rapport Leader I Programs.
All Sperry Van Ness® Offices Independently Owned and Operated.
Wil Chaffee
Advisors
Sp e r r y Va n Ne s s A d v is o r s
Wil Chaffee is a Senior Advisor for Sperry Van Ness Nevada, LLC., serving as a member of the Asset Recovery Team. His focus is on asset disposition solutions for distressed office / industrial assets and portfolios. A Las Vegas resident for 12 years, Wil Chaffee brings a over a decade of Real Estate experience beginning in residential sales with Prudential Americana Group REALTORS before starting his career in the commercial market in 2004 with IPG Commercial Real Estate Services, Inc. with a focus on sales and leasing of industrial / office properties before leaving his position as a Senior Commercial Advisor to join Sperry Van Ness Nevada, LLC in 2009.
Wil Chaffee Advisor Sperry Van Ness
Wil’ s extensive experience in the industry includes Seller/Landlord & Buyer/Tenant representation, sales and leasing negotiations, strategic planning and needs analysis with a strong focus on Landlord/Owner representation with notable current and past clients such as Mapleton Investments, The Koll Company, Aurora Bank FSB formerly Lehman Brothers, Falcon Mortgage Group, Imperial Capital Bank, Bank of the West, City National Bank, Western America Equities, Varian Medical Services, Interstate Batteries, Hard Rock Café, Hard Rock Hotel, Glen Lerner & Associates, Maaco Paint & Body and Fellowes, Inc., just to name a few. Wil brings a wealth of local market knowledge and experience through a detailed understanding of the Las Vegas market delivering said knowledge and experience with the skill and flexibility needed to adjust to diverse needs of each individual client and/or transaction. An average annual count of over 30 transactions per year reflects the success of Wil’ s dedication to fulfilling the client’ s needs and his personal and professional approach to the formation of long standing business relationships. Wil Chaffee is an avid golfer, motorcyclist, cyclist and an active member of the community, supporting The Leukemia & Lymphoma Society’ s Team in Training program having served as a cycling mentor.
All Sperry Van Ness® Offices Independently Owned and Operated.
BANK OWNED - OFFICE CONDO
6765-2 S Eastern Avenue, Las Vegas, NV 89119
Presented By:
David Baird 8966 Spanish Ridge Ave Las Vegas, NV 89148 (702)765-6005 [email protected]
Offering Highlights Turn key condo - ready for immediate move in
Brandon Baird
High end finishes
8966 Spanish Ridge Ave Las Vegas, NV 89148 (702)765-6005 [email protected]
Great visibility High traffic area
11/29/2010 All Sperry Van Ness® Offices Independently Owned and Operated.
All materials and information received or derived from Sperry Van Ness(hereinafter collectively “ Sperry Van Ness” ), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by Sperry Van Ness its directors, officers, agents, advisors, or affiliates 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 the property, projected financial performance of the property for any party’ s intended use or any and all other matters. Neither Sperry Van Ness its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, 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 to determine these and other matters of significance to such party. Sperry Van Ness will not investigate or verify any such matters or 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 own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Sperry Van Ness makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Sperry Van Ness does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well 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 public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Sperry Van Ness in compliance with all applicable fair housing and equal opportunity laws. Sperry Van Ness is independently owned and operated.
Table of Contents 1
Financial Analysis Executive Summary Investment Information Financial Summary
2
Rent Comparables Copper Pointe Palm Court Palm Court Rent Comparables Summary Rent Comp Map
3
Sales Comparables Shea at Shadow Crest Eastern Canyon Plaza Sales Comparables Summary Sales Comp Map
4
Additional Information Pictures Locator Map Parcel Map
5
Advisor Profile
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
1 . Financial Analysis
All Sperry Van Ness® Offices Independently Owned and Operated.
BANK OWNED - OFFICE CONDO
Executive Summary List Price
$150,000.00
Price Per Sq.Ft.
$114.24
NOI
$16,591
CAP
11.06 %
Building Sq.Ft.
1,313
Rentable Sq.Ft.
1,313
Land Acres Load Factor Occupancy
PROPERTY DESCRIPTION 6765-2 S Eastern Avenue, Las Vegas, NV 89119
Construction
HIGHLIGHTS
Concrete Tilt Up
Turn key condo - ready for immediate move in High end finishes
Parking Common Area Parking
Area The project is located in the busy Airport corridor on S Eastern Avenue just south of E Sunset Road across from Sunset Park within close proximity of McCarran International Airport. The subject offers convenient access to the 215 Beltway, I-15 and "The Strip".
Great visibility High traffic area
Cross Street Tax Parcel No. Market Sub Market Year Built Building Class Location Class Zoning Type Mixed-Use No. of Buildings No. of Stories No. of Tenants No. of Parking Spaces HVAC Elevators
Major Tenants This property is currently in a VACANT condition.
E Sunset Rd 177-02-613-033 Las Vegas Airport 2007 A A MD
Property The subject property is a BANK OWNED, 1,313 SF office condo located in the Venture Commerce Center. Current build out consists of a reception area, two private offices, open work area, two restrooms, and a server room / storage area with bamboo flooring throughout with slate accents.
1 1
Exclusively Listed By:
Yes
11/29/2010
David Baird
Brandon Baird
(702)765-6005 [email protected]
(702)765-6005 [email protected]
Investment Information BANK OWNED - OFFICE CONDO Listing Price Pro Forma CAP
6765-2 S Eastern Avenue Las Vegas, NV 89119 $150,000 11.06 %
CAP
Building S.F. Rentable S.F.
1,313 1,313
Loan Amount
Price Per S.F. Expenses Per S.F.
$114.24 $0.00
Down Payment
Loan Description
Estimated Annualized Operating Data
Pro Forma
Scheduled Income
$21,270
Less Vacancy Gross Operating Income Less Expenses
$4,679 $16,591 $0
Net Operating Income Less Loan Payment Pre-Tax Cash Flow
$16,591 $0 $16,591
Cash on Cash Return
Estimated Annualized Expenses
Highlights
Pro Forma Total Expenses $0 Expenses Per S.F. $0.00 Please see expense detail on next page.
Turn key condo - ready for immediate move in High end finishes Great visibility High traffic area
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Estimated Expense Summary
Pro Forma
Totals
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Financial Summary Estimated Annualized Operating Data Scheduled Income Less Vacancy
Pro Forma $21,270 $4,679
Gross Operating Income
$16,591
Less Expenses Net Operating Income Less Loan Payment Pre-Tax Cash Flow Cash on Cash Return
$0 $16,591 $0 $16,591
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
2 . Rent Comparables
All Sperry Van Ness® Offices Independently Owned and Operated.
Rent Comparable Copper Pointe 4570 S Eastern Ave Las Vegas,NV 89119
THE PROPERTY Year Built
1988
Total S.F.
12,665
Asking Annual Rent/S.F.
$16.20
Comments
2nd generation space consisting of a reception area, conference room, 4 offices, storage and 1 private restroom.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Rent Comparable Palm Court 6877 S Eastern Las Vegas,NV 89119
THE PROPERTY Year Built
2006
Total S.F.
2,335
% Vacant
100.00 %
Asking Annual Rent/S.F.
$15.00
Comments
Single story - direct entry office suite, will build to suit.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Rent Comparable Palm Court 6871 S Eastern Ave Las Vegas,NV 89119
THE PROPERTY Year Built
2006
Total S.F.
10,498
% Vacant
50.00 %
Asking Annual Rent/S.F.
$19.20
Comments
Located within the Palm Court Office Park with excellent access to I-15, I-215, and McCarran Airport. This is a new office building with high end stone and glass exterior finishes. Building signage is available. Tenant improvements are complete and the space is ready to occupy.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$16.80
2000
Averages
75.00 %
2006 10,498 50.00 % $19.20 Located within the Palm Court Office Park with excellent access to I-15, I-215, and McCarran Airport. This is a new office building with high end stone and glass exterior finishes. Building signage is available. Tenant improvements are complete and the space is ready to occupy.
Palm Court 6871 S Eastern Ave Las Vegas,NV 89119
8,499
2006 2,335 100.00 % $15.00 Single story - direct entry office suite, will build to suit.
Palm Court 6877 S Eastern Las Vegas,NV 89119
Asking Annual Rent/S.F.
1988 12,665 $16.20 2nd generation space consisting of a reception area, conference room, 4 offices, storage and 1 private restroom.
% Vacant
Copper Pointe 4570 S Eastern Ave Las Vegas,NV 89119
Total S.F.
Year Built
Property Location
Rent Comparables Summary
www.svn.com
Photo
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Rent Comp Map
www.svn.com
3 . Sales Comparables
All Sperry Van Ness® Offices Independently Owned and Operated.
Sale Comparable - Closed Shea at Shadow Crest 1820 E Warm Springs Road Las Vegas,NV 89119
THE PROPERTY Building S.F. Closing Date
1,155 6/23/2010
Sale Price Year Built
$160,000 2007
Price / S.F.
$138.53
% Vacant
100.00 %
Comments
Ist generation Office space, Conference Room, Reception area, Kitchen, Covered Parking (1), Large Parking Lot. Great Tenant Improvements with several large offices. Owner spent 100K in making this a very upscale Office Condo.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Sale Comparable - Closed Eastern Canyon Plaza 8675 S Eastern Ave Las Vegas,NV 89123
THE PROPERTY Building S.F. Land Acres
7,268 0.5900
Sale Price Closing Date
$975,000 9/13/2010
Year Built
2004
Price / S.F.
$134.15
% Vacant
100.00 %
Comments
Beautiful new center located as part of a 17 acre development. Park sits on Eastern between Wigwam & Ford. Just N of I-215. Eastern is all commercial office and retail.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
100.00 %
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$136.34
$567,500
Averages
4,212
$975,000 2004 7,268 $134.15 100.00 % 9/13/2010 Beautiful new center located as part of a 17 acre development. Park sits on Eastern between Wigwam & Ford. Just N of I-215. Eastern is all commercial office and retail.
Eastern Canyon Plaza 8675 S Eastern Ave Las Vegas,NV 89123
COE
$160,000 2007 1,155 $138.53 100.00 % 6/23/2010 Ist generation Office space, Conference Room, Reception area, Kitchen, Covered Parking (1), Large Parking Lot. Great Tenant Improvements with several large offices. Owner spent 100K in making this a very upscale Office Condo.
Year Built Bldg S.F. Price/S.F. % Vacant NOI
Shea at Shadow Crest 1820 E Warm Springs Road Las Vegas,NV 89119
CAP
Sale Price
Property Location
Sales Comparables - Closed
Sales Comparables Summary
www.svn.com
Photo
Averages
CAP 4,212
$136.34
100.00 %
Year Built Bldg S.F. Price/S.F. % Vacant NOI
COE
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$567,500
Sale Price
Averages For All Sales Comparables
www.svn.com
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Sales Comp Map
www.svn.com
4 . Additional Information
All Sperry Van Ness® Offices Independently Owned and Operated.
Alternate view
Alternate view #2
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Alternate view #3
Alternate view #4
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Alternate view #5
Alternate view #6
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Alternate view #7
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Locator Map
www.svn.com
All Sperry Van Ness® Offices Independently Owned and Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Parcel Map
www.svn.com
5 . Advisor Profile
All Sperry Van Ness® Offices Independently Owned and Operated.
David Baird
Advisors
Sp e r r y Va n Ne s s A d v is o r s
David L. Baird serves as a senior vice president and national director of multifamily for Sperry Van Ness in the Las Vegas office. With over 32 years of industry experience, Baird has completed over 300 transactions valued at more than $2 billion, and has been a Sperry Van Ness top 10 producer for the past seven years. He also has experience in selling, developing and owning apartment projects in California, Arizona, Nevada, and Texas. As the National Director of Multifamily, Baird leads and supports the communication for Sperry Van Ness' national multifamily team, and is responsible for moderating the monthly national conference call that includes deal exchanges, industry and product discussions and relevant trade tips. Baird also works with local brokers on national deal opportunities and runs a monthly "open mic" call session to answer questions from the multifamily team. Baird has been published numerous times in publications such as, Newsweek, Commercial Property News, Apartment Finance Today, Western Real Estate News, National Real Estate Advisor, Multifamily Executive Globe Street and the Las Vegas Review Journal and others. Baird has been a features speaker and moderator at numerous Multifamily conferences.
David Baird Managing Director Sperry Van Ness
David Baird has been named Costar Power Broker for three years running, and was named one of only 20 Hot Brokers in the nation in 2006. Baird was named in the Heritage registry of "Who's Who". Baird's biggest accomplishment was the sale of a multifamily community with more than 1,400 units. By marketing proactively to the investment and brokerage communities, almost 200 registered buyers were generated and the property received 22 offers to purchase. During this time, he also managed to list and sell 765 units previously listed by other brokerage firms. As a seasoned Advisor, Baird has worked in a variety of market climates including the dramatic 80's down turn in Texas and the 90's real estate "depression" in California and Arizona. Through the years he has worked with the RTC Group, Inc. to find innovative ways to sell and finance large commercial properties. Baird is a licensed real estate broker in California, Arizona and Nevada. He also earned a bachelor's degree from California State University, Los Angeles.
Brandon Baird
Advisors
Sp e r r y Va n Ne s s A d v is o r s
Brandon Baird serves as an senior investment advisor for Sperry Van Ness Nevada specializing in the sale of retail and multifamily properties in Las Vegas. With six years of commercial real estate experience, Baird has secured 14 transactions with a career sales volume of $41 million. Prior to joining Sperry Van Ness, Baird served as computer network administrator for the United States Marine Corps. Baird was responsible for all policies, software roll outs, security and administration for a network that served as a backbone for over one thousand users. Baird was instrumental in designing and implementing a reliable network that served as a vital tool in logistics and communication. In his time as network administrator Baird received many awards and accolades for his dedication to completing a task as well as his ability to come up with creative solutions for complicated problems. In his time at Sperry Van Ness, Baird has served on several moderated panels, spoken to large groups and has been involved in transactions in all the major product types. Baird is perusing a bachelor’ s degree in Economics from University of Nevada Las Vegas.
Brandon Baird Senior Advisor Sperry Van Ness
Paul Chaffee
Advisors
Sp e r r y Va n Ne s s A d v is o r s
Paul Chaffee serves as a Senior Advisor and member of the Asset Recovery Team for Sperry Van Ness Nevada specializing in Distressed Assets, Retail and Vacant Land. With more than 10 years of commercial real estate experience and more than 24 years in Southern Nevada, Chaffee has extensive knowledge and experience of his local market. During these difficult market conditions, 2009-2010, Chaffee has been involved in 9 bank owned transactions, retail, multi-family and office, and has up-to-date market information that he provides to his clients. Prior to joining Sperry Van Ness, Chaffee served as Vice President of Commercial Sales for Nevada Title Company in Las Vegas, Nevada. Chaffee was charged with overseeing the day-to-day operations of the business and accomplishing effective control of marketing and sales results. Chaffee devised directives that propelled market share to greater than 40% in the Commercial Arena in Southern Nevada while guaranteeing that all customer expectations in quality, delivery and performance were consistently accomplished. Chaffee was also responsible for Investigating and delivering highly complex executive level presentations during public speaking and seminar engagements for the organization (NAIOP, CREW, SNLSA, BOMA, etc) about commercial real estate and distressed properties.
Paul Chaffee Associate Advisor Sperry Van Ness
Chaffee is an advisor of the Pi Kappa Alpha Fraternity at the University of Nevada, Las Vegas, was a founding father of this chapter as well as the President during his years at UNLV. Along with being involved in the undergraduate chapter, Chaffee is a member of the Greater Las Vegas Area Alumni Association of Pi Kappa Alpha, of which he is also a founder and former President. Chaffee sits on the Executive Committee Member of the Lied School of Real Estate Studies and a member of the University Nevada Las Vegas Alumni Association. As a 24 year Las Vegas resident, Chaffee graduated from Bonanza High School and went on to attend the University of Nevada, Las Vegas with a Bachelor of Arts in Communication Studies. Chaffee is a graduate of the Life Success, Men’ s Leadership, Pacesetters Leadership Dynamics and Rapport Leader I Programs.
All Sperry Van Ness® Offices Independently Owned and Operated.
Wil Chaffee
Advisors
Sp e r r y Va n Ne s s A d v is o r s
Wil Chaffee is a Senior Advisor for Sperry Van Ness Nevada, LLC., serving as a member of the Asset Recovery Team. His focus is on asset disposition solutions for distressed office / industrial assets and portfolios. A Las Vegas resident for 12 years, Wil Chaffee brings a over a decade of Real Estate experience beginning in residential sales with Prudential Americana Group REALTORS before starting his career in the commercial market in 2004 with IPG Commercial Real Estate Services, Inc. with a focus on sales and leasing of industrial / office properties before leaving his position as a Senior Commercial Advisor to join Sperry Van Ness Nevada, LLC in 2009.
Wil Chaffee Advisor Sperry Van Ness
Wil’ s extensive experience in the industry includes Seller/Landlord & Buyer/Tenant representation, sales and leasing negotiations, strategic planning and needs analysis with a strong focus on Landlord/Owner representation with notable current and past clients such as Mapleton Investments, The Koll Company, Aurora Bank FSB formerly Lehman Brothers, Falcon Mortgage Group, Imperial Capital Bank, Bank of the West, City National Bank, Western America Equities, Varian Medical Services, Interstate Batteries, Hard Rock Café, Hard Rock Hotel, Glen Lerner & Associates, Maaco Paint & Body and Fellowes, Inc., just to name a few. Wil brings a wealth of local market knowledge and experience through a detailed understanding of the Las Vegas market delivering said knowledge and experience with the skill and flexibility needed to adjust to diverse needs of each individual client and/or transaction. An average annual count of over 30 transactions per year reflects the success of Wil’ s dedication to fulfilling the client’ s needs and his personal and professional approach to the formation of long standing business relationships. Wil Chaffee is an avid golfer, motorcyclist, cyclist and an active member of the community, supporting The Leukemia & Lymphoma Society’ s Team in Training program having served as a cycling mentor.
All Sperry Van Ness® Offices Independently Owned and Operated.
