1443 SOUTH EWING AVENUE
1443 SOUTH EWING AVENUE DALLAS, TEXAS 75216
MULTIFAMILY 8 UNIT BUILDING STABILIZED 11.76% CAP
EXCLUSIVE LISTING BROKER LOGAN WALLER Broker/Owner [email protected] 214.704.5001
5115 McKinney Avenue, Suite F Dallas, Texas 75205
T 214.704.5001 loganwaller.com
PROPERTY
LOCATION
1443 S EWING AVE. 1443 S EWING AVE. DALLAS, TEXAS 75216
OVERVIEW
GLA / UNITS
5,676 SF / 8 UNITS
PRICE
$500,000
CAP RATE
11.76%
Stabilized property. Controlled access gated parking. Down to the studs remodel in 2013 with double insulated walls, energy efficient windows, insulated attic and new water heater. Easy access to Oak Cliff and Downtown Dallas.
EXECUTIVE SUMMARY
GLA / UNITS
5,676 SF / 8 UNITS
PRICE
$500,000
PRICE PSF
$88.09
CAP RATE
11.76%
DALLAS-FORT WORTH-ARLINGTON 4TH LARGEST METROPOLITAN AREA IN THE NATION
DFW METROPLEX IS MAJOR CORPORATE HUB HEADQUARTERS INCLUDE TOYOTA, STATE FARM INSURANCE, RAYTHEON & MANY MORE
DFW METROPLEX VOTED BEST PLACES TO LIVE BY FORBES’
MULTIFAMILY MARKET RATES HAVE BEEN RISING STEADILY SINCE 2009
92.8% OCCUPIED SOUTH MULTIFAMILY SUBMARKET IS ON PACE WITH GREATER DALLAS MARKET OCCUPANCY
EASY ACCESS TO MAJOR NORTH-SOUTH-EAST-WEST THOROUGHFARES AS WELL AS DART RAIL STATIONS
FULLY OCCIPIED - LIFE NET METRO CARE MASTER LEASE Oak Arms is 100% master leased by Life Net Metro Care; a nonprofit organization dedicated to improving the future of mental health care. Life Net’s contract will expire December 31st, 2017. They have a history of renewing master leases and will likely renew their annual lease. SUMMARY The Waller Group is proud to offer for sale this Multifamily 8 Unit property located in Dallas, TX. The properly is currently 100% occupied and was remodeled down to the studs in 2013 with double insulated walls, energy efficient windows, and a new water heater. The property is stabilized with all bills paid, features secured gated parking, and easy access to Oak Cliff and Downtown Dallas. The current cap rate is 11.47%. TOP INVESTOR MARKET Dallas-Fort Worth-Arlington is the 4th largest metropolitan area in the nation. According to data from US Census Bureau, the DFW metro area gains another person every four minutes and ten seconds. Dallas is the 9th most populated city in the US and the 3rd most populated city in the state. Since 2006, Dallas has added households at an annual rate of 2.0%. The growth forecast, according to Reis, is 2.9% for 2016 and 2017. The fast-paced growth is generating a dynamic multifamily market for the city. Average asking rental rates have risen steadily since 2009. The South Dallas multifamily submarket has over 3,000 units at 92.8% occupancy and an average rental rate of $807 per unit. While the submarket is performing just below the Dallas average, the submarket has historically and is forecast to perform in line with the greater market.
FINANCIAL ANALYSIS
Bed/Bath
# Like Units 2/1
TOTAL
Avg. SF
Avg. Rental Rate
8
709.5
$865.00
8
5,676
$6,920.00
INCOME
$1.22
2016 - ACTUALS PER UNIT
2016 - ACTUALS SCHEDULED RENTAL INCOME
Avg. $/SF
83,040.00 1,080.00
10,200.00 135.00
84,120.00
10,335.00
TOTAL FIXED EXPENSES
(2,400.00) (1,200.00) (1,200.00)
(300.00) (150.00) (150.00)
TOTAL UTILITY EXPENSES
(13,668.00)
(1,708.50)
(7,500.00) (3,000.00) (600.00)
(937.50) (375.00) (75.00)
(840.00) (1,728.00) (9,238.86)
(105.00) (216.00) (1,154.86)
(6,238.86)
(779.86)
(3,000.00) (25,306.86)
(375.00) (3,163.36)
58,813.14
7,171.64
OTHER INCOME - LAUNDRY EFFECTIVE GROSS INCOME EXPENSES LANDSCAPING REPAIRS/MAINT ELECTRICITY WATER GAS INTERNET TRASH TOTAL VARIABLE EXPENSES TAXES INSURANCE - PROPERTY TOTAL EXPENSES NET OPERATING INCOME CAP RATE AND VALUATION ACTUAL PURCHASE PRICE ANNUAL CAP RATE (BASED ON AC. PUR. PRICE) LOAN INFORMATION DOWN PAYMENT LOAN AMOUNT ACQUISITION COSTS AND FEES AMORTIZATION YEARS ANNUAL INTEREST RATE INITIAL INVESTMENT MONTHLY MORTGAGE PAYMENT TOTAL ANNUAL DEBT SERVICE
500,000.00 11.76% 125,000.00 375,000.00 5,000.00 30 4.50% 130,000.00 1,900.07 22,800.84
CASH FLOW AND ROI TOTAL ANNUAL CASH FLOW (AFTER DEBT SERV) BLENDED ANNUAL ROI CASH ON CASH RETURN (ROI)
*Information provided by Seller. Buyer to verify.
34,572.30 26.59%
PROPERTY PHOTOS
PROPERTY PHOTOS
AERIAL PHOTOS
DISCLAIMER
This is a confidential Offering Memorandum that has been prepared by The Waller Group, LLC and is intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the property. This Offering Memorandum contains selected information pertaining to the property or the owner of the property, the be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the owner and The Waller Group, LLC. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the property will be made available to interested and qualified prospective purchasers. In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Offering Memorandum in any manner. Neither the owner or The Waller Group, LLC. nor any representatives make any representation of warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the property in evaluating a possible purchase of the real property. If after reviewing this Memorandum, you have no further interest in purchasing the property, kindly return this Memorandum to The Waller Group, LLC.
For information, contact: Logan Waller (214) 736-1500 [email protected]
MULTIFAMILY 8 UNIT BUILDING STABILIZED 11.76% CAP
EXCLUSIVE LISTING BROKER LOGAN WALLER Broker/Owner [email protected] 214.704.5001
5115 McKinney Avenue, Suite F Dallas, Texas 75205
T 214.704.5001 loganwaller.com
PROPERTY
LOCATION
1443 S EWING AVE. 1443 S EWING AVE. DALLAS, TEXAS 75216
OVERVIEW
GLA / UNITS
5,676 SF / 8 UNITS
PRICE
$500,000
CAP RATE
11.76%
Stabilized property. Controlled access gated parking. Down to the studs remodel in 2013 with double insulated walls, energy efficient windows, insulated attic and new water heater. Easy access to Oak Cliff and Downtown Dallas.
EXECUTIVE SUMMARY
GLA / UNITS
5,676 SF / 8 UNITS
PRICE
$500,000
PRICE PSF
$88.09
CAP RATE
11.76%
DALLAS-FORT WORTH-ARLINGTON 4TH LARGEST METROPOLITAN AREA IN THE NATION
DFW METROPLEX IS MAJOR CORPORATE HUB HEADQUARTERS INCLUDE TOYOTA, STATE FARM INSURANCE, RAYTHEON & MANY MORE
DFW METROPLEX VOTED BEST PLACES TO LIVE BY FORBES’
MULTIFAMILY MARKET RATES HAVE BEEN RISING STEADILY SINCE 2009
92.8% OCCUPIED SOUTH MULTIFAMILY SUBMARKET IS ON PACE WITH GREATER DALLAS MARKET OCCUPANCY
EASY ACCESS TO MAJOR NORTH-SOUTH-EAST-WEST THOROUGHFARES AS WELL AS DART RAIL STATIONS
FULLY OCCIPIED - LIFE NET METRO CARE MASTER LEASE Oak Arms is 100% master leased by Life Net Metro Care; a nonprofit organization dedicated to improving the future of mental health care. Life Net’s contract will expire December 31st, 2017. They have a history of renewing master leases and will likely renew their annual lease. SUMMARY The Waller Group is proud to offer for sale this Multifamily 8 Unit property located in Dallas, TX. The properly is currently 100% occupied and was remodeled down to the studs in 2013 with double insulated walls, energy efficient windows, and a new water heater. The property is stabilized with all bills paid, features secured gated parking, and easy access to Oak Cliff and Downtown Dallas. The current cap rate is 11.47%. TOP INVESTOR MARKET Dallas-Fort Worth-Arlington is the 4th largest metropolitan area in the nation. According to data from US Census Bureau, the DFW metro area gains another person every four minutes and ten seconds. Dallas is the 9th most populated city in the US and the 3rd most populated city in the state. Since 2006, Dallas has added households at an annual rate of 2.0%. The growth forecast, according to Reis, is 2.9% for 2016 and 2017. The fast-paced growth is generating a dynamic multifamily market for the city. Average asking rental rates have risen steadily since 2009. The South Dallas multifamily submarket has over 3,000 units at 92.8% occupancy and an average rental rate of $807 per unit. While the submarket is performing just below the Dallas average, the submarket has historically and is forecast to perform in line with the greater market.
FINANCIAL ANALYSIS
Bed/Bath
# Like Units 2/1
TOTAL
Avg. SF
Avg. Rental Rate
8
709.5
$865.00
8
5,676
$6,920.00
INCOME
$1.22
2016 - ACTUALS PER UNIT
2016 - ACTUALS SCHEDULED RENTAL INCOME
Avg. $/SF
83,040.00 1,080.00
10,200.00 135.00
84,120.00
10,335.00
TOTAL FIXED EXPENSES
(2,400.00) (1,200.00) (1,200.00)
(300.00) (150.00) (150.00)
TOTAL UTILITY EXPENSES
(13,668.00)
(1,708.50)
(7,500.00) (3,000.00) (600.00)
(937.50) (375.00) (75.00)
(840.00) (1,728.00) (9,238.86)
(105.00) (216.00) (1,154.86)
(6,238.86)
(779.86)
(3,000.00) (25,306.86)
(375.00) (3,163.36)
58,813.14
7,171.64
OTHER INCOME - LAUNDRY EFFECTIVE GROSS INCOME EXPENSES LANDSCAPING REPAIRS/MAINT ELECTRICITY WATER GAS INTERNET TRASH TOTAL VARIABLE EXPENSES TAXES INSURANCE - PROPERTY TOTAL EXPENSES NET OPERATING INCOME CAP RATE AND VALUATION ACTUAL PURCHASE PRICE ANNUAL CAP RATE (BASED ON AC. PUR. PRICE) LOAN INFORMATION DOWN PAYMENT LOAN AMOUNT ACQUISITION COSTS AND FEES AMORTIZATION YEARS ANNUAL INTEREST RATE INITIAL INVESTMENT MONTHLY MORTGAGE PAYMENT TOTAL ANNUAL DEBT SERVICE
500,000.00 11.76% 125,000.00 375,000.00 5,000.00 30 4.50% 130,000.00 1,900.07 22,800.84
CASH FLOW AND ROI TOTAL ANNUAL CASH FLOW (AFTER DEBT SERV) BLENDED ANNUAL ROI CASH ON CASH RETURN (ROI)
*Information provided by Seller. Buyer to verify.
34,572.30 26.59%
PROPERTY PHOTOS
PROPERTY PHOTOS
AERIAL PHOTOS
DISCLAIMER
This is a confidential Offering Memorandum that has been prepared by The Waller Group, LLC and is intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the property. This Offering Memorandum contains selected information pertaining to the property or the owner of the property, the be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the owner and The Waller Group, LLC. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the property will be made available to interested and qualified prospective purchasers. In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Offering Memorandum in any manner. Neither the owner or The Waller Group, LLC. nor any representatives make any representation of warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the property in evaluating a possible purchase of the real property. If after reviewing this Memorandum, you have no further interest in purchasing the property, kindly return this Memorandum to The Waller Group, LLC.
For information, contact: Logan Waller (214) 736-1500 [email protected]
