Investment Property Offering $3,175,000
Presented By:
EXECUTIVE PARK
6753-6773 W Charleston Blvd, Las Vegas, NV 89146
David Baird 2850 W Horizon Ridge, Suite 200 Henderson, NV 89052 (702)765-6005
[email protected] Michael Boscia CCIM 2850 W Horizon Ridge, Suite 200 Henderson, NV 89052 (702) 810-6707
[email protected] Offering Highlights 11 Building Project is Condominium Mapped 49% Occupied: Positive NOI with Current Income Immaculate Gardens and Walkways Throughout Park Bank Owned - Will Not Last
02/23/2012 All Sperry Van Ness® Offices Independently Owned and Operated.
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Executive Summary Overview Charleston Executive Park 6753‐6773 W. Charleston Blvd Las Vegas, NV 89146 11 Building Condominium Property Separate Parcel Numbers for Each 50,960 +/‐ Square Feet 4.81 +/‐ acres C‐1 Light Commercial Zoning
If there is one page of this brochure that you really look at; the one page where you take the time to fully digest what is being said, then make it this page. If you don't, you may miss the essence of this property and a few years from now you will probably wonder why you did not buy it. You have before you an eleven building office project. Unlike most, where some parcels have been sold, the entire park is available. Unlike most, each building is a separate condominium, instead of the common configuration where each condominium is a "portion" of a building. Most owner/user buyers prefer to buy the entire building instead of a portion of the insides. Unlike most bank owned purchase opportunites, this project is well maintained and is in great condition throughout. And unlike most, the current cash flow generated by the existing tenants, covers the current operating expenses. Sperry Van Ness is pleased to present to you this 'unique' investment opportunity. It is unique in the sense that the str structure ct re of this partic particular lar propert property allo allowss the buyer b er a m multitude ltit de of ways a s to potentially increase their return. Lease up remaining suites increasing cash flow and return on investment Keep center and cash flow mentioned above or sell as stabilized investment later Sell existing 100% occupied buildings (2) to investors Sell existing vacant buildings (2) to owner/users who need entire square footage Sell partially occupied buildings to owner/users who need only a portion of building Subject to any restrictions or conditions, move tenants to different buildings so more buildings are 100% occupied or 100% vacant. We are sure you can think of several more variations THE INFORMATION HERE HAS NOT BEEN VERIFIED AND IS PROVIDED WITHOUT WARRANTY UNLESS OTHERWISE AGREED IN WRITING. READERS ARE ADVISED TO INVESTIGATE AND VERIFY SAME PRIOR TO ENTERING INTO A TRANSACTION 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.
Commercial Real Estate Advisors
Proforma Financial Analysis As we mentioned previously in this brochure, the beauty of this property is that it has many options that could increase the return on investment. Selling portions of the property at a higher price/SF than the purchase price/SF would be one way (see lower left) . But for those investors desiring the advantages a longer hold time, see two examples on right side of this page
Current Proforma
Stabilized Proforma #1
Base Price
$3,175,000
Approximate Leased SF
24,974
$328,573 Approximate Annual Rent -$147,345 Minus Operating Expenses $181,228 Current Proforma NOI (Positive cash flow from the day one ! ) Note and Assumptions: We call the above a "Current Proforma" because it is based on approximate income and expenses as of 12/31/2011, but we must stress that the bank has not had the property long enough to accurately predict what the stabilized income and expenses will be. Also some of the expenses included herein may contain one time expenses that were needed to bring the property up to the quality state that it is in now.
Base Price Total SF Rent per SF (Proforma Basis) Proforma Annual Rent Vacancy Allowance Minus Vacancy Allowance Minus Operating Expenses Proforma NOI Proforma Cap Rate
$550,368 22.50% -$123,833 -$156,500 $270,035 8.51%
Note and Assumptions: For this example we have used the proforma rental rate of $ 0.90 cents per SF per month for all square footage and assumed gross leases. We also allowed a 22.5% vacancy rate which is, depending on which statisics you read, is the current Las Vegas office vacancy average. Cap Rate much better if buyer can get better than average occupancy !
Alt Alternate t IInvestment t t Example E l Base Price Total SF Price per SF
$3,175,000 50,960 $0.90
Stabilized St bili d Proforma P f #2 $3,175,000 50,960 $62.30
Proforma Sales of Individual Buildings Average Sales Price per SF $100.00 Gross Sales Income $5,096,000 Difference $1,921,000 Proforma return 60.50%
Base Price Total SF Rent per SF (Proforma Basis) Proforma Annual Rent Vacancy Allowance Minus Vacancy Allowance Minus Operating Expenses Proforma NOI Proforma Cap Rate
$3,175,000 50,960 $1.25 $764,400 5.00% -$38,220 -$160,550 $565,630 17.82%
Note and Assumptions:
Note and Assumptions:
The proforma return above does not include any costs associated with sales, holding costs or other costs that would affect net income and net return.
This example is to show the investment when the market returns to a more normalized conditon and rents rise. For this example we have used the proforma rental rate of $1.25 cents per SF per month for all square footage and assumed gross leases. We also allowed a traditional 5% vacancy rate.
The information contained herein and through-out this offering package has been obtained from sources believed reliable, but not guaranteed. While we do not doubt its accuracy, we make no guarantee, warranty, or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Purchasers should conduct a careful, independent investigation of the property during a due diligence period to determine to their satisfaction the accuracy and completeness of the information contained herein. All Sperry Van Ness® Offices Independently Owned and Operated.
EXECUTIVE PARK
Executive Summary List Price Price Per Sq.Ft.
$3,175,000 $62.30
NOI CAP Building Sq.Ft.
50,960 +/-
Rentable Sq.Ft.
50,960 +/-
Land Acres
4.81 +/-
Load Factor Occupancy
49 % +/-
PROPERTY DESCRIPTION 6753-6773 W Charleston Blvd, Las Vegas, NV 89146
HIGHLIGHTS
Construction
11 Building Project is Condominium Mapped 49% Occupied: Positive NOI with Current Income Immaculate Gardens and Walkways Throughout Park Bank Owned - Will Not Last
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
Renovation
One 5040 sq ft building is modified gray shell but the remaining +/-45,920 sq ft are improved office suites.
S Rainbow Blvd 163-02-110-001 to 011 Las Vegas West 1985 B B C-1
Wood frame, stucco & brick. Beautiful mix of desert and conventional landscaping in central garden area.
Parking
The subject property offers ample parking spaces with numerous covered parking structures throughout the entire park. We estimate the parking at 190 spaces but the actual number of spaces has not been confirmed.
Area
The project is located on Charleston Blvd in the west office sub-market just 300 ft east of Rainbow Boulevard. It is centrally located and just a mile south of the Rainbow/95 fwy/Summerlin Parkway interchange, making it accessable to everything.
Property
The subject property is an 11 building garden style condominium project situated on +/- 4.81 acres. The interior garden areas are immaculate and beautifully maintained.The buildings range in size from 3,360 SF to 6,720 SF and over 90% of the spaces have been fully improved.
11 1 190 +/Exclusively Listed By:
none
02/23/2012
David Baird
Michael Boscia
(702)765-6005
[email protected] (702) 810-6707
[email protected] Garden Areas Charleston Executive Park The gardens of the Charleston Executive Park are amazing examples of horiculture design. These gardens are a beautiful mix of desert and conventional planting, combined with the perfect arrangement of trees, shrubs, rock water ways and rambling sidewalks. These pictures can never convey the ambiance of the gardens. Please visit this property and stroll through them yourself.
THE INFORMATION HERE HAS NOT BEEN VERIFIED AND IS PROVIDED WITHOUT WARRANTY UNLESS OTHERWISE AGREED IN WRITING. READERS ARE ADVISED TO INVESTIGATE AND VERIFY SAME PRIOR TO ENTERING INTO A TRANSACTION 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.
Property Signs‐Charleston Executive Park Tenants and Owners love signage and Charleston Executive Park has plenty. A large pylon sign with advertising reader board punctuates the entrance on Charleston Boulevard. Then, throughout the park, monument signs accent the parking area directing visitors to the various tenants in the buildings.
THE INFORMATION HERE HAS NOT BEEN VERIFIED AND IS PROVIDED WITHOUT WARRANTY UNLESS OTHERWISE AGREED IN WRITING. READERS ARE ADVISED TO INVESTIGATE AND VERIFY SAME PRIOR TO ENTERING INTO A TRANSACTION 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
The above aerial was obtained from the Clark County GISMO web site Please notice proximity to major intersection of Charleston Blvd and Rainbow Blvd. The pink line is the property line of the entire Executive Park, as represented by GISMO The green lines are the condominium outlines, as represented by GISMO The off-white rectangles are the covered parking structures. Some owners charge tenants a monthly fee to reserve a space or spaces under these shade structures. Some owners use these spaces as tenant incentives. We have not included any proforma income for these spaces in our analysis, but one should consider this possible upside to the investment. The information contained herein and throughout this offering package has been obtained from sources believed reliable, but not guaranteed. While we do not doubt its accuracy, we make no guarantee, warranty, or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Property is being sold "As-Is, Where-Is, With All Faults" and purchasers should conduct a careful, independent investigation of the property during a due diligence period to determine to their satisfaction the accuracy and completeness of the information contained herein. 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.
6753 Building
6757 Building
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
6759 Building
6761 Building
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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Location Map
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.