OFFERING MEMORANDUM PARK PLACE APARTMENTS
PARK PLACE APARTMENTS IDAHO FALLS, ID
OFFERING MEMORANDUM
PARK PLACE APARTMENTS IDAHO FALLS, ID
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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
CONFIDENTIALITY AND DISCLAIMER CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
PARK PLACE APARTMENTS IDAHO FALLS, ID
SECTION TWO ..................................................PROPERTY DESCRIPTION SECTION THREE ...................................................RECENT SALES SECTION FOUR ............................ON MARKET COMPARABLES SECTION FIVE .........................DEMOGRAPHIC ANALYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
TABLE OF CONTENTS
SECTION ONE ...............................................PRICING & FINANCIAL ANALYSIS
PRICING & FINANCIAL ANALYSIS
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
Price Down Payment Price/Unit Price/SF Number of Units
1,675,000 20% / $335,000 $44,079 $55.28 38
Rentable Square Feet
30,300
Number of Buildings
three
Number of Stories
two
Year Built
1976
Lot Size
1 acre
VITAL DATA
CAP Rate - Current GRM - Current Net Operating Income - Current
9.00% 8.33
PRICING & FINANCIAL ANALYSIS
Offering Summary
$150,775
Net Cash Flow After Debt Service - Current
19.8% / $66,408
Total Return - Current
25.9% / $86,902
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
EXISTING FINANCING Loan Amount Loan Type Interest Rate Amortization Due Date Lender Name
$885,000 Assumption 4.740% 30 Years 2036 Citibank
PROPOSED FINANCING FIRST TRUST DEED Loan Amount Loan Type
$1,340,000 Proposed New
Interest Rate Amortization
4.8% 30 Years
Program Debt Coverage Ratio
M&M Capital Corp 1.79
PRICING & FINANCIAL ANALYSIS
Financing
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PRICING & FINANCIAL ANALYSIS
Unit Mix No. of Units
Unit Type
Approx. Square Feet
Current Rents
Rent/ SF
Monthly Income
12
2 Bdr 1 Bath
750
$430 - $450
$0.59
$4,940
18
2 Bdr 1 Bath
900
$485
$0.54
$8,730
6
1 Bdr 1 Bath
650
$390
$0.60
$2,340
2
1 Bdr 1 Bath
600
$375
$0.63
38
TOTAL
30,300
UNIT MIX
$750 $16,760
UNIT RENT & RENT/SF
$500 $0.60
1B1B: 21%
$450 $400
$0.50
$350 $0.40
$300 $250
$0.30
$200 $0.20
$150 $100
$0.10 2B1B: 79%
$50 $0
$0.00 2B1B
2B1B
1B1B
1B1B
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
Unit Number
Unit Type
Unit SF
Current Rent
Rent/ SF
Asking Rent
Rent/ SF
Parking
725-1
2 Bdr
750
$430
$0.57
garage
725-2
2 Bdr
750
$430
$0.57
garage
725-3
2 Bdr
750
$430
$0.57
garage
725-4
2 Bdr
750
$430
$0.57
725-5
2 Bdr
750
$430
$0.57
725-6
2 Bdr
750
$430
$0.57
725-7
2 Bdr
750
$455
$0.61
garage
725-8
2 Bdr
750
$455
$0.61
garage
725-9
2 Bdr
750
$455
$0.61
garage
725-10
2 Bdr
750
$430
$0.57
725-11
2 Bdr
750
$455
$0.61
garage
725-12
2 Bdr
750
$455
$0.61
garage
730-1
1 Bdr
650
$415
$0.64
garage
730-2
1 Bdr
650
$390
$0.60
730-3
1 Bdr
650
$375
$0.58
730-4
1 Bdr
650
$390
$0.60
730-5 730-6
1 Bdr 2 Bdr
650 900
$390 $485
$0.60 $0.54
garage
730-7
2 Bdr
900
$510
$0.57
garage
730-8
2 Bdr
900
$510
$0.57
garage
730-9
2 Bdr
900
$510
$0.57
730-10
2 Bdr
900
$510
$0.57
garage
730-11
2 Bdr
900
$485
$0.54
garage
730-12 730-13
2 Bdr 2 Bdr
900 900
$485 $485
$0.54 $0.54
760-1 760-2
1Bdr 1 Bdr
600 600
$599 $390
$1.00 $0.65
garage garage
760-3
1 Bdr
600
$375
$0.63
garage
760-4
1 Bdr
600
$390
$0.65
760-5
1 Bdr
600
$390
$0.65
760-6
2 Bdr
750
$485
$0.65
760-7 760-8
2 Bdr 2 Bdr
750 750
$0 $510
$0.68
garage
760-9
2 Bdr
750
$485
$0.65
garage
Storage
PRICING & FINANCIAL ANALYSIS
Rent Roll
COMMENTS Managers unit is 760-7
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
Unit Number
Unit Type
Unit SF
Current Rent
Rent/ SF
Asking Rent
Rent/ SF
Parking
760-10
2bd
750
$485
$0.65
Garage
760-11
2 bd
750
$510
$0.68
garage
760-12
2 bd
750
$485
$0.65
760-13
2 bd
750
$485
$0.65
$0
$0
38
TOTAL VACANT TOTAL OCCUPIED
28,450
$16,814
$0
38
TOTAL
28,450
$16,814
$0
Storage
PRICING & FINANCIAL ANALYSIS
Rent Roll
COMMENTS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
Total Number of Units: Total Rentable Area:
INCOME GROSS POTENTIAL RENT
38 30,300
SF
CURRENT
PER UNIT
$201,120
$5,293
$480
$13
$480
$13
$201,600
$5,305
Other Income Laundry Income Total Other Income GROSS POTENTIAL INCOME Vacancy/Collection Allowance (GPR) EFFECTIVE GROSS INCOME
2.0% / $4,022
$106
$197,578
$5,199
EXPENSES Real Estate Taxes
$17,295
$455
Insurance
4,035
$106
Utilities
4,771
$126
Repairs & Maintenance
5,366
$141
Reserves & Replacements
2,963
$78
On site book keeper
3,000
$79
workers comp
$373
$10
Resident manager TOTAL EXPENSES Expenses per SF % of EGI NET OPERATING INCOME
9,000
$237
$46,803
$1,232
PRICING & FINANCIAL ANALYSIS
Income & Expenses
$1.54 23.7% $150,775
$3,968
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
LOCATION
ANNUALIZED OPERATING DATA INCOME
730 760 725 K Street
CURRENT
Idaho Falls, ID 83402 Price
1,675,000
Down Payment
20% / $335,000
Number of Units
38
Price/Unit
$44,079
Rentable Square Feet
30,300
Price/SF
$55.28
CAP Rate - Current
9.00%
Gross Potential Rent Other Income
$201,120 $480
Gross Potential Income
$201,600
Less: Vacancy/Deductions (GPR) Effective Gross Income
$197,578
Less: Expenses
$46,803
Net Operating Income
$150,775
Debt Service
$84,366
Debt Coverage Ratio
1.79
GRM - Current
8.33
Net Cash Flow After Debt Service
Year Built
1976
Principal Reduction
Lot Size
1 acre
Type of Ownership
2.0% / $4,022
19.8% / $66,408 $20,493
Total Return
25.9% / $86,902
Fee Simple
PRICING & FINANCIAL ANALYSIS
Financial Overview
FINANCING FIRST TRUST DEED Loan Amount
1,340,000
Loan Type
Proposed New
Interest Rate Amortization Program
4.8% 30 Years M&M Capital
Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.
EXPENSES Real Estate Taxes Insurance Utilities Repairs & Maintenance Reserves & Replacements On site book keeper workers comp Resident manager TOTAL EXPENSES EXPENSES/UNIT EXPENSES/SF % of EGI
17,295 4,035 4,771 5,366 2,963 3,000 $373 9,000 $46,803 $1,232 $1.54 23.69%
SCHEDULED INCOME No. of Units
Unit Type
Approx. Square Feet
Current Rents
Rent/ SF
Monthly Income
12
2 Bdr 1 Bath
750
$430 - $450
$0.59
$4,940
18
2 Bdr 1 Bath
900
$485
$0.54
$8,730
6
1 Bdr 1 Bath
650
$390
$0.60
$2,340
$375
$0.63
2
1 Bdr 1 Bath
600
38
Total/Wtd. Avg.
30,300
$750 $16,760
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PROPERTY DESCRIPTION
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
INVESTMENT HIGHLIGHTS Attractive in place assumable first TD
This 38 unit apartment offering is comprised of three buildings. Two
PROPERTY DESCRIPTION
Investment Overview
are side by side with identical unit mix and lay out. The third building is immediately across the street from the other two. An investor will have the choice of assuming in place debt at the
Near Interstate 15 FWY.
Close to Idaho Falls Airport
attractive interest rate of 4.74 % or obtaining a new loan at market rates (no pre payment penalties on the existing loan). Major employers in the Idaho Falls metro area are: INL (Idaho National Laboratory under the Department of Energy)
Historically high occupany buildings Garages available to many tenants
Melaleuca Corporation United Potato Growers of Idaho Press-A-Print International Please visit the website:
www.idahofalls.gov
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
THE OFFERING Property
Property Address Assessor's Parcel Number
Park Place Apartments 730 760 725 K Street Idaho Falls, ID 83402 RPA072000C05A RPA072000F
Zoning
R-3A
SITE DESCRIPTION
Number of Units
38
Number of Buildings Number of Stories
three two
Year Built Rentable Square Feet Lot Size
1976 30,300 1 acre
Type of Ownership Parking Topography
PROPERTY DESCRIPTION
Property Summary
Fee Simple surface & garages Flat
CONSTRUCTION
Foundation Framing Roof
slab wood frame pitched
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
COMMON AREA AMENITIES Laundry room in each building Storage lockers
PROPERTY DESCRIPTION
Amenities
UNIT AMENITIES Washer/dryer hook ups in 2 bd.units Refridgerators and stoves in all units Balconies in some units
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Area Maps
LOCAL MAP
REGIONAL MAP This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Site Plan
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Aerial Photo
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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RECENT SALES
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
RECENT SALES
Recent Sales Map
1)
Park Place Apartments 934 E Main St
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
AVERAGE PRICE/SF 60.00
Avg $54.32
55.00 50.00 45.00 40.00
RECENT SALES
Price/SF & Price/Unit
35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Subject
934 E Main St
AVERAGE PRICE/UNIT Avg $59,156
60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Subject
934 E Main St
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS 730 760 725 K Street Idaho Falls, ID 83402
SUBJECT PROPERTY
1
No. of Units: Year Built: Sale Price: Price/Unit: Price/SF: CAP Rate: GRM:
38 1976 1,675,000
$44,079 $55.28 9.00% 8.33
No. of Units 12 18 6 2
Unit Type 2 Bdr 1 Bath 2 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath
No. of Units 20
Unit Type 3 Bdr 1.5 Bath
RECENT SALES
Recent Sales
934 E Main St Jerome, ID 83338
Close of Escrow
09/28/2011
No. of Units: Year Built: Sale Price: Price/Unit: Price/SF: CAP Rate: GRM:
20 2000 $1,183,117 $59,156 $54.32 N/A N/A
COMMENTS Fiive 4 plexes sold to one buyer all located on contiguous lots
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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ON MARKET COMPARABLES
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
ON MARKET COMPARABLES
On Market Comparables Map
1) 2) 3) 4) 5)
Park Place Apartments 445 S Skyline Dr. 206-219 Ascent Ct Creekside Oaks Iron Rock Apts Terrace Apts.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
AVERAGE CAP RATE 9.00 8.00 7.00
Avg 6.48
6.00 5.00 4.00 3.00 2.00 1.00
ON MARKET COMPARABLES
CAP Rate & GRM
0.00 Subject
Creekside Oaks
Iron Rock Apts
Peperwood Village ApartmentsENTS
AVERAGE GRM 10.00
Avg 9.10
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Subject
Creekside Oaks
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
AVERAGE PRICE/SF 140.00 120.00 100.00
Avg $84.43 80.00 60.00 40.00 20.00
ON MARKET COMPARABLES
Price/SF & Price/Unit
0.00 Subject
445 S Skyline Dr.
206-219 Ascent Ct
Creekside Oaks
Iron Rock Apts
Terrace Apts.
AVERAGE PRICE/UNIT 120,000 110,000 100,000 90,000 80,000
Avg $72,336
70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Subject
445 S Skyline Dr.
206-219 Ascent Ct
Creekside Oaks
Iron Rock Apts
Terrace Apts.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS 730 760 725 K Street Idaho Falls, ID 83402
SUBJECT PROPERTY
1
No. of Units: Year Built: Sale Price: Price/Unit: Price/SF: CAP Rate: GRM:
38 1976 1,675,000
$44,079 $55.28 9.00% 8.33
No. of Units 12 18 6 2
Unit Type 2 Bdr 1 Bath 2 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath
ON MARKET COMPARABLES
On Market Comparables
445 S Skyline Dr. Idaho Falls, ID 83402
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
33 1967 $1,550,000
No. of Units 29 1 3
Unit Type 2 Bdr 1 Bath 3 Bdr 1 Bath 3 Bdr 2 Bath
No. of Units 20
Unit Type 1 Bdr 1 Bath
$65.18
COMMENTS Listed with Keller Williams
2
206-219 Ascent Ct Middleton, ID 83644
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
20 2007 $1,200,000 $68.97
COMMENTS Listed with Grubb & Ellis
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
CREEKSIDE OAKS 1347 East Rosewood Lane Layton, UT 84040
3
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
20 1973 $1,390,000
No. of Units 20
Unit Type 2 Bdr 1.5 Bath
No. of Units 16
Unit Type 2 Bdr 1 Bath
No. of Units 8 4
Unit Type 1 Bdr 1 Bath 2 Bdr 1 Bath
$70.00 6.27% 9.10
COMMENTS Listed with Marcus & Millichap Salt Lake City 9/28/2011
IRON ROCK APTS 135 Linn Ave Oregon City, OR 97045
4
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
16 1969 / 2005 $1,130,000
ON MARKET COMPARABLES
On Market Comparables
$82.00 6.68%
COMMENTS Listed with Marcus & Millichap Portland August 2011
TERRACE APTS. 215 Fronnt St. Issaquah, WA 98027
5
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
12 1959 $1,375,000 $136.00
COMMENTS Listed with Marcus & Millichap Seattle October 2011
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PEPERWOOD VILLAGE APARTMENTSENTS 1486 Curlew Ammon, ID 83406
6
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
2004 $3,375,000
No. of Units 40 30 10
6.50%
Unit Type Studio 1 Bdr 2 Bdr
ON MARKET COMPARABLES
On Market Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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DEMOGRAPHIC ANALYSIS
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
1 Mile
3 Miles
5 Miles
1990 Population 2000 Population 2010 Population 2015 Population
8,509 8,824 8,704 9,180
46,580 51,645 55,681 60,517
60,911 69,495 87,090 97,302
1990 Households 2000 Households 2010 Households 2015 Households
3,586 3,617 3,685 3,788
16,937 19,241 21,279 22,468
20,979 24,643 31,125 33,684
2.28
2.57
2.76
10,331
36,911
47,613
1990 Median Housing Value 2000 Median Housing Value
$45,852 $66,017
$63,478 $89,388
$62,664 $91,149
2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant
49.31% 43.22% 7.47%
64.98% 30.00% 5.03%
68.87% 26.24% 4.89%
2010 Owner Occupied Housing Units 2010 Renter Occupied Housing Units 2010 Vacant
45.04% 46.36% 8.60%
61.88% 31.98% 6.15%
67.24% 26.74% 6.02%
2015 Owner Occupied Housing Units 2015 Renter Occupied Housing Units 2015 Vacant
44.37% 46.91% 8.72%
61.49% 32.31% 6.21%
67.24% 26.68% 6.08%
18.9% 20.5% 19.0% 18.3% 14.7% 4.4% 2.0% 2.1% 0.1% 0.0% 0.2%
9.7% 14.1% 12.9% 15.5% 19.9% 13.4% 6.5% 3.2% 3.6% 0.7% 0.7%
9.0% 12.7% 12.2% 16.0% 21.4% 13.4% 7.2% 3.6% 3.2% 0.7% 0.7%
2010 Median Household Income 2010 Per Capita Income
$30,367 $18,049
$47,783 $24,631
$50,137 $23,640
2010 Average Household Income
$40,167
$63,378
$65,036
2010 Average Household Size 2010 Daytime Population
$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 +
DEMOGRAPHIC ANALYSIS
Demographic Report
Demographic data © 2010 by Experian/Applied Geographic Solutions. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
Geography: 5 Miles Population In 2010, the population in your selected geography was 87,090. The population has changed by 25.32% since 2000. It is estimated that the population in your area will be 97,302 five years from now, which represents a change of 11.73% from the current year. The current population is 49.9% male and 50.1% female. The median age of the population in your area is 31.0, compare this to the US average which is 37.1. The population density in your area is 1,106.32 people per square mile. Households There are currently 31,125 households in your selected geography. The number of households has changed by 26.30% since 2000. It is estimated that the number of households in your area will be 33,684 five years from now, which represents a change of 8.22% from the current year. The average household size in your area is 2.76 persons. Income
DEMOGRAPHIC ANALYSIS
Summary Report
In 2010, the median household income for your selected geography is $50,137, compare this to the US average which is currently $51,517. The median household income for your area has changed by 21.20% since 2000. It is estimated that the median household income in your area will be $52,611 five years from now, which represents a change of 4.93% from the current year. The current year per capita income in your area is $23,640, compare this to the US average, which is $27,867. The current year average household income in your area is $65,036, compare this to the US average which is $72,148. Race & Ethnicity The current year racial makeup of your selected area is as follows: 93.3% White, 1.0% Black, 0.8% Native American and 1.0% Asian/Pacific Islander. Compare these to US averages which are: 73.52% White, 12.42% Black, 0.76% Native American and 4.60% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 11.6% of the current year population in your selected area. Compare this to the US average of 15.45%. Housing The median housing value in your area was $91,149 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 17,845 owner occupied housing units in your area and there were 6,799 renter occupied housing units in your area. The median rent at the time was $407. Employment In 2010, there are 47,613 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 64.1% of employees are employed in white-collar occupations in this geography, and 35.9% are employed in blue-collar occupations. In 2010, unemployment in this area is 8.42%. In 2000, the median time traveled to work was 14.1 minutes.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Population Density
Demographic data © 2010 by Experian/Applied Geographic Solutions.
Population Density Theme
Low
High
Low
less than
51
Below Average
51
455
Average
455
4050
Above Average
4050
36000
High
36000
or more
Number of people living in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
30
PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Employment Density
Demographic data © 2010 by Experian/Applied Geographic Solutions.
Employment Density Theme
Low
High
Low
less than
10
Below Average
10
99
Average
99
1038
Above Average
1038
10875
High
10875
or more
The number of people employed in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Average Household Income
Demographic data © 2010 by Experian/Applied Geographic Solutions.
Average Household Income Theme
Low
High
Low
less than
$29,000
Below Average
$29,000
$48,000
Average
$48,000
$79,000
Above Average
$79,000
$130,000
High
$130,000
or more
Average income of all the people 15 years and older occupying a single housing unit.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
32
PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Traffic Counts
Traffic Count data © 2010 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
OFFERING MEMORANDUM Exclusively Listed By: Paul H. Ryan Senior Associate Boise Office Tel: (208) 319-3649 Fax: (562) 495-0006 [email protected] www.marcusmillichap.com/PaulRyan License: ID: AB39666, CA: 00637714
Offices Nationwide www.MarcusMillichap.com
OFFERING MEMORANDUM
PARK PLACE APARTMENTS IDAHO FALLS, ID
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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
CONFIDENTIALITY AND DISCLAIMER CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
PARK PLACE APARTMENTS IDAHO FALLS, ID
SECTION TWO ..................................................PROPERTY DESCRIPTION SECTION THREE ...................................................RECENT SALES SECTION FOUR ............................ON MARKET COMPARABLES SECTION FIVE .........................DEMOGRAPHIC ANALYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
TABLE OF CONTENTS
SECTION ONE ...............................................PRICING & FINANCIAL ANALYSIS
PRICING & FINANCIAL ANALYSIS
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
Price Down Payment Price/Unit Price/SF Number of Units
1,675,000 20% / $335,000 $44,079 $55.28 38
Rentable Square Feet
30,300
Number of Buildings
three
Number of Stories
two
Year Built
1976
Lot Size
1 acre
VITAL DATA
CAP Rate - Current GRM - Current Net Operating Income - Current
9.00% 8.33
PRICING & FINANCIAL ANALYSIS
Offering Summary
$150,775
Net Cash Flow After Debt Service - Current
19.8% / $66,408
Total Return - Current
25.9% / $86,902
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
1
PARK PLACE APARTMENTS IDAHO FALLS, ID
EXISTING FINANCING Loan Amount Loan Type Interest Rate Amortization Due Date Lender Name
$885,000 Assumption 4.740% 30 Years 2036 Citibank
PROPOSED FINANCING FIRST TRUST DEED Loan Amount Loan Type
$1,340,000 Proposed New
Interest Rate Amortization
4.8% 30 Years
Program Debt Coverage Ratio
M&M Capital Corp 1.79
PRICING & FINANCIAL ANALYSIS
Financing
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
2
PARK PLACE APARTMENTS IDAHO FALLS, ID
PRICING & FINANCIAL ANALYSIS
Unit Mix No. of Units
Unit Type
Approx. Square Feet
Current Rents
Rent/ SF
Monthly Income
12
2 Bdr 1 Bath
750
$430 - $450
$0.59
$4,940
18
2 Bdr 1 Bath
900
$485
$0.54
$8,730
6
1 Bdr 1 Bath
650
$390
$0.60
$2,340
2
1 Bdr 1 Bath
600
$375
$0.63
38
TOTAL
30,300
UNIT MIX
$750 $16,760
UNIT RENT & RENT/SF
$500 $0.60
1B1B: 21%
$450 $400
$0.50
$350 $0.40
$300 $250
$0.30
$200 $0.20
$150 $100
$0.10 2B1B: 79%
$50 $0
$0.00 2B1B
2B1B
1B1B
1B1B
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
3
PARK PLACE APARTMENTS IDAHO FALLS, ID
Unit Number
Unit Type
Unit SF
Current Rent
Rent/ SF
Asking Rent
Rent/ SF
Parking
725-1
2 Bdr
750
$430
$0.57
garage
725-2
2 Bdr
750
$430
$0.57
garage
725-3
2 Bdr
750
$430
$0.57
garage
725-4
2 Bdr
750
$430
$0.57
725-5
2 Bdr
750
$430
$0.57
725-6
2 Bdr
750
$430
$0.57
725-7
2 Bdr
750
$455
$0.61
garage
725-8
2 Bdr
750
$455
$0.61
garage
725-9
2 Bdr
750
$455
$0.61
garage
725-10
2 Bdr
750
$430
$0.57
725-11
2 Bdr
750
$455
$0.61
garage
725-12
2 Bdr
750
$455
$0.61
garage
730-1
1 Bdr
650
$415
$0.64
garage
730-2
1 Bdr
650
$390
$0.60
730-3
1 Bdr
650
$375
$0.58
730-4
1 Bdr
650
$390
$0.60
730-5 730-6
1 Bdr 2 Bdr
650 900
$390 $485
$0.60 $0.54
garage
730-7
2 Bdr
900
$510
$0.57
garage
730-8
2 Bdr
900
$510
$0.57
garage
730-9
2 Bdr
900
$510
$0.57
730-10
2 Bdr
900
$510
$0.57
garage
730-11
2 Bdr
900
$485
$0.54
garage
730-12 730-13
2 Bdr 2 Bdr
900 900
$485 $485
$0.54 $0.54
760-1 760-2
1Bdr 1 Bdr
600 600
$599 $390
$1.00 $0.65
garage garage
760-3
1 Bdr
600
$375
$0.63
garage
760-4
1 Bdr
600
$390
$0.65
760-5
1 Bdr
600
$390
$0.65
760-6
2 Bdr
750
$485
$0.65
760-7 760-8
2 Bdr 2 Bdr
750 750
$0 $510
$0.68
garage
760-9
2 Bdr
750
$485
$0.65
garage
Storage
PRICING & FINANCIAL ANALYSIS
Rent Roll
COMMENTS Managers unit is 760-7
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
Unit Number
Unit Type
Unit SF
Current Rent
Rent/ SF
Asking Rent
Rent/ SF
Parking
760-10
2bd
750
$485
$0.65
Garage
760-11
2 bd
750
$510
$0.68
garage
760-12
2 bd
750
$485
$0.65
760-13
2 bd
750
$485
$0.65
$0
$0
38
TOTAL VACANT TOTAL OCCUPIED
28,450
$16,814
$0
38
TOTAL
28,450
$16,814
$0
Storage
PRICING & FINANCIAL ANALYSIS
Rent Roll
COMMENTS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
5
PARK PLACE APARTMENTS IDAHO FALLS, ID
Total Number of Units: Total Rentable Area:
INCOME GROSS POTENTIAL RENT
38 30,300
SF
CURRENT
PER UNIT
$201,120
$5,293
$480
$13
$480
$13
$201,600
$5,305
Other Income Laundry Income Total Other Income GROSS POTENTIAL INCOME Vacancy/Collection Allowance (GPR) EFFECTIVE GROSS INCOME
2.0% / $4,022
$106
$197,578
$5,199
EXPENSES Real Estate Taxes
$17,295
$455
Insurance
4,035
$106
Utilities
4,771
$126
Repairs & Maintenance
5,366
$141
Reserves & Replacements
2,963
$78
On site book keeper
3,000
$79
workers comp
$373
$10
Resident manager TOTAL EXPENSES Expenses per SF % of EGI NET OPERATING INCOME
9,000
$237
$46,803
$1,232
PRICING & FINANCIAL ANALYSIS
Income & Expenses
$1.54 23.7% $150,775
$3,968
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
6
PARK PLACE APARTMENTS IDAHO FALLS, ID
LOCATION
ANNUALIZED OPERATING DATA INCOME
730 760 725 K Street
CURRENT
Idaho Falls, ID 83402 Price
1,675,000
Down Payment
20% / $335,000
Number of Units
38
Price/Unit
$44,079
Rentable Square Feet
30,300
Price/SF
$55.28
CAP Rate - Current
9.00%
Gross Potential Rent Other Income
$201,120 $480
Gross Potential Income
$201,600
Less: Vacancy/Deductions (GPR) Effective Gross Income
$197,578
Less: Expenses
$46,803
Net Operating Income
$150,775
Debt Service
$84,366
Debt Coverage Ratio
1.79
GRM - Current
8.33
Net Cash Flow After Debt Service
Year Built
1976
Principal Reduction
Lot Size
1 acre
Type of Ownership
2.0% / $4,022
19.8% / $66,408 $20,493
Total Return
25.9% / $86,902
Fee Simple
PRICING & FINANCIAL ANALYSIS
Financial Overview
FINANCING FIRST TRUST DEED Loan Amount
1,340,000
Loan Type
Proposed New
Interest Rate Amortization Program
4.8% 30 Years M&M Capital
Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.
EXPENSES Real Estate Taxes Insurance Utilities Repairs & Maintenance Reserves & Replacements On site book keeper workers comp Resident manager TOTAL EXPENSES EXPENSES/UNIT EXPENSES/SF % of EGI
17,295 4,035 4,771 5,366 2,963 3,000 $373 9,000 $46,803 $1,232 $1.54 23.69%
SCHEDULED INCOME No. of Units
Unit Type
Approx. Square Feet
Current Rents
Rent/ SF
Monthly Income
12
2 Bdr 1 Bath
750
$430 - $450
$0.59
$4,940
18
2 Bdr 1 Bath
900
$485
$0.54
$8,730
6
1 Bdr 1 Bath
650
$390
$0.60
$2,340
$375
$0.63
2
1 Bdr 1 Bath
600
38
Total/Wtd. Avg.
30,300
$750 $16,760
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
7
PROPERTY DESCRIPTION
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
INVESTMENT HIGHLIGHTS Attractive in place assumable first TD
This 38 unit apartment offering is comprised of three buildings. Two
PROPERTY DESCRIPTION
Investment Overview
are side by side with identical unit mix and lay out. The third building is immediately across the street from the other two. An investor will have the choice of assuming in place debt at the
Near Interstate 15 FWY.
Close to Idaho Falls Airport
attractive interest rate of 4.74 % or obtaining a new loan at market rates (no pre payment penalties on the existing loan). Major employers in the Idaho Falls metro area are: INL (Idaho National Laboratory under the Department of Energy)
Historically high occupany buildings Garages available to many tenants
Melaleuca Corporation United Potato Growers of Idaho Press-A-Print International Please visit the website:
www.idahofalls.gov
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
9
PARK PLACE APARTMENTS IDAHO FALLS, ID
THE OFFERING Property
Property Address Assessor's Parcel Number
Park Place Apartments 730 760 725 K Street Idaho Falls, ID 83402 RPA072000C05A RPA072000F
Zoning
R-3A
SITE DESCRIPTION
Number of Units
38
Number of Buildings Number of Stories
three two
Year Built Rentable Square Feet Lot Size
1976 30,300 1 acre
Type of Ownership Parking Topography
PROPERTY DESCRIPTION
Property Summary
Fee Simple surface & garages Flat
CONSTRUCTION
Foundation Framing Roof
slab wood frame pitched
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
10
PARK PLACE APARTMENTS IDAHO FALLS, ID
COMMON AREA AMENITIES Laundry room in each building Storage lockers
PROPERTY DESCRIPTION
Amenities
UNIT AMENITIES Washer/dryer hook ups in 2 bd.units Refridgerators and stoves in all units Balconies in some units
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
11
PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
12
PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Area Maps
LOCAL MAP
REGIONAL MAP This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
13
PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Site Plan
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PROPERTY DESCRIPTION
Aerial Photo
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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RECENT SALES
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
RECENT SALES
Recent Sales Map
1)
Park Place Apartments 934 E Main St
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
AVERAGE PRICE/SF 60.00
Avg $54.32
55.00 50.00 45.00 40.00
RECENT SALES
Price/SF & Price/Unit
35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Subject
934 E Main St
AVERAGE PRICE/UNIT Avg $59,156
60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Subject
934 E Main St
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS 730 760 725 K Street Idaho Falls, ID 83402
SUBJECT PROPERTY
1
No. of Units: Year Built: Sale Price: Price/Unit: Price/SF: CAP Rate: GRM:
38 1976 1,675,000
$44,079 $55.28 9.00% 8.33
No. of Units 12 18 6 2
Unit Type 2 Bdr 1 Bath 2 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath
No. of Units 20
Unit Type 3 Bdr 1.5 Bath
RECENT SALES
Recent Sales
934 E Main St Jerome, ID 83338
Close of Escrow
09/28/2011
No. of Units: Year Built: Sale Price: Price/Unit: Price/SF: CAP Rate: GRM:
20 2000 $1,183,117 $59,156 $54.32 N/A N/A
COMMENTS Fiive 4 plexes sold to one buyer all located on contiguous lots
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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ON MARKET COMPARABLES
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
ON MARKET COMPARABLES
On Market Comparables Map
1) 2) 3) 4) 5)
Park Place Apartments 445 S Skyline Dr. 206-219 Ascent Ct Creekside Oaks Iron Rock Apts Terrace Apts.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
AVERAGE CAP RATE 9.00 8.00 7.00
Avg 6.48
6.00 5.00 4.00 3.00 2.00 1.00
ON MARKET COMPARABLES
CAP Rate & GRM
0.00 Subject
Creekside Oaks
Iron Rock Apts
Peperwood Village ApartmentsENTS
AVERAGE GRM 10.00
Avg 9.10
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Subject
Creekside Oaks
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
AVERAGE PRICE/SF 140.00 120.00 100.00
Avg $84.43 80.00 60.00 40.00 20.00
ON MARKET COMPARABLES
Price/SF & Price/Unit
0.00 Subject
445 S Skyline Dr.
206-219 Ascent Ct
Creekside Oaks
Iron Rock Apts
Terrace Apts.
AVERAGE PRICE/UNIT 120,000 110,000 100,000 90,000 80,000
Avg $72,336
70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Subject
445 S Skyline Dr.
206-219 Ascent Ct
Creekside Oaks
Iron Rock Apts
Terrace Apts.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS 730 760 725 K Street Idaho Falls, ID 83402
SUBJECT PROPERTY
1
No. of Units: Year Built: Sale Price: Price/Unit: Price/SF: CAP Rate: GRM:
38 1976 1,675,000
$44,079 $55.28 9.00% 8.33
No. of Units 12 18 6 2
Unit Type 2 Bdr 1 Bath 2 Bdr 1 Bath 1 Bdr 1 Bath 1 Bdr 1 Bath
ON MARKET COMPARABLES
On Market Comparables
445 S Skyline Dr. Idaho Falls, ID 83402
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
33 1967 $1,550,000
No. of Units 29 1 3
Unit Type 2 Bdr 1 Bath 3 Bdr 1 Bath 3 Bdr 2 Bath
No. of Units 20
Unit Type 1 Bdr 1 Bath
$65.18
COMMENTS Listed with Keller Williams
2
206-219 Ascent Ct Middleton, ID 83644
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
20 2007 $1,200,000 $68.97
COMMENTS Listed with Grubb & Ellis
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
CREEKSIDE OAKS 1347 East Rosewood Lane Layton, UT 84040
3
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
20 1973 $1,390,000
No. of Units 20
Unit Type 2 Bdr 1.5 Bath
No. of Units 16
Unit Type 2 Bdr 1 Bath
No. of Units 8 4
Unit Type 1 Bdr 1 Bath 2 Bdr 1 Bath
$70.00 6.27% 9.10
COMMENTS Listed with Marcus & Millichap Salt Lake City 9/28/2011
IRON ROCK APTS 135 Linn Ave Oregon City, OR 97045
4
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
16 1969 / 2005 $1,130,000
ON MARKET COMPARABLES
On Market Comparables
$82.00 6.68%
COMMENTS Listed with Marcus & Millichap Portland August 2011
TERRACE APTS. 215 Fronnt St. Issaquah, WA 98027
5
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
12 1959 $1,375,000 $136.00
COMMENTS Listed with Marcus & Millichap Seattle October 2011
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
PEPERWOOD VILLAGE APARTMENTSENTS 1486 Curlew Ammon, ID 83406
6
Close of Escrow
On Market
No. of Units: Year Built: List Price: Price/Unit: Price/SF: CAP Rate: GRM:
2004 $3,375,000
No. of Units 40 30 10
6.50%
Unit Type Studio 1 Bdr 2 Bdr
ON MARKET COMPARABLES
On Market Comparables
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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DEMOGRAPHIC ANALYSIS
PARK PLACE APARTMENTS IDAHO FALLS, ID
PARK PLACE APARTMENTS IDAHO FALLS, ID
1 Mile
3 Miles
5 Miles
1990 Population 2000 Population 2010 Population 2015 Population
8,509 8,824 8,704 9,180
46,580 51,645 55,681 60,517
60,911 69,495 87,090 97,302
1990 Households 2000 Households 2010 Households 2015 Households
3,586 3,617 3,685 3,788
16,937 19,241 21,279 22,468
20,979 24,643 31,125 33,684
2.28
2.57
2.76
10,331
36,911
47,613
1990 Median Housing Value 2000 Median Housing Value
$45,852 $66,017
$63,478 $89,388
$62,664 $91,149
2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant
49.31% 43.22% 7.47%
64.98% 30.00% 5.03%
68.87% 26.24% 4.89%
2010 Owner Occupied Housing Units 2010 Renter Occupied Housing Units 2010 Vacant
45.04% 46.36% 8.60%
61.88% 31.98% 6.15%
67.24% 26.74% 6.02%
2015 Owner Occupied Housing Units 2015 Renter Occupied Housing Units 2015 Vacant
44.37% 46.91% 8.72%
61.49% 32.31% 6.21%
67.24% 26.68% 6.08%
18.9% 20.5% 19.0% 18.3% 14.7% 4.4% 2.0% 2.1% 0.1% 0.0% 0.2%
9.7% 14.1% 12.9% 15.5% 19.9% 13.4% 6.5% 3.2% 3.6% 0.7% 0.7%
9.0% 12.7% 12.2% 16.0% 21.4% 13.4% 7.2% 3.6% 3.2% 0.7% 0.7%
2010 Median Household Income 2010 Per Capita Income
$30,367 $18,049
$47,783 $24,631
$50,137 $23,640
2010 Average Household Income
$40,167
$63,378
$65,036
2010 Average Household Size 2010 Daytime Population
$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 +
DEMOGRAPHIC ANALYSIS
Demographic Report
Demographic data © 2010 by Experian/Applied Geographic Solutions. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
Geography: 5 Miles Population In 2010, the population in your selected geography was 87,090. The population has changed by 25.32% since 2000. It is estimated that the population in your area will be 97,302 five years from now, which represents a change of 11.73% from the current year. The current population is 49.9% male and 50.1% female. The median age of the population in your area is 31.0, compare this to the US average which is 37.1. The population density in your area is 1,106.32 people per square mile. Households There are currently 31,125 households in your selected geography. The number of households has changed by 26.30% since 2000. It is estimated that the number of households in your area will be 33,684 five years from now, which represents a change of 8.22% from the current year. The average household size in your area is 2.76 persons. Income
DEMOGRAPHIC ANALYSIS
Summary Report
In 2010, the median household income for your selected geography is $50,137, compare this to the US average which is currently $51,517. The median household income for your area has changed by 21.20% since 2000. It is estimated that the median household income in your area will be $52,611 five years from now, which represents a change of 4.93% from the current year. The current year per capita income in your area is $23,640, compare this to the US average, which is $27,867. The current year average household income in your area is $65,036, compare this to the US average which is $72,148. Race & Ethnicity The current year racial makeup of your selected area is as follows: 93.3% White, 1.0% Black, 0.8% Native American and 1.0% Asian/Pacific Islander. Compare these to US averages which are: 73.52% White, 12.42% Black, 0.76% Native American and 4.60% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 11.6% of the current year population in your selected area. Compare this to the US average of 15.45%. Housing The median housing value in your area was $91,149 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 17,845 owner occupied housing units in your area and there were 6,799 renter occupied housing units in your area. The median rent at the time was $407. Employment In 2010, there are 47,613 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 64.1% of employees are employed in white-collar occupations in this geography, and 35.9% are employed in blue-collar occupations. In 2010, unemployment in this area is 8.42%. In 2000, the median time traveled to work was 14.1 minutes.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Population Density
Demographic data © 2010 by Experian/Applied Geographic Solutions.
Population Density Theme
Low
High
Low
less than
51
Below Average
51
455
Average
455
4050
Above Average
4050
36000
High
36000
or more
Number of people living in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Employment Density
Demographic data © 2010 by Experian/Applied Geographic Solutions.
Employment Density Theme
Low
High
Low
less than
10
Below Average
10
99
Average
99
1038
Above Average
1038
10875
High
10875
or more
The number of people employed in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Average Household Income
Demographic data © 2010 by Experian/Applied Geographic Solutions.
Average Household Income Theme
Low
High
Low
less than
$29,000
Below Average
$29,000
$48,000
Average
$48,000
$79,000
Above Average
$79,000
$130,000
High
$130,000
or more
Average income of all the people 15 years and older occupying a single housing unit.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
DEMOGRAPHIC ANALYSIS
Traffic Counts
Traffic Count data © 2010 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2012 Marcus & Millichap S0460001
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PARK PLACE APARTMENTS IDAHO FALLS, ID
OFFERING MEMORANDUM Exclusively Listed By: Paul H. Ryan Senior Associate Boise Office Tel: (208) 319-3649 Fax: (562) 495-0006 [email protected] www.marcusmillichap.com/PaulRyan License: ID: AB39666, CA: 00637714
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