21-BEDROOM MOTEL INVESTMENT THREE-LEVEL MULTIFAMILY OPPORTUNITY

Transcription

1 PROPERTY OVERVIEW INVESTMENT SALE: $400,000 FULLY LEASED NNN THROUGH MAY 31, ,686 SF motel property featuring: 21 bedrooms 8 bathrooms 2 living rooms 1 kitchen 1 office/apartment with separate entry (3) Washer/dryer sets on-site Ideally located in downtown Williston, ND providing direct and easy access to area dining, shopping and amenities Market is considered the hub of Bakken oil activity, an area in high-demand for local housing FAST FACTS TOTAL SF 6,686 FOOTPRINT SF 2,400 STORIES 3 TOTAL BEDROOMS 21 TOTAL BATHROOMS 8 OCCUPANCY 100% CAP RATE 14% ANNUAL NOI $ SALE PRICE $400,000

2 PROPERTY SPECIFICATIONS SUBSTRUCTURE Footings: Concrete Slabs: Concrete Foundation walls: Concrete SUPERSTRUCTURE Framing: Wood Insulation: Fiberglass Ventilation: Outside air Exterior walls: Masonite INTERIOR Interior walls: Sheetrock Division space: Sheetrock Stairs: Wood Floor system: Plywood Ceiling: Sheetrock Floor coverings: Carpet and wood Baseboards: Rubber EQUIPMENT & MECHANICAL Piping: Galvanized Fixtures: Showers and lavatories Hot water: Gas Heating: Gas A/C: Window units Stove: Electric Refrigerator: Yes ROOM LIST Bedrooms: 21 Bathrooms: 8 Private: 3 Dorm style: 5 Kitchen: 1 Living room: 2 Office/Apartment: 1 with separate entry Garage: 3-car with roll-up doors Other: Storefront

3 AERIAL

4 FLOOR PLAN MAIN FLOOR

5 FLOOR PLAN SECOND FLOOR

6 FLOOR PLAN BASEMENT

7 WILLISTON LOCATION BUS BUS DOWNTOWN WILLISTON

8 WILLISTON COMMUNITY PROFILE Between 2010 and 2014, Williston, ND was labeled the fastest growing small city in America, tripling in size from 4,781 acres to 14,167 acres. The driving force behind this exponential economic growth, which drives significant capital and operational needs for the city, is the oil and gas industry. FROM 2000 TO TODAY Williston area population has grown significantly over the past ten years to 31,848 residents in 2017, with a projected growth to 49,300 by Per capita average personal income has increased to $106,601/year, with it projected to grow to $119,667/year by Total wages for the area reached over $3 billion in Taxable purchases are at a $1 billion/year run rate Approximately 4,000 business establishments Unemployment rate for the area is 2.3% COMMUNITY SHIFT Since 2000, Williston s population has been materially changing beyond just growth. The population is transitioning from (i) an older retirement age adult population and (ii) male dominated workforce-toa permanent family-based community with young children. HOUSING INSIGHTS Williston, ND is considered the hub of Bakken oil and gas exploration and drilling activity. With production currently reaching record levels, the surrounding market is projected to see an influx of new energy workers over the next ten years. This economic development driver will push area expansion and Williston is expected to see a steady demand for rental housing. This demand is already being felt in the market with vacancy levels continuing to creep lower each quarter. Source: Williston Economic Development Partnership Demographics Report, 2017

9 WILLISTON DEMOGRAPHICS AGE DISTRIBUTION SIZE OF HOUSEHOLD Source: Williston Economic Development Partnership Demographics Report, 2017

10 WILLISTON DEMOGRAPHICS TOTAL NUMBER OF DWELLINGS SHELTER EXPENDITURES Source: Williston Economic Development Partnership Demographics Report, 2017

11 WILLISTON DEMOGRAPHICS HOUSEHOLD INCOME DISTRIBUTION LABOR FORCE STATUS Source: Williston Economic Development Partnership Demographics Report, 2017