COTTAGES OF VADNAIS HEIGHTS

Transcription

1 COTTAGES OF VADNAIS HEIGHTS Senior Rental Community in Vadnais Heights An inviting community in a convenient location near shopping, restaurants & more! Krista Wolter kjwolter@cbburnet.com

2 Financials & Investment Revenue Apartment Rental Rental Income - Garage/Storage Total Gross Potential Rent Revenue Adjustments 2017 $1,163,650 47,050 1,210,700 (15,032) % (1.25) Total Net Rental Revenue 1,195, Other Revenue Total Revenue Variable Expenses Payroll Administrative Marketing Grounds Maintenance Security Apartent Turnover Total Variable Expenses Fixed Expenses Utilities Real Estate Taxes Insurance Total Fixed Expenses Total Operating Expenses Net Operating Revenue 741 1,196,409 96,551 26,743 3,573 59,265 75,256 4,499 3, ,907 29, ,993 42, , , , Interest Depreciation & Amort Other Partnership Expenses Net Revenue 228, , , ,

3 Property Highlights Turnkey investment all systems in place Excellent reputation within the community Well maintained and continually updated Same owner/manager/developer since 1995 Senior residents, age 55+ One level living - no stairs On-site maintenance staff Private entrance/porches to townhomes Garages optional & off-street parking available Central air in all townhomes Laundry hookups in every unit - many have washer/dryer included Community center for all residents Pets allowed (in certain homes) Rent includes: water/sewer, lawn care, snow removal, garbage pickup, and interior/exterior maintenance In addition to having high occupancy rates, they have a month waiting list for new residents

4 Property Photos

5 Property Description & Overview The is a 100 unit, Section 42, senior (55+) rental community in the city of Vadnais Heights. Located 15 miles north of Downtown St. Paul, this property consists of a freestanding Community Center with full kitchen, fireplace, bathroom, as well as a rental/management office, and nine resident buildings, containing either 8 or 12 units each. Constructed in 1995, the buildings feature maintenance-free exteriors, private entries and ample parking. Within each cluster of townhomes, there are 1, 2 & 3 bedroom units. **Section 42 allows reduced tax liability for providing affordable housing to tenants with lower incomes. Maximum qualifying income for tenants: One person - $37,980 Two people - $43,440 The rental rates could be higher than what is currently being charged to the tenants. Price Property Name: Property Address: Number of Units: Total Income 2017: Total Expenses 2017: NOI 2017: CAP Rate 2017/2018: Site Size: Building Size: Parking Garages: Parking Spaces: Year Built: Age of Roofs Occupancy Rates: $12,500, Vadnais Drive, Vadnais Heights, MN $1,196,409 $458,328 $738, / Acres 62,672 Square Feet % % %

6 Site and Floor Plans 20-1 Bedroom Townhomes 2018 Rent: $900/month 52-2 Bedroom Townhomes 2018 Rent: $1,045/month 28-3 Bedroom Townhomes 2018 Rent: $1,165/month

7 Location Overview Walmart SITE The is conveniently located near Interstate 35E and 694 and US Highway-61. Wonderful location close to shopping, restaurants, parks, hospital and a short drive to either downtown.