Rockford, IL. Offering Summary East State Street Rockford, IL

Size: px

Start display at page:

Download "Rockford, IL. Offering Summary East State Street Rockford, IL"

Rose McKinney
5 years ago
Views:

1 Rockford, IL Offering Summary 8966 East State Street Rockford, IL

2 PROPERTY DETAILS INCOME PRO-FORMA INCOME Total Per Unit Market Rent 379,390 17,245 (Loss)/Gain to Lease -2, Gross Potential Rent 376,545 17,116 Vacancy Loss -18, Total Deductions -18, Total Rental Income 357,575 16,253 Total Other Income 10, TOTAL INCOME 367,644 16,711 EXPENSES EXPENSES Total Repairs & Maintenance 4, Total Unit Turnover Costs 2, Total Contract Services 67 3 Total Marketing & Promotion Total Selling/Leasing Expenses 52 2 Total Utilities 1, Total G&A Expenses 1, Total Condo & Miscellaneous Fees 55,876 2,540 Total Insurance 5, Real Estate Taxes 63,253 2,875 TOTAL EXPENSES 136,123 6,187 Capital Reserve 2, NET OPERATING INCOME INCOME 228,771 10,399 Notes 1 Market Rent 3% increase over current market rent 2 Vacancy Loss 5% 3 Total Other Income 3% increase 4 All Expenses 2% increase 5 Captial Reserve equal to $125/unit. Untes are part of a condominium association. Association dues cover exterior landscaping, snow removal, exterior bulding maintenance and Capital Reserves for long-term unpgrades and replacement of roof, structural components and building exteriors. Number of Units Year Built Electrical HVAC Hot Water Water/Sewer Style Foundation Exterior Roof Floor Covering Paving 1 Car Garage 2 Car Garage District High School Middle School Elementary SITE INFORMATION MECHANICAL SYSTEMS Individually metered (resident pays) Individual gas forced air Individual heaters Paid via association dues CONSTRUCTION Ranch & Townhouse Full basement; concrete slab in 2 units Vinyl Siding Gable, New architectural shingles-2014 Carpeting, ceramic & vinyl tile Asphalt paved with curbs 2 20 PARKING SCHOOL RPS 205 Rockford East High School Bernard W Flinn Middle School A C Thompson Elementary School INVESTMENT ANALYSIS Pricing List Price 3,300,000 Cap Rate 7% Proposed Financing Equity 25.00% 825,000 Loan 75.00% 2,475,000 Interest Rate 4.25% Amortization 30 Return on Investment NOI 228,771 P&I -146,106 Cash on Cash, Year % 82,665 Principal PMT, Year 1 41,725 Total Return, Year % 124,390 INVESTMENT HIGHLIGHTS Walden Woods is a 52-unit condominium project. Thirty of the units were sold to private owners beginning in The remaining 22 units were committed to a leasing program and have been operated as rental units for over six years. The 22 units are being offered in a package as an investment opportunity. Unit exterior and interior finishes built to high-quality condominium standards. The condominium association is well managed and its capital reserve account fully funded. Great current return on investment with an excellent history of high occupancy. Strong employment in the surrounding area. There are 30,650 employees working within a 5-minute drive of the property. Highly visible location. Main entrance on Harrison Avenue, a major east-west corridor on Rockford s southeast side. Future potential of selling the units at higher prices to individual homeowners as the housing market improves.

PROPERTY DETAILS UNIT TYPE # OF UNITS MKT RENT SIZE* (SF) BED BATH MKT RENT PER SF AUGUSTA I 2 $ 1,430 1,583 2 2 0.90 AUGUSTA II 1 $ 1,400 2,383 3 3 0.59 FAIRFAX I 1 $ 1,570 1,772 2 2 0.

03 MACINTOSH II 3 $ 1,514 2,383 3 3 0.64 MANHATTAN I 1 $ 1,380 1,316 2 2 1.05 RIDGECREST 2 $ 1,390 1,900 3 2.5 0.

3 PROPERTY DETAILS UNIT TYPE # OF UNITS MKT RENT SIZE* (SF) BED BATH MKT RENT PER SF AUGUSTA I 2 $ 1,430 1, AUGUSTA II 1 $ 1,400 2, FAIRFAX I 1 $ 1,570 1, FAIRFAX II 1 $ 1,780 3, GRANDVIEW 2 $ 1,470 1, GRANDVIEW 2 $ 1,350 1, HIGHVIEW 2 $ 1,390 1, MACINTOSH I 5 $ 1,380 1, MACINTOSH II 3 $ 1,514 2, MANHATTAN I 1 $ 1,380 1, RIDGECREST 2 $ 1,390 1, *SIZE OF UNITS ARE APPROXIMATE INTERIOR HIGHLIGHTS Main floor laundry, Full size washers & dryers included Stainless steel kitchen sink, range, built-in microwave, and dishwasher Spacious walk in closets Ceiling fans in living room and master bedroom Large floor plans that include two-car garages with most units Large custom windows which provide an abundance of natural light Open Kitchens in select units Fireplaces in some units Select floor plans have upgraded appliance and finishes COMMUNITY HIGHLIGHTS Beautiful wooded settings Professional landscaping Condo Association covers: Water, Sewage, Trash, Lawn Care & Snow Removal for tenants Close to US-20, I-90 & I-39. AREA HIGHLIGHTS Carefree Living in a Beautiful Setting Conveniently Located off Harrison Ave near Mulford Road. Harrison Avenue is a major east-west corridor serving the entire south side of Rockford. It provides excellent access to US Route-20, Interstate-90, and Interstate-39. Strong demographics and traffic counts: Over 44,000 cars per day travel through the intersection of Harrison Ave & Mulford Road and 50,000 people live within 3 miles of the site. United Technologies, East Rock Industrial Park, Alpine Industrial Park, Pyramid Industrial Park and Sandy Hollow Industrial Park are within 1.5 miles employing over 5,000 employees.

4 FLOOR PLANS AUGUSTA I GRANDVIEW FAIRFAX I MACINTOSH I

5 FLOOR PLANS MANHATTAN HIGHVIEW TOWNHOME 3 BEDROOM / 2.5 BATH Patio Not Shown: AUGUSTA II FAIRFAX II MacIntosh II 3 BEDROOM / 3 BATH UNITS Additional Bed/Bath on lower level BEDROOM ford. IL. 6110

6 FLOOR PLANS RIDGECREST TOWNHOME 2 BEDROOM / 2.5 BATH

7 AERIAL MAP

AERIAL MAP SITE OFFERING FORMAT PRICE: $3,300,000.

8 AERIAL MAP SITE OFFERING FORMAT PRICE: $3,300, TIMING: All submissions must include terms relating to Due Diligence and Closing time periods. OFFER DEADLINE: TBD ADDITIONAL INFORMATION Charles Thompson Linda Cooper East State Street Rockford, IL

Rockford, IL. Offering Summary East State Street Rockford, IL

Rockford, IL. Offering Summary East State Street Rockford, IL Rockford, IL Offering Summary 8966 East State Street Rockford, IL 61108 815-963-7400 PROPERTY DETAILS INCOME INCOME Total Per Unit Market Rent 131,634 14,626 (Loss)/Gain to Lease -987-110 Gross Potential