North Hills Apartments

Transcription

1 North Hills Apartments CLOYCE CT N o r t h R i c h l a n d H i l l s, T X NORTH RICHLAND HILLS, TX O F F E R I N G M E M O R A N D U M

2 Exclusively Listed By Danny McQuaid Associate - Multifamily Direct Mobile Daniel.McQuaid@matthews.com License No David J. Harrington EVP & National Director - Multifamily Direct Mobile david.harrington@matthews.com License No CLOYCE CT

3 PROPERTY OVERVIEW NORTH RICHLAND HILLS, TX

4 PROPERTY DESCRIPTION 17 Units Townhome Style Multifamily Built in 1972 Covered Parking Wood Frame Construction Fantastic mix of units with 3 Bedroom and 4 Bedroom options Large units cater to North Richland Hills family oriented community Fantastic value add opportunity, allowing new ownership to increase the effective rental rates 17 UNITS COVERED PARKING 1972 YEAR BUILT CLOYCE CT NORTH RICHLAND HILLS, TX

5 AREA OVERVIEW NORTH RICHLAND HILLS North Richland Hills is a dynamic, growing city centrally located within the Dallas Fort Worth metroplex. With nearly 70,000 residents, 1,200 businesses and 30 major employers, North Richland Hills is the third largest city in Tarrant County. Residents enjoy the welcoming and neighborly atmosphere, superior schools, and convenient access to all the D-FW region has to offer, making North Richland Hills an outstanding community in which to live, work and play. In 2016, North Richland Hills was recognized by the Dallas Morning News as one of the 10 best neighborhoods in DFW. The newspaper scored more than 300 communities in Collin, Dallas, Denton, Rockwall and Tarrant counties on several factors including safety from crime, affordability of homes, good schools, well maintained and quiet neighborhoods, rising home values, pet-friendliness, places to shop and things to do, commute, walkability, trees and landscaping, and parks and green spaces. NORTH RICHLAND HILLS, TX

6 ECONOMY Globally connected and centrally located, Dallas enjoys convenient access to the rest of the country that has allowed the city to emerge as a center for corporate America. A business-friendly environment, the availability of educated workers, low taxes and a low cost of doing business add to the city s allure for companies looking to expand or relocate. Today, Dallas and its suburbs have one of the highest concentrations of corporate headquarters in the United States, 21 of which are Fortune 500 companies. Dallas is a city where big ideas meet big opportunity thanks to the collaborative and engaged entrepreneurial ecosystem. Steady and significant growth in the city s central core speaks to its highly-diversified economy and thriving job market that supports several major industry clusters. The local economy continues to be heavily influenced by petroleum along with other historically successful industry niches including food manufacturing, media, telecommunications, transportation, IT services, logistics, instruments and real estate development. DALLAS POPULATION AT A GLANCE 7.1 Million POPULATION $59,175 MEDIAN HOUSEHOLD INCOME DEMOGRAPHICS 4.2% UNEMPLOYMENT RATE POPULATION 1-MILE 3-MILE 5-MILE 2000 Census 9,315 93, , Census 11,121 97, , Estimate 12, , , Projection 12, , ,903 TOP EMPLOYERS POPULATION GROWTH 1-MILE 3-MILE 5-MILE % Change: 2000 to % Change: 2010 to % Change: 2018 to HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2010 Census 3,582 36,176 87, Census 4,297 38,792 97, Estimate 4,632 42, , Projection 4,916 44, ,723 INCOME 1-MILE 3-MILE 5-MILE 2018 Avg. Household Income $69,041 $71,559 $83, CLOYCE CT

7 GETTING AROUND DALLAS/FORT WORTH INTERNATIONAL AIRPORT As the primary international airport serving the Dallas-Fort Worth area, Dallas/ Fort Worth International Airport (DFW) is the third busiest airport in the world and the busiest airport in Texas seeing over 65.5 million passengers annually. The airport is the largest hub for American Airlines, which is headquartered nearby. DFW is roughly located halfway between Dallas and Fort Worth, providing passengers service to 217 destinations. DALLAS LOVE FIELD Six miles northwest of downtown Dallas, Dallas Love Field is a city-owned commercial airport that is home to the corporate headquarters and a focus city for Southwest Airlines, the largest domestic airline in the United States. Dallas Love Field is also a focus city for Virgin America. The airport s main terminal underwent a $519 million modernization plan that replaced its existing terminal buildings with a single 20-gate concourse. DART Dallas Area Rapid Transit (DART) is Dallas transit agency that operates buses, light rail and a commuter rail. Serving Dallas and twelve of its suburbs, DART sees an average daily ridership of 200,000 riders. DART s bus system provides 27 local routes that serve downtown Dallas, 15 suburban routes that link suburban neighborhoods to transit centers and 20 crosstown routes that run through Dallas and its suburbs. TRINITY RAILWAY EXPRESS Established by an interlocal agreement between DART and the Fort Worth Transportation Authority, the Trinity Railway Express is a commuter rail line in the Dallas-Fort Worth metroplex. It is the fifteenth most-ridden commuter rail system in the country with an average weekday ridership of over 8,000 passengers per day. The TRE fleet is comprised of nine locomotives that offer rail service between downtown Dallas and DFW airport. NORTH RICHLAND HILLS, TX

8 LOCATION MAP Subject Property CLOYCE CT

9 FINANCIAL OVERVIEW Property Address: Cloyce Court North Richland Hills, TX Price: $2,050,000 Price/Unit: $120,588 Price/Foot: $75.71 Cap Rate (Pro Forma/Market): 5.35% / 8.32% GRM (Pro Forma/Market): 9.62 / 7.29 Number of Units: 17 Year Built: 1972 Gross Sq. Ft.: 27,076 Average S.F. Per Unit: 1,593 Lot Size (Acres): 1.05 Density: 16 UNIT MIX Total Units Unit Mix Unit Mix % Avg. Square Feet Current Avg Rent Current Monthly Rent Market Rent Market Monthly Rent % 1,571 $1,028 $13,360 $1,350 $17, % 1,678 $1,099 $4,395 $1,475 $5,900 Scheduled Monthly Rent: $17,755 $23,450 Scheduled Yearly Rent: $213,060 $281,400 NORTH RICHLAND HILLS, TX

10 ANNUALIZED OPERATING DATA Pro Forma Market Scheduled Gross Income: $213,060 Current $281,400 32% Upside Less Vacancy Reserve: $10, % $14, % Laundry Income: $0 $0 RUBS Income: $0 $0 Other Income: $0 $0 Gross Operating Income: $202,407 $267,330 Expenses: $92, % $96, % * Net Operating Income: $109,632 $170,659 * As a percent of Scheduled Gross Income $113, % $174, % ** As a percent of Down Payment PRO FORMA ANNUAL OPERATING EXPENSES Pro Forma Per Unit Market Per Unit % of SGI Property Taxes 2.691% x Sale Price $39,586 $2,329 $39,586 $2, % Off-Site Management 5.50% x GOI $12,144 $714 $16,040 $ % Insurance Actual Sept 2018 Annualized $12,995 $764 $12,995 $ % Repairs & Maintenance $750 x Units $12,750 $750 $12,750 $ % Turnover $250 x Units $4,250 $250 $4,250 $ % Contract Services $250 x Units $5,100 $300 $5,100 $ % Utilities $150 x Units $4,250 $250 $4,250 $ % General Administration $100 x Units $1,700 $100 $1,700 $ % Total Expenses $92,775 $5,457 $96,671 $5, % CLOYCE CT

11 NORTH RICHLAND HILLS, TX

12 CLOYCE CT

13 Exclusively Listed By Danny McQuaid Associate - Multifamily Direct Mobile Daniel.McQuaid@matthews.com License No O f f e r i n g M e m o r a n d u m North Hills Apartments CLOYCE CT N o r t h R i c h l a n d H i l l s, T X David J. Harrington EVP & National Director - Multifamily Direct Mobile david.harrington@matthews.com License No NORTH RICHLAND HILLS, TX

14 Information About Brokerage Services Texas law requires all real estate license holders to give the following informaɵon about brokerage services to prospecɵve buyers, tenants, sellers and landlords TYPES OF REAL ESTATE LICENSE HOLDERS:. A BROKER is responsible for all brokerage acɵviɵes, including acts performed by sales agents sponsored by the broker. A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Put the interests of the client above all others, including the broker s own interests; Inform the client of any material informaɵon about the property or transacɵon received by the broker; Answer the client s quesɵons and present any offer to or counter-offer from the client; and Treat all parɵes to a real estate transacɵon honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a wriʃen lisɵng to sell or property management agreement. An owner's agent must perform the broker s minimum duɵes above and must inform the owner of any material informaɵon about the property or transacɵon known by the agent, including informaɵon disclosed to the agent or subagent by the buyer or buyer s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a wriʃen representaɵon agreement. A buyer's agent must perform the broker s minimum duɵes above and must inform the buyer of any material informaɵon about the property or transacɵon known by the agent, including informaɵon disclosed to the agent by the seller or seller s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parɵes the broker must first obtain the wriʃen agreement of each party to the transacɵon. The wriʃen agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligaɵons as an intermediary. A broker who acts as an intermediary: Must treat all parɵes to the transacɵon imparɵally and fairly; May, with the parɵes' wriʃen consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instrucɵons of each party to the transacɵon. Must not, unless specifically authorized in wriɵng to do so by the party, disclose: ᴑ that the owner will accept a price less than the wriʃen asking price; ᴑ ᴑ that the buyer/tenant will pay a price greater than the price submiʃed in a wriʃen offer; and any confidenɵal informaɵon or any other informaɵon that a party specifically instructs the broker in wriɵng not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacɵon without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: The broker s duɵes and responsibiliɵes to you, and your obligaɵons under the representaɵon agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This noɵce is being provided for informaɵon purposes. It does not create an obligaɵon for you to use the broker s services. Please acknowledge receipt of this noɵce below and retain a copy for your records. Kyle Matthews/Matthews Retail Group Inc kyle.matthews@matthews.com (310) Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Phone Kyle Matthews kyle.matthews@matthews.com (310) Designated Broker of Firm License No. Phone Licensed Supervisor of Sales Agent/ Associate License No. Phone Danny McQuaid daniel.mcquaid@matthews.com Sales Agent/Associate s Name License No. Phone Regulated by the Texas Real Estate Commission Buyer/Tenant/Seller/Landlord Initials Date InformaƟon available at IABS CLOYCE CT