Executive Summary. 114 N.Fowlkes Apartments 6-Unit Apartment Complex 114 N. Fowlkes Sealy, Texas 77474

Transcription

1 Executive Summary 114 N.Fowlkes Apartments 6-Unit Apartment Complex 114 N. Fowlkes Sealy, Texas This Property is offered for sale to qualified Buyers. Proof of funds is required with all offers. * Perfect Apartment Starter * Priced to Move * Buy Six Income Producing Units in One * Perfect Unit Mix * Ideal for the Part Time Real Estate Investor * 100% Renovated in 2002 * Perfect for your IRA * Opportunity to raise rents * Stable Area, Stays Rented * Cap Rate >10% * Comes with Management Offered by: Brazos Valley Properties, LLC Vikki Cummings, Member Contact: vikkicummings@gmail.com 1

2 Contents Investment Opportunity... 3 Property Description & Performance... 4 Property Highlights... 5 Additional Photos... 6 Confidentiality... 7 Disclaimer... 7 Contact Information

3 Investment Opportunity Purchase Price: $189,000 Building Class: B/B- Location Class: B Investment Benefits * Perfect Apartment Starter * Priced to Move * Buy Six Income Producing Units in One * Perfect Unit Mix * Ideal for the Part Time Real Estate Investor * 100% Renovated in 2002 * Perfect for your IRA * Opportunity to raise rents * Stable Area, Stays Rented * Cap Rate >10% * Comes with Management Opportunity: Excellent opportunity for an investor to get on board with a stable and recently renovated property in a nationally strong submarket which offers a high cap rate - with remaining upside with rent increase. Loan may be assumable. 3

4 Property Description & Performance Unit Mix Type # of Units Market Rent 1 BDR/1 BA 2 $505 2 BDR/1 BA 3 $535 EFFICIENCY/1 BA 1 $145/WEEK Income Pro-Forma Monthly Potential Income $3195 Other Income 225 Gross Scheduled Income 3420 Less Vacancy(8%) (274) Less Expenses(40%) (684) Net Operating Income $2462 # of Units: 6 Style: Two Story, garden type (one 4-plex and a duplex) Electric: Individually Metered(except #103) HVAC: Central A.C./Heat Thru the wall A.C. Infared heat Roof: Pitched Composition and Metal Current Occupancy: (100%) Cap Rate: 10% (Actual) 15.6% (Pro-forma) Built: 1864, Complete Renovation 2002 Amenities: On-Site Laundry Facility, Up Front Parking, New Awnings, Privacy gate, Downtown Shopping One Block Away, Shaded Back Yard Unit Amenities: Central Air/ A.C. through the wall, Dishwasher, Covered entries County: Austin Status: Owned by Brazos Valley Properties, LLC 4

5 Property Highlights Stable investment property that was completely renovated and insurance rated new in 2002 New foundation, electrical, plumbing(including underground piping), new roof, sheetrock, flooring, carpet, fixtures, carpet and hardi-panel exterior all during rehabilitation. Historical value as a railroad crew house(circa 1895) at the junction of the Missouri, Kansas and Texas and the Atchison, Topeka and Santa Fe railroads Stable occupancy with opportunity for rent increases and further value creation Priced to move, possible loan assumption Great mix, individually metered(except #103)- residents pay for electricity Strong management infrastructure that comes with new owner Perimeter fencing and gated Easy access to I-10 Near downtown shopping Colorado Transit Route/ School bus stop at driveway Minutes from Wal-mart distribution center and BAE military - industrial plant 5

6 Additional Photos 6

7 Confidentiality It is acknowledged by reader that information furnished in this Executive Summary is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious damage; therefore, reader agrees not to disclose it without the express written permission of Brazos Valley Properties, LLC. Upon request, this document is to be immediately returned to Brazos Valley Properties, LLC. Disclaimer Brazos Valley Investments, LLC has prepared this Executive Summary, which contains brief, selected information pertaining to the business and affairs of the property. The information contained herein does not purport to be all inclusive nor does it purport to contain all of the information representative of the property. Brazos Valley Investments, LLC nor any of its respective partners, officers, employees or agents makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein or otherwise expressed and conveyed and no legal liability is assumed or shall be implied with respect hereto. Such information and statements have in many circumstances been obtained from outside sources, have not been tested or verified and may be subject to errors or omissions. Projections, especially, are based on various assumptions and subjective determinations as to which no guaranty or assurance is given. Potential investors are recommended and urged to perform their own examination and investigation and not to rely on the information contained within this document or other materials otherwise provided Contact Information Please contact Vikki Cummings at the phone number or address listed below if you are an interested party, or if you require further information. Vikki Cummings Brazos Valley Investments, LLC 5855 Sovereign Drive Suite 96D Houston, Texas