2303 Coronado St Austin, TX 78702

Transcription

1 2303 Coronado St Austin, TX Development Opportunity OFFERING MEMORANDUM NEW DEVELOPMENT 2400 WEBBERVILLE RD HOSTEL CORONADO ST SUBJECT PROPERTY 2303 CORONADO ST NEW DEVELOPMENT 2305 CORONADO ST

2 2 APARTMENT NAME

3 EXCLUSIVELY LISTED BY TABLE OF CONTENTS 04 PROPERTY OVERVIEW 06 LOCATION OVERVIEW 10 FINANCIAL OVERVIEW Craig Irvin Associate - Multifamily Direct Mobile craig.irvin@matthews.com License No David J. Harrington EVP & National Director - Multifamily Direct Mobile david.harrington@matthews.com License No

4 PROPERTY OVERVIEW OPPORTUNITY Incredible Re-development Opportunity or; East Austin Value Add project Zoned CS-CO-MU-NP Surrounded by new development Walking Distance to some of Austin Hottest Bars, Restaurants, Shops & Entertainment Approximately 1 mile to Downtown Austin Less than 2 miles from The University of Texas at Austin Less than a mile to Lady Bird Lake Security in 100% Occupancy CORONADO ST

5 LOCAL AREA Huston-Tillotson University E 7th Street Whisler s Parque Zaragoza Neighborhood Park Boggy Creek Yellow Jacket Social Club UT Elementary Charter School H-E-B Grocery Hops and Grain Brewing N Pleasant Valley Road AUSTIN, TX

6 LOCATION OVERVIEW EAST AUSTIN Perhaps the fastest growing neighborhood in Austin, East Austin is where old meets new with fresh eateries and boutiques and just about every corner. Located just a mile from downtown, East Austin is Austin s newest up and coming neighborhood. What has historically been known as a working-class neighborhood is home to the city s newly fashionable arts district, with studios, galleries, cocktail bars, cafes and food trucks sprouting up on almost every corner. Bar and restaurant operators have been expanding the vibrant Sixth Street entertainment district into East Austin. East Austin is now flourishing with new shiny condos, fancy restaurants and modern amenities. East Austin is seeing a rise in residents and visitors thanks to the continuous stream of unique restaurants and the laid back bar scene. Millenials and singlefamily home rehabbers have been moving in and gentrifying the neighborhood. In recent years, developers have built hundreds of apartments in the area, and more are on the way. Developers have also added about 140,000 square feet of office space and have proposed 770,000 square feet in the coming years CORONADO ST

7 The Dog & Duck Pub The Lost Well Hostel 512 Kitty Cohen s SUBJECT PROPERTY 2303 CORONADO ST Saigon Le Vendur E 7th Street Joe s AUSTIN, TX

8 LOCATION MAP Subject Property CORONADO ST

9 DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2022 Projection 16, , , Estimate 15, , , Census 13, , , Census 15, , ,167 Growth % 8.31% 7.91% Growth % 15.51% 13.53% Growth % 10.49% 4.76% HOUSEHOLDS 2022 Projection 6,508 74, , Estimate 5,928 67, , Census 5,099 56, , Census 4,622 50, ,848 Growth % 9.77% 9.12% Growth % 19.50% 16.69% Growth % 12.01% 6.70% 2017 Est. Average Household Size INCOME $ 0 - $14, % 22.99% 18.32% $ 15,000 - $24, % 12.38% 11.39% $ 25,000 - $34, % 8.94% 9.74% $ 35,000 - $49, % 13.59% 14.12% $ 50,000 - $74, % 14.12% 15.05% $ 75,000 - $99, % 8.76% 9.85% $100,000 - $124, % 5.86% 6.75% $125,000 - $149, % 3.20% 3.73% $150,000 - $199, % 3.69% 4.18% $200,000 - $249, % 1.92% 2.12% $250,000 - $499, % 2.73% 2.95% $500, % 1.83% 1.79% 2017 Average Household Income $63,318 $70,465 $75, Median Household Income $40,801 $41,082 $45,917 AUSTIN, TX

10 FINANCIAL OVERVIEW INVESTMENT SUMMARY Offering Price: $795,000 Number of Units: 5 Property: 2303 Coronado St, Year Built: 1946 Austin, TX APN: Price Per Unit: $159,000 Gross Sq. Ft.: 2,250 Price Per S.F.: $ Average S.F. Per Unit: 450 Lot Size (Acres): 0.17 Density: 29 UNIT MIX Total Units Unit Mix Unit Mix % Current Avg Rent Current Monthly Rent Market Rent Market Monthly Rent % $750 $3,750 $1,350 $6,750 Scheduled Monthly Rent: $3,750 $6,750 Scheduled Yearly Rent: $45,000 $81, CORONADO ST

11 ANNUALIZED OPERATING DATA Current Market Scheduled Gross Income: $45,000 $81,000 80% Upside Less Vacancy Reserve: $1, % $2, % Laundry Income: $2,179 $2,179 RUBS Income: $0 $0 Other Income: $326 $326 Gross Operating Income: $46,154 $81,074 Expenses: $21, % $33, %* Net Operating Income: $24,185 $47,777 Loan Payments: $15,411 $15,411 Pre-Tax Cash Flow: $8, % $32, %** Plus Principal Reduction: $4,737 $4,737 Total Return Before Taxes: $13, % $37, %** * As a percent of Scheduled Gross Income ** As a percent of Down Payment Other income is estimated at $12 per unit per month PRO FORMA ANNUAL OPERATING EXPENSES Current Per Unit % of SGI Property Taxes 2.200% x Sale Price $6,272 $3, % Insurance $0.35 x GSF $788 $ % Repairs & Maintenance $500 x Units $2,500 $ % Turnover $100 x Units $1,250 $ % Pest Control $100 x Units $500 $ % Utilities $1,000 x Units $5,000 $1, % Trash $200 x Units $1,000 $ % Total Expenses $21,970 $6, % Current Per Unit % of SGI Non-controllable expenses: Taxes, Ins., Reserves: $7,060 $1, % Total Expense with out Taxes $15,698 $3, % AUSTIN, TX

12 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 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 1-0

13 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Property located at 2303 Coronado St Austin, TX ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. AUSTIN, TX

14 2303 Coronado St Austin, TX Development Opportunity EXCLUSIVELY LISTED BY Craig Irvin Associate - Multifamily Direct Mobile craig.irvin@matthews.com License No David J. Harrington EVP & National Director - Multifamily Direct Mobile david.harrington@matthews.com License No Craig Irvin Associate - Multifamily Direct Mobile craig.irvin@matthews.com License No