Plaza Court E 63rd Street, Raytown, MO KW Commercial. Donna Lilley, Broker Plaza Court Apartments

Transcription

1 Plaza Court E 63rd Street, Raytown, MO Plaza Court Apartments Beautiful In Ground Pool Donna Lilley, Broker donnalilley@kw.com KW Commercial Phone: (816) Windsor Drive Lee's Summit, MO Each Office is Independently Owned and Operated

2 Real Estate Investment Details ANALYSIS Analysis Date: January 2013 PROPERTY Property: Property Address: Year Built: 1960 Plaza Court E 63rd Street Raytown, MO PURCHASE INFORMATION Property Type: MultiFamily Purchase Price: $1,675,000 Units: 44 Total Rentable Sq. Ft.: 31,262 Resale Expenses: 2.5% FINANCIAL INFORMATION Down Payment: $334,311 LT Capital Gain: 15.00% LOANS Debt Term Rate Payment LO Costs Fixed $1,337, yrs 5.2% $6,920 INCOME & EXPENSES Gross Operating Income: $316,344 Monthly GOI: $26,362 Total Annual Expenses: ($153,367) Monthly Expenses: ($12,781) CONTACT INFORMATION Donna Lilley, Broker donnalilley@kw.com All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 2 of 10

3 Plaza Court Property Photos Plaza Court Apartments In the Heart of Raytown 1 Bedroom 1 Bath Unit All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 3 of 10

4 Plaza Court Maps and Aerials Plaza Court Apartments Raytown, MO All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 4 of 10

5 Maps and Aerials Plaza Court Proposed Wal Mart Marketplace Downtown Raytown All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 5 of 10

6 Plaza Court Executive Summary ACQUISITION COSTS Purchase Price, Points and Closing Costs $1,675,000 Investment Cash $334,311 First Loan $1,337,246 INVESTMENT INFORMATION Purchase Price $1,675,000 Price per Unit $38,068 Price per Sq. Ft. $53.58 Income per Unit $7,544 Expenses per Unit ($3,486) INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $331,920 Total Vacancy and Credits ($15,576) Operating Expenses ($153,367) Net Operating Income $162,977 Debt Service ($83,045) Cash Flow Before Taxes $79,932 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 23.91% Debt Coverage Ratio 1.96 Capitalization Rate 9.73% Gross Rent Multiplier 5.05 Gross Income / Square Feet $10.62 Gross Expenses / Square Feet ($4.91) Operating Expense Ratio 48.48% All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 6 of 10

7 Plaza Court Pro Forma Summary INCOME Actual Per Unit Market Per Unit Gross Potential Rent $311,520 $7,080 $323,400 $7,350 Less: Vacancy ($15,576) ($354) ($9,702) ($221) Misc. Income $20,400 $464 $34,200 $777 Effective Gross Income $316,344 $7,190 $347,898 $7,907 OPERATING EXPENSES Actual Per Unit Market Per Unit Property Management Fee $15,817 $359 $16,170 $368 Replacement Reserves $13,200 $300 $13,200 $300 Accounting $350 $8 $500 $11 Advertising $2,000 $45 $1,200 $27 Building Insurance $12,748 $290 $12,748 $290 General Supplies $150 $3 $150 $3 Grounds Maintenance $6,069 $138 $6,069 $138 Handy Man $3,000 $68 $4,000 $91 Legal $1,200 $27 $1,200 $27 Maintenance $10,778 $245 $10,778 $245 Contracted Services $5,436 $124 $6,000 $136 Repairs/Unit Turn $6,371 $145 $8,000 $182 Pool $1,602 $36 $1,602 $36 Payroll $31,000 $705 $31,000 $705 Taxes Real Estate $18,176 $413 $20,000 $455 Trash Removal $7,200 $164 $7,200 $164 Utilities $18,270 $415 $18,270 $415 Total Expenses ($153,367) ($3,486) ($158,087) ($3,593) Net Operating Income $162,977 $3,704 $189,811 $4,314 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 7 of 10

8 Plaza Court Pro Forma Summary UNIT MIX & ANNUAL SCHEDULED INCOME Type Units Actual Total Market Total 1 Bedroom 1 Bath 22 $6,480 $142,560 $6,900 $151,800 1 Bedroom 1.5 Bath 22 $7,680 $168,960 $7,800 $171,600 TOTALS 44 $311,520 $323,400 INVESTMENT SUMMARY Price: $1,675,000 Year Built: 1960 Units: 44 Price/Unit: $38,068 RSF: 31,262 Price/RSF: $53.58 Lot Size: 2.56 acres Floors: 2 Cap Rate: 9.73% Market Cap Rate: 11.33% GRM: 5.0 Market GRM: 4.7 FINANCING SUMMARY Loan Amount: $1,337,246 Down Payment: $334,311 Loan Type: Fixed Interest Rate: 5.2% Term: 35 years Monthly Payment: $6,920 DCR: 1.96 ANNUALIZED INCOME Actual Market Gross Potential Rent $311,520 $323,400 Less: Vacancy ($15,576) ($9,702) Misc. Income $20,400 $34,200 Effective Gross Income $316,344 $347,898 Less: Expenses ($153,367) ($158,087) Net Operating Income $162,977 $189,811 Debt Service ($83,045) ($83,045) Net Cash Flow after Debt Service $79,932 $106,766 Principal Reduction $13,835 $13,835 Total Return $93,767 $120,601 ANNUALIZED EXPENSES Actual Market Property Management Fee $15,817 $16,170 Replacement Reserves $13,200 $13,200 Accounting $350 $500 Advertising $2,000 $1,200 Building Insurance $12,748 $12,748 General Supplies $150 $150 Grounds Maintenance $6,069 $6,069 Handy Man $3,000 $4,000 Legal $1,200 $1,200 Maintenance $10,778 $10,778 Contracted Services $5,436 $6,000 Repairs/Unit Turn $6,371 $8,000 Pool $1,602 $1,602 Payroll $31,000 $31,000 Taxes Real Estate $18,176 $20,000 Trash Removal $7,200 $7,200 Utilities $18,270 $18,270 Total Expenses $153,367 $158,087 Expenses Per RSF $4.91 $5.06 Expenses Per Unit $3,486 $3,593 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 8 of 10

9 Plaza Court Cash Flow Analysis Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 GROSS SCHEDULED INCOME $331,920 $335,194 $338,501 $341,841 $345,215 $348,622 $352,063 $355,539 $359,049 $362,594 General Vacancy ($15,576) ($15,732) ($15,889) ($16,048) ($16,208) ($16,371) ($16,534) ($16,700) ($16,867) ($17,035) Total Operating Expenses ($153,367) ($153,523) ($153,681) ($153,840) ($154,000) ($154,163) ($154,326) ($154,492) ($154,659) ($154,828) NET OPERATING INCOME $162,977 $165,939 $168,931 $171,954 $175,006 $178,089 $181,202 $184,347 $187,523 $190,731 Loan Payment ($83,045) ($83,045) ($83,045) ($83,045) ($83,045) ($83,045) ($83,045) ($83,045) ($83,045) ($83,045) NET CASH FLOW (b/t) $79,932 $82,894 $85,886 $88,908 $91,961 $95,043 $98,157 $101,302 $104,478 $107,686 Cash On Cash Return b/t 23.91% 24.80% 25.69% 26.59% 27.51% 28.43% 29.36% 30.30% 31.25% 32.21% Footnotes: b/t = before taxes;a/t = after taxes All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 9 of 10

10 Plaza Court Financial Indicators Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Gross Rent Multiplier Capitalization Rate 9.73% 9.91% 10.09% 10.27% 10.45% 10.63% 10.82% 11.01% 11.20% 11.39% Cash On Cash Return b/t 23.91% 24.80% 25.69% 26.59% 27.51% 28.43% 29.36% 30.30% 31.25% 32.21% Cash On Cash Return a/t 23.91% 24.80% 25.69% 26.59% 27.51% 28.43% 29.36% 30.30% 31.25% 32.21% Debt Coverage Ratio Gross Income per Sq. Ft. $10.62 $10.72 $10.83 $10.93 $11.04 $11.15 $11.26 $11.37 $11.49 $11.60 Expenses per Sq. Ft. ($4.91) ($4.91) ($4.92) ($4.92) ($4.93) ($4.93) ($4.94) ($4.94) ($4.95) ($4.95) Net Income Multiplier Operating Expense Ratio 48.48% 48.06% 47.64% 47.22% 46.81% 46.40% 46.00% 45.59% 45.20% 44.81% Loan To Value Ratio 79.17% 78.30% 77.38% 76.42% 75.40% 74.32% 73.19% 72.00% 70.75% 69.43% Footnotes: b/t = before taxes; a/t = after taxes All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. page 10 of 10

11 SW 3rd St The Oaks Apartments SOLD Lees Summit, MO Jackson County Recorded Buyer: AxiomThe Oaks, L.P. Recorded Seller: WMT Properties Delaware LLC 7357 Holliday Dr Kansas City, KS (913) (913) True Buyer: Axiom Equities LLC True Seller: WMT Properties LLC Sale Date: 07/20/2011 (373 days on mkt) Bldg Type: Apartment Units Sale Price: Price/SF: $4,744,500 Approximate $45.76 Year Built/Age: GBA: Built 1968 Renov 2003 Age: ,689 SF Price/Unit: $37,956 # of Units: 125 Pro Forma Cap: Actual Cap Rate: 9.08% Zoning: Sale Conditions: GRM/GIM: Parcel No: Financing: Comp ID: Research Status: Approximate E 51st St Deerbrook Apartments SOLD Kansas City, MO Jackson County Recorded Buyer: 3521 Properties Llc Recorded Seller: Inter City Properties LP 2420 Pershing Kansas City, MO (858) W 118th St Leawood, KS (913) True Buyer: 3521 Properties Llc True Seller: Inter City Properties LP Sale Date: 09/17/2008 Bldg Type: Apartment Units Sale Price: Price/SF: $4,695,000 Confirmed $53.49 Year Built/Age: GBA: Built 1966 Age: 42 87,780 SF Price/Unit: $46,950 # of Units: 98 Pro Forma Cap: Actual Cap Rate: 10.00% Zoning: Sale Conditions: R4 GRM/GIM: Parcel No: Financing: $3,981,226 from Federal Nat'l Mtg Assn (fnma): 5.84% Comp ID: Research Status: Confirmed E 61st St Amber Glenn Apartments SOLD Kansas City, MO Jackson County Recorded Buyer: Amber Glenn Opco LLC Recorded Seller: Stoneybrook Acquisition LLC 9805 E 61st St Raytown, MO Forsyth Blvd Clayton, MO True Buyer: Amber Glenn Opco LLC True Seller: (314) Stoneybrook Acquisition LLC Sale Date: 02/03/2012 Bldg Type: Apartment Units Sale Price: Price/SF: $4,200,000 Confirmed $46.08 Year Built/Age: GBA: Built 1973 Renov 2007 Age: 39 91,152 SF Price/Unit: $35,000 # of Units: 120 Pro Forma Cap: Actual Cap Rate: Zoning: Sale Conditions: REO Sale GRM/GIM: Parcel No: Financing: Down payment of $2,850,000 (67.9%); $1,350,000 from Private Individual Fas Fiancial Inc Comp ID: Research Status: Confirmed This copyrighted report contains research licensed to Keller Williams Platinum Partners, Inc /4/2012

12 College Ln Prairie Walk SOLD Kansas City, MO Jackson County Recorded Buyer: Sir Prairie Walk LLC Recorded Seller: Prairie Walk, LLC True Buyer: Steadfast Income REIT True Seller: Sibley Partners, LLC Sale Date: 12/20/2011 (71 days on mkt) Bldg Type: Apartment Units Sale Price: $4,956,250 Full Value Year Built/Age: Built 1983 Age: 28 Price/SF: $52.17 GBA: 95,000 SF Price/Unit: $38,721 # of Units: 128 GRM/GIM: Parcel No: , , [Partial List] Financing: Comp ID: Research Status: Full Value SW Mill St Summit Oak Apartments SOLD Lees Summit, MO Jackson County Recorded Buyer: Summit Oak Partners, LLC Recorded Seller: Wimberly Construction Llc 201 W Christina Blvd Lakeland, FL True Seller: 3408 Thornbird St Blue Springs, MO (816) Wimberly Construction Llc Sale Date: 03/30/2011 (90 days on mkt) Bldg Type: Apartment Units Sale Price: $3,550,000 Confirmed Year Built/Age: Built 1972 Age: 39 Price/SF: $46.06 GBA: 77,080 SF Price/Unit: $37,766 # of Units: 94 Pro Forma Cap: Zoning: RP4 GRM/GIM: Parcel No: Financing: Comp ID: Research Status: Confirmed E Winner Rd SOLD Independence, MO Jackson County Recorded Buyer: Hermitage Partners, LLC Recorded Seller: Wimberly Construction Llc 4530 N Hermitage Ave Chicago, IL Thornbird St Blue Springs, MO (816) Recorded Buyer: Seminary Partners, LLC Recorded Seller: 4530 N Hermitage Ave Chicago, IL True Buyer: Hermitage Partners, LLC 4530 N Hermitage Ave Chicago, IL Sarah Christon True Seller: Wimberly Construction Llc 3408 Thornbird St Blue Springs, MO (816) Joe Wimberly This copyrighted report contains research licensed to Keller Williams Platinum Partners, Inc /4/2012

13 Sale Date: 05/16/2008 Bldg Type: Apartment Units Sale Price: $2,200,000 Confirmed Year Built/Age: Built 1971 Age: 37 Price/SF: $37.75 GBA: 58,284 SF Price/Unit: $36,667 # of Units: 60 Pro Forma Cap: Zoning: Residential, MultiFamily GRM/GIM: Parcel No: Financing: Down payment of $440,000 (20.0%); $1,760,000 from Bankliberty Comp ID: Research Status: Confirmed This copyrighted report contains research licensed to Keller Williams Platinum Partners, Inc /4/2012