197 Unit Class C+ Multi-Family Asset

Transcription

1 197 Unit Class C+ Multi-Family Asset Mark Kalil & Associates, Inc Holcombe Blvd, Suite 2506 Houston, TX T F C mark@markkalil.com KET Enterprises Incorporated 4295 San Felipe, Suite 355 Houston, TX T F C twilk4@ketent.com

2 PRICE/UNIT: $23,858 PRICE/SF: $33.88 Units: 197 TERMS: New Loan Only Avg Size: 704 PRO-FORMA CAP RATE: 9.34% Date Built: 1979 Rentable Sq. Ft.: 138,725 Estimated Acreage: 6.37 Offered on New Loan Only! Occupancy: 96% Class: C+ $4,700,000 INVESTMENT HIGHLIGHTS Greenspoint Location at I-45 and Greens Road with Excellent Visibility and Curb Appeal Excellent Employment Base in the Improving Greenspoint Business District Great Access to I-45, Beltway 8 and the Hardy Tollroad Property Appears to be in Good Shape Blue Collar Profile Originally Built to sell as Condo Units A Possible Exit Strategy is to Sell Individual Units Has 197 Separate Legal Descriptions For More Information Please Contact Mark Kalil Mark Kalil & Associates, Inc Holcombe Blvd, Suite 2506 Houston, TX T F C mark@markkalil.com Broker License # Tom Wilkinson KET Enterprises Incorporated 4295 San Felipe, Suite 355 Houston, TX T F C twilk4@ketent.com Broker License #

3 Physical Information Financial Information Current Loan Parameters Operating Information Number of Units 197 Asking Price $4,700,000 Current Loan $3,655,797 Est Mkt Rent (Aug-13) $100,950 Avg Unit Size 704 Price Per Unit $23,858 Amortization 30 yrs 3 Mo Avg 2013 $102,170 Net Rentable Area 138,725 Price Per Sq. Ft. $33.88 Debt Service $282,704 Physical Occ (Nov-13) 96% Land Area (Acres) 6.37 Stabilized NOI $438,949 Monthly P & I $23,559 Est Ins per Unit per Yr $525 Units per Acre Stabilized Value 7.% $6,270,701 Interest Rate 5.18% Property Tax Information Date Built 1979 Est $240/unit $47,280 Date Due 11/1/2014 Tax Rate (2012) Water Meter Master/RUBS Est. Entrepreneurial Profit $23,640 Est Res for Repl/Unit/Yr Yes 2013 Prelim Tax Assessment $823,670 Elec Meter Indiv Est. Carry to Stabilization Prepayment Penalty defeasance 2013 Est Taxes $25,147 Roof Style Pitched Calculation of Value $6,199,781 Transfer Fee 1%+app+legal Please note that these are assessed as individual units as HVAC System Indiv NOT ASSUMABLE townhomes at a lower rate than as apartments! INCOME PRO-FORMA INCOME Current Street Rent with a 7.0% Increase 1,296,198 Estimated Gross Scheduled Income 1,296,198 Estimated Loss to Lease (2% of Total Street Rent) Estimated Vacancy (5% of Total Street Rent) (25,924) 2% (64,810) 5% Estimated Concessions and Other Rental Losses (5% of Total Street Rent) (64,810) 5% Estimated Utilities Income Estimated Other Income 34,516 Estimated Total Rental Income 1,272,825 ESTIMATED TOTAL PRO-FORMA INCOME 1,272,825 3 Months 2013 Income Annualized EXPENSE Fixed Expenses Taxes Insurance Total Fixed Expense Utilities Electricity Water & Sewer Gas Owner's Actuals $108,017 / Mo $108,017 / Mo 97,655 $496 / Unit / Yr $175 / Unit / Yr $106,069 / Mo 2012 Tax Rate & 2013 Preliminary Assessment Total Utilities 171,539 $871 per Unit 171,539 $871 per Unit Other Expenses Other Expenses Estimated Other Expenses General & Admin & Marketing Repairs & Maintenance $32,164 $68,633 $163 per Unit $348 per Unit $51,220 $98,500 $260 per Unit $500 per Unit Labor Costs $213,888 $1,086 per Unit $213,888 $1,086 per Unit Contract Services $66,508 $338 per Unit $66,508 $338 per Unit Management Fees $44, % $224 per Unit $44, % $226 per Unit Total Other Expense 425,401 $2,159 per Unit 474,664 $2,409 per Unit Total Operating Expense 720,014 $3,655 per Unit 774,776 $3,933 per Unit Estimated Reserve for Replacement 45,074 $229 per Unit 59,100 $300 per Unit Total Expense 765,088 $3,884 per Unit 833,876 $4,233 per Unit Net Operating Income (Actual Underwriting) 460, ,949 Asking Price Cap Rate Current Debt 4,700, % 3,655,797 Current Debt Amount 4,700, % 3,655,797 Debt Amount Equity 1,044,203 1,044,203 Current Debt Service 282,704 Current Debt Service 282,704 Debt Service 178, , % 14.96% Cash Flow Cash on Cash MODIFIED ACTUALS $1,226,036 Jan '13 thru Oct '13 Expenses Fixed Expenses $24,821 $126 per Unit $98,254 $499 per Unit Utilities $22,672 $115 per Unit $118,403 $601 per Unit $30,464 $155 per Unit Owner's Actuals PRO-FORMA Estimated Expenses Estimated Fixed Expenses $25,147 $128 per Unit $103,425 $525 per Unit Estimated 123,074 $625 per Unit 128,572 $653 per Unit Estimated Utilities $22,672 $115 per Unit $118,403 $601 per Unit $30,464 $155 per Unit NOTES: ACTUALS: Income is Aug thru Oct 2013 annualized and expense is Jan 2013 thru Oct Please note the low taxes are due to the taxing authority's view that individual townhouses are taxed lower than apartments. PRO FORMA: Insurance is estimated. Taxes are 2012 rate and preliminary 2013 assessment. All other expenses are estimated. The owner is protesting the tax assessment. DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the price at anytime without notice during the marketing period.

4 Keymap: 373N PROPERTY OVERVIEW Construction Quality: C+ PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY Age: 1979 Access Gates Walk-In Closets Mortgage Balance $3,655,797 ACCT NO: Multiple Elec Meter: Indiv Cable Ready 24 Hr Emerg Maint Amortization 30 yrs Aldine ISD $ A/C Type: HVAC Ceiling Fans Patios/Balconies P & I $23, Harris County $ Water: Master/RUBS Disability Access School Bus Pick-up Type Conduit Harris County Flood Control $ Wiring: Copper Laundry Rooms Shuttle Route Assumable Yes Port of Houston Authority $ Roof: Pitched Mini Blinds Monthly Escrow Yes Harris County Hospital District $ Paving: Concrete Outside Storage Origination Date Harris County Education Dept $ Materials: Brick/Wood Perimeter Fence *Features May Vary Per Due Date 11/1/14 Lone Star College System $ # of Stories: 2 Sports Court Individual Unit Interest Rate 5.18% City of Houston $ Parking: Swimming Pool Prepay Penalty* $332,513 Greenspoint District $ Buildings: 10 W/D Connections Transfer Fee 1%+app+legal 2012 Tax Rate/$100 $ Est Units/Acre: Woodburning Fireplaces Not assumable 2013 Prelim Tax Assessment $823,670 COLLECTIONS UNIT MIX BY TYPE 3 Mo Avg 2013 $ 102,170 $110,000 3 Nov 2012 $ 90,037 $105,000 Dec 2012 $ 95,032 Jan 2013 $ 95,848 $100, Feb 2013 $ 97,331 Mar 2013 $ 98,038 $95,000 Apr 2013 $ 98,184 $90,000 May 2013 $ 92,868 Jun 2013 $ 94,286 $85,000 July 2013 $ 97,094 Aug 2013 $ 101,002 $80,000 Sept 2013 $ 104,426 Oct 2013 $ 101,081 ` PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER. COLLINGWOOD Gardens PROPERTY HIGHLIGHTS Nov 2012 Dec 2012 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 July 2013 Aug 2013 Sept 2013 Oct 2013 is a brick and wood, two story, garden-style, apartment community located in the Greenspoint submarket of northwest Houston with easy access to I-45, the Hardy Toll Road and Beltway 8. Originally built as individual townhome construction, the property is located only a few blocks east of the Greenspoint Mall and approximately one mile west of Bush Intercontinental Airport. Collingwood Gardens is located in the Tax Increment Reinvestment Zone (TIRZ #11). This program provides funds for capital improvements and financial incentives for developers to include public amenities in their projects. The asset enjoys good driveby! The property was built in 1979 and offers a variety of unique floor plan designs. Amenities include access gates and perimeter fencing, landscaped grounds, clothes care centers, walk-in closets, patios and balconies, all-electric kitchens with spacious countertops and cabinets, ceiling fans and mini-blinds. There is convenient school bus pickup. World-class dining and shopping nearby is nearby, additionally the property is close to premier theatres and entertainment, near area schools and medical facilities. A possible exit strategy is to sell of the individual units! The taxing authority views each unit as individual townhouses so the tax is lower than for apartments! sf 114 UNIT MIX BY SIZE 588sf 863sf sf 1br-1ba 2br-2ba 3br-2ba sf 563 sf 588 sf 863 sf 888 sf 1126 sf Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is As-Is, Where-Is. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any.

5 Source: Owner's Rent Roll UNIT MIX Unit Mix November 2013 Type No. Units Sq Ft Total SqFt Rent Total Rent Rent/SF 1br-1ba ,284 $450 $30,600 $0.80 1br-1ba ,048 $475 $21,850 $0.81 2br-2ba ,383 $550 $22,550 $0.64 2br-2ba ,632 $600 $23,400 $0.68 3br-2ba ,378 $850 $2,550 $0.75 Total / Avg ,725 $512 $100,950 $0.73 AERIAL VIEWS

6 From Downtown Houston take I-45 north to the Greens Rd. exit. Exit right at Greens Rd. and continue on Greens Rd. for approx 3/4 mile to the property.. Bush Intercontinental Airport Greenspoint Mall

7 RENT COMPARABLES RENT COMPARABLES (Nov 2013 O'Connor & Associates) Property Name Yr Blt Yr Remodeled Occ #Units Sorted by Avg Rent/Unit Avg SF Avg Rent P/SF 1 Crescent at CityView (U) 1100 Langwick % $ Springfield at CityView I (U) Imperial Valley Dr % $ Amherst at CityView (S) Imperial Valley % $ Charleston at CityView (S) 850 Harvest Time Lane % $ Arbor Court 802 Seminar Dr % $ Totals/Averages Comps 90% $ Collingwood Gardens 838 Greens Rd % $512 $0.73 Greenspoint Submarket Averages 87% 12, $ Houston Market Avgs 92% 586, $ S = Stabilized U = Unstabilized COLLINGWOOD GARDENS

8 SALES COMPARABLES SALES COMPARABLES (Sorted by Price/Sq. Ft.) Property Name Date Sold Price Sq. Ft. Price/Unit Price/SF Built Units Fallbrook 201 Plaza Verde Dr Deer Creek Imperial Valley Mira Vista Northborough Royal Phoenician Northchase Casa Verde 2 Goodson Drive Asking 5,350, ,200 19,107 $ /13 5,776, ,056 19,000 $ SALES COMPARABLES AVAILABLE UPON REQUEST Asking 7,216, ,560 20,500 $ Asking 9,560, ,198 24,896 $ Asking 13,400, ,164 34,896 $ Totals/Averages Comps $8,260, ,836 $23,680 $ Collingwood Gardens 838 Greens Rd. S = Stabilized U = Unstabilized $4,700, ,725 $23,858 $ Note that a major assumption here is that the property taxes will remain at the same low level as currently in effect. COLLINGWOOD GARDENS

9 AREA DEVELOPMENT Area Development Pinto Business Park, a 971 acre controlled class "A" industrial business park located at the southwest corner of Interstate 45 and Beltway 8 in the north/northwest submarket, has the potential to total 9 million square feet when fully built out. It is the largest development-ready business park in Houston. The site is home to Sysco Corporation's 585,000 square foot distribution center and is ideal for industrial, distribution, data center or office build out. According to data from research firm Delta Associates, vacant industrial land is a commodity in the Houston area and industrial vacancy rates fell to 4.6 percent in the first quarter from 5.7 percent a year ago. Pinto Park is sure to bring about new businesses. Manufacturing employment is expected to grow as a boom in drilling activity has boosted demand for industrial and oil field equipment. Hughes Landing on Lake Woodlands ExxonMobil is developing a new 20 building facility on a 385-acre site located at the intersection of US Interstate 45 and the Hardy Toll Road. According to the Houston Business Journal, it's one of the largest construction projects under way in the United States. The buildings are in various phases of construction, and every day more than 3,000 workers are on the site. Beginning next year, employees will start relocating to the campus in shifts. Approximately 10,000 employees are expected to be working at the site by Some of those employees will be coming from Virginia, Ohio and the Houston. The campus is expected to boost demand for housing, commercial development and office space nearby, strengthening the region spanning northern Harris County and southern Montgomery County.

10 AREA DEVELOPMENT Pinto Business Park is a 1,000 acre controlled, class "A" industrial business park located at the southwest corner of Interstate 45 and the North Belt, near Bush Intercontinental Airport. The site is home to Sysco Corporation's 585,000 square foot distribution center and is ideal for industrial, distribution, data center or office HUD Assumable Financing Available at 3.55% Interest, 35 Yr + MIP! *Pictures courteousy of Cushman & Wakefield build out. According to data from research firm Delta Associates, vacant industrial land is a commodity in the Houston area and industrial vacancy rates fell to 4.6 percent in the first quarter from 5.7 percent a year ago. Pinto Park is sure to bring about new businesses. Manufacturing employment is expected to grow, as a boom in drilling activity has boosted demand for industrial oil field equipment. Exxon Mobil Corp. is building a 20-building campus on 385 acres in north Houston near the intersection of I-45 and the Hardy Toll Road. According to the Houston Business Journal, it's one of the largest construction projects under way in the United States. The Exxon Mobil Springwood Village Campus is located approximately 6 miles northeast of the subject property, and 25 miles north of downtown Houston. The facility will accommodate up to 10,000 employees who are currently based in Houston, Fairfax and other locations such as Akron, Ohio. The complex is slated for 100% completion and full occupancy mid-2015, but workers will begin moving in early An estimated 8,000 of the Greater Houston employees will transfer to the new compound. That means many of those 10,000 will move closer to the new corporate site, and they will seek housing in The Woodlands, which sits adjacent to ExxonMobil's property, and nearby communities. Despite property value collapses in some states, the Greater Houston housing market has experienced unaltered growth.

11 Sub-Market GREENSPOINT SUBMARKET The Greenspoint Submarket is a dynamic community approximately 15 miles north of downtown Houston and minutes from Bush Intercontinental Airport and the Port of Houston. This prime location makes the area ideal for companies conducting business locally and around the globe. Many of Houston's largest companies call this area home. The area's strengths incude: Easy commutes to locations throughout Houston via: Interstate 45 Sam Houston Tollroad Hardy Toll Road U.S. Hwy 59 Exceptional IT infrastructure Close proximity to a diverse workforce Strong presence of global companies Incentive for developers The area is part of TIRZ #11 (Tax Increment Reinvestment Zone), which provides funds for capital improvements and financial incentives for developers to include public amenities in their projects. As a result, the area should continue to benefit from reinvestment and improvement. TIRZ #11 is contributing $8M for public improvements of the $32 million renovation of the Greenspoint Mall. STRONG EMPLOYMENT BASE Farouk Systems US headquarters encompasses 300,000 square feet and 600 employees. Their recent expansion in Greenspoint includes a 500,000 square foot facility and 1,200 employees, as well as projecting the addition of 4,000 employees in the next few years. Exxon Mobil North American Headquarters (New Campus Development) has broken ground on their new three million square foot campus that will create approximately 36,000 jobs during construction and 44,000 permanent jobs after completion. It is projected to bring 15,000 to 17,000 employees to the immediate area. The campus will include 20 buildings totaling three million square feet. Bush Intercontinental Airport generates a $1.6 billion impact on the local economy and a regional impact of $24.2 billion. The airport system supports $5 billion in total payroll and 200,000 full time jobs. It's the 8th busiest airport in the nation and is named the fastest growing airport among the top ten major airports in the nation. There is abundant retail near FM1960 and Interstate 45 including Home Depot, Kroger, PetSmart, Hobby Lobby, Mercedes Benz, BMW, Conn's, Barnes and Noble, Walmart and Sam's Club in addition to multiple retail centers, shops restaurants and entertainment. Greenspoint Business District covers 12 square miles, hosts Bush Intercontinental Airport, 4,400 business establishments, 20 major companies, and 70,000 employees. Major employers include Exxon Mobil (1,800), UPS (4,300), Baker Hughes (1,600), Halliburton (1,300), and Continental Airlines (700). There are approximately 80 energy related companies, 18 million square feet of retail, office and industrial space.

12 Houston. Houston Economy The City of Houston, the largest city in Texas and the fourth largest city in the United States, is located on the coastal prairies of southeast Texas and is home to a diverse array of industries and cultures. Houston is located in Harris County, the nation s third most populous county. The Houston region, officially designated as the Houston Sugar Land Baytown Metropolitan Statistical Area (MSA), comprises Harris County and nine other counties: Austin, Brazoria, Chambers, Fort Bend, Galveston, Liberty, Montgomery, San Jacinto and Waller. The Houston MSA has a population of 5.9 million, according to new 2010 census figures, up from 5.5 million reported in the 2000 census. The ten county metropolitan area is the fifth-largest metropolitan area in the nation; combined with its zone of extraterritorial jurisdiction, an area extending five miles beyond the city s boundary, the city controls 1,906 square miles. The most urbanized portions of the Houston area are in Harris County, the southern part of Montgomery County, and the eastern section of Fort Bend County. Houston is home to the sixth largest port in the world and is in close proximity to Mexico, a key trading partner. It has a temperate climate and an affordable cost of living. The cost of living is about 12% lower than the United States average and overall housing costs are 25% lower than the national average. Economic Drivers 2013 Market Outlook 2013 NAI Rank: 13, Up 5 Places. Houston s exceptional job growth forecast more than offset its relatively high vacancy rate. Employment Forecast: Payrolls are expected to rise 3.5 percent in 2013 with the addition of 95,600 positions. Last year, employment grew 3.7 percent. Construction Forecast: Developers will complete 8,500 units in 2013, more than twice the 2012 total. Vacancy Forecast: Vacancy in Houston will slip 30 basis points to 6.9 percent. During 2012, metrowide vacancy declined 130 basis points. Rent Forecast: In 2013, asking rents will advance 4.5 percent to $852 per month, while effective rents climb 4.8 percent to $785 per month. Investment Forecast: Class B/C demand is on the rise, but development is imited almost entirely to Class A product. As a result, smaller 1970s and early-1980s properties, which tend to trade at cap rates upwards of 9 percent, should garner stronger investor attention this year.1. Effectively, Houston s employment cycle has entered a recovery stage and the city is expected to remain a top performer relative to other MSA s nationwide in the longterm. According to Moodysanalytics.com, not only will Houston rank second in the nation in job growth between 2009 and 2014 (310,600 jobs), but Texas will boast five of the top twenty cities nationally in job creation. As the domestic and international center for virtually every segment of the petroleum and natural gas industries, Houston is known as the Energy Capital of the World. In the Medical/Life/Sciences/Biotechnology arena, Houston's health care industry continues to boom. The Houston Airport System is the fourth-largest airport system in the United States and sixthlargest in the world. The Port of Houston continues to be a dominant force throughout the nation and the world. The port has been ranked first in the United States in foreign tonnage for 10 consecutive years, first in imports for 15 consecutive years and second in total tonnage for 15 consecutive years. The Port of Houston is the sixth largest port in the world and ranks tenth in the world for total tonnage 1Source: Marcus & Millichap Apartment Research Market Report December 2012

13 1 Mile Radius 3 Mile Radius 5 Mile Radius Population 2015 Total Population Projection 20,741 80, , Total Population 18,087 74, , Total Population 13,210 58, , Total Population 13,656 45, ,525 DEMOGRAPHICS Spring 2010 Demographics Total Population 18,087 74, ,243 Total Households 6,967 26,476 63,956 Female Population 8,897 36,726 97,240 % Female 49.2% 49.3% 49.6% Male Population 9,190 37,837 99,004 % Male 50.8% 50.8% 50.5% Population Density (per Sq. Mi.) 5, , ,498.7 Age: Median Age Housing Units Total Housing Units 10,188 32,566 74,622 Owner Occupied Housing Units 3.6% 23.1% 39.5% Renter Occupied Housing Units 64.8% 58.2% 46.2% Vacant Housing Units 31.6% 18.7% 14.3% Ethnicity - 1 Mile Radius 18% 49% 22% 10% 1% White Black Asian Other Hispanic Race and Ethnicity American Indian, Eskimo, Aleut 0.6% 0.7% 0.7% Asian 1.9% 3.2% 5.0% Black 42.6% 29.3% 25.6% Hawaiian/Pacific Islander 0.3% 0.4% 0.3% White 35.6% 46.1% 50.0% Other 16.1% 17.5% 15.6% Multi-Race 2.9% 2.9% 2.8% Hispanic Ethnicity 48.6% 52.6% 51.3% 51% 49% Hispanic Non-Hispanic Not of Hispanic Ethnicity 51.4% 47.5% 48.7% Educational Attainment: Total Population Age 25+ 9,659 41, ,302 Grade K % 17.6% 16.8% Grade % 14.2% 13.7% High School Graduate 31.9% 30.5% 29.8% Associates Degree 5.7% 5.3% 6.0% Bachelor's Degree 6.9% 9.5% 10.3% Graduate Degree 3.4% 4.0% 4.2% Some College, No Degree 19.9% 18.8% 19.2% Average Income Subject - 1 Mile Radius Household Income: $80,000 $70,273 Average Household Income $40,648 $47,227 $53,016 Median Household Income $26,626 $33,821 $39,230 Per Capita Income $15,691 $16,277 $17,496 $60,000 $40,000 $40,648 Average Household Income - Houston $70,273 Business and Employment: $20,000 Number of Employees 13,860 67, ,932 Number of Establishments 1,169 3,806 7,593 $0 Subject Houston

14 FEMA MAP Collingwood Gardens Please Verify!

15 PROPERTY PHOTOS

16 PROPERTY PHOTOS

17 PROPERTY PHOTOS

18

19 EXCLUSIVELY PRESENTED BY KET ENTERPRISES INCORPORATED 4295 San Felipe, Suite 355 Houston, TX FOR MORE INFORMATION ON THIS PROPERTY PLEASE CALL: Tel: (713) Fax: (713) TOM WILKINSON, Broker (713) xt 102 or MARK KALIL, Broker (713) and MARK KALIL & ASSOCIATES, INC Holcombe Blvd., Suite 2506 Houston, TX Tel: (713) Fax: (713) Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent rolls, etc. However, we (KET Enterprises Incorporated, any of the Owners or officers, directors, employees, agents or representatives of any such entities) have not verified its accuracy and make no guarantee or representation about it. It is submitted subject to the possibility of errors, omissions, change of rental or other conditions. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. We make no representations or warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such parties as to the future performance of the Property or any other matters set forth herein. You and your tax and legal advisors should verify the information and rely on his accountants or attorneys for legal and tax advice. Rates of return vary daily. No representations are made concerning environmental issues, if any.