Executive Summary for a 18 Unit Condominium Portfolio in Spirit Lake, Iowa rd St.

Transcription

1 Executive Summary for a 18 Unit Condominium Portfolio in Spirit Lake, Iowa rd St. 18 Unit Condominium Portfolio Sale Price: $1,400, % Lease & Fully Furnished!

2 INVESTMENT HIGHLIGHTS Ferguson Commercial Real Estate Services has been exclusively retained to offer for sale the Vasquez Development, LLC portfolio of eighteen multifamily condominium properties in the Spirit Lake, Iowa; just off the shores of East Okoboji Lake. These units are within the East Village Condominium Complex and were completely renovated by Vasquez Development in The remaining 18 units owned by the Seller consists of eight (8) three- bedrooms units, ten (10) two-bedroom units and two garages. The units are being marketed as 100% leased. Many units are furnished with existing furnishings included in the sale. Each property has a continued and regimented care and maintenance schedule to insure the properties remain in their high quality condition. Local third -party property management has managed the units for over six years and can remain as managers of the properties if desired. In addition, the Buyer will maintain control of the HOA as the majority owner of units in the development. Historic occupancy levels for the portfolio is over 95% with only seasonal vacancies. Three bedroom units are on the first floor (100 s) and two bedroom units are on the 2nd floor (200 s). Amenities of each unit include: Full kitchens with electric ranges, microwaves, full size fridge/freezer In-unit Laundry areas with stacked washer/dryers. (excluding 4 units) Fully furnished units. (Furniture included in Sale) Central HVAC Private decks with exterior storage closets Common swimming pool and basketball court Swimming Pool

3 Area Information: Population (2016): Unemployment Rate: 6.3% Downtown Spirit Lake E. Okoboji Lake Economic Growth Rate: Average HH Income: $63,534 Key Industries: Agriculture Construction Manufacturing Major Employers in the Area: Tyson Foods Polaris Industries Pure Fishing (Berkley) Valero Renewables Spirit Lake High School

4 East Village Condominiums Income Summary of Properties # 3 27th St, Spirit Lake Iowa As of : May 1, 2018 Unit # Gas / Electric Bedrooms Bathrooms Furnished Laundry Term Amount #102 Owner 3 2 Y Y Rented $ 1, #104 Owner 3 2 Y Y Rented $ 1, #105 tenant 3 2 Y Y Rented $ #107 Tenant 3 2 Y Y Rented $ #109 Tenant 3 2 Y Y Rented $ #202 Owner 2 1 Y Y $ #203 Tenant 2 1 Y Y Rented $ #204 Tenant 2 1 Y Y Rented $ #205 Tenant 1* 1 Y N Rented $ #113 G/E 3 2 Y Y Rented $ 1, Garage 19 N/A Rented #114 Tenant 3 2 Y Y Rented $ #116 Tenant 3 2 Y Y Rented $ #206 Tenant 2 1 Y N $ #207 Tenant 2 1 Y N Rented $ #209 Tenant 2 1 Y Y Rented $ #211 Tenant 2 1 Y N Rented $ #214 Tenant Y Y Rented $ #216 Tenant 2 1 Y Y $ Garage 15 Tenant N/A $ Monthly Rental Income: $ 14, Portfolio Income Summary: Total Gross Revenue $ 14, Op. Exp. Association Dues $ 2, Prop. Tax $ 1, Insurance $ Management Fee (7%) $ 1, Total Op. Exp. Per Month $ 5, Total Net Income Per Month $ 8, Total Annual Net Income $ 104,244.60

5 Representative Sample of Interior Photos: Sample Kitchen Sample Bedroom Sample Bathroom Sample Master Bedroom Closet Sample In-unit Laundry Area

6 Location of East Village Condominium Properties in the Spirit Lake, IA Regional Area Iowa/ Minnesota Boarder Minneapolis, MN: 140 Miles (3.05 Hrs.) Hwy 86 Okoboji Lakes Hwy 9 Hwy 71 Omaha, Ne : 208 Miles (3.2 Hr) Des Moines, IA: 140 Miles (3.05 Hrs.)

7 Greater Spirit Lake/ Okoboji Market Summaries: Come and Discover What s Great in Spirit Lake: Centrally located on US Hwy 71 and Iowa Hwy 9, Spirit Lake, Iowa is in the center of what is known as Iowa s Great Lakes Region, which encompasses seven beautiful natural lakes. Spirit Lake s local economy thrives on its rich mix of recreational, industrial and commercial businesses, making it a great place to live, work and raise a family. Over the course of the past several years and continuing into 2016, the City of Spirit Lake is witnessing growth and investment of new and existing industrial, commercial and retail operations, renewed expansion of downtown retail and service businesses and unprecedented growth in multi residential development. Spirit Lake has two industrial parks, both with necessary services and large lots available to accommodate commercial, industrial and manufacturing enterprises of virtually any size. The City has also seen expansion and growth in the Spirit Lake Community School District a school district with superior academic, arts and athletic programs. The City of Spirit Lake works closely with the Spirit Lake Chamber of Commerce. We actively promote the area to prospective businesses and serve existing businesses. If you have questions regarding commercial or industrial development and local or state programs that may provide assistance, we can provide answers. The City of Spirit Lake also partners with the Iowa Lakes Corridor Development Corporation which is a source of expertise and resources concerning State of Iowa and other programs and incentives that may be available for new, relocating or expanding businesses from 6.7% to 4.8%. The vacancy rate for the tax credit projects decreased to 2.0% from 3.0% the prior year.

8 Contact Information: For more information regarding this portfolio please contact: Mike Macri III, CCIM Ferguson Commercial Real Estate Services 1840 NW 118th Street, Suite 100 Clive, IA O: F: E:

9 This form is required by the real estate laws of the State of Iowa. DISCLOSURE OF AGENCY RELATIONSHIP The undersigned acknowledge that Mike Macri III, CCIM, as Appointed Agent(s) of Ferguson Commercial Real Estate Services, represents Vasquez Development, LLC named below (hereinafter the Client ) with respect to the sale or lease of the following property: 3 27 th Street, Spirit Lake, IA If the Appointed Agent[s] represents both the Seller/Landlord and Buyer/Tenant, the duties of the Appointed Agent[s] are set forth in the Dual Agency Consent Forms executed by each client and those forms are incorporated herein as if fully set forth. If the Appointed Agent[s] represents either the Seller/Landlord or Buyer/Tenant, but not both, the Appointed Agent has the following duties to its client: a) Place the client s interests ahead of the interests of any other party unless loyalty to a client violates a duty as a disclosed dual agent or other applicable law. b) Disclose the information known that is material to the transaction that is not known by the client or could not be discovered by the client through a reasonably diligent inspection. c) Fulfill any obligations within the scope of the brokerage agreement, except those obligations which are inconsistent with other duties the Appointed Agent[s] has under law. d) Disclose any financial interests Appointed Agent[s] has in any business entity to which the client has been referred for any service or product related to this transaction. The following duties apply to all parties: a) To provide brokerage services to all parties in the transaction honestly and in good faith. b) To diligently exercise reasonable skill and care in providing brokerage services to all parties. c) To disclose to each party all material adverse facts that we know, except for the following: [1] Material adverse facts known by that party. [2] Material adverse facts a party could discover through a reasonably diligent inspection and which would be discovered by a reasonably prudent person under like or similar circumstances. [3] Material adverse facts the disclosure of which is prohibited by law. [4] Material adverse facts that are known to a person who conducts an inspection on behalf of a party. d) To account for all property coming into the possession of the Broker or the Appointed Agent[s] that belongs to any party within a reasonable time after receiving the property. Ferguson Commercial Real Estate Services and its licensees may provide brokerage services simultaneously to more than one party in different transactions. Each party by signing this form acknowledges that this disclosure was made prior to providing specific assistance or prior to any offer being made or accepted by a party to a transaction, whichever is sooner. SELLER/LANDLORD: Vasquez Development, LLC By Title Date BUYER/TENANT: By Title Date