REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX 75206

Transcription

1 REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Todd Franks, CCIM Managing Director Byron Griffith Advisor

2 PROPERTY OVERVIEW 3 Executive Summary Property Overview Amenities Additional Photos FINANCIAL OVERVIEW 9 Unit Mix 13 Units Unit Mix 18 Units Financial Analysis IRR Deferred 13 Units IRR Deferred 18 Units LOCATION OVERVIEW 15 Regional Maps Area Attraction Map School Map DEMOGRAPHICS 19 ABOUT SVN 25 Advisor Bios SVN Investment Sales Group 6320 Lyndon B. Johnson Freeway, Suite 228, Dallas, TX Page 2

3 1. PROPERTY OVERVIEW 5727 Richmond Avenue Dallas, TX SVN Investment Sales Group 6320 Lyndon B. Johnson Freeway, Suite 228, Dallas, TX Page 3

4 Executive Summary PROPERTY SUMMARY SALE PRICE: Market NUMBER OF UNITS: 18 (Min 11 Up to 18) BUILDING SIZE: 8,579 SF LOT SIZE: 8,910 SF PROFORMA NOI: $261,663 YEAR BUILT: 1982 ZONING: PD- Allows Mid-Rise PROPERTY OVERVIEW SVN Investment Sales Group is pleased to announce the exclusive offering of Regina Caeli, an 18-unit property which consists of 1 building located on the highly desirable Richmond Ave in the premium Dallas submarket of E. Dallas just 300 feet from Lower Greenville Ave. The subject was constructed in 1982 on a slab foundation with a pitched roof (replaced this past year) with siding and veneer exterior. The property is individually metered for electricity with Individual HVAC while hot water is provided through a central gas boiler. The property has a specialty use for people who suffer from environmental sensitivities and severe allergies. The laundry room and sauna/exercise room are provided as an amenity with no extra charge. Management also provides cable TV and telephone services free of charge. Other services include transportation to and from the clinics used to treat the residents conditions, grocery store, prescription pick-up and trash pick-up. The facilities have been in operation since 2002 and include 18 units, 13 rental units fully furnished down to cookware and linens, two occupied by management, two individually owned, one sauna/exercise unit, and an environmentally safe laundry facility. The units lease for $3,000/mo. Depending on availability, tenants requiring longer stays usually get first pick. Occupancy is high and there is typically a waiting list to pull new tenants from. All of the clientele require holistic type food and cleansers during their treatment at clinics that treat for their specific illness so the property is strictly managed to ensure no environmental irritants are present or used on-site. Additionally, there are many nearby amenities that make renting a car not essential during extended stays. These reasons, along with the community of people with similar illnesses to relate to, has made Regina Caeli the premium place to stay out of any other like-kind facility in the world. This is why the property is currently an excellent investment and has potential of upside in future returns for an investor. MARKET: SUBMARKET: CROSS STREETS: Dallas-North Gastonwood/Junius Heights/Lake Park Estates Richmond Ave. & Stonebriar Ct. PROPERTY HIGHLIGHTS Current Management Willing to Stay on and Continue Operating as They Have Successfully Been Doing for 15 Years Opportunity to Purchase all 18 Units or as Few as 11 Units Excellent Location and Individually Deeded as Condominiums Help Support Value REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 4

5 Property Overview Site Description Construction Property Name: Regina Caeli Condominiums Year Built: 1982 County: Dallas Number of Buildings: 1 CAD Account #: 00C A00202 Number of Stories: 3 Number of Units: 18 (Min 11 up to 18) Foundation: Concrete Slab Lot Size:.205 AC Framing: Wood Density: N/A Units Per Acre Roof: Pitched Rentable SF: 8,579 SF Building Exterior: Siding/Veneer Building Class: C Zoning: Parking: Laundry: PD- Allows Mid-Rise Concrete with Covered Under Building Parking On-Site Laundry Facility HVAC: Heat: Mechanical Systems Individual Individual Hot Water: Central (Boiler) Utility Metering Electrical Wiring: Copper Electricity: Water/Sewer: Individually Metered Paid by Landlord Master Metered Paid by Landlord Management: Staff 1 Part-Time Gas: Master Metered Paid by Landlord Leasing: 1 Contract Labor Trash: Property Contract Paid by Landlord Maintenance: Manager Handles or Contractor Called REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 5

6 Amenities UNIT AMENITIES - No VOC s used in any material - All natural materials with no stains - Multiple reverse osmosis water filter systems - Multiple filtered air handling systems - Out of wall air duct systems to prevent and mold from forming in air handling systems - Open air under sink shelving to prevent mold from forming - Fully furnished with environmentally friendly living room and bedroom furniture - Cable TV supplied at no cost to residents - Wi-Fi service supplied at no cot to residents - Phone service supplied at no cost to residents COMMUNITY AMENITIES - Controlled Access - On-Site Leasing and Management Office - Sauna Room - Excursive Room - On-Site Laundry Facility AREA AMENITIES - Walk score 83 out of 100 with many retailers and restaurants in the area - Strategically located 300 feet from Lower Greenville Ave. one of the most active entertainment districts in Dallas, TX - Approximately 500 Feet from Trader Joe s, natural grocer that many of the residents use as required per their treatment - Condominiums in neighboring complex trade near $400,000 for a 2bed/2bath - Homes in the area trade in the $190 per SF to $290 per SF range in the past 90 days ending 12/31/17 REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 6

7 Additional Photos REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 7

8 Additional Photos REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 8

9 2. FINANCIAL OVERVIEW 5727 Richmond Ave Dallas, TX REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 9

10 Unit Mix 13 Units REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 10

11 Unit Mix 18 Units REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 11

12 Financial Analysis REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 12

13 IRR Deferred 13 Units REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 13

14 IRR Deferred 18 Units REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 14

15 3. LOCATION OVERVIEW 5727 Richmond Dallas, TX REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 15

16 Regional Maps REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 16

17 Area Attractions REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 17

18 Schools Robert E. Lee Elementary School 2911 Delmar Ave. Dallas, TX Distance From Property: ½ mile J.L. Long Middle School 6116 Reiger Ave. Dallas, TX Distance From Property: 1.3 miles Woodrow Wilson High School 100 S. Glasgow Dr. Dallas, TX Distance From Property: 1.3 miles REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 18

19 3. DEMOGRAPHICS 5727 Richmond Avenue Dallas, TX REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 19

20 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 20

21 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 21

22 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 22

23 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 23

24 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 24

25 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 25

26 Demographic and Income Comparison Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 26

27 Traffic Count Map REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 27

28 Traffic Count Profile REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 28

29 7. ABOUT SVN 5727 Richmond Avenue Dallas, TX SVN Investment Sales Group 6320 Lyndon B. Johnson Freeway, Suite 228, Dallas, TX Page 29

30 Advisor Bios Todd Franks, CCIM Managing Director SVN Investment Sales Group License #: Phone: Fax: Address: 6320 LBJ Frwy. Suite 228 Dallas, TX Todd s career in commercial real estate brokerage began in 2000 by specializing in the representation of multi-family Sellers. Over the past 17 years, Todd has facilitated the development, redevelopment, disposition, acquisition and repositioning of hundreds of A, B, and C Class multifamily and commercial assets (totaling more than $1,000,000,000), in the Dallas/Fort Worth market as well as secondary and tertiary markets across North Texas and Oklahoma. When Todd left his previous brokerage firm in 2014, he was acknowledged as the all-time top producer. Shortly after, Todd opened his own SVN office in Dallas, TX and is now recognized as one of the top five advisors in the world and the office is ranked #1 in the Southwest Region. His list of clients includes: Trammel Crow Residential Development, Highland Capital, CW Capital, LNR Partners, C-III, Midland Loan Services, Orix Capital Markets, Imperial Bank, City National Bank, La Jolla Bank as well as numerous lenders, servicers, institutions, family offices, partnerships and individual owners. Todd is regularly interviewed and featured in local and national commercial real estate publications such as The New York Times, The Dallas Morning News, Dallas Business Journal, Globe Street and Bisnow. He has also served as an expert witness in trials that require multi-family and financing expertise. In 2011, Todd became the youngest founder in the acquisition of Texas Republic Bank which has matured from $22,000,000 to now over $200,000,000 in assets. Related volunteer work included: Former Chairman of the Board for the Vickery Meadows Economic Development Division, former Board of Directors for the Vickery Meadows Public Improvement District and former Board of the Multi-family Property Standards Committee. REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 30

31 Advisor Bios Byron Griffith Advisor SVN Investment Sales Group License #: Phone: Fax: Address: 6320 LBJ Frwy. Suite 228 Dallas, TX Byron s real estate background began at a young age when his family acquired their first investment property, Lakewood Plaza Apartments, a 48-unit property in the heart of Lakewood Heights. From his teenage years on, he was involved in leasing, insuring, renovating, acquiring, and disposing of multifamily properties in the East Dallas and Oaklawn sub-markets. With 16 years working in commercial property & casualty and insurance sales, Byron developed his strong business acumen through his experience helping business and property owners alike. Byron s ability to assist property owners through soft and hard markets, and navigate the nuances of premium savings and loss control strategies have proven a key driver of NOI and investment performance. His experience in P&C insurance, real estate finance equip him to advise investors through market cycles, and the critical decision -making process to maximize returns from acquisition through disposition. Byron believes the key to his success is putting his client s needs first. Byron joined SVN Investment Sales Group in August 2017 and transitioned from Assistant Financial Analyst to Broker in Byron continues to service multifamily owners in the East Dallas and Oaklawn areas and throughout DFW as well as Secondary and Tertiary markets in Texas. He also services clients with SFR portfolios and multifamily land. After graduating from Collin College and earning summa cum laude honors, Byron returned to Southern Methodist University where he earned his BBA in real estate finance from the Cox School of Business. Byron is currently an active member of the SMU Folsom Institute Real Society where he is a student mentor and active recruiter of SMU, UNT, and UTD interns for SVN Investment Sales Group. Byron also participates as a member of the Urban Life Institute, Commercial Real Estate Development Association, The Real Estate Council, and during tax season volunteers as a tax preparer at the Community Tax Center for Habitat for Humanity. REGINA CAELI CONDOMINIUMS 5727 RICHMOND AVENUE DALLAS, TX Page 31

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