Available: Investment Property WestView Apartments :: 808 N. West Street Wichita, KS
:: Table of Contents I. Disclaimer II. Project Summary III. Financial Projections IV. Aerial Photos V. Exterior Photos VI. Interior Photos VII. Maps Brokerage Consulting Investment Development Property Management 608 West Douglas, Suite 106, Wichita, KS 67726 phone: 316.618.1100 fax: 316.618.1140 email: info@inre.com InRE.com
:: Information Disclaimer This offering has been prepared solely for informational purposes and does not constitute all or any part of an offer or contract. It is designed to assist a potential Buyer in determining whether to proceed with an in-depth investigation of the subject property. The information is offered subject to errors, omissions, cancellation, modification or withdrawal from the market without notice. The information in this package has been compiled from sources deemed to be reliable. However, neither the information, nor the reliability of the sources, is guaranteed by In Real Estate Group, LLC, or its agents, affiliates or assigns. While we have no reason to doubt the accuracy of the information profiling the property, it is the responsibility of all prospective Buyers and/or Tenants to independently confirm the accuracy of the same to their satisfaction. Prospective Buyers and/or Tenants should seek professional advice, including legal, tax, real estate, environmental, or other as deemed necessary relative to a purchase or leasing of this property. In addition, neither the Seller nor In Real Estate Group, LLC, or its agents, affiliates or assigns make any representation or warranty of any kind or nature regarding the condition, future use, environmental status, or code compliance of the property. It is the responsibility of each prospective Buyer and/or Tenant to make an independent investigation of the Property and to rely solely upon such investigation. The contents herein are not to be reproduced or distributed to another party without the prior written consent of In Real Estate Group, LLC.
Project Summary Property Description * The property consists of 4 apartment buildings with 62 individual units, (all studio s). The property has abundant parking, mature trees, a picnic area. Construction consists of two story wood frame with a brick exterior. The buildings feature pitched roofs with composition shingles (Replaced approximately 3 years ago). Location The property is located near the intersection of West Street and Zoo Boulevard in north west Wichita. West Street is a primary north-south five lane arterial through west Wichita. Zoo Boulevard is a four lane diagonal traffic way which connects several primary arterials (21st Street, 13th Street and Central) as well as I-235. Ease of access to all areas of the city is enjoyed by the property via Interstate 235 and Highway K-96, just north of the property and Highway 54 (Kellogg) just South of the property. The property is adjacent to a city bus stop. There is an abundance of shopping, restaurants, fitness centers and other services in close proximity to this property. Building Area 804 N. West Street N/A 808 N. West Street 3,360 Sq. Ft. 812 N. West Street 1,197 Sq. Ft. 812 N. West Street 3,696 Sq. Ft. Area 1.08 Acres Units 62 Efficiency Units (350 Sq. Ft.) Pro-Forma NOI * $134,866.66 Pro-Forma Cap Rate * 10.79% Sale Price $1,250,000 Contact Information Carl Hebert, CCIM In Real Estate Group, LLC (316) 618-1100 www.inre.com * In Real Estate Group has not undertaken any independent investigation of the information contained herein. The Owner and In Real Estate Group make no representations or warranties regarding the accuracy or completeness of the information setforth herein, except as otherwise expressly provided herein, and disclaim any liability whatsoever resulting from the falsity, inaccuracy, incompleteness or omissions, if any, relating to the facts and information set forth herein. All parties are advised to make their own inspections, analysis and verification.
Financial Projections * KANSAS WESTVIEW LLC Westview Apartments SWNB 4/13/2010 808 N West St Witchita, KS 67230 Investment Summary Executive Summary * * In Real Estate Group has not undertaken any independent investigation of the information contained herein. The Owner and In Real Estate Group make no representations or warranties regarding the accuracy or completeness of the information setforth herein, except as otherwise expressly provided herein, and disclaim any liability whatsoever resulting from the falsity, inaccuracy, incompleteness or omissions, if any, relating to the facts and information set forth herein. All parties are advised to make their own inspections, analysis and verification. Asking Price $ 1,250,000.00 Number of Units 62 Price / Unit $ 20,161.29 Year Constructed/Renov 1971 Price / Sq. Ft. $ 57.60 Roofing Pitched, Composition Shingles Cap Rate 10.79% Utility Metering Individual Electric metering Pro Forma Income and Expenses Acreage of 1.08 Density Per Acre Total Rentable Sq. Ft. 21,700 Average Sq. Ft/Unit 350 Units Type Sq. Ft. otal Sq.Ft. Rent Wkly Rent Total Rent Rent / Sq. Ft. 31 Downstairs St 350 10850 $ 429.00 $ 99.00 $ 13,299.00 $ 1.23 31 Upstairs Studi 350 10850 $ 429.00 $ 99.00 $ 13,299.00 $ 1.23 Total/Average 350 21,700 $ 429.00 $ 99.00 $ 26,598.00 $ 1.23 Income Gross Scheduled Rent $ 319,176.00 Less: Vacancy / Concessions 10% $ (31,917.60) Net Rental Income $ 287,258.40 Plus: Other Income $ 3,191.76 Utilities collections $ 14,563.80 Laundry Income $ - Adjusted Income $ 305,013.96 Expenses Administrative, Advertising and Promotion $ 14,988.00 Payroll $ 60,888.00 Repairs and Maintenance $ 12,000.00 Management Fees 6% $ 18,300.84 Utilities Electric, Gas, Water & Sewer $ 12,913.70 Contracted Services Includes Trash Removal $ 4,776.00 Real Estate Taxes $ 13,770.00 Insurance $ 17,010.72 Replacement Reserves, large ticket items $ 15,500.04 Total Expenses per square foot $ 7.84 $ 170,147.30 Net Operating Income $ 134,866.66
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