EXECUTIVE SUMMARY EAST VILLAGE CONDOMINIUMS 18 UNITS & 2 GARAGES INVESTMENT PROPERTY SPIRIT LAKE, IOWA CBRE HUBBELL COMMERCIAL 6900 Westown Parkway West Des Moines, Iowa 50266 www.cbre.com/desmoines
INVESTMENT SUMMARY THE OFFERING CBRE Hubbell Commercial 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 2006. 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. SALE PRICE $1,400,000 TOTAL UNITS 18 OCCUPANCY 100% 2
AERIAL MAP DOWNTOWN SPIRIT LAKE EAST LAKE OKOBOJI EAST VILLAGE CONDOMINIUM PORTFOLIO SPIRIT LAKE HIGH SCHOOL 3
INVESTMENT SUMMARY PORTFOLIO SUMMARY 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 bed-room 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 PORTFOLIO INCOME SUMMARY Total Gross Revenue $14,385.00 Op. Exp. Association Dues $2,700.00 Prop. Tax $1,684.00 Insurance $307.00 Management (7%) $1,006.95 Total Op. Exp. Per Month $5,697.95 Total Net Income Per Month $8,687.50 Total Annual Net Income $104,244.60 4
INVESTMENT SUMMARY RENT ROLL MAY 2018 UNIT # GAS/ELECTRIC BEDROOMS BATHROOM FURNISHED LAUNDRY TERM RENT #102 Owner 3 2 Y Y Rented $1,000 #104 Owner 3 2 Y Y Rented $1,000 #105 tenant 3 2 Y Y Rented $820 #107 Tenant 3 2 Y Y Rented $820 #109 Tenant 3 2 Y Y Rented $750 #202 Owner 2 1 Y Y $850 #203 Tenant 2 1 Y Y Rented $720 #204 Tenant 2 1 Y Y Rented $795 #205 Tenant 1* 1 Y N Rented $500 #113 G/E 3 2 Y Y Rented $1,270 Garage 19 N/A Rented #114 Tenant 3 2 Y Y Rented $760 #116 Tenant 3 2 Y Y Rented $820 #206 Tenant 2 1 Y N $695 #207 Tenant 2 1 Y N Rented $695 #209 Tenant 2 1 Y Y Rented $720 #211 Tenant 2 1 Y N Rented $575 #214 Tenant 2 1.5 Y Y Rented $795 5 #216 Tenant 2 1 Y Y $720 Garage 15 Tenant N/A $80 42 26.5 MONTHLY RENTAL INCOME $14,385.00
PHOTO GALLERY SAMPLE BATHROOM BEDROOM CLOSET SAMPLE IN-UNIT LAUNDRY AREA SAMPLE MASTER BEDROOM CLOSET 6 SAMPLE BEDROOM SAMPLE KITCHEN
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 business-es, 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 wit-nessing growth and investment of new and existing industrial, commercial and retail opera-tions, renewed expansion of downtown retail and service businesses and unprecedented growth in multi residential development. Spirit Lake has two industrial parks, both with neces-sary services and large lots available to accommodate commercial, industrial and manufacturing enterprises of virtually any size. WWW.CITYOFSPIRITLAKE.ORG 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. WWW.LAKECORRIDOR.COM WWW.IOWAECONOMICDEVELOPMENT.COM 7
EAST VILLAGE CONDOMINIUMS POPULATION 1 MILE 3 MILES 5 MILES 2018 Population - Current Year Estimate 3,313 7,210 10,121 2023 Population - Five Year Projection 3,469 7,529 10,502 2010 Population - Census 3,068 6,723 9,563 2000 Population - Census 2,743 6,289 9,408 2010-2018 Annual Population Growth Rate 0.94% 0.85% 0.69% 2018-2023 Annual Population Growth Rate 0.92% 0.87% 0.74% HOUSEHOLDS 2018 Households - Current Year Estimate 1,444 3,240 4,723 2023 Households - Five Year Projection 1,511 3,386 4,906 2010 Households - Census 1,337 3,011 4,452 2000 Households - Census 1,158 2,664 4,174 2010-2018 Annual Household Growth Rate 0.94% 0.89% 0.72% 2018-2023 Annual Household Growth Rate 0.91% 0.89% 0.76% 2018 Average Household Size 2.23 2.19 2.11 HOUSEHOLD INCOME 2018 Average Household Income $67,063 $73,444 $79,334 2023 Average Household Income $79,622 $86,551 $92,098 2018 Median Household Income $50,912 $54,222 $57,592 2023 Median Household Income $59,849 $64,466 $68,885 2018 Per Capita Income $30,409 $33,234 $36,885 2023 Per Capita Income $36,157 $39,141 $42,837 HOUSING UNITS 2018 Housing Units 2, 0 2 8 5, 0 0 0 9, 4 3 2 2018 Vacant Housing Units 584 28.8% 1,760 35.2% 4,709 49.9% 2018 Occupied Housing Units 1,444 71.2% 3,239 64.8% 4,724 50.1% 2018 Owner Occupied Housing Units 945 46.6% 2,326 46.5% 3,539 37.5% 2018 Renter Occupied Housing Units 499 24.6% 913 18.3% 1,185 12.6% EDUCATION 8 2018 Population 25 and Over 2, 4 0 1 5, 3 6 1 7, 8 1 8 HS and Associates Degrees 1,527 63.6% 3,312 61.8% 4,783 61.2% Bachelor's Degree or Higher 773 32.2% 1,840 34.3% 2,778 35.5% PLACE OF WORK 2018 Businesses 179 540 742 2018 Employees 1,813 6,488 8,643
CONTACT US MIKE MACRI III, CCIM Vice President +1 515 221 6625 mike.macri@cbre-hubbell.com CBRE HUBBELL COMMERCIAL 6900 Westown Parkway West Des Moines, Iowa 50266 www.cbre.com/desmoines LISTING # 1500724