Legacy Apartments 1310 & 1312 Louisiana Street, Little Rock, Arkansas OFFERING MEMORANDUM Justin Bentley, CCIM 501 372 6161 739 justin.bentley@colliers.com Cole Herget 501 978 6585 cole.herget@colliers.com Colliers International Arkansas 1 Allied Dr., Suite 1500 Little Rock, AR 72203 colliers.com
TABLE OF CONTENTS OFFERING SUMMARY PROPERTY AERIAL PROPERTY PHOTOGRAPHS ABOUT SOMA PRO-FORMA DEMOGRAPHIC SUMMARY 1 2 3 4 5 6-8 Legacy Apartments Colliers International Arkansas
OFFERING SUMMARY Colliers International Arkansas is pleased to bring the Legacy Apartment complex in Little Rock, Arkansas to market. The property is a garden-style complex adjacent to the thriving SoMa area. The creation of the Bernice Garden in 2006 triggered the creation of the now well-known South on Main area. Eclectic businesses, ample eateries and multiple entertainment destinations have created convenient amenities for tenants at the Legacy Apartments. Convenient access to Interstate 630, the main arterial in metro Little Rock, provides tenants with quick commutes across Little Rock. The offering consists of two buildings totaling 32 units. A favorable unit mix, recent updates, and neighboring amenities will provide investors with a stable asset for years to come. Over the past ten months, the ownership has renovated units as they have become vacant. Improvements include new flooring, appliances, mill work, paint and fixtures. As of October 1, occupancy is 97%. OVERVIEW Sale Price $1,950,000 Number of Units 32 Occupancy Rate 97% NOI $129,259 Price per Unit $56,250 Year Built 1972 & 1962 Renovated 2017-18 Parking On-site and street Net Square Footage 17,008 SF Lot Size 0.56 AC Legacy Apartments Colliers International Arkansas 1
PROPERTY AERIAL SUBJECT Legacy Apartments Colliers International Arkansas 2
PROPERTY PHOTOGRAPHS Legacy Apartments Colliers International Arkansas 3
SoMa Part historic, part hipster-heaven, South Main SoMa began as an accidental neighborhood, a now-happy biproduct of an unhappy division of Main Street by a major freeway through the middle of Little Rock. Though the area took years to rebound, the only real problem SoMa has now is its boundless attractiveness; people and businesses want in, but real estate is hard to come by. But the eclectic businesses, historic homes, revitalized apartments, and bits of top-notch new construction blend together in a deliciously distinctive urban pie that everyone should taste at least once. From shops to restaurants to music venues to unusual spaces to create art (or new bodies), SoMa has something to suit every taste. And SoMa is conveniently close to Central High (the only high school in the U.S. that s also a national park), Mt. Holly Cemetery, Mosaic Templars Cultural Center, the Clinton Presidential Library, and many more important Little Rock sites. SoMa is proud to be a Main Street America Accredited Program by the National Main Street Center and Main Street Arkansas. Legacy Apartments Colliers International Arkansas 4
PRO-FORMA Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 June-18 July-18 Aug-18 Sept-18 OCT-18 TOTAL Income Rent Income $16,255 $14,630 $15,085 $14,910 $16,955 $17,530 $16,083 $15,305 $15,445 $17,760 $18,005 $18,870 $196,833 Late Fees $- $- $180 $120 $- $60 $120 $60 $60 $60 $60 $720 Forfeited Security Deposits $- $- $1,200 $- $- $575 $560 $1,500 $- $- $- $3,835 Laundry Service Income $184 $155 $179 $147 $198 $178 $163 $159 $188 $173 $171 $188 $2,083 Total Income $16,439 $14,785 $16,644 $15,177 $17,153 $18,343 $16,926 $17,024 $15,693 $17,993 $18,176 $19,118 $203,471 Operating Expenses Management Fee $1,206 $1,022 $- $500 $500 $500 $500 $500 $500 $600 $600 $600 $7,028 Advertising $- $- $- $- $- $- $- $- $- $- $- $- $- Cleaning & Maintenance $- $- $200 $200 $200 $200 $200 $200 $200 $750 $350 $200 $2,700 Insurance $995 $1,044 $1,011 $1,011 $1,011 $1,011 $836 $836 $836 $952 $952 $952 $11,447 Repair & Replacement $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $1,083 $13,000 Real Estate Tax $- $24,300 $- $- $- $- $- $- $- $- $- $- $24,300 Utilities $1,131 $1,038 $923 $1,093 $1,080 $1,115 $1,258 $1,137 $1,020 $917 $945 $498 $12,156 Trash Removal $129 $129 $141 $129 $129 $144 $129 $129 $129 $129 $129 $129 $1,575 Security $63 $63 $63 $63 $63 $63 $63 $63 $63 $63 $63 $63 $756 Legal Services $- $- $- $- $- $- $- $- $- $625 $625 $1,250 Total Operating Expenses $5,611 $31,187 $8,413 $7,296 $6,383 $5,059 $6,986 $8,365 $9,448 $5,119 $4,122 $4,150 $74,212 Net Operating Income $10,828 $(16,402) $8,231 $7,881 $10,770 $13,284 $9,940 $8,659 $6,245 $12,874 $14,054 $14,968 $129,259 Legacy Apartments Colliers International Arkansas 5
DEMOGRAPHIC SUMMARY 3 MILE RADIUS KEY FACTS EDUCTION 42,713 POPULATION BUSINESS 37.9 MEDIAN AGE 2.13 AVERAGE HOUSE- HOLD SIZE 15.1% NO HIGH SCHOOL DIPLOMA 29.4% HIGH SCHOOL GRADUATE 25% SOME COLLEGE 25.6% BACHELOR S/GRAD/ PROF DEGREE EMPLOYMENT 4,237 TOTAL BUSINESSES 113,060 TOTAL EMPLOYEES WHITE COLLAR 57.5% BLUE COLLAR 16.9% SERVICES 25.6% Legacy Apartments Colliers International Arkansas 6
DEMOGRAPHIC SUMMARY 10 MILE RADIUS KEY FACTS MEDIAN AGE 298,905 POPULATION BUSINESS 37.3 2.31 AVERAGE HOUSE- HOLD SIZE EDUCTION 9.6% NO HIGH SCHOOL DIPLOMA 26% HIGH SCHOOL GRADUATE EMPLOYMENT 23.3% SOME COLLEGE 34.6% BACHELOR S/GRAD/ PROF DEGREE 15,808 TOTAL BUSINESSES 303,304 TOTAL EMPLOYEES WHITE COLLAR 65.3% BLUE COLLAR 15.6% SERVICES 19.1% Legacy Apartments Colliers International Arkansas 7
DEMOGRAPHIC SUMMARY CITY OF LITTLE ROCK PULASKI COUNTY 2010 2018 2023 2010 2018 2023 Population 193,524 203,980 209,341 382,748 401,296 411,190 Households 82,018 86,344 88,727 158,772 166,767 171,216 Avg. Household Size 2.30 2.30 2.30 2.36 2.35 2.35 Owner Occupied Housing Units 46,078 46,590 47,557 94,826 96,121 98,285 Renter Occupied Housing Units 35,940 39,753 41,170 63,946 70,646 72,931 Median Age 35.1 36.6 37.5 36.1 37.6 38.5 Median Household Income - $50,148 $55,631 - $50,434 $55,708 Avg. Household Income - $78,892 $87,444 - $73,599 $82,279 Per Capita Income - $33,889 $37,558 - $31,033 $34,700 Legacy Apartments Colliers International Arkansas 8
Legacy Apartments Justin Bentley, CCIM 501 372 6161 739 justin.bentley@colliers.com Cole Herget 501 978 6585 cole.herget@colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). 2017. All rights reserved. Colliers International 1 Allied Drive, Ste. 1500, Little Rock, AR 72202 +1 501 372 6161