Offering Memorandum Western Village Apartments 1715.S Juniper St Nampa, ID Andrew L. Propst, MPM CPM CCIM 208-921-6963 Apropst@homeriver.com 1
Western Village Apartments Table of Contents Overview.. 3 Location 4 Site Layout... 5 Investment Analysis.. 7 Property Management. 10 SW Idaho Vacancy 11 Drive Time Reports.. 13 2
Overview Profile Summary Type: Multi-family This small, vintage community is located in an ideal location behind Walmart on 12th/Greenhurst in Nampa. This provides convenient access to dining, shopping, and more. Year Built: 1974 Noi: $217,612 Pro Forma Cap Rate: 6.8% Pro Forma Sale Price: $3,200,000 This community offers ample parking throughout the complex, a large fenced in area for play or gathering, an updated on site laundry facility and a designated pet area & pet station. The units primarily offer 866 square feet, 2 bedroom, 1 bathroom apartments. These units have been upgraded with brand new carpet, paint, and dishwashers. 3
Location 4
Site Layout 5
Site Layout 6
Investor s Goals and Assumptions 7
Pro Forma 8
Before-Tax Cash Flow Results 9
Property Management Since 2005, Park Place Property Management has been driven to provide the highest level of service to our owners and residents. As Idaho's largest, locally-owned, professional management company, we understand the complex aspects of owning and managing rental houses and apartments. Our focus is maximizing investor return while providing residencies that tenants are proud to call home. Park Place combines the strength, efficiencies, and resources of a large corporation while maintaining a level of service, knowledge, and professionalism of a local company. We firmly believe in the values on which we are founded and strive to apply them every day and with every decision. Our operational expertise includes the professional management of homes, condos, townhomes, apartments and HOA's throughout the entire Treasure Valley. With a dedicated staff of more than 50, and a portfolio of units in excess of 3,000, Park Place is committed to provide quality and ethical service. Consistent and effective communication is the launching point for a the absolute best owner and tenant experience; we understand how crucial communication is and it is pinnacle in our way of doing business. It is important to us that our clients feel confident in the professional management of their investment and to offer a level of service and professionalism that is unmatched by our competition. In 2011 Park Place Property Management was honored with the designation of CRMC by The National Association of Residential Property Managers. This distinguished title is shared by just over 50 companies in the U.S. and is a shining example of our dedication to excellence. 10
SW Idaho Vacancy Introduction The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units (2-15) in Ada and Canyon County. Survey results are displayed by type (single or multifamily) and bedrooms (1-5) for the respective county. Property status was surveyed as of December 31st, 2016. Survey Respondents Data from a total of 13 property management companies were included in the survey results, which accounted for a total of 5120 homes: 1619 single-family and 3501 multi-family. The accuracy and reliability of this survey is improved with an increased sampling. 11
SW Idaho Vacancy Continued Summary Ada & Canyon county vacancy rates on average increased from 2.7% in Q3 to 4.0% in Q4 with the largest increase being multifamily building that increased from 2.1% to 5.1%. Canyon County multifamily homes had a vacancy rate increase of.7%. Single family vacancies in both Ada and Canyon County were.9%. Ada County single family rental rates decreased an average of $20 from Q3. Multi-family rents decreased by an average of $77 per month. Overall the average decrease was $34 per rental unit which puts average rents at $1143 which is a significant improvement on the average rental rate of $935 that was reported in the Q4 2015 vacancy report. Canyon County rental rates continue to climb and increased an average of $34 per rental unit overall, with single family homes increasing by $91 per unit and multi-family units decreasing by $17 per unit. Again, a significant improvement in our area compared to the Q4 2015 report which was an average rate of $697 per rental unit. 12
Five Minute Drive Time Reports >>> View Reports Here 13
3D Virtual Tour 14