Rockford, IL Offering Summary 8966 East State Street Rockford, IL 61108 815-963-7400
PROPERTY DETAILS INCOME INCOME Total Per Unit Market Rent 131,634 14,626 (Loss)/Gain to Lease -987-110 Gross Potential Rent 130,647 14,516 Vacancy loss -6,582-731 Total Deductions -6,582-731 Total Rental Income 124,065 13,785 Total Other Income 3,779 420 TOTAL INCOME 127,844 14,205 EXPENSES PRO-FORMA EXPENSES Total Repairs & Maintenance 451 50 Total Unit Turnover Costs 1,130 126 Total Contract Services 418 46 Total Marketing & Promotion 486 54 Total Selling/Leasing Expenses 17 2 Total Utilities 2,200 244 Total G&A Expenses 1,888 210 Total Condo & Miscellaneous Fees 14,872 1,652 Total Insurance 2,669 297 Real Estate Taxes 17,073 1,897 TOTAL EXPENSES 41,204 4,578 Total Capital Expenditures 1,125 125 NET OPERATING INCOME PRE-TAX CASH FLOW 85,516 9,502 Notes 1 Market Rent 3% increase over current market rent 2 Vacancy Loss 5% 3 Total Other Income 3% increase 4 All Expenses 2% increase 5 New leases require tenant to pay water & sewer 6 Captial Reserve equal to $125/unit. Units are part of a condominium association. Association dues cover exterior landscaping, snow removal, exterior bulding maintenance and Capital Reserves for long-term upgrades and replacement of roof, structural components and building exteriors. INVESTMENT ANALYSIS Pricing List Price 1,225,000 Cap Rate 7.0% Proposed financing Equity 25.00% 306,250 Loan 75.00% 918,750 Interest Rate 4.25% Amortization 30 Return on Investment NOI 85,516 P&I -54,236 Cash on Cash 10.21% 31,279 Principal PMT Year 1 15,489 Total Return Year 1 15.27% 46,768 Number of Units Year Built Electrical HVAC Hot Water Water/Sewer Style Foundation Exterior Roof Floor Covering Paving Attached Garages District High School Middle School Elementary SITE INFORMATION 9 2005-2008 MECHANICAL SYSTEMS Individually metered Individual gas forced air Individual heaters Individually metered CONSTRUCTION Ranch & Townhouse Concrete post tension slabs Brick & Vinyl Siding Gable, Architectural Shingles Carpeting & vinyl tile Asphalt paved with curbs PARKING 2 Car SCHOOL RPS 205 Guilford High School West Middle School Walker Elementary School INVESTMENT HIGHLIGHTS Hudson Place is a 16-unit condominium project. Seven of the units were sold to private owners from 2006 to 2008. The remaining 9 units were committed to a leasing program and have been operated as rental units for over six years. The 9 units are being offered in a package as an investment opportunity. Unit exterior and interior finishes built to high-quality condominium standards. The condominium association is financially stable and its capital reserve account fully funded. Great current return on investment with an excellent history of high occupancy. Strong employment in the surrounding area. There are 46,000 employees working within a 5-minute drive of the property. Nearby major employers include: Rockford Health Systems, Ingersoll Milling Machine, GE Aviation and Wesley Willows. Highly visible location. Main entrance off North Main Street, a major north-south corridor (State Hwy 251) on Rockford s near west side. North Main Street will be completely reconstructed and improved over the next two years. Improvements will include wider driving lanes, new walking paths and landscaping. Future potential of selling the units at higher prices to individual homeowners as the housing market improves.
PROPERTY DETAILS UNIT TYPE # OF UNITS MKT RENT SIZE* (SF) BED BATH MKT RENT PER SF CARRINGTON I 1 1,360.00 1,578 3 2.5 0.86 CARRINGTON I 1 1,340.00 1,578 3 2.5 0.85 CARRINGTON I 1 1,340.00 1,578 3 2.5 0.85 CARRINGTON II 1 1,360.00 1,878 3 2.5 0.72 DOUGLAS 1 1,120.00 1,280 2 2 0.88 MELROSE 1 1,120.00 1,280 2 2 0.88 MELROSE 1 1,110.00 1,280 2 2 0.87 OXFORD 1 1,110.00 1,380 2 2 0.80 OXFORD 1 1,110.00 1,380 2 2 0.80 * SIZE OF UNITS ARE APPROXIMATE INTERIOR HIGHLIGHTS Main floor laundry, Full size washers & dryers included Spacious floor plans with walk in closets Ceiling fans in living room and master bedroom Large floorplans that include two-car attached garages Large custom windows which provide an abundance of natural light Open floor plans with large living areas and bright kitchens Full unfinished basement COMMUNITY HIGHLIGHTS Beautiful wooded settings Professional landscaping Condo Association covers: Exterior maintenance, Lawn Care & Snow Removal, Irrigation for tenants. Close to US-20, I-90 & I-39. AREA HIGHLIGHTS Carefree Living in a Beautiful Setting Conveniently Located off Willoughby Ave adjacent to Rockford Country Club North Main is a major north-south corridor serving the entire west side of Rockford. Illinois Department of Transportation is currently repairing North/South Main Corridor. It provides excellent access to US Route-20, Interstate-90, and Interstate-39. Strong demographics and traffic counts: Over 42,000 cars per day travel through the intersection of North Main & Auburn Street Road and 88,000 people live within 3 miles of the site. Nearby residents can enjoy and explore a variety of local attractions; Anderson Gardens, Nicholas Conservatory, Burpee Museum and Sinnissippi Golf Course. Downtown Rockford is 2.5 miles away; resident can enjoy a variety of local establishments and attractions as well! Olympic Tavern, Pino s on Main, Mrs. Fisher Factory, Beefaroo are just some of the local establishments along with many popular fast food restaurants.
FLOOR PLANS MELROSE 2 BEDROOM / 2 BATH DOUGLAS 2 BEDROOM / 2 BATH OXFORD 2 BEDROOM / 2 BATH
FLOOR PLANS CARRINGTON I 3 BEDROOM / 2.5 BATH 8966 East State Street Rockford. IL. 61108 www.williamcharlesrealestate.com (815) 963-7463 CARRINGTON II 3 BEDROOM / 2.5 BATH
AERIAL MAP
AERIAL MAP OFFERING FORMAT PRICE: $1,225,000.00 TIMING: All submissions must include terms relating to Due Diligence and Closing time periods. OFFER DEADLINE: TBD ADDITIONAL INFORMATION Charles Thompson cthompson@williamcharles.com 815.963.7437 Linda Cooper lcooper@williamcharles.com 815.963.7473 8966 East State Street Rockford, IL 61108 815-963-7400 www.williamcharlesrealestate.com