St Johns Multifamily Project Residential Rental Portfolio New Construction 20 Multi-Family Units on One Tax Lot To Be Complete and Rented Approximately August 2017 Patrick Ginn Owner Principal Broker Ginn Realty Group 360-600-8813 patrick@ginnrealtygroup.com
Table of Contents I. Project Summary & Bulk Listing Details II. III. IV. Map & Location Schools & Community Rental Management V. Financial Information VI. Site Plans VII. Included Floor Plans VIII. Included Features & Finishes IX. Legal Description Ginn Realty Group St Johns Multifamily Project Rental Portfolio 2
I. Project Summary & Portfolio Summary The St Johns Multifamily Project consists of 20 Residential Units currently under construction in Vancouver, Washington. Vancouver, Washington features one of the fastest appreciating rental markets in the entire nation. https://www.apartmentlist.com/rentonomics/july-2015-national-rental-price-monitor/ http://www.oregonlive.com/frontporch/index.ssf/2015/09/vancouver_had_nations_fastest-.html http://www.columbian.com/news/2016/jun/30/newcomers-flock-to-clark-county/ Construction is scheduled to begin in January 2017 with all units expected to be rent ready by August 2017. Given the demand for new rental units in this price range, we anticipate that all of the units will pre-lease prior to construction completion. This turnkey, new construction project is a perfect opportunity for those investors looking for new construction and ease of management with a single location. Extra thought and planning was put into the design and construction knowing they would be long-term rentals requiring durable and long lasting features. General Property Information Address: Location: Ownership: Management Company: Project Status: 4105 NE St Johns Rd Vancouver, WA 98661 Centrally located between I-205 and I-5 just north of SR500 Maple Court Rentals, LLC CCRP, LLC, which is affiliated with the Seller/Builder. Homes under construction, planned to be 100% complete and rented by August 2017 Portfolio Summary (see page 9 for details on individual floorplans) Units Offered for Sale: 20 Date built: 2017 Sales Price: $4,300,000 Annual Net Operating Income: $242,599.20 Projected Capitalization Rate (2017): Lease type: 5.64% (Based on projected rents & expenses) To be 12 month or longer leases at market rate No rent controls. Planned to be 100% Preleased by time of Construction Completion Ginn Realty Group St Johns Multifamily Project Rental Portfolio 3
II. Map & Location The St Johns Multifamily Project is centrally located in Vancouver, WA just across the Columbia River from Portland, OR. This ideal location benefits from its close proximity to both the Portland International Airport and downtown Portland (14 and 13 miles away, respectively). Closer to home, the tenants live on a dead-end street with no through traffic and blocks away to the Bosco Farm Neighborhood Park and Arnold Park as well as the Burnt Bridge trail system. Tenants of this community can enjoy the absence of both a state income tax (Washington) and a sales tax (Oregon). The Greater Portland/Vancouver metropolitan area is growing as new residents are attracted to a robust local economy and the Pacific Northwest lifestyle (outdoors, food and drink). Ginn Realty Group St Johns Multifamily Project Rental Portfolio 4
III. Schools & Community Community Information Neighborhood: Shopping: Parks & Recreation: Truman WinCo Foods Safeway Target Westfield Shopping Center Burnt Bridge Creek Trail Bosco Farm Neighborhood Park Arnold Park Park School Information School District: High School: Middle School: Elementary School: Vancouver School District Fort Vancouver High School 5700 E 18 th St Vancouver, WA 98661 Gaiser Middle School 3000 NE 99 th St Vancouver, WA 98665 Harry S Truman Elementary School 4505 NE 42 nd Ave Vancouver, WA 98661 Secondary Education: Clark County Skills Center 12200 NE 28 th Street Vancouver, WA 98682 Clark College 1933 Fort Vancouver Way Vancouver, WA 98683 Washington State University Vancouver 14204 NE Salmon Creek Avenue Vancouver, WA 98686 Ginn Realty Group St Johns Multifamily Project Rental Portfolio 5
IV. Rental Management Typical Fees in Clark County for this type of project Monthly Management Fee: 4% of the payable monthly gross receipts from the premises, payable the following month for the duration of the agreement. Set-up Fee per Unit: $35 Lease renewal fee: $99 Maintenance Billed at: Property Inspection Survey prior to Lease renewal (optional): Security Deposits (To be transferred to new owner) $54.95/hour $74.95/survey Approx. 1 month rent or more per unit based on tenant profile. (Credit, rental history, pets, etc.) Note: Seller/Builder manages its properties internally through a related entity (CCRP, LLC). The above fees reflect estimates based on proposal from reputable property management companies in the area. Utility Information Tenant is Responsible for All Utilities One common water meter for Irrigation for Lots paid by landlord. Ginn Realty Group St Johns Multifamily Project Rental Portfolio 6
V. Financial Projected Cap Rate: 5.64% upon Construction Completion See attached spreadsheet Ginn Realty Group St Johns Multifamily Project Rental Portfolio 7
VI. Overall Site Plan The St Johns Multifamily Project consists of 20 units within 4 buildings on one tax parcel. Building #1: Units 1-6 Building #2: Units 7-12 Building #3: Units 13-19 Building #4: Unit 20 Site plan: Please Note: Owner will be responsible for maintenance of the common trails, parking spaces, private road and Stormwater System. Ginn Realty Group St Johns Multifamily Project Rental Portfolio 8
VII. Included Floorplans Lots 1-19 (Buildings 1-3) Bedrooms: 3 Bathrooms: 2 Full Est. Square Feet 1,016 Garage: 1 Car Ginn Realty Group St Johns Multifamily Project Rental Portfolio 9
Lot 20 (Building 4) Bedrooms: 3 Bathrooms: 2 Full, 1 Half Est. Square Feet: 1,498 Garage: 1 Car Ginn Realty Group St Johns Multifamily Project Rental Portfolio 10
VIII. Included Features Design Criteria Great Room Concept Floor Plans with Natural Light Walk-In Closet in the Master Bedroom Fully Wrapped Windows with Enamel Trim Quality Exterior Features Craftsman Front Elevation 7-8 Overhead Garage Steel Door w/garage door Opener 10 Year Warranty Upgraded Du Pont Tyvek Wrap (Brochure Available Upon Request) 30 Year Warranty James Hardi Plank Siding & Trim Boards (Brochure Available Upon Request) 30 Year Warranty IKO Asphalt Shingle Roof Lifetime Warranty Cascade Windows Self Lock w/ Low-E Glass in Almond Color (Brochure Available Upon Request) Concrete Patio (size varies per plan) Galvanized Steel Gutters and Downspouts Fully Fenced Upgraded Vinyl Fencing (Fade Resistant) Front Yard Landscape Plumbing Electrical Energy Efficiency 50 Gallon Heat Pump Hot Water Heater Ice Maker Connection in the Kitchen 1 2 Horsepower Garbage Disposal at Kitchen Sink Oil Rubbed Bronze Designer Plumbing Fixtures Central Air Conditioning Copper Electrical Wiring Wiring for TV and Cable in the Great Room and Master Designer Light Package in Oil Rubbed Bronze Abundant Recessed Can Lighting 96% Efficient Electric Furnace Located in Attic Residential Programmable Thermostat w/smart Fan Stainless Steel Frigidaire Appliances Meets All Requirements of Current Model Energy Code Detailed Interior Finishes Ultra-Durable Luxury Vinyl Tile (LVP) Flooring in Entry, Kitchen & Great Room (Brochure Available Upon Request) Vinyl floors in Bathrooms and Utility Room Rounded Drywall Corners Craftsman Enamel Painted Trim Package Two Panel Interior Doors Color Coordinated Slab Granite Countertops in Kitchen FHA/VA Approved Carpet Designer Selected Paint Colors to Accent Finishes Sliding Glass Doors to Patio Ginn Realty Group St Johns Multifamily Project Rental Portfolio 11
Unit Features & Finishes (continued) Structural Integrity Kitchen Elegance Bathroom Selections Included Conveniences Individual Site Inspection on each Building Site Foundation Engineered to Specific Soil Conditions Slab on Grade Flatwork in the Garage Crawl Space Finished with Vents and Vapor Barrier 36 High Alder Shaker Cabinets Concealed Cabinet Hinges Polished, Stainless Steel Double Bowl Under-mount Sink Single Handle Stainless Kitchen Faucet w/sprayer Slab Granite Countertops Full Tile Backsplash Pre-Plumbed for Ice Maker Stainless Steel Frigidaire Electric Stainless Steel Stove Stainless Steel Frigidaire Microwave/Hood above Stove Stainless Steel Frigidaire Dishwasher Stainless Steel Frigidaire Refrigerator Rubbed Oil Bronze Faucets Stand up Shower Insert with Seats Double Vanity in Master Bath Slab Granite Countertops Full Width Vanity Mirrors 36 High Vanities in Master Bath Rubbed Oil Bronze Hardware Glass Shower Doors in Master Bathroom Solid Wood Closet Shelving in All Areas (No Wire) Windows with Self-Lock Closing System Integrated Carbon Monoxide and Smoke Detector System Interior Fire Sprinkler System Washer, Dryer, Refrigerator Window Coverings 2 Faux Wood Blinds Ginn Realty Group St Johns Multifamily Project Rental Portfolio 12
IX. Legal Description Exhibit A APN/Parcel ID: 150012-000 A portion of the Thomas J. Thornton Donation Land Claim, described as follows: BEGINNING at a point 8.59 chains North and 17.24 chains West of the quarter post between Sections 13 and 24, Township 2 North, Range 1 East of the Willamette Meridian, Clark County, Washington; thence North 2.12 chains; thence West 6.11 chains to the center of the County road; thence South 18 1O' West along the center of said road 2.23 chains, more or less, to a point due West of the point of beginning; thence East 6.80 chains, more or less, to the point of beginning. EXCEPT that portion conveyed to Clark County, Washington by Auditor's File No. G 551279. [ ] [ ] [ ] [ ] Buyer(s) Initials Date Seller(s) Initials Date Ginn Realty Group St Johns Multifamily Project Rental Portfolio 13
Request Additional Information To request additional information about this opportunity as well as other residential investment opportunities within Southwest Washington, please contact Patrick Ginn. Patrick Ginn Owner Principal Broker Ginn Realty Group 360-600-8813 patrick@ginnrealtygroup.com www.ginndevelopment.com Ginn Realty Group St Johns Multifamily Project Rental Portfolio 14