bradburn gardens - loopnet
TRANSCRIPT
OFFERED BY: UNIQUE PROPERTIES, INC / TCN WORLDWIDE
6.82% CAP RATE ON CURRENT INCOME - 8.1% CAP PRO-FORMA
400 S. BROADWAY | DENVER | COLORADO | 303.321.5888
MARC S. LIPPITT PRINCIPAL 303.321.5888 [email protected]
JUSTIN N. HERMAN SENIOR BROKER ASSOCIATE 720.881.6343 [email protected]
BRADBURN GARDENS 7545 Bradburn Blvd | Westminster, Colorado 80030
FOR SALE - $5,400,000 44 Unit Multi-Family Building
KEVIN HIGGINS MANAGING DIRECTOR 303.512.2730 [email protected]
INVESTMENT SALE OPPORTUNITY | MULTIFAMILY
The information contained herein was obtained from sources believed reliable; however, Unique Properties makes no guarantees, warranties or representations as to thecompleteness or accuracy thereof. The presentation on this property is submitted subject to errors, omission, changes of price, or conditions, prior to sale or lease, orwithdrawal without notice.
PROPERTY OVERVIEW
Bradburn Gardens is a 44 Unit apartment complex located in Westminster, Colorado. Theproperty has a great unit mix with 12 - 1 Bedrooms, 31 - 2 Bedrooms, and 1 - 3 Bedroomapartments. The property is well located as it is a 4 minute drive to the Westminster TrainStation. Many of the units have been ungraded and there is a small opportunity to increaserents closer to market.
PROPERTY HIGHLIGHTS
• Great Unit Mix - Twelve (12) One Bedroom Units, Thirty-One (31) Two Bedroom Units,
and One (1) Three Bedroom Unit
• 4 Minutes from New Westminster Station
• About half of the property has been renovated.
• LURA agreement in place. - Expires in approximately January 2031.
• Each apartment has a shared patio. Tenants have access to great outdoor space.
• The property has shared laundry - Pets are allowed.
OFFERING SUMMARY
7545 BRADBURN BOULEVARDSale Price: $5,400,000
Number Of Units: 44
Current Cap Rate: 6.82%
Total Return: 14.1%
NOI: $368,406
Lot Size: 1.52 Acres
Building Size: 31,680 SF
Year Built: 1973
Zoning: R-3
Taxes (2017): $27,612
List Price: $5,400,000Down Payment: $1,350,000Price/Unit: $122,727Price/Sq. Ft. $170.45Current Cap Rate: 6.8%Proforma Cap Rate: 8.1%Current GRM: 9.8Proforma GRM: 9.4
Number of Units: 44
Year Constructed: 1973
Type of Building: Multifamily
Parking: Lot
Air Conditioning: N/A
Heating: Baseboard - Hot Water
Roof: Pitched
Exterior Construction: Masonry/Brick
Lot Size: 1.52 AC
Metering:
Electric: Separate
Gas: Master
Water: Master
Proposed:Loan Amount: $4,050,000
Interest Rate: 4.25%
Amortization (years): 30
Annual Debt Service: $239,083.00
INVESTMENT
PROPERTY
LOAN INFORMATION
UNITS TYPEAVERAGE
UNIT SQ. FT.AVERAGE
CURRENT RENT MARKET RENTCURRENT RENT/
SF
12 1 Bed 528 $911 $1,012 $1.7331 2 Bed 743 $1,086 $1,215 $1.461 3 Bed 1,127 $1,267 $1,400 $1.12
Averages 693 $1,043 $1,163 $1.51
44 Totals 30,496 $45,897 $51,209
INCOME CURRENT PROFORMA
Rent Income Est. Pro. $550,764 $614,508Less: Vacancy & Credit Loss 5.0% 5.0% ($27,185) ($28,682)Plus: Other Income $22,524 $22,524
Effective Gross Income $545,750 $614,508
EXPENSES CURRENT PROFORMA
Property Taxes $27,606 $27,606Insurance $15,837 $15,837Management $27,538 $27,538Utilities $54,024 $54,024Repairs & Maintenance $35,200 $35,200Outside Services $11,138 $11,138Misc $6,000 $6,000
Total Expenses $177,343 $177,343
Per Unit $4,030 $4,030Per Square Foot $5.60 $5.60
Net Operating Income $368,406 $437,164Less: Annual Debt Service ($239,083) ($239,083)
Cash Flow $129,323 $198,081
Cash-on-Cash 9.58 % 11.88 %
Principal Reduction $68,277 $68,277Total Return 14.64% 19.73%
Capitalization Rate 6.82% 8.1%
UNIT MIX & RENT SCHEDULE
MULTIFAMILY FINANCIALS
The information contained herein was obtained from sources believed reliable; however, Unique Properties makes no guarantees, warranties or representations as to thecompleteness or accuracy thereof. The presentation on this property is submitted subject to errors, omission, changes of price, or conditions, prior to sale or lease, orwithdrawal without notice.
400 S. BROADWAY DENVER, CO | 303.321.5888
EXCLUSIVE AGENTS:
The information contained herein was obtained from sources believed reliable; however, Unique Properties makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation on this property is submitted subject to errors, omission, changes of price, or conditions, prior to sale or lease, or withdrawal without notice.
MARC S. LIPPITT PRINCIPAL 303.321.5888 [email protected]
JUSTIN N. HERMAN SENIOR BROKER ASSOCIATE 720.881.6343 [email protected]
KEVIN HIGGINS MANAGING DIRECTOR 303.512.2730 [email protected]