eclusive invesmen offering decatur rents apartments · t +1 702 780 6758...
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10845 Griffith Peak Drive, Suite 100 Las Vegas, NV 89135 O 702.472.7979 F 702.475.7545
The information contained herein was obtained from sources deemed reliable; however, Avison Young makes no guarantees or representations as to the accuracy thereof. The presentation of this property is submitted subject to errors, changes of price or conditions prior to sale or lease, or withdrawal of notice.
PATRICK SAUTER
T +1 702 475 [email protected]
NV RE Lic#: BS.0045077
For more information, please contact:
STEVE NOSRAT
T +1 702 780 6758 [email protected]
NV RE Lic#: S.0176849
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS36 Units | Las Vegas, Nevada$3,350,000 | $93,056 per unit
ART CARLL-TANGORA
T +1 702 780 [email protected]
NV RE Lic#: S.0167677
CLICK TO VIEW 3D TOUR
table of
CONTENTSCONTENTStable of
CONTENTSCONTENTSoffer
SUBMISSIONSSUBMISSIONS
Art Carll-TangoraT +1 702 780 6765
[email protected] RE License # : S.0167677
INVESTMENT ADVISORS
Patrick SauterT +1 702 475 7726
[email protected] RE License # : BS.0045077
Steve NosratT +1 702 780 6758
[email protected] RE License # : S.0176849
ADDRESS:
325 N Decatur BlvdLas Vegas, NV 89107
PRICE:
$3,950,000$3,350,000
UNITS:
36BUILT:
1961SQUARE FOOTAGE:
29,025
CommunicationsAll communications, inquiries, and requests should be addressed to the Sauter Multifamily Group, as represen-tatives of the seller.
Property ToursAll requests for property tours should be requested and coordinted through the Sauter Multifamily Group. Tours will be conducted on an appointment-only basis.
Offering StructureThe asset is listed as Unpriced. The Property is offered "Unencumbered by Existing Debt" to qualified investors.
06Property Details
12The Location
14Financial Analysis
18Las Vegas Demographics
DECATUR RENTSAPARTMENTS
PRICE PER UNIT:
$93,056
5 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING
DECATUR RENTSthe OPPORTUNITYOPPORTUNITY
Avison Young, as exclusive advisor, is pleased to present Decatur Rents (the “Property”), a 36-unit multi-housing investment opportunity. Located at 325 N Decatur Blvd. The property offers two floorplans which feature updated interiors with the opportunity for new ownership to capitalize on units which are below market rents. 0606property
DETAILSDETAILS
DECATUR RENTSAPARTMENTS
- Easy access to US-95 and Public Transportation- Walking distance from Western High School- Extra storage facilities on-site- Small, quaint community with courtyards
- On-site laundry facilities- Walk-in Closets- Washer/Dryer hookup
PROPERTY FEATURES
7 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
THE OFFERING
PROPERTY DETAILS
ADDRESS325 N Decatur
Boulevard
PRICE$3,350,000
YEAR BUILT1961
# OF UNITS36
LAND SIZE±1.49 AC
NETRENTABLE SF
29,025
AVG UNIT SIZE
806 SF
AVERAGE MARKET RENT
$856
PHYSICALOCCUPANCY
95%
ITEM DESCRIPTION
Property Address 325 N Decatur Blvd, Las Vegas 89107
Parcel Numbers138-25-812-207 through 214
& 162-15-103-003
Year Completed 1961
# of Buildings 9
# of Apartment Homes 36
Net Rentable Square Footage 29,025 SF
Total Land Area 1.49 AC
Building Style Garden
# of Floors 2
Exterior Materials Stucco
Windows Aluminum
Framing Wood
Roof Construction Repaved 2019
Roof Age N/A
Foundation Concrete Slabs
BUILDING & SITE DESCRIPTION
9 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
THE OFFERING
INTERIOR PHOTOS
11 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING
ITEM DESCRIPTION
Range Electric
Dishwasher Not Available
Cabinet Materials Wood
Countertop Materials Refinished Laminate
Flooring Materials Carpet/Vinyl
Disposal Not Available
Refrigerator Top Freezer
Washer/Dryer Laundry Facility
ITEM DESCRIPTION
Heating Individual - Electric
Air Conditioning Individual - Electric
Water Heater Individual - Electric
Electrical Copper Wire
Plumbing Supply Copper
Plumbing Outlet ABS
Water Meter Master Metered
Fire Extinguishers Wall Mounted - Common Areas
KITCHEN SPECIFICATIONS MECHANICAL | ELECTRICAL PLUMBING
UTILITIES/SERVICE PROVIDER PROPERTY PAYS RESIDENTS REIMBURSE PROPERTY RESIDENTS PAY DIRECTLY COMMENTS
Electricity NV Energy X
Gas No Gas On Property
Water/Sewer Las Vegas Valley Water District X X RUBS
Cable Cox X
Telephone Century Link X
Trash Republic Services X X RUBS
UTILITIES
1212theLOCATIONLOCATION
DECATUR RENTSAPARTMENTS
13 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING
Decatur Rents provides an investor the rare opportunity to purchase an asset in a core location, readily accessible to major highways, connecting the property to all of the nearby amenities and attractions of the surrounding area.
LOCATION HIGHLIGHTS
Points of Interest
1. McCarran Airport - 8 miles2. Fiesta Rancho -1 miles3. Texas Station - 1 miles4. Las Vegas Strip - 3.5 miles5. Raiders Stadium - 8.5 miles6. Downtown Las Vegas - 1.5 miles7. UNLV - 8 miles8. Knights Hockey Arena - 7.5 miles9. Cashman Baseball Stadium - 2 miles10. Mountain View Hospital - 3 miles11. Santa Fe Station - 4 miles12. Ed Fountain Park - 0.5 miles13. North Las Vegas Airport - 2 miles
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78
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23
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DECATUR RENTS 1414financial
ANALYSISANALYSIS
DECATUR RENTSAPARTMENTS
15 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
NOTES TO FINANCIAL UNDERWRITING
Assumptions for the proforma are based on the Property’s characteristics, as well as market-
driven revenue and expense trends.
PRO FORMA
• Gross Potential Income is generated using the current
Market Rent schedule
• Economic Vacancy is currently 8%, Pro Forma is 7%
• RUBS is estimated at 3% increase over actual income
• Other income is estimated at $584 per unit per annually
FORECASTED EXPENSES
• Payroll is forecasted at the equivalent of $1,150 per unit per year reflecting market
expense for staffing requirements of a manager, leasing agents, maintenance
supervisor, maintenance techs and porters
• Administration is forecasted at $125 per unit per year reflecting
market averages for similar properties
• Repairs & Maintenance expenses are forecasted at $650 per unit
per year, consistent with market averages for similar age and construction quality
• Utilities are forecasted to be the actual utility amount with
a 3% increase
• Property Tax are calculated on the next fiscal years maximum
increase amount of 8%
• Property Insurance is forecasted to be $185 per unit per year
UNIT TYPE # OF UNITS UNIT SIZE PROFORMA RENT PER SF
2x1 A 27 800 SF $850 $1.06
2x1 B 9 825 SF $900 $1.09
TOTAL/AVG 36 813 SF $875 $1.07
UNIT MIX
Operating Income Year 1 ProForma Per Unit Percentage
Market Rent $372,600 $10,350 100%
Vacancy Loss $(27,855) $(774) 3%
Concessions $0 $0 0%
Bad Debt/Other $(20,892) $(580) 2%
Net Rental Income $335,031 $9,306 87%
RUBS $11,043 $307 5%
Other Income $24,458 $679 7%
Effective Gross Income (EGI) $359,490 $9,986 94%
Forecasted Expenses
Payroll $39,600 $1,100 11%
Administration $7,200 $200 2%
Repairs & Maintenance $23,400 $650 7%
Utilities $33,157 $921 9%
Insurance $6,660 $185 2%
Property Tax (Actual) $10,612 $295 3%
Total Expenses $147,603 $4,100 41%
Net Operating Income $211,886 $5,886 59%
FINANCIAL ANALYSIS
17 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING
1818las vegasDEMOGRAPHICSDEMOGRAPHICS
DECATUR RENTSAPARTMENTS
19 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
LAS VEGAS MSA DEMOGRAPHICS
POPULATION
2,007,885TOTAL BUSINESSES
64,678
TOTALEMPLOYEES
888,036
AVERAGE HOME VALUE
$293,320
MEDIAN AGE
36.5
MEDIAN HOUSEHOLD
INCOME
$55,011
LOCAL DEMOGRAPHICSWith an increasing population of over two million residents, Las Vegas features a combined dynamic of steady household incomes and high education levels. Las Vegas is expanding rapidly, and population is expected to grow 2% by 2020. Along with the population, home sales and pricing, as well as employment and income, are continuing to rise. A benefit for businesses moving to the area is Las Vegas’s educated and fast growing workforce. About 54% of the city’s employed population is white collar and the overall unemployment rate for Las Vegas MSA is 6.4%.
Submarket Las Vegas MSA
Median Household Income $66,601 $55,011
Average Household Income $89,606 $73,784
Average Home Value $309,676 $293,320
Renter Occupied Housing Units 4,255 32%
21 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
GOOGLE DATA CENTER
• Henderson is slated to be home to a new Google data center in late
2020/early 2021.
• The Governor’s Office of Economic Development approved $25.2
million in tax abatements Thursday for Design LLC, a wholly-owned
subsidiary of Google. The company plans to build the data center on
64 acres of land on Warm Springs Road west of Boulder Highway. The
subsidiary plans to build and own the facility, while Google would
handle operations and hiring.
• Google projects that it would bring in more than $94.3 million in tax
revenue to Nevada over the next 20 years, and hire 50 employees
within the next five years at an average salary of $65,000. The company
expects to invest at least $600 million over the next 20 years.
NFL RAIDERS STADIUM
• $1.8 Billion
• Las Vegas will proudly welcome the Raiders in the National Football League
(NFL) Stadium which is under construction now and expected to open in 2020.
The future 65,000 seat home of the Oakland Raiders is under steady progress
and is expected to be the host of some huge major events which will make Las
Vegas the sought after entertainment destination. There is no doubt that the
relocation of the Oakland Raiders to Las Vegas and the opening of the new Las
Vegas Stadium will be an enormous success for Las Vegas.
MARRIOTT, THE DREW
• 4000+ Mega Hotel Resort
• Marriott, the American multinational hospitality company, is now opening a
new resort and casino in Las Vegas, set for late 2022.
• Known as The Drew Las Vegas, the unfinished resort by the former name
Fontainebleau, started with constructions in 2007, will now be turned into
a complex combined like hotel and casino and may have a walkway to the
adjacent luxury Turnberry Place high rises.
• The mega hotel will house 4,000 guest rooms, as well as 500,000 sq feet of a
space for events, convention center, and meetings. Currently, Marriott manages
about 20 hotels in the Las Vegas area under their brands, however, as Tony
Capuano– the global chief development officer for Marriott said: “The Drew Las
Vegas will become a landmark property for Marriott International.”
las vegas
PROJECTSPROJECTS
RAIDERS STADIUM RENDERING
UNION VILLAGE
• In what’s dubbed the first integrated health care village in the world and
largest health care project in the nation at $1.2 billion, Union Village in
Henderson is starting to take shape.
• Union Village is a 130-acre integrated health village located in
Henderson, NV (Las Vegas, MSA). Union Village includes Henderson
Hospital, multi-family and generational housing, medical office, gym,
restaurants and retail.
• Approximately 355,000 square feet have been completed and
$300 million in work is done. There are 476,000 square feet under
construction worth $64 million and another $277 million that will be
under construction by the end of the year.
MADISON SQUARE GARDEN LAS VEGAS
• $75 Million
• The concert experiences happening in Las Vegas will
be soon taken to another level with the development
of a futuristic Madison Square Garden music arena.
Developed in partnership with Las Vegas Sands, the new
arena is planned to have 18,000 seats and is expected to
become a massive, high-tech, sphere-shaped venue will
describe a new form of entertainment and will definitely
bring unforgettably, revolutionized experiences for both
performers and the audience.
MADISON SQUARE GARDEN RENDERINGUNION VILLAGE RENDERING
23 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
RESORTS WORLD
• Developed by Genting Group, an asian themed resort with a 150,000 SF casino on
87 acres of land.
• $4 Billion mega-resort will include 4 towers with 3,000 hotel rooms, 4,000 seat
theater, 1M SF convention center, 150,000 SF casino, 15 retail outlets, aquarium,
Chinese garden, 30 restaurants and bars.
• Will employ 3,000 full time employees.
• Expected to open Summer 2021.
ALL NET RESORT AND ARENA
• Former UNLV and NBA basketball player, Jackie Robinson resumed construction on
$2.7 billion arena, hotel, and shopping project on the former 27 AC Wet 'n' Wild site.
• 23,000 seat, retractable roof arena is costing $670 million
• Total project size is 862,000 SF and will also include a 63 story, 2,000 room hotel,
240,000 SF conference center, 300,000 SF retail and entertainment space, 24 lane
bowling alley, 2,500 seat showroom, wedding chapel, grocery store, 16 screen movie
theater, and offices.
LAS VEGAS CONVENTION CENTER EXPANSION
• The Las Vegas Convention and Visitors Authority is underway on a 1.8
million SF expansion of the LVCC.
• It will include a World Trade Center building and multi-modal transportation
center.
• The 1.4 billion project will be completed in 3 phases in 8 years.
• It will provide 14,000 construction jobs and 7,800 permanent jobs upon
completion.
• It is expected to draw 600,000 annual visitors.
• Currently Phase 1 is complete, Phase 2 is underway which includes 1.4
million SF of new exhibit and meeting space, to be completed in 2021.
RESORTS WORLD RENDERING
LVCC EXPANSION RENDERING
VEGAS TRADE VILLAGE
• $100 Million live-work space in the industrial area of Las Vegas
• Phase 1 includes a 4,800 SF bank and convenience store with a car wash and fast food eatery.
• Remaining phases could take up to 7 years to complete and includes an international trade center over
35 acres with a 20,000 SF convention center, a 264 unit apartment building, 4 restaurants, and a 120
room hotel.
AMAZON
• 600,000 SF fulfillment facility located in a new industrial complex a few miles from the
Las Vegas Motor Speedway.
• The new warehouse is expected to pack and ship small items such as book, toys, and
household items.
• This will be Amazon's 3rd facility in North Las Vegas and will provide more than 1,000
full time jobs
• Expected to open late 2020
VEGAS TRADE VILLAGE
AMAZON FULFILLMENTDowntown Grand Expansion
• 495 room hotel tower to the existing 629 rooms
• Accepting reservations for September 2020
• Expanding hospitatlity space by over 250,000 SF
• Contemporary architecture and modern suites
DOWNTOWN GRAND
Circa Hotel & Casino
• 777 room property
• First ground up hotel Downtown in decades
• Doors to open October 2020
• 44 stories expected to complete 1.25 Million SF
CIRCA HOTEL & CASINO
25 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765
EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS
the
DISCLAIMERDISCLAIMERTERMS & CONDITIONS
This package is provided to you by Avison Young and is intended solely for your limited use and benefit in determining whether you desire to express further interest in purchasing the property described in the attached documentation (the “Property”). The providing of this package to you and your use thereof is conditioned upon your agreement to the terms set forth below. This package contains selected information pertaining to the Property. It does not purport to be a representation of the state of affairs of the current owner, nor should it be construed to contain all or part of the information which prospective investors would deem necessary to evaluate the Property for purchase. Any financial projections and information provided are for general reference purposes only, are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the current owner and Avison Young. All projections, assumptions and other information provided are made herein are subject to material variation. Avison Young has not independently investigated the accuracy of the information within the package, as such information was obtained by the owner and/or public records. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the owner, Avison Young, nor any of their respective directors, officers, agents, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained within this package or any supplemental information provided after the delivery of this package to you, and no legal commitment or obligation shall arise by reason of your receipt of this package or use of its contents. Please also refer to the disclaimer at the bottom of each page of this package, whichdisclaimer is incorporated herein by reference. You should understand and be advised that the owner of the Property expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with you or any other party at any time with or without notice which may arise as a result of this package. The owner shall have no legal commitment or obligation to you or any other party reviewing this package, nor shall the owner be required to accept an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligation therein have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of owner or Avison Young. You also agree that you will not use this brochure or any of its contents in any manner detrimental to the interest of the owner or Avison Young. This package describes certain documents including leases and other materials, which documents are described in summary form only. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected and advised to review all such summaries and other documents of whatever nature independently with legal counsel, tax and other professionals of their choice who have the expertise to assist in investigating this information in detail. You are therefore advised not to rely solely on this Memorandum as part of your investigations on this Property. If you have no interest in further pursuing this Property, please return this package to Avison Young.
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DECATUR RENTSAPARTMENTS
SUBJECT