hyslop...hyslop contents geoffrey cardwell geoffrey cardwell (219) 743-5157 [email protected] we...
TRANSCRIPT
HyslopOFFERING MEMORANDUM
5974 Hyslop PlaceHammond, IN 46320
HyslopCONTENTS
Geoffrey CArdwell
Geoffrey Cardwell
(219) [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 4 Unit Mix Summary 5 Location Summary 6
02 Property Description Property Features 8 Aerial Map 9
10 Property Images 11
03 Rent Roll Rent Roll Details 29
04 Financial Analysis Income & Expense Analysis 31
05 Demographics Demographics 33 Demographic Charts 35
Hyslop
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Executive Summary HY
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Investment Summary
Unit Mix Summary
Location Summary
Hyslop Investment Summary | 04
OFFERING SUMMARYADDRESS 5974 Hyslop Place
Hammond IN 46320
COUNTY Lake
BUILDING SF 12,312 SF
LAND SF 13,112
NUMBER OF UNITS 6
YEAR BUILT 1917
APN 450601176017000023
OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $429,000
PRICE PSF $34.84
PRICE PER UNIT $71,500
OCCUPANCY 95.00 %
NOI (CURRENT) $30,230
NOI (Pro Forma) $38,495
CAP RATE (CURRENT) 7.05 %
CAP RATE (Pro Forma) 8.97 %
GRM (CURRENT) 8.17
GRM (Pro Forma) 7.01
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 19,405 119,150 246,227
2019 Median HH Income $41,683 $44,402 $51,297
2019 Average HH Income $56,019 $57,917 $65,050
Once in awhile an investment property comes along that makes one sit upand take notice. This is one of those types of properties.
Self managed solid brick construction townhome style six unit complexwith following features:
- All units are two story, two bedroom one bath unit with over 1200 squarefeet.
- All units have full basements with washer/dryer hookups.
- All units are separately metered. Owner only pays dumpster fee,landscaping and common electric.
- Each unit features spacious formal living room, dining room, sittingroom, 10' ceilings, two spacious bedrooms with full basement with washerand dryer hookups plus storage space. Central heat and air also featured.
- Rents are currently below market with market rents ranging between$850-$950 a month.
- Roof installed on building in 2019 and porch roof installed in 2008.
- In five units, owner provides gas range, refrigerator. In two units, ownerprovides dishwasher and in three units, owner provides washer and dryer.
- Tuckpointing on three sides completed in 2014-15 with the south side ofbuilding contracted to be tuckpointed as soon as possible.
Hyslop Unit Mix Summary | 05
Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent PSF Market Income2 bd + 1 ba 2 1,256 $750 $0.60 $1,500 $850 $0.68 $1,7002 bd + 1 ba 2 1,256 $725 $0.58 $1,450 $850 $0.68 $1,7002 bd + 1 ba 1 1,256 $675 $0.54 $675 $850 $0.68 $8502 bd + 1 ba 1 1,256 $684 $0.54 $684 $850 $0.68 $850
Totals/Averages 6 1,256 $2,834 $0.57 $4,309 $3,400 $0.68 $5,100
Hyslop Location Summary | 06
Hammond, Indiana is located only 30 minutes from Chicagoand residents have a variety of options for travel frominterstate systems, toll roads and South Shore Train Line.Being situated only minutes from the Illinois state line, theneed for housing in this area will continue to be very strongand could even become stronger.
Hammond is currently experience and explosion ofdevelopment around the city with some of the notable assetsof Hammond being:
- Purdue University Northwest. A Division II school locatedin the heart of Hammond.
- Wolf Lake Pavilion. Premiere outdoor venue for concerts,festivals and other community focuses activities.
- Horseshoe Casino. The largest casino in NorthwestIndiana with over 350,000 sf of gaming space.
- Hammond Sportsplex - Brand new 135,000 sf complexfeaturing basketball courts, soccer fields, batting cages andhosts national tournaments. New development plans to bereleased soon regarding area surrounding Sportsplex.
- Hammond Middle/High School - In 2021, a brand new340,000 sf middle and high school will open to the studentof Hammond.
- Downtown Hammond. Hammond commissioned a MasterPlan from world renowned city planner Jeff Speck which waspresented toward the end of 2019. The City of Hammondhas begun enacting this plan with a Request for Proposal fora 200 unit apartment complex to be located in DowntownHammond. This, along with the proposed South ShoreTrain Line Extension (in final stages of approval), theoutlook for the future of the downtown area and morespecifically, investment property, looks very bright.
For more information on the Downtown Hammond MasterPlan, visit www.gohammond.com/downtown/
Regional Map
Locator Map
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Property Description HY
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Property Features
Aerial Map
Parcel Map
Additional Maps
Amenities
Property Images
Hyslop Property Features | 08
PROPERTY FEATURESNUMBER OF UNITS 6
BUILDING SF 12,312
LAND SF 13,112
LAND ACRES .301
YEAR BUILT 1917
ZONING TYPE Apartments 4-9 Family
NUMBER OF STORIES 2
NUMBER OF PARKING SPACES 6
PARKING RATIO 1/1
WASHER/DRYER 3 units
MECHANICALHVAC 6
UTILITIESWATER Tenant
TRASH Tenant
GAS Tenant
ELECTRIC Tenant
CONSTRUCTIONFOUNDATION Basement
EXTERIOR Brick
PARKING SURFACE Paved
ROOF Rubber Membrane
STYLE Townhome
Hyslop Aerial Map | 09
Hyslop | 10
Hyslop Property Images | 11
Exterior
Hyslop Property Images | 12
Exterior
Hyslop Property Images | 13
Living Room with 10' Ceilings
Hyslop Property Images | 14
Sitting Room off of Living Room
Hyslop Property Images | 15
Living Room/Dining Room
Hyslop Property Images | 16
Dining Room
Hyslop Property Images | 17
Kitchen
Hyslop Property Images | 18
Kitchen
Hyslop Property Images | 19
Stairwell to Second Floor
Hyslop Property Images | 20
Second Floor Landing
Hyslop Property Images | 21
Bedroom #1
Hyslop Property Images | 22
Bedroom #2
Hyslop Property Images | 23
Bathroom
Hyslop Property Images | 24
Full Basement with Washer/Dryer Hookup
Hyslop Property Images | 25
Hammond is Home of Wolf Lake Pavilion
Hyslop Property Images | 26
Hammond is Home to Horseshoe Casino
Hyslop Property Images | 27
New Middle/High School Coming in 2021
Hyslop
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Rent Roll HY
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Rent Roll Details
Hyslop Rent Roll Details | 29
Unit Square Feet Unit Mix Monthly Rent PSF Market Rent Move-in Date217 Highland Street 1,256 2 bd + 1 ba $675 $0.54 $850 9/1/2007219 Highland Street 1,256 2 bd + 1 ba $750 $0.60 $850 5/5/2018221 Highland Street 1,256 2 bd + 1 ba $695 $0.55 $850 4/1/2016223 Highland Street 1,256 2 bd + 1 ba $725 $0.58 $8505970 Hyslop Place 1,256 2 bd + 1 ba $725 $0.58 $850 11/1/20195972 Hyslop Place 1,256 2 bd + 1 ba $750 $0.60 $850 6/28/2019
Totals/Averages $4,320 $0.57 $5,100
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Financial Analysis HY
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Income & Expense
Hyslop Income & Expense Analysis | 31
INCOME CURRENT PRO FORMA
Gross Potential Income $52,500 $61,200
Less: General Vacancy $2,625 $3,060
Effective Gross Income $49,875 $58,140
Less: Expenses $19,645 $19,645
Net Operating Income $30,230 $38,495
EXPENSES CURRENT PRO FORMA
Real Estate Taxes $1,169 $7,013 $1,169 $7,013
Insurance $1,199 $7,192 $1,199 $7,192
Repairs & Maintenance $417 $2,500 $417 $2,500
Landscaping $173 $1,040 $173 $1,040
Utilities $37 $220 $37 $220
Other Expenses (Disposal) $280 $1,680 $280 $1,680
Total Operating Expense $3,274 $19,645 $3,274 $19,645
Expense / SF $1.59 $1.59
% of EGI 39.39 % 33.79 %
Per Unit Per Unit
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
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Demographics HY
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Demographic Details
Demographic Charts
Hyslop Demographics | 33
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 21,090 125,191 261,303
2010 Population 20,173 122,835 253,810
2019 Population 19,405 119,150 246,227
2024 Population 18,995 116,951 241,836
2019 African American 8,842 44,462 93,095
2019 American Indian 163 725 1,216
2019 Asian 87 1,042 2,962
2019 Hispanic 6,149 39,373 68,839
2019 Other Race 2,847 15,828 27,472
2019 White 6,746 53,183 114,204
2019 Multiracial 713 3,873 7,218
2019-2024: Population: Growth Rate -2.15 % -1.85 % -1.80 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 1,077 6,821 12,352
$15,000-$24,999 829 5,231 9,595
$25,000-$34,999 934 5,082 9,492
$35,000-$49,999 1,059 6,619 12,547
$50,000-$74,999 1,201 8,246 17,391
$75,000-$99,999 854 5,085 11,989
$100,000-$149,999 573 4,490 11,586
$150,000-$199,999 170 1,365 3,990
$200,000 or greater 103 577 1,738
Median HH Income $41,683 $44,402 $51,297
Average HH Income $56,019 $57,917 $65,050
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 8,598 50,649 104,352
2010 Total Households 7,155 45,167 93,603
2019 Total Households 6,800 43,515 90,680
2024 Total Households 6,648 42,667 89,054
2019 Average Household Size 2.83 2.70 2.68
2000 Owner Occupied Housing 4,436 30,526 68,758
2000 Renter Occupied Housing 3,474 17,219 29,745
2019 Owner Occupied Housing 3,766 26,684 61,557
2019 Renter Occupied Housing 3,034 16,831 29,123
2019 Vacant Housing 1,509 6,640 12,684
2019 Total Housing 8,309 50,155 103,364
2024 Owner Occupied Housing 3,771 26,674 61,458
2024 Renter Occupied Housing 2,877 15,993 27,596
2024 Vacant Housing 1,707 7,725 14,820
2024 Total Housing 8,355 50,392 103,874
2019-2024: Households: Growth Rate -2.25 % -1.95 % -1.80 %
Source: esri
Hyslop Demographics | 34
2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2019 Population Age 30-34 1,303 7,766 15,554
2019 Population Age 35-39 1,237 7,662 15,320
2019 Population Age 40-44 1,154 7,231 14,515
2019 Population Age 45-49 1,177 7,450 15,306
2019 Population Age 50-54 1,213 7,311 15,694
2019 Population Age 55-59 1,184 7,571 16,628
2019 Population Age 60-64 1,025 6,950 15,531
2019 Population Age 65-69 855 5,715 12,839
2019 Population Age 70-74 634 4,205 9,800
2019 Population Age 75-79 377 2,665 6,387
2019 Population Age 80-84 226 1,755 4,357
2019 Population Age 85+ 249 2,145 5,305
2019 Population Age 18+ 14,199 89,145 187,783
2019 Median Age 34 36 38
2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $49,569 $50,738 $54,170
Average Household Income 25-34 $60,405 $60,531 $64,862
Median Household Income 35-44 $50,788 $54,316 $61,149
Average Household Income 35-44 $62,579 $66,442 $74,370
Median Household Income 45-54 $52,241 $54,629 $62,317
Average Household Income 45-54 $65,060 $67,332 $76,616
Median Household Income 55-64 $42,266 $48,626 $55,921
Average Household Income 55-64 $54,548 $59,412 $68,851
Median Household Income 65-74 $35,119 $36,889 $42,383
Average Household Income 65-74 $48,472 $49,834 $57,961
Average Household Income 75+ $35,577 $36,120 $40,984
2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2024 Population Age 30-34 1,423 8,465 17,049
2024 Population Age 35-39 1,221 7,439 15,270
2024 Population Age 40-44 1,144 7,267 14,948
2024 Population Age 45-49 1,105 6,991 14,178
2024 Population Age 50-54 1,104 7,108 14,869
2024 Population Age 55-59 1,096 6,723 14,659
2024 Population Age 60-64 1,049 6,852 15,276
2024 Population Age 65-69 899 6,261 14,047
2024 Population Age 70-74 706 4,822 11,113
2024 Population Age 75-79 489 3,307 7,877
2024 Population Age 80-84 283 1,979 4,845
2024 Population Age 85+ 226 1,949 4,923
2024 Population Age 18+ 13,966 87,944 185,372
2024 Median Age 34 37 39
2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $55,631 $56,379 $60,009
Average Household Income 25-34 $70,050 $69,726 $74,192
Median Household Income 35-44 $56,540 $61,741 $71,348
Average Household Income 35-44 $70,428 $76,518 $85,786
Median Household Income 45-54 $58,483 $62,366 $72,932
Average Household Income 45-54 $76,073 $79,062 $88,795
Median Household Income 55-64 $49,214 $54,640 $63,668
Average Household Income 55-64 $63,413 $69,687 $80,511
Median Household Income 65-74 $37,647 $40,666 $48,726
Average Household Income 65-74 $56,642 $58,507 $67,747
Average Household Income 75+ $41,167 $42,398 $48,099
Hyslop Demographic Charts | 35
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
Hyslop Demographic Charts | 36
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
Hyslop
CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietaryand strictly confidential. It is intended to be reviewed only by the party receiving itfrom McColly Real Estate, Inc and it should not be made available to any otherperson or entity without the written consent of McColly Real Estate, Inc.
By taking possession of and reviewing the information contained herein therecipient agrees to hold and treat all such information in the strictest confidence.The recipient further agrees that recipient will not photocopy or duplicate any partof the offering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to McColly Real Estate, Inc. Thisoffering memorandum has been prepared to provide summary, unverified financialand physical information to prospective purchasers, and to establish only apreliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligenceinvestigation. McColly Real Estate, Inc has not made any investigation, and makesno warranty or representation with respect to the income or expenses for thesubject property, the future projected financial performance of the property, thesize and square footage of the property and improvements, the presence or absenceof contaminating substances, PCBs or asbestos, the compliance with local, state andfederal regulations, the physical condition of the improvements thereon, orfinancial condition or business prospects of any tenant, or any tenant’s plans orintentions to continue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained fromsources we believe reliable; however, McColly Real Estate, Inc has not verified, andwill not verify, any of the information contained herein, nor has McColly RealEstate, Inc conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness ofthe information provided. All potential buyers must take appropriate measures toverify all of the information set forth herein. Prospective buyers shall be responsiblefor their costs and expenses of investigating the subject property.
Geoffrey CArdwell
Geoffrey Cardwell
(219) [email protected]
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