residential rental portfolio & commercial corner …€¦ · summary property desription market...

RESIDENTIAL RENTAL PORTFOLIO & COMMERCIAL CORNERNormal Park Drive & 11th Street

Huntsville, TX 77340

FOUR SINGLE FAMILY RESIDENCES & COMMERCIAL BUILDING ON HARD CORNER | FOR SALE

SUMMARY • PROPERTY DESCRIPTION • MARKET OVERVIEW • DISCLAIMER



OFFERING SUMMARY

Sales Price $1,500,000

Property Highlights

• Four single-family brick homes and automotive sales lot generating more than $70,000/year gross

• Quick access to I-45, downtown Huntsville, and Sam Houston State University (21,000 students)

• Zoned for commercial use

• Almost 200’ of frontage along 11th Street with additional frontage on Pecan Drive/Normal Park Drive creating two (2) corners

• New H-E-B located two blocks east

• Primary east-west corridor provides linkage to national retailers, large daytime population, and commuter traffic




PRO FORMA

Income Per Month

Gross Potential Rent $79,200 $6,600

Less Vacancy @ 5% ($3,960) ($330)

Net Rental Income $75,240 $6,270

Expenses

Repairs/Maintenance ($1,500) ($125)

Utilities $- $-

HOA Dues $- $-

Total Variable Expenses ($1,500) ($125)

Property Tax ($11,388) ($949)

Insurance ($2,500) ($208)

Total Operating Expenses ($15,388) ($1,282)

Net Operating Income (NOI) $59,852 $4,988

UNDERWRITING ASSUMPTIONS

1. GPR based on current market rents for the area.

2. Repairs/Maintenance based on actual 2019 expenses. Tenant pays their own utilities and dwelling insurance.

3. Taxes based on actual 2019 values, per Walker CAD.




PROPERTY INFORMATION

Size 1.31 AC

Legal DescriptionWHITE ADDITION, BLOCK 7, LOT

1.1, LOT 1.2, LOT 1.3, LOT 1, LOT 2, WALKER COUNTY

ID Number 38837, 38838, 38839, 38836, 38840

Access 11th Street, Normal Park Drive, Pecan Drive

Frontage 199’ on 11th St, 253’ on Normal Park Dr, 244’ on Pecan Dr

Zoning M, Management

Utilities Utilities on site

Flood Plain Property is not in the flood plain

Traffic Counts 11th Street: ~24,677 VPD




Property Survey




1 Mile 3 Mile 5 Mile

2018 Total Population 8,049 36,841 44,056

2023 Total Population 8,247 38,325 45,916

2018-2023 Annual Growth Rate 0.49% 0.79% 0.83%

2018 Households 3,197 11,160 13,680

2023 Households 3,277 11,721 14,382

2018 Average Home Value $155,532 $152,006 $182,520

2023 Average Home Value $171,156 $171,149 $206,642

2018 Average HH Income $50,501 $46,445 $52,583

2023 Average HH Income $54,304 $50,116 $56,701

1 1 T H S T R E E T1 1 T H S T R E E TO V E R 2 4 , 0 0 0 O V E R 2 4 , 0 0 0 V E H I C L E S P E R D A YV E H I C L E S P E R D A Y

(TxDOT AADT 2017)

T O T A L P O P U L A T I O N O FT O T A L P O P U L A T I O N O FO V E R 4 4 , 0 0 0O V E R 4 4 , 0 0 0

W I T H I N F I V E M I L E R A D I U SW I T H I N F I V E M I L E R A D I U S(ESRI 2018)

T O T A L H O U S E H O L D ST O T A L H O U S E H O L D SO V E R 1 3 , 0 0 0O V E R 1 3 , 0 0 0


A V E R A G E H H I N C O M EA V E R A G E H H I N C O M EO V E R $ 5 2 , 0 0 0 O V E R $ 5 2 , 0 0 0


T O T A L E M P L O Y E E ST O T A L E M P L O Y E E SO V E R 2 1 , 0 0 0 O V E R 2 1 , 0 0 0


A V E R A G E H O M E V A L U EA V E R A G E H O M E V A L U EO V E R $ 1 8 2 , 0 0 0 O V E R $ 1 8 2 , 0 0 0


Sources: Infogroup, Inc & ESRI




The City of Huntsville has a rich history of economic growth since its founding in 1835. As one of the oldest cities in Texas, Huntsville retains many natural and historic resources that offer the community a higher quality of life.

As the county seat of Walker County, Huntsville is located in a prime area of the Interstate 45 corridor. The anticipated growth from the Houston and Dal-las metropolises offers many opportunities for businesses and industries. Huntsville is 70 miles north of Houston and 170 miles south of Dallas and sits

within the Texas Triangle, the area of Texas outlined by the metropolitan areas of Austin, Dallas-Fort Worth and Houston.

Huntsville is home to the Texas Department of Criminal Justice (TDCJ), the Texas agency that operates state correctional facilities for adults. With over 6,800 employees, the Texas prison system has been headquartered in Huntsville since Texas’s founding as a republic, and the TDCJ is the only major state agency not headquartered in Austin.

For more than 137 years, Sam Houston State University has been preparing students for meaningful lives of achievement. Its motto, “The Measure of a Life is its Service,” echoes across SHSU’s seven colleges and beyond its Texas campus through student research, creative endeavors, service learning, volun-teering and more.

Named for Sam Houston, Texas’ greatest hero, SHSU continually strives to honor its historical roots through academic excellence that includes exceptional teaching from faculty members who care as much about their students’ success as they do about furthering the knowledge of their fields.

SHSU offers over 80 bachelor’s degree programs, more than 50 master’s degree programs, and six doctoral programs, including nationally-recognized programs in Business, Fine Arts, Education, Mathematics and Criminal Justice. SHSU is classified as a “Doc-toral Research University” by the Carnegie Commission on Higher Education and was recently recognized by U.S. News and World Report for being among the best in the country for online graduate programs.

INFORMATION ABOUT BROKERAGE SERVICES

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Licensed Broker/Broker Firm Name or Primary Assumed Business Name

Designated Broker of Firm

Licensed Supervisor of Sales Agent/Associate

Sales Agent/Associate’s Name

Regulated by the Texas Real Estate CommissionTAR 2501

Information available at www.trec.texas.govIABS 1-0

Email

Email

Email

Email

Licensed No.

Licensed No.

Licensed No.

Licensed No.

Buyer / Tenant / Seller / Landlord Initials

Phone

Phone

Phone

Phone

Date

TYPES OF REAL ESTATE LICENSE HOLDERS:• A BROKER is responsible for all brokerage activities, including acts performed by sales

agents sponsored by the broker.

• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):

• Put the interests of the client above all others, including the broker’s own interests;• Inform the client of any material information about the property or transaction received

by the broker;• Answer the client’s questions and present any offer to or counter-offer from the client,

and;• Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary:

• Must treat all parties to the transaction impartially and fairly.• May, with the parties’ written consent, appoint a different license holder associated with

the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.

• Must not, unless specifically authorized in writing to do so by the party, disclose: » that the owner will accept a price less than the written asking price; » that the buyer/tenant will pay a price greater than the price submitted in a written

offer; and » any confidential information or any other information that a party specifically

instructs the broker in writing not to disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the Buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:

• The broker’s duties and responsibilities to you, and your obligations under the representation agreement.

• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Oldham Goodwin Group, LLC 532457 [email protected] (979) 268-2000

Bryan / College Station2800 South Texas Avenue, Suite 401

Bryan, Texas 77802O: 979.268.2000

Houston5050 Westheimer Road, Suite 300

Houston, Texas 77056O: 281.256.2300

San Antonio / South Texas200 East Grayson Street, Suite 102

San Antonio, Texas 78215O: 210.404.4600

© Oldham Goodwin Group, LLC. The information herein has been obtained from sources deemed reliable. Although we believe it to be accurate, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction depends on tax and other factors, which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.



www.OldhamGoodwin.com

Bryan / College Station2800 South Texas Avenue, Suite 401

Bryan, Texas 77802O: 979.268.2000

Houston5050 Westheimer Road, Suite 300

Houston, Texas 77056O: 281.256.2300

San Antonio / South Texas200 East Grayson Street, Suite 102

San Antonio, Texas 78215O: 210.404.4600

Waco / Temple / Killeen600 Columbus Avenue, Suite 106

Waco, Texas 76701O: 254.255.1111

OLDHAM GOODWIN GROUP

For More Information About This Property, Please Contact

Jeremy Richmond, CCIMManaging Director | Land ServicesD: 979.977.6096 | C: 979.777.8176

E: [email protected]

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