the carlo @ washington multi family ......3 sales notes sales option option 1 finance the...

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SUMMA TERRA VENTURES WWW.SUMMATERRAVENTURES.COM 940 S 2000 W, SUITE 250 SPRINGVILLE, UT 84663

Mike Watson Acquisitions & Sales 801-636-0100 Mobile [email protected]

Paul Poteet Acquisitions & Sales 253-320-0357 Mobile [email protected]

THE CARLO @

WASHINGTON

MULTI-FAMILY

DEVELOPMENT

ASKING PRICE

$5,895,000

UNITS: 32 NO. OF BUILDINGS: 1 APARTMENT MIX: 16 Two Bedrooms 16 One Bedrooms

ADDRESS: 3050 Washington Blvd, Ogden, UT 84401 EXECUTIVE SUMMARY: This offering will include a built out 32-unit apartment complex located off of Washington Boulevard in Ogden. Great location. Priced at $184,218 a door. Purchase the finished project after construction is completed or fund construction financing and build.

* Rendering subject to change

* We currently have this property under contract for purchase. We are offering our position in the contract or we can close quickly for a subsequent resale.

http://www.summaterraventures.com

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Great opportunity to purchase a project with a

projected monthly income of $40,800 once built.

This property is located in Utah’s lowest vacancy

market.

BUILT PROJECT OFFERING

• Asking Price: $5,895,000

• Cap Rate: 6.52%

• Projected NOI: $384,480

PROJECT SUMMARY

• Lot Size: 0.77 Acres

• Year: To Be Built

• Zoning: CP-3

• Rentable Sq Ft: 24,240

• 49 Parking Stalls

• NMTC Qualified Zone

OVERVIEW






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SALES NOTES

Sales Option

Option 1

Finance the construction yourself to capitalize on buying the finished

building at a 6.52% cap rate for $5,895,000. Call for more details.

Sale Includes

• Full civils

• Elevations

• Blueprints

• Landscape Plan

• Geotechnical Report

• Finished asset






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PROJECTIONS

RENTAL PROFORMA

(16) 2 Bed (16) 1 Bed 32 Unit Total

Monthly Rental Rate per Unit $1,200 $990

Monthly Income $19,200 $15,840 $35,040

Annualized Income $230,400 $190,080 $420,480

Less vacancy (2.4%) <$5,530> <$4,562> <$10,092>

Effective Gross Income $224,870 $185,518 $410,388

EXPENSES

Total Expenses (Estimated 25% of Gross Income) <$52,070> <$42,958> <$95,028>

NET INCOME $172,800 $142,560 $315,360





Total Square Footage

(Includes walkways

and decks)

Estimated Build Costs

Per SQ FT

Estimated Development

Expenses

28,548 $105 $161,700


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PROJECTIONS





ADDITIONAL INCOME PROFORMA

Per Unit/Month Mandatory Estimated % Usage Annual Total

Utility Share Fee $30 Yes 100% $11,520

Tech Package (Net amount) $75 Yes 100% $28,800

Pet Fee $50 No 25% $4,800

Washer & Dryer Rental Fee $50 No 25% $4,800

Trash Service $50 Yes 100% $19,200

ADDITIONAL INCOME TOTAL $69,120

RENTAL NOI $315,360

TOTAL NET INCOME $384,480


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MARKET COMPARABLES





COMMUNITY INFORMATION RENTAL NUMBERS

Name Year Built # Units Parking

Stalls

Occupancy

% Studios 1 Bed 1 Bath 2 Bed 1 Bath 2 Bed 2 Bath 3 Bed 2 Bath

City Garden Apartments 2017 61 86 95% $820 $920 $1,195 $1,220 N/A

Imagine Jefferson 2016 172 260 98% N/A $900 $1,100 N/A N/A

Tower View Apartments 2017 144 199 98% $829 $1,170 $1,400 $1,485 N/A

Liberty Junction 2009 93 98 99% N/A $800 $1,050 $1,075 N/A

Colonial Court 2000-10 294 245 97% $848 $1,050 $1,183 $1,300 $1,603

The View on 20th 2015 148 148 99% $848 $975 $1,200 $1,450 $1,450

Average 1.13/ unit 97.6% $836 $969 $1,188 $1,306 $1,527

Analysis Summary

Overall, findings show that there is a significant shortage of new apartment units in Ogden City. The lack of new 3 bed units is especially pro-

nounced. The units that hit the market are in high demand, filling fast and renting at high prices. Four of the six communities in the analysis are in

the process of raising the rents. The average occupancy is 97.6% showing consistency with prior study done by University of Utah. Results show

that a low parking ratio has had little effect on the tenant’s experience and occupancy levels. An investor entering the Ogden market should ex-

pect units to fill fast, median rents to raise in the area, and a mixed demographic showing interest in renting their units.

More details on this market study are available on request.


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SITE PLAN





* Concept site plan

subject to change


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LANDSCAPE PLAN






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RENDERINGS





* Renderings subject to change


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FLOOR PLANS






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FLOOR PLANS






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Downtown

AERIAL MAP





I-15 Interchange

Frontrunner Station


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OTHER AVAILABLE PROJECTS

Ogden 40-Unit Development This apartment development is a great value. This is your chance to get a piece of the action on a piece of land to build an apartment complex. Buy now to

capture the equity and cashflow potential. Great rental rates in the Ogden area. Call or email us for more information!

• 6.61% Cap Rate

• Mixture of 2 bed and 1 bed units

• 1.00 acre








the carlo @ washington multi family ......3 sales notes sales option option 1 finance the...

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