AIA 3 14 12 -Final Slides - dyersheehan.com · Title: Microsoft PowerPoint - AIA 3 14 12 -Final...
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Apartment
Investor AcademySUCCEED in 2012! Capitalize on Today’s Market Trends
Dawn Dyer, PresidentDyer Sheehan Group, Inc.
CA DRE License #01231389Ventura, CA
(805) [email protected]
March 14, 2012
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Apartments Outperform
Other Assets
� Strong Fundamentals
� Demographic Trends
� Barriers to Home-Ownership
� Economic Issues
� Lifestyle Choices
� Supply Constraints
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Apartments Provide Safe Harbor
with Upside Potential
� Basic Commodity Item
� Short-Term Leases
� Low Vacancy During Recession
� Strong Demand Factors
� Rent Appreciation Anticipated
� Leverage
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Demographic Trends
� Generation Y
� Aging Boomers
� Single Person Households
� New Americans
� Alternative Family Structures
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Housing Crisis & Mortgage Meltdown
� New Demand from those who Lost or Bailed
� Changes in Consumer Psyche
� Tougher Mortgage Requirements
� Affordability and Flexibility
� Homeownership -vs- Rent & Invest
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Lifestyle Choices
� Live/Work/Play
� Eco-Friendly
� Lock and Leave
� Freedom
� Mobility
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Source: Construction Industry Research Board
Apartment Investor Academy | Ventura County Apartment Market
March 14, 2012
Ventura County Building Permits
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tota
l Pe
rmit
ted
Un
its
Single Family Permits Multi-Family Permits
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Does Your Property Portfolio
need a Tune-Up?
� Optimize Performance
� Conduct Annual Review � Leases
� Operating Statements
� Taxation Issues
� Insurance & Risk Management
� Maintenance & Capital Improvements
� Debt to Equity Position
� Consult with key Investment Team Members
� Make Adjustments at Property or Portfolio level
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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The Value of Investment Property
is based on the
QUANTITY &
QUALITY
of the Income Stream it produces!
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Valuation Methods for
Multi-Family Property
� Price per Unit (market comp)
� Price per Square Foot (market comp)
� Gross Rent Multiplier (GRM)
� Capitalization Rate Analysis (Cap Rate)
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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CAPITALIZATION RATE
CAP RATE = Annual Net Operating Income (NOI)
Purchase Price (or Market Value)
MARKET VALUE = Annual NOI (excl. mortgage pmt.)
Market Capitalization Rate
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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NET OPERATING INCOME
NOI = Gross Scheduled Income
- Vacancy & Credit Loss
- Total Operating Expenses
(Excluding Mortgage Payment)
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Key Elements of
Net Operating Income
� Income (Rents & Other Income)
� Vacancy Reserve
� Operating Expenses
� Replacement Reserves
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Operating Expenses
(Normalized)
� Property Taxes (Prop. 13 + Assessment Districts)
� Insurance (Adequate Coverage)
� Property Management (Professional & On-Site)
� Maintenance & Repairs (even if DIY)
� Gardening /Pest Control
� Licences/Legal/Accounting
� Utilities (Separate Meters?)
� Replacement Reserves ($250/unit)
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
Property Name: XYZ APARTMENTS # OF UNITS BED + BATH SQ. FT. MO. RENT $/SQ FT Purchase Price: $ 3,240,000
Property Address: 1234 Main Street 12 1 + 1 650 $900 $1.38 Percent Down: 30.00%
Anytown, USA 12 2 + 2 950 $1,200 $1.26 Cash Down: $ 972,000
Cross Street: 1st Street Current Cap: 6.85% No. of Units: 24 Projected Cap: 5.41%
Lot Size: 0.68 acres Current GRM: 10.66
Year Built: 1988 Projected GRM: 10.66
Net Rentable Area: 38,958 sq. ft. Price per Unit: $ 135,000
Thomas Page/Grid: 999 XY Price per sq ft: $ 83.17
E S T I M A T E D A N N U A L E X P E N S E SCURRENT PROJECTED CURRENT PROJECTED 1st 2nd
Property Taxes*: $ 22,000 $ 35,640 Tax & License: $ 950 $ 950 Loan Balance:
Insurance: 9,840 13,635 Electricity: $ 1,500 $ 1,500 Loan Type:
Advertising & Promo: 0 1,200 Water/Sewer: $ 9,480 $ 9,480 Interest Rate:
Property Mgmt: 12,153 18,144 Trash: $ 2,700 $ 2,700 Remaining Term:
Office Expense & Bkpg: 0 900 Gas: $ 1,390 $ 1,390 Monthly Payment:
Maint. & Repairs: 12,153 18,230 Legal/Accounting $ 1,250 $ 1,250 Name of Lender:
Gardener: 2,400 2,400 Reserves: $ 6,000 Assumable:Total of Estimated Annual Expenses: $75,816 $113,419 Comment: Informational only; does not affect analysis
* Based upon Purchase Price. Estimated Annual Expenses per Unit: $3,159 $4,726 calculations.
S C H E D U L E D G R O S S I N C O M EC U R R E N T P R O J E C T E D 1st 2nd
Total Monthly Rent: $ 25,200 • • • $ 25,200 • • • Loan Amount: $ 2,268,000 $ 0
Monthly Laundry Income: 120 • • • 120 • • • Loan Type: Conv./Variable Conv./Variable
Other Monthly Income: • • • • • • Interest Rate: 5.00% 5.00%
Total Monthly Gross Income: 25,320 • • • 25,320 • • • Loan Term: 30.00 Years 30.00 Years
Annual Gross Income: 303,840 • • • 303,840 • • • Monthly Payment: $ 12,175.11 $ 0.00
Less Annual Vacancy Reserve: 6,077 2.00% 15,192 5.00% Name of Lender: XYZ Bank XYZ Bank
Gross Annual Operating Income: 297,763 • • • 288,648 • • • Balloon Payment: $ 0 $ 0
Less Annual Expenses: 75,816 24.95% 113,419 37.33% Comment: Net Annual Operating Income: 221,947 • • • 175,229 • • •
Less Annual Loan Payments: 146,101 • • • 146,101 • • • Annual Pre-Tax Cash Flow: 75,846 7.80% 29,128 3.00%
Plus Annual Principal Reduction: 0 • • • 0 • • • Note: All information provided herein is from sources deemed to
Total Annual Pre-Tax Return: $75,846 7.80% $29,128 3.00% be reliable, but no guarantee or warranty is stated or implied.
Comments: For additional information, please contact:D Y E R S H E E H A N G R O U P , I N C .
808 E. Santa Clara Street, Suite A Ventura, CA 93001(805) 653-8100 • Fax: (805) 653-8105
E X I S T I N G F I N A N C I N G
N E W F I N A N C I N G
M U L T I - F A M I L Y I N V E S T M E N T P R O P E R T Y I N F O R M A T I O N
G E N E R A L I N F O R M A T I O N A N A L Y S I SU N I T M I X & C U R R E N T R E N T D A T A
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Optimize Performance of Your
Investment Real Estate Portfolio
� Update Market Valuation Regularly
� Depreciation Schedule
� Debt to Equity Ratio
� 1031 Exchange as Wealth-Building Tool
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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2011 Multi-Family
Sales
Parker ShawCA DRE License # 01740891
Multi-Family Investments
Dyer Sheehan Group, Inc.March 14, 2012All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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2011 Multi-Family Transactions
2011 National Data 2011 Ventura County
Data
Total Sale Volume $57,000,000,000 $181,375,500
YOY Change 27% 25%
Average Cap Rate 6.5% 6.27%
Average Price/Unit $102,000 $132,802
Average Monthly Rent $1,064 $1,435
YOY Change 2.4% 2.9%
Vacancy Rate 5.2% 3.4%
YOY Change 1.4% .73%
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Ventura County Total Transactions(5+ units)
0
10
20
30
40
50
60
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 2011
Yearly Transactions 10-Year Average
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
Ventura County Transactions by City
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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2011 Ventura County Multi-Family Transactions(5+ Units)
All 2011 Sales
2011 Sales
w/o Alara & Parc Rose
Total Transactions 21 19
Total Sale Volume $181,375,500 $51,275,500
Average Sale Price $8,639,929 $2,698,711
Average Cap Rate 6.27% 6.5%
Average Price/ SF $168 $162
Average Price/Unit $132,802 $121,647
Total Units 919 381
Average # of Units 44 20
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Ventura County Average Cap Rate
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 2011
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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January 2012
Ventura County Rent Survey
Dawn DyerPresident
Dyer Sheehan Group, Inc.
March 14, 2012
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Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012February 23,
2011
Ventura County Vacancies
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Jan
ua
ry C
ou
nty
wid
e V
aca
ncy
Ra
te
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
Average Ventura County Rents
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Mo
nth
ly R
en
t in
Do
lla
rs
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
Re
nt
in $
oe
r S
F
Average Monthly Rent Average Rent in $ per SF
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012February 23,
2011
Average Two Bedroom Apartment Rents
Ventura County, January 2012
Ca
ma
rill
o
Fil
lmo
re
Mo
orp
ark
Oja
i V
all
ey
Ox
na
rd/P
ort
Hu
en
em
e
Sa
nta
Pa
ula
Sim
i V
all
ey
Ve
ntu
ra
Th
ou
san
d O
ak
s/W
est
lak
e V
illa
ge
Co
mb
ine
d A
rea
s
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Av
era
ge
Mo
nth
ly R
en
t in
Do
lla
rs
All information provided above is from sources deemed reliable, but no guarantee or warranty is stated or implied herein.
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Supply Constraints
� Access to Development Capital
� Land and Production Costs
� Entitlement Hurdles, Delays, and Litigation
� Fees, Infrastructure, and Offsite Improvements
� Parking Standards
� Limited land zoned for Multi Family
� SOAR, GOD and MS4
� NIMBYs and BANANAs
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Multi-Family Investment Outlook
� Strong Market Fundamentals
� Supply/Demand Imbalance
� Most Affordable Housing Type
� Low Vacancy Rates
� Changing Demographics
� Market Elasticity
� Opportunities to Add Value
Apartment Investor Academy | Ventura County Apartment MarketMarch 14, 2012
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Questions?
Dawn DyerDyer Sheehan Group, Inc.
March 14, 2012Apartment Investor Academy | Ventura
County Apartment Market