Multifamily Property For Sale...2401 W Alta Road Peoria , IL 61615 Prairie Vista Multifamily...
Transcript of Multifamily Property For Sale...2401 W Alta Road Peoria , IL 61615 Prairie Vista Multifamily...
2401 W Alta RoadPeoria , IL 61615
Prairie Vista
Multifamily Property For Sale
MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]
CORE3PM.COM1716 RT Dunn Drive Suite 4
Bloomington, IL 61701
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
PROPERTY INFORMATION 3
LOCATION INFORMATION 10
FINANCIAL ANALYSIS 14
DEMOGRAPHICS 17
ADVISOR BIOS 19
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Neither Core 3 its directors, officers, agents, advisors, or affiliates makes any representation orwarranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal,that may be furnished for review are not a substitute for a party’s active conduct of its own duediligence to determine these and other matters of significance to such party. Core 3 will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verified bythe party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Core 3 makes no warranties and/or representationsregarding the veracity, completeness, or relevance of any financial data or assumptions. Core 3 doesnot serve as a financial advisor to any party regarding any proposed transaction. All data andassumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rentsthat may be provided to a party do not necessarily mean that rents can be established at or increasedto that level. Parties must evaluate any applicable contractual and governmental limitations as well asmarket conditions,vacancy factors and other issues in order to determine rents from or for theproperty.
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2401 W Alta Road, Peoria , IL 61615Prairie Vista
Table of Contents
PROPERTY INFORMATION
Section 1
MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]
CORE3PM.COM1716 RT Dunn Drive Suite 4
Bloomington, IL 61701
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
Sale Price: $29,900,000
Building Size: 309,600 SF
Lot Size: 16.16 Acres
Number Of Units: 304
Price / SF: $96.58
Cap Rate: 6.38%
NOI (2018): $1,908,824
OFFERING SUMMARY PROPERTY OVERVIEWPrairie Vista is a 304 Unit Class A property located on the North Side of Peoria. The property consist of 38 all brick8-unit buildings. Also on the property is a clubhouse with fitness center, on-site offices, and pool.
PROPERTY HIGHLIGHTS• Assumable HUD 223(f) fixed rate, non-recourse loan with 29 years remaining*
• History of high occupancy
• Desirable location and school district
• Additional income from on-site garages
• Property Website - www.PrairieVistaApts.com
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Executive Summary
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
LOCATION INFORMATION
Building Name Prairie Vista
Street Address 2401 W Alta Road
City, State, Zip Peoria , IL 61615
County Peoria
Signal Intersection No
BUILDING INFORMATION
NOI (2018) $1,908,824
Cap Rate 6.38
Framing Wood Frame
Condition Excellent
Free Standing No
2401 W Alta Road, Peoria , IL 61615Prairie Vista
General Information
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
PROPERTY DESCRIPTIONPrairie Vista is a 304 Unit Class A property located on the North Side of Peoria. Theproperty consist of 38 all brick 8-unit buildings. Also on the property is a clubhousewith fitness center, on-site offices, and pool.
LOCATION DESCRIPTIONPrairie Vista offers the luxury you deserve in the location you desire being close tomalls, the famous Rock Island Trail & many local businesses. The property is minutesfrom both Allen Rd and Knoxville Ave exits to Route 6. Prairie Vista is located in thevery desirable Dunlap school district.
EXTERIOR DESCRIPTIONAll BrickFully Irrigated Lawn
INTERIOR DESCRIPTIONPrivate EntrancesCeramic and LVT FlooringWasher and Dryer in All UnitsWalk-In Closets
PARKING DESCRIPTIONConcrete Parking Lot
UTILITIES DESCRIPTIONAll electric unitsElectric and water paid by tenantsHigh speed fiber optic internet provided by owner
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Property Description
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
UNIT TYPE COUNT % TOTAL SIZE (SF) MARKET RENT MARKET RENT/SF
1 Bedroom 80 26.3 650 $795 $1.22
2 Bedroom 112 36.8 1,020 $945 $0.93
2 Bedroom w/ Loft 112 36.8 1,280 $1,100 $0.86
Totals/Averages 304 100% 309,600 $292,640 $0.95
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Unit Mix Summary
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Additional Photos
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Additional Photos
LOCATION INFORMATION
Section 2
MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]
CORE3PM.COM1716 RT Dunn Drive Suite 4
Bloomington, IL 61701
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
Peoria , IL
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Location Maps
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Location Maps
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Aerial Maps
FINANCIAL ANALYSIS
Section 3
MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]
CORE3PM.COM1716 RT Dunn Drive Suite 4
Bloomington, IL 61701
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
INCOME SUMMARY 2018 (ACTUAL) PER SF 2019 (ESTIMATED) PER SF
Rent Income $3,467,657 $11.20 $3,475,000 $11.22Garage Rent $50,792 $0.16 $52,500 $0.17Amenity Income $104,120 $0.34 $125,000 $0.40Misc Income $17,583 $0.06 $18,038 $0.06
Gross Income $3,640,152 $11.76 $3,670,538 $11.86
EXPENSE SUMMARY 2018 (ACTUAL) PER SF 2019 (ESTIMATED) PER SF
Management $130,421 $0.42 $135,931 $0.44Advertising / Marketing $10,555 $0.03 $11,704 $0.04Internet $45,064 $0.15 $43,796 $0.14Legal / Accounting $31,994 $0.10 $33,720 $0.11Utilities $147,868 $0.48 $173,653 $0.56Amenity Expense $135,435 $0.44 $150,000 $0.48Trash Removal $21,488 $0.07 $21,564 $0.07Maintenance / Repairs $401,336 $1.30 $404,471 $1.31Real Estate Taxes $738,960 $2.39 $673,056 $2.17Property Insurance $68,207 $0.22 $59,748 $0.19
Gross Expenses $1,731,328 $5.59 $1,707,643 $5.52
Net Operating Income $1,908,824 $6.17 $1,962,895 $6.34
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Income & Expenses
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
INVESTMENT OVERVIEW 2018 (ACTUAL)
Price $29,900,000Price per Unit $98,355CAP Rate 6.4%Cash-on-Cash Return (yr 1) 8.54 %Total Return (yr 1) $613,608Debt Coverage Ratio 1.47
OPERATING DATA 2018 (ACTUAL)
Gross Income $3,640,152Operating Expenses $1,731,328Net Operating Income $1,908,824Pre-Tax Cash Flow $613,608
FINANCING DATA 2018 (ACTUAL)
Down Payment $7,187,379Loan Amount $22,712,621Interest Rate 3.85%Amortization Schedule 35 YearsDebt Service (P&I Only) $1,295,216Debt Service Monthly (P&I Only) $107,934
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Financial Summary
DEMOGRAPHICS
Section 4
MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]
CORE3PM.COM1716 RT Dunn Drive Suite 4
Bloomington, IL 61701
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
POPULATION 1 MILE 5 MILES 10 MILES
Total population 1,928 53,331 195,661
Median age 34.3 40.3 36.7
Median age (Male) 34.5 38.4 35.1
Median age (Female) 34.0 42.1 38.3
HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES
Total households 772 22,254 79,738
# of persons per HH 2.5 2.4 2.5
Average HH income $107,612 $95,582 $69,340
Average house value $184,897 $148,156
* Demographic data derived from 2010 US Census
2401 W Alta Road, Peoria , IL 61615Prairie Vista
Demographics Map & Report
BROKER INFORMATION
Section 5
MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]
CORE3PM.COM1716 RT Dunn Drive Suite 4
Bloomington, IL 61701
MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701
MARK FETZER
President - Managing Broker
[email protected]: 309.808.2125
CORE 31716 RT Dunn Drive Suite 4
Bloomington, IL 61701309.808.2125
Core 3
Broker Information