Offering Memorandum (L) · POMELO APARTMENTS 4400 SAN JACINTO, DALLAS, TX 75204 MATTEO FAETH...

MULTIFAMILY PROPERTY FOR SALE

POMELO APARTMENTS4400 SAN JACINTO, DALLAS, TX 75204

MATTEO FAETH

[email protected]

Presented By

PERRY GUEST COMPANY

2517 Thomas Avenue, Dallas, TX 75201

214.528.9250 | management.perryguest.com

CONFIDENTIAL OFFERING MEMORANDUM | 2

OFFERING SUMMARY

Sale Price: $1,950,000

Number Of Units: 16

Cap Rate: 5.09%

NOI: $99,297

Lot Size: 0.26 Acres

Year Built: 1958

Building Size: 7,068

Renovated: 2020

Zoning: MF2

Price / SF: $275.89

Price / Door: $121,875.00

Located in Old East Dallas, The Pomelo apartments is a stabilized asset that has been re-imagined from the foundation up.Gutted down to the studs and replaced with all brand-new systems and designer touches; units feature light faux woodflooring, in unit stackable washer dryer, and all the updates you can expect. Kitchens shine with custom cabinetry,under-mount sink with goose neck spray facet, suite of stainless-steel appliances, backsplash, and quartz countertops.Bathrooms feature designer tile, new vanities and mirrors, new tubs and fixtures, and much more.

Property sits on over a quarter acre on the corner of San Jacinto/Burlew and has been landscaped/hardscaped to give itthat great curb appeal. Property has been gated and has controlled pedestrian gate access.

The building is in close proximity to Downtown Dallas, Uptown, Knox Henderson, and Lower Greenville.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Attractive Price Per Door for this Submarket

• Great Location

• In Unit Washer Dryer

• Everything Brand New


EXECUTIVE SUMMARY

INCOME SUMMARY PER DOOR

Rental Income $185,640 $11,602

5% Vacancy -$9,282 -$580

Trash/Pest Reimbursements $2,880 $180

Gross Income $179,238 $11,202

EXPENSE SUMMARY PER DOOR

Repairs and Maitenance $13,575 $848

Utilities $12,150 $759

Administrative $10,150 $634

Legal, Finance, and Insurance $6,800 $425

Taxes $37,264 $2,329

Gross Expenses $79,940 $4,996

Net Operating Income $99,297 $6,206



PROFORMA INCOME & EXPENSES

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

101 1 1 400 $995 $2.49 $995 $2.49

102 1 1 400 $946 $2.37 $950 $2.38

103 1 1 400 $946 $2.37 $950 $2.38

104 1 1 400 $945 $2.36 $950 $2.38

105 1 1 400 $995 $2.49 $995 $2.49

106 1 1 400 $944 $2.36 $950 $2.38

107 1 1 400 $944 $2.36 $950 $2.38

108 1 1 400 $995 $2.49 $995 $2.49

201 1 1 400 $995 $2.49 $995 $2.49

202 1 1 400 $946 $2.37 $950 $2.38

203 1 1 400 $946 $2.37 $950 $2.38

204 1 1 400 $945 $2.36 $950 $2.38

205 1 1 400 $995 $2.49 $995 $2.49

206 1 1 400 $945 $2.36 $950 $2.38

207 1 1 400 $945 $2.36 $950 $2.38

208 1 1 400 $995 $2.49 $995 $2.49

Totals/Averages 6,400 $15,422 $2.41 $15,470 $2.42



RENT ROLL



ADDITIONAL PHOTOS



FLOOR PLANS


SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

Pomelo Apartments

4400 San Jacinto

Dallas, TX 75204

$1,950,000 7,068 SF $275.89 $121,875 5.09% - 16

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

4627 MungerDallas, TX75204

$4,100,000 18,798 SF $218.11 $157,692 - - 26 08/23/2019

4927 San JacintoDallas, TX75206

$3,800,000 14,700 SF $258.50 $140,740 4.75% - 27 05/18/2020

1809 BennettDallas, TX75206

$6,875,000 23,572 SF $291.66 $143,229 4.5% - 48 08/02/2018

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Totals/Averages $4,925,000 19,023 SF $258.90 $146,272 4.63% - 33.67

1

2

3


SALE COMPS SUMMARY


4400 San Jacinto | Dallas, TX 75204SUBJECT PROPERTY

1 Dallas, TX75204

4627 MUNGER2 Dallas, TX

75206

4927 SAN JACINTO3 Dallas, TX

75206

1809 BENNETT


SALE COMPS MAP


SUBJECT PROPERTY UNIT TYPE RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

Pomelo Apartments

4400 San Jacinto

Dallas, TX 75204

1 br / 1 ba $2.41 0 SF 7,068 SF 16 100.0%

RENT COMPS UNIT TYPE RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

1809 BennetDallas, TX75206

1-1 $2.11 425 SF 23,572 SF 48 100%

4927 San Jacinto4927 San JacintoDallas, TX 75206

1-1 $1.90 525 SF 14,700 SF 27 100%

5005 San Jacinto5005 San JacintoDallas, TX 75206

1-1 $1.77 650 SF 10,207 SF 16 100%

Totals/Averages $1.93 $1.93 533 SF 16,160 SF 30.33 100%

1

2

3


RENT COMPS SUMMARY


1 Dallas, TX75206

1809 BENNET2 4927 San Jacinto

Dallas, TX 75206

4927 SAN JACINTO3 5005 San Jacinto

Dallas, TX 75206

5005 SAN JACINTO

4400 San Jacinto | Dallas, TX 75204SUBJECT PROPERTY


RENT COMPS MAP



REGIONAL MAP

0.5 MILES 1 MILE 1.5 MILES

Total population 8,365 28,764 56,022

Median age 32.5 30.3 30.8

Median age (male) 33.0 30.8 31.5

Median age (female) 30.9 29.2 29.7

Total households 3,542 12,031 25,875

Total persons per HH 2.4 2.4 2.2

Average HH income $40,023 $49,129 $68,804

Average house value $215,716 $215,431 $212,164

* Demographic data derived from 2010 US Census



DEMOGRAPHICS REPORT

POPULATION 0.5 MILES 1 MILE 1.5 MILES

Total population 8,365 28,764 56,022

Median age 32.5 30.3 30.8

Median age (male) 33.0 30.8 31.5

Median age (Female) 30.9 29.2 29.7

HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES

Total households 3,542 12,031 25,875

# of persons per HH 2.4 2.4 2.2

Average HH income $40,023 $49,129 $68,804

Average house value $215,716 $215,431 $212,164

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP



CONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from Perry Guest Company its directors, officers,agents, advisors, affiliates and/or any third party sources are provided without representation orwarranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements, developability or suitability, financialperformance of the property, projected financial performance of the property for any party’s intendeduse or any and all other matters.

Neither Perry Guest Company its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materialsor information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct ofits own due diligence to determine these and other matters of significance to such party. Perry GuestCompany will not investigate or verify any such matters or conduct due diligence for a party unlessotherwise agreed in writing.

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. Perry Guest Company makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial data orassumptions. Perry Guest Company does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that usedfor financial modeling purposes, may differ from actual data or performance. Any estimates of marketrents and/or projected rents that may be provided to a party do not necessarily mean that rents canbe established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order todetermine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Perry Guest Company incompliance with all applicable fair housing and equal opportunity laws.


DISCLAIMER

Offering Memorandum (L) · POMELO APARTMENTS 4400 SAN JACINTO, DALLAS, TX 75204 MATTEO FAETH...

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