1411 S Corona St, Colorado springs OMnexus-cr.com/.../06/...Colorado-springs-OM-6.19.18.pdf ·...
Transcript of 1411 S Corona St, Colorado springs OMnexus-cr.com/.../06/...Colorado-springs-OM-6.19.18.pdf ·...
OFFERING MEMORANDUM1411 S CORONA STCOLORADO SPRINGS, CO 80905
For More Information Contact
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
ROBERT GRAYInvestment Advisor
713.857.3054 | [email protected] |
Property Overview
Property Photos
Maps
Financials
Sold Comparables
Location Overview
Demographics
The Nexus People
TABLE OFCONTENTS
CSEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ADAM RIDDLECo-Founder/Principal
| | 303.257.7627 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
PROPERTYOVERVIEW
PROPERTY OVERVIEWProperty Name: The Elms Apartments
Address: 1411 S Corona St
Colorado Springs, CO
Units: 11
Building SF: 8,265 SF
Parking: 11 Spaces
Land: 0.17 Sq-Ft
Zoning: C5
Year Built: 1964
Year Renovated: 2016
SYSTEMSGas/Elec Meters: Master/Separate Meters Water: MasterTrash: CO TrashRoof: FlatHeating: BoilerCooling: Walls Units
Purchase Price
Per Unit
Price Per SF
$1,050,000
$95,455
$127
INVESTMENT SUMMARY
9% Cash-on-cash Year 1
Value Add Opportunity
9 of the units are large 2 bedroom units
INVESTMENT HIGHLIGHTS
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
Located near IvyWild Redevelopment area
New nearby restaurants and retail including Starbucks, Sprouts, Chick-Fil-A
Conveniently located near I-25
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
PROPERTYPHOTOS
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
Located near IvyWild Redevelopment area
New nearby restaurants and retail including Starbucks, Sprouts, Chick-Fil-A
Conveniently located near I-25
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
PROPERTYPHOTOS
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
PROPERTYPHOTOS
JASON KOCHCo-Founder/Principal | 303.918.8909 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
COLORADO SPRINGS SUBMARKET
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
PROPERTYAERIAL
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
S CO
RON
A AV
E
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
Purchase Price:
Units:
Price Per Unit:
Total SF:
Price Per SF:
T12 Cap Rate:
Year 1 Cap Rate:
Year 1 Cash Flows:
5 Year IRR:
$1,050,000
11
$95,455
8,265
$127
6.51%
7.37%
$45,902
33.15%
INVESTMENT SUMMARY
Loan to Value:
Loan Amount:
Loan Term:
Interest Rate:
Interest Only Period:
Amortization:
75.00%
$787,500
30
4.25%
None
30 Years
DEBT SUMMARY
INVESTMENTSUMMARY
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
RENT ROLLANALYSIS
Unit Type
1 bed, 1 bath
2 bed, 1 bath
Total / Average
Unit Amount
3
8
11
Unit SF
600
800
745
Current Ave. Rent
$687
$794
$765
Current Rent / SF
$1.14
$0.99
$1.03
Market Rent
$725
$861
$824
Market Rent / SF
$1.21
$1.08
$1.11
UNIT SUMMARY:
$650$600
$500
$400
$300
$200
$100
$0Earlier Jan-19Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Later
LOSS TO LEASE BURN-OFF
1 Bed 2 Bed
Net Loss to Lease Gain to Lease
LEASE EXPIRATION SCHEDULE
4
3
2
1
0Earlier Jan-19Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Later
# of
Uni
ts
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
FINANCIALS
REVENUE
Gross Potential Revenue
Vacancy
Rental Revenue
Expense Reimbursements
Other Residential Income
Effective Gross Revneue
EXPENSES
Repairs and Maintenance
Utilities
Insurance
Real Estate Taxes
Property Management
Admin and Other
Total Expenses
Expenses Per Unit
Net Operating Income
Cap Rate
Debt Service - Yr 1
Total Cash Flow
Cash on Cash Return
T12 Annualized
$99,540
($4,977)
$94,563
$9,500
$2,220
$106,283
($8,800)
($9,900)
($6,180)
($1,980)
($9,034)
($2,000)
($37,894)
($3,445)
$68,389
6.51%
($31,450)
$36,939
14.07%
Year 1
$108,780
($5,439)
$103,341
$9,405
$2,500
$115,246
($8,800)
($9,900)
($6,180)
($1,980)
($9,034)
($2,000)
($37,894)
($3,445)
$77,352
7.37%
($31,450)
$45,902
17.49%
Year 2
$112,043
($5,602)
$106,441
$9,687
$2,575
$118,703
($9,064)
($10,197)
($6,365)
($2,039)
($9,305)
($2,060)
($39,031)
($3,548)
$79,673
7.59%
($43,684)
$35,989
13.71%
Year 3
$115,405
($5,770)
$109,634
$9,978
$2,652
$122,264
($9,336)
($10,503)
($6,556)
($2,101)
($9,584)
($2,122)
($40,202)
($3,655)
$82,063
7.82%
($43,684)
$38,379
14.62%INC
OM
E
ST
AT
EM
EN
T
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
SOLDCOMPARABLES
Address
1411 S Corona St
425 Prairie Rd
2609 E Dale St
319-321 E Brookside St
# Comp
SUBJECTPROPERTY
1
2
3
Averages
Units
11
6
16
34
Building SF
8,265
4,262
12,800
16,392
Sale Price
$1,050,000
$559,900
$1,550,000
$2,400,000
$1,389,975
Price Per Unit
$95,455
$93,317
$96,875
$70,588
$89,059
Price Per Foot
$127
$131
$121
$146
$131
Cap Rate
7.37%
7.11%
7.20%
7.16%
7.23%
1
2
3
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
COLORADO SPRINGS NOTABLE RANKINGS
#2 BEST PLACE TO LIVE(U.S. NEWS & WORLD REPORT, 2018)
#1 Mountain City
(MONEY MAGAZINE, 2016)
3rd Best Cityfor Livability
(U.S. NEWS & WORLD REPORT, 2016)
Top 5 Rent growthmarket in the U.S.
(AXIOMETRICS)
National Hub for Cybersecurity-ROOT9B - #1 security Company
in the world (U.S. NEWS & WORLD REPORT, 2016)
10% Increasein Median Home
Prices Y-O-Y (NATIONAL ASSOCIATION OF REALTORS, 2018)
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
COLORADO SPRINGS
The 186-square mile city of Colorado Springs is located near the base of one of the most famous American mountains, Pikes Peak, and 61 miles south of Denver. With an estimated population of 456,568, Colorado Springs is the most populous city in El Paso County and it is estimated that the population will increase 58.6% by 2050.
Colorado Springs consistently receives high rankings such as •#1 Best Big City in "Best Places to Live" by Money magazine •#1 Outside Magazine's list of America's Best Cities •#2 on U.S. News list of most desirable cities.Along with many trails and parks, major attractions include:
•Pikes Peak•Garden of the Gods Park•The Broadmoor Seven Falls•Cave Of The Winds Mountain•Cheyenne Mountain Heritage Center•Cheyenne Mountain Zoo•Colorado Springs Fine Arts Center•Colorado Springs Pioneers•Peterson Air and Space Museum•United States Air Force Academy.
Colorado Springs is also home to the Colorado Springs Olympic Training Center and the headquarters of the United States Olympic Committee. In addition, a number of United States national federations for individual Olympic sports have their headquarters in Colorado Springs. *Some information sourced from https://www.visitcos.com/about-cvb/about-colorado-springs/.
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
BROADMOOR HOTEL
The Broadmoor in Colorado Springs is known for being a member of the Historic Hotels of America of the National Trust for Historic Preservation, as well as the longest-running consecutive winner of both the AAA Five-Diamond and Forbes Five-Star awards. The property originally started as a dairy farm, was turned into a casino in 1891, and became a hotel in 1918. Blending European elegance and Western hospitality, The Broadmoor has been the destination of a long list of presidents, statesmen, foreign dignitaries, sports stars, and celebrities. The Broadmoor is not only the premier attraction for the Springs, but draws consistent visitors nationwide.
The Broadmoor continues to offer impeccable service, distinctive amenities, and endless opportunities to explore the picturesque mountains, streams, and canyons that have inspired generations. The hotel offers over 185,000 square feet of meeting space and 779 rooms including suites, cottages, and cabins. Fine dining includes 18 award-winning restaurants and lounges, including the Five Diamond Penrose Room. The Forbes Five-Star Spa at The Broadmoor offers luxurious spa services. The Broadmoor features three of Colorado’s championship golf courses and is also ranked among the Top 10 tennis resorts in the United States. Additionally, there are 26 specialty shops located across from the resort. Nearby activities include fly fishing, horseback riding, waterfall treks, and ziplining adventures. .
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
MANITOU SPRINGS
Manitou Springs is a small town located at the base of Pike’s Peak, just 15 minutes west of Colorado Springs with about six miles from one downtown to the other. “Manitou” is a Native American word meaning “great spirit.” The Ute, Cheyenne and other Native Americans considered this area sacred for its healing springs and clean mountain air. Manitou Springs features eight naturally carbonated mineral spring fountains, which are free to use. Health and wellness continues to be a draw for residents and visitors who come to the area for its unparalleled quality of life and holistic, spiritually uplifting charm. Additionally, with Colorado Springs banning recreational marijuana stores, Manitou Springs has emerged as the closest option for those in Colorado Springs to purchase marijuana.
Manitou Springs is a vibrant artisan community with art, music, theater, and sidewalk sculpture displays. The Historic District is lined with unique art galleries, one of a kind gift shops, and trading posts with handcrafted Native American treasures. It is also home to dozens of artists and art galleries.
Manitou Springs is known for its proximately to Pikes Peak. The Manitou and Pikes Peak Cog Railway take travelers to the top of Pikes Peak with an elevation of 14,115 feet. For those that prefer to walk, there are a variety of hiking trails leading to spectacular views at the top, with the 13-mile Barr Trail serving as one of the most popular routes. The area also features the famous Garden of the Gods Park and The Incline, a popular hiking train that gains over 2,000 feet of elevation in less than 1 mile. The Cave of the Winds, Miramont Castle, and Cliff Dwellings Museum are also popular destinations. Additionally, the North Pole and Santa’s Workshop, Cheyenne Mountain Zoo, Seven Falls, Dinosaur Resource Center, Colorado Wolf and Wildlife Center, and the Air Force Academy are all a short drive away. *some information sourced from https://manitousprings.org/
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
U.S. OLYMPIC MUSEUM
The U.S. Olympic Museum will be located where many Olympic and Paralympic dreams begin – at 6,035 feet above sea level, in the shadow of Pikes Peak – just a few blocks away from the United States Olympic Committee headquarters in Colorado Springs. This will be the first full-fledged Olympic museum in the United States and will be developed on 1.7 acres of land in Colorado Springs’ Southwest Downtown Urban Renewal District, creating a stunning gateway to Downtown Colorado Springs and America the Beautiful Park. It is set to open in 2018 and has an estimated cost of roughly $75 million.
The Olympic Training Center draws about 130,000 visitors a year. Museum officials are expecting their 60,000-square-foot showcase to eventually draw up to 350,000 a year, with more than half the visitors coming from outside the state.
The 60,000-square-foot building will embody the forward-looking values of Team USA, with 20,000 square feet of highly interactive exhibit space, a state-of-the-art theater, gift shop, café, and broadcast studio.
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
2017 Summary
Population
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
2022 Summary
Population
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
1 Mile
14,342
6,609
2,895
1.91
3,269
3,340
37.5
$49,089
$71,103
1 Mile
14,684
6,801
2,934
1.90
3,321
3,480
37.9
$55,385
$81,541
3 Miles
96,775
44,720
22,000
2.09
21,342
23,378
40.3
$42,593
$58,878
3 Miles
100,709
46,672
22,678
2.08
22,063
24,609
40.9
$46,763
$67,116
5 Miles
410,580
163,751
89,359
2.46
74,792
88,959
34.1
$51,406
$77,543
5 Miles
259,064
114,078
61,994
2.22
54,613
59,465
38.2
$52,193
$74,639
5 MILES
3 MILES
1 MILE
SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]
DEMOGRAPHICS
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
THE NEXUSPEOPLE
ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]
Not your average brokers.As a team, we might not appear as your typical brokerage - and that’s by design. Even though we’ve been in the industry for more
than two decades, we are as enthusiastic, energetic and collaborative as when we first started. At Nexus, there is no internal competition because our purpose is aligned. This reduces internal competition and makes us more productive on a per
broker/agent basis. We love coming to work everyday because we love helping our clients achieve their goals. You might find us in jeans instead of slacks, outside meeting people instead of in our office. We do things differently because we are different.
ADAM RIDDLECo-Founder/Principal
| 303.257.7627 | [email protected]
JASON KOCH Co-FounderPrincipal 303.918.8909 [email protected]
ADAM [email protected]
KIM ROYSales & Operations [email protected]
AUSTIN SMITH Investment Advisor303.868.9096 [email protected]
ROBERT GRAYTInvestment Advisor713.857.3054 [email protected] Springs Office
WALLIS HUTCHENS Office Manager 828.850.9033 [email protected]
SEAN HOLAMON InvestmentAdvisor806.789.9799 [email protected]
KEVIN [email protected]
SHANNON LACKEYExecutive Assistant/Transaction Coordinator 707.332.5907 [email protected]
1411 S CORONA STCOLORADO SPRINGS, CO 80905
713.857.3054 | [email protected] |
ADAM RIDDLECo-Founder/Principal
303.257.7627 | [email protected] |
For More Information Contact
ROBERT GRAY Investment Advisor