5 BUILDING MULTI FAMILY PORTFOLIO - THE HEIGHTS...The Heights is also one of the top communities in...

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MULTIFAMILY HOUSTON PORTFOLIO FOR SALE 5 BUILDING MULTI FAMILY PORTFOLIO - THE HEIGHTS HOUSTON, TX MATTEO FAETH 469.554.0430 [email protected] Presented By PERRY GUEST COMPANY 2517 Thomas Avenue, Dallas, TX 75201 214.528.9250 | perryguestco.com

Transcript of 5 BUILDING MULTI FAMILY PORTFOLIO - THE HEIGHTS...The Heights is also one of the top communities in...

Page 1: 5 BUILDING MULTI FAMILY PORTFOLIO - THE HEIGHTS...The Heights is also one of the top communities in the state for family fun activities with hotspots like Heights Hike and Bike Trail

MULTIFAMILY HOUSTON PORTFOLIO FOR SALE

5 BUILDING MULTI FAMILY PORTFOLIO - THE HEIGHTSHOUSTON, TX

MATTEO FAETH

[email protected]

Presented By

PERRY GUEST COMPANY

2517 Thomas Avenue, Dallas, TX 75201

214.528.9250 | perryguestco.com

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CONFIDENTIAL OFFERING MEMORANDUM | 2

OFFERING SUMMARY

Sale Price: $16,000,000

Combined Number Of Units: 103

Cap Rate: 5.65%

Combined NOI: $894,839.27

Combined Land Size: 2.2 Acres

Year Built: 1950-1964

Combined # Of Buildings: 9

Total Rentable Square Footage: 68,498 SF

Renovated: 2012-2013

Price / SF: $233.58

Price / Door: $155,339

Perry Guest Co has been exclusive retained to offer buyers a chance of purchasing a fee simple interest in a 5building portfolio located in the exclusive Heights neighborhood of Houston, TX. The portfolio consists of 5buildings, 103 units which sit on almost two and a half acres of land. The buildings are located in impeccablelocations and are all walking distance to The Heights shops, restaurants, and bars. All buildings have been takendown to the studs between the years of 2013-2018 and replaced with all new systems and remodeled with finedesigner touches. All buildings have new electrical with separate electric meters, new plumbing, new HVACcompressors, and new roofs. Interior renovations include remodeled kitchens with black appliances, granitecountertops, new shaker style cabinetry, and new faux wood flooring. Additionally, all units have washer/dryer inthe unit, new canned lighting, new ceiling fans, new doors, new hardware, new low-e double pane windows, newsheetrock, new baseboards, and remodeled bathrooms with new tubs, toilets, and vanities. Exteriorly, the buildingshave recently been painted, irrigated, and landscaped with lush and colorfully plants and flowers. All propertiesare gated with secure access pedestrian gates. Select properties offer covered parking for an additional fee. Theproperty is being offered with attractive assumable debt. 4300 Rosslyn can be purchased separately from theother properties.

PROPERTY OVERVIEW

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

EXECUTIVE SUMMARY

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LOCATION INFORMATIONSECTION 1

MATTEO FAETH

[email protected]

Presented By

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CONFIDENTIAL OFFERING MEMORANDUM LOCATION INFORMATION | 4

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

PHOTOS - THE HEIGHTS

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CONFIDENTIAL OFFERING MEMORANDUM LOCATION INFORMATION | 5

LOCATION DESCRIPTION

The Heights is one of the hottest inner loop neighborhoods for accessibility and real estate appreciation in Houston. The Accessibility is ranked one of the mostwalkable Houston Neighborhoods with a walkable score of 75. Additionally, The Heights has been one of the strongest appreciation parts of Houston in recentyears.

The Heights is also one of the top communities in the state for family fun activities with hotspots like Heights Hike and Bike Trail and White Oak Bayou Trail nearby.

With its central location, The Heights offers a great commuting option. Downtown, Houston’s inner loop, Medical Center, Galleria are just a short distance away.

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

THE HEIGHTS

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PROPERTY INFORMATIONSECTION 2

MATTEO FAETH

[email protected]

Presented By

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INCOME SUMMARY PER DOOR

Rental Income $1,587,300 $15,410

5% Vacancy -$78,915 -$766

Additional Income $2,700 $26

Gross Income $1,511,085 $14,670

EXPENSE SUMMARY PER DOOR

Maintenance $67,042 $650

Utilities $72,095 $699

Administrative $94,346 $915

Insurance $59,907 $581

Taxes $313,852 $3,047

Gross Expenses $607,245 $5,895

Net Operating Income $903,839 $8,775

CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 7

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

COMBINED PROFORMA INCOME & EXPENSES

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 8

427 W. 16TH STREET BUILDING SUMMARY

Wiring: Copper

Plumbing: PVC

HVAC: Individual Compressors

Roof: Pitched - Composition

Foundation: Slab

Electric Metering: Separate

Gas Metering: Master

Water Metering: Master

PROPERTY DESCRIPTION

Built in 1960 and sitting on over 27,000 feet of land, 427 W. 16th Street consists of 28large and spacious 1 and 2 bedroom flats. Located in the Heights neighborhood ofHouston, the property is central to roads, highways, the Medical Center, the Inner Loop,and Downtown. With the majority of the units being 2 bedrooms there is a higher pricepoint for rent, which is attractive. The property is centered around a largegated outdoor courtyard that has been professionally irrigated and landscapedwith lush foliage and beautiful plants and flowers featuring several commonarea seating areas. In 2013, the building was taken down to the studs and replaced witheverything new including electrical, plumbing, roof, and much more. Interiorrenovations include remodeled kitchens featuring black appliances, shaker stylecabinetry, and granite countertops. Units also have faux wood flooring, washer/dryerincluded in the unit, canned lighting, ceilings fan, and fresh paint. The property is gatedwith secure access pedestrian gates and sits among high priced homes.

427 W. 16TH STREET OFFERING SUMMARY

Number of Units: 28

Year Built: 1960

Year Renovated: 2013

# of Buildings: 1

# of Stories: 2

Lot Size: 27,200 SF

Building Size: 18,415 SF

Occupancy: 100%

NOI: $250,574.29

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

427 W. 16TH STREET PROPERTY SUMMARY

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INCOME SUMMARY PER DOOR

Rental Income $447,900 $15,996

5% Vacancy -$22,395 -$799

Additional Income $1,855 $66

Gross Income $427,360 $15,262

EXPENSE SUMMARY PER DOOR

Maintenance $14,526 $518

Utilities $24,974 $891

Administrative $24,785 $885

Insurance $18,000 $642

Taxes $94,500 $3,375

Gross Expenses $176,785 $6,313

Net Operating Income $250,574 $8,949

CONFIDENTIAL OFFERING MEMORANDUM | 1

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

427 W. 16TH STREET PROFORMA INCOME & EXPENSES

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

1 2 1 710 1/19/2019 1/31/2020 $1,250 $1.76 $1,400 $1.97

2 2 1 710 10/10/2016 6/30/2019 $1,250 $1.76 $1,400 $1.97

3 2 1 710 8/14/2015 6/30/2019 $1,380 $1.94 $1,400 $1.97

4 1 1 550 1/25/2019 1/31/2020 $900 $1.64 $1,225 $2.23

5 1 1 550 9/1/2017 9/30/2019 $1,225 $2.23 $1,225 $2.23

6 1 1 550 10/25/2017 10/31/2019 $1,125 $2.05 $1,225 $2.23

7 2 1 710 3/12/2018 3/31/2019 $1,250 $1.76 $1,400 $1.97

8 1 1 550 12/1/2018 11/30/2019 $1,225 $2.23 $1,225 $2.23

9 2 1 710 10/13/2018 10/31/2019 $1,350 $1.90 $1,400 $1.97

10 2 1 710 10/10/2018 9/30/2019 $1,350 $1.90 $1,400 $1.97

11 2 1 710 8/4/2018 7/31/2019 $1,400 $1.97 $1,400 $1.97

12 1 1 550 7/11/2015 7/31/2019 $1,225 $2.23 $1,225 $2.23

13 2 1 710 7/11/2018 7/31/2019 $1,350 $1.90 $1,400 $1.97

14 2 1 710 6/1/2013 6/30/2019 $1,100 $1.55 $1,400 $1.97

15 2 1 710 4/11/2019 4/30/2020 $1,400 $1.97 $1,400 $1.97

16 1 1 550 7/11/2015 7/31/2019 $1,225 $2.23 $1,225 $2.23

17 1 1 550 12/17/2018 12/31/2019 $1,125 $2.05 $1,225 $2.23

18 1 1 550 9/26/2014 12/31/2018 $1,225 $2.23 $1,225 $2.23

19 1 1 535 2/1/2017 7/31/2019 $1,150 $2.15 $1,225 $2.29

CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 9

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

427 W. 16TH STREET RENT ROLL

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

20 2 1 710 2/26/2019 2/29/2020 $1,350 $1.90 $1,400 $1.97

21 1 1 550 11/05/2018 11/30/2019 $1,225 $2.23 $1,225 $2.23

22 2 1 710 1/16/2019 1/31/2020 $1,400 $1.97 $1,400 $1.97

23 2 1 710 3/27/2018 9/30/2019 $1,550 $2.18 $1,400 $1.97

24 2 1 710 3/17/2018 3/31/2019 $1,350 $1.90 $1,400 $1.97

25 2 1 710 11/01/2017 4/30/2019 $1,425 $2.01 $1,425 $2.01

26 2 1 760 6/6/2014 5/31/2019 $1,375 $1.81 $1,350 $1.78

27 2 1 760 2/4/2017 1/31/2019 $1,350 $1.78 $1,350 $1.78

28 2 1 760 8/9/2018 8/31/2019 $1,350 $1.78 $1,350 $1.78

Totals/Averages 18,415 $35,880 $1.95 $37,325 $2.05

CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 10

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

427 W. 16TH STREET RENT ROLL

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 11

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

427 W. 16TH STREET PHOTOS

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 12

214 W. 17TH STREET BUILDING SUMMARY

Wiring: Copper

Plumbing: PVC

HVAC: Individual Compressors

Roof: Flat - TPO

Foundation: Slab

Electric Metering: Separate

Gas Metering: Master

Water Metering: Master

PROPERTY DESCRIPTION

Walking distance to all the bars, restaurants, and shops 214 W. 17th Street is nestled inthe vibrant neighborhood of the Heights in Houston, TX. The property is across thestreet from homes that sell between 4-500,000 apiece. With a great mixture of studio, 1bedroom, and 2 bedroom floor plans, the building has something for everyone.Renovated in 2103, the property was gutted inside and out and replaced with all brandnewsystems and designer touches giving it a Melrose Place feel. Interior renovationsinclude remodeled kitchens featuring black appliances, shaker style cabinetry, andgranite countertops. Units also have faux wood flooring, washer/dryer included in theunit, canned lighting, ceilings fan, and fresh paint. Exteriorly, the buildings have recentlybeen painted, irrigated, and landscaped with lush and colorfully plants and flowers.The property is gated with secure access pedestrian gates and covered parking.

214 W. 17TH STREET OFFERING SUMMARY

Number of Units: 22

Year Built: 1960

Year Renovated: 2013

# of Buildings: 3

# of Stories 2

Lot Size: 17,000 SF

Building Size: 13,468 SF

Occupancy: 100%

NOI: $190,536.27

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

214 W. 17TH STREET PROPERTY SUMMARY

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INCOME SUMMARY PER DOOR

Rental Income $336,000 $15,272

5% Vacancy -$16,800 -$763

Gross Income $319,200 $14,509

EXPENSE SUMMARY PER DOOR

Maintenance $17,748 $806

Utilities $11,660 $530

Administrative $18,614 $846

Insurance $12,600 $572

Taxes $68,040 $3,092

Gross Expenses $128,663 $5,848

Net Operating Income $190,536 $8,660

CONFIDENTIAL OFFERING MEMORANDUM | 3

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

214 W. 17TH STREET PROFORMA INCOME & EXPENSES

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

1 2 1 667 12/7/2017 11/30/2019 $1,275 $1.91 $1,350 $2.02

2 2 1 667 4/11/2018 4/30/2019 $1,250 $1.87 $1,350 $2.02

3 2 1 667 MTM MTM $1,400 $2.10 $1,350 $2.02

4 2 1 667 11/1/2017 10/31/2019 $1,275 $1.91 $1,350 $2.02

5 2 1 667 12/6/2013 7/31/2019 $1,350 $2.02 $1,350 $2.02

6 2 1 667 3/1/2019 8/31/2019 $1,225 $1.84 $1,350 $2.02

7 2 1 667 6/1/2018 5/31/2019 $1,250 $1.87 $1,350 $2.02

8 2 1 667 8/5/2016 6/30/2019 $1,290 $1.93 $1,350 $2.02

10 0 1 400 MTM MTM $900 $2.25 $900 $2.25

11 1 1 555 6/15/2018 6/30/2019 $1,225 $2.21 $1,225 $2.21

12 1 1 555 9/15/2016 6/30/2019 $1,190 $2.14 $1,225 $2.21

13 1 1 555 9/1/2017 9/30/2019 $1,190 $2.14 $1,225 $2.21

14 1 1 555 9/9/2018 9/30/2019 $1,225 $2.21 $1,225 $2.21

15 2 1 667 12/1/2017 11/30/2019 $1,275 $1.91 $1,350 $2.02

16 2 1 667 MTM MTM $1,250 $1.87 $1,350 $2.02

17 2 1 667 10/10/2018 10/31/2019 $1,300 $1.95 $1,350 $2.02

18 2 1 667 2/25/2017 7/31/2019 $1,290 $1.93 $1,350 $2.02

19 2 1 667 MTM MTM $1,200 $1.80 $1,300 $1.95

20 2 1 667 MTM MTM $1,350 $2.02 $1,350 $2.02

CONFIDENTIAL OFFERING MEMORANDUM | 1

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

214 W. 17TH STREET RENT ROLL

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

21 1 1 555 2/22/2019 2/29/2020 $1,125 $2.03 $1,225 $2.21

22 1 1 555 MTM MTM $1,195 $2.15 $1,225 $2.21

24 0 1 400 12/14/2018 7/31/2019 $800 $2.00 $900 $2.25

Totals/Averages 13,468 $26,830 $1.99 $28,000 $2.09

CONFIDENTIAL OFFERING MEMORANDUM | 2

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

214 W. 17TH STREET RENT ROLL

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 13

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

214 W. 17TH STREET PHOTOS

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 14

1222 HEIGHTS BUILDING SUMMARY

Wiring: Copper

Plumbing: PVC

HVAC: Individual Compressors

Roof: Flat - TPO

Foundation: Slab

Electric Metering Separate

Gas Metering: Master

Water Metering: Master

PROPERTY DESCRIPTION

Built in 1964 and consisting of 10 1 bedroom/1 bath floor plans, 1222 Heights is in theheart of the Heights Historic District. Taken down to the studs in 2013 the building haseverything brand new including electrical, plumbing, and roof. Interior renovationsinclude remodeled kitchens featuring black appliances, shaker style cabinetry, andgranite countertops. Units also have faux wood flooring, washer/dryer included in theunit, electric water heaters, canned lighting, ceilings fan, and fresh paint. Property sitson 7,500 square feet of land and has new low e double pane windows, fresh exteriorpaint, new landscaping and irrigation. The building is also separately metered forelectric, individual HVAC compressors, and gated with secured access gates. Theproperty is in close proximity to all the shops and restaurants the Heights has to offer.

1222 HEIGHTS OFFERING SUMMARY

Number of Units: 10

Year Built: 1964

Year Renovated: 2014

# of Buildings: 1

# of Stories 2

Lot Size: 7500 SF

Building Size: 6,290 SF

Occupancy: 100%

NOI: $87,482.38

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1222 HEIGHTS BLVD PROPERTY SUMMARY

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INCOME SUMMARY PER DOOR

Rental Income $157,200 $15,720

5% Vacancy -$7,860 -$786

Gross Income $149,340 $14,934

EXPENSE SUMMARY PER DOOR

Maintenance $7,684 $768

Utilities $9,613 $961

Administrative $9,846 $984

Insurance $6,251 $625

Taxes $28,462 $2,846

Gross Expenses $61,857 $6,185

Net Operating Income $87,482 $8,748

CONFIDENTIAL OFFERING MEMORANDUM | 2

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1222 HEIGHTS BLVD PROFORMA INCOME & EXPENSES

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

1 1 1 615 8/23/2018 8/31/2019 $1,195 $1.94 $1,225 $1.99

2 1 1 615 8/11/2018 8/31/2019 $1,195 $1.94 $1,225 $1.99

3 1 1 615 8/3/2018 7/31/2019 $1,195 $1.94 $1,225 $1.99

4 1 1 615 2/14/2019 2/29/2020 $1,225 $1.99 $1,225 $1.99

5 1 1 615 1/30/2018 1/31/2020 $1,195 $1.94 $1,225 $1.99

6 1 1 615 8/25/2018 3/31/2019 $1,195 $1.94 $1,225 $1.99

7 1 1 650 8/18/2018 8/31/2019 $1,250 $1.92 $1,450 $2.23

8 1 1 650 6/6/2018 5/31/2019 $1,150 $1.77 $1,450 $2.23

9 1 1 650 11/10/2018 11/30/2019 $1,250 $1.92 $1,450 $2.23

10 1 1 650 4/1/2019 3/31/2020 $1,450 $2.23 $1,450 $2.23

Totals/Averages 6,290 $12,300 $1.96 $13,150 $2.09

CONFIDENTIAL OFFERING MEMORANDUM | 1

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1222 HEIGHTS BLVD RENT ROLL

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 15

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1222 HEIGHTS BLVD PHOTOS

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 16

1548 ASHLAND BUILDING SUMMARY

Wiring: Copper

Plumbing: PVC

HVAC: Individual Compressors

Roof: Pitched - Composition

Foundation: Pier and Beam

Electric Metering: Separate

Gas Metering: Master

Water Metering: Master

PROPERTY DESCRIPTION

Located in the exclusive “Heights,” 1548 Ashland has all the character and charm of a1950’s building with the luxury of all brand new systems. Comprised of 16 large andspacious studio and 1 bedroom floor plans, Ashland was taken down to the studs in2014 and replaced with everything new including electrical, plumbing, roof, and muchmore. Interior renovations include remodeled kitchens featuring black appliances,shaker style cabinetry, and granite countertops. Units also have faux woodflooring, washer/dryer included in the unit, canned lighting, ceilings fan, and freshpaint. Property sits on over 13,000 feet of land and has new low e double panewindows, fresh exterior paint, new landscaping and irrigation. The building is also gatedwith secured access gates. The property is in close proximity to all the shops andrestaurants the Heights has to offer.

1548 ASHLAND OFFERING SUMMARY

Number of Units: 16

Year Built: 1960

Year Renovated: 2013

# of Buildings: 1

# of Stories: 2

Lot Size: 13,200 SF

Building Size: 9,900 SF

Occupancy: 100%

NOI: $141,908.33

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1548 ASHLAND PROPERTY SUMMARY

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INCOME SUMMARY PER DOOR

Rental Income $245,400 $15,337

5% Vacancy -$12,270 -$766

Parking $845 $52

Gross Income $233,975 $14,623

EXPENSE SUMMARY PER DOOR

Maintenance $13,663 $853

Utilities $9,419 $588

Administrative $12,668 $791

Property Insurance $9,064 $566

Taxes $47,250 $2,953

Gross Expenses $92,066 $5,754

Net Operating Income $141,908 $8,869

CONFIDENTIAL OFFERING MEMORANDUM | 2

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1548 ASHLAND PROFORMA INCOME & EXPENSES

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UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

1 1 1 650 7/14/2018 7/31/2019 $1,300 $2.00 $1,350 $2.08

2 1 1 650 5/31/2018 6/30/2019 $1,350 $2.08 $1,350 $2.08

3 1 1 750 6/1/2018 5/31/2019 $1,350 $1.80 $1,375 $1.83

4 1 1 750 10/23/2017 10/31/2019 $1,375 $1.83 $1,375 $1.83

5 1 1 650 11/03/2018 4/30/2019 $1,300 $2.00 $1,350 $2.08

6 1 1 650 11/29/2018 11/30/2019 $1,250 $1.92 $1,350 $2.08

7 1 1 750 8/15/2017 8/31/2019 $1,450 $1.93 $1,450 $1.93

8 1 1 750 3/3/2018 2/29/2020 $1,350 $1.80 $1,350 $1.80

9 1 1 650 4/1/2019 3/30/2020 $1,400 $2.15 $1,400 $2.15

10 1 1 650 5/14/2017 5/31/2019 $1,250 $1.92 $1,350 $2.08

11 0 1 500 6/11/2016 6/30/2019 $1,125 $2.25 $1,125 $2.25

12 0 1 500 4/28/2017 5/31/2019 $1,025 $2.05 $1,125 $2.25

13 0 1 500 8/1/2018 2/28/2019 $1,100 $2.20 $1,125 $2.25

14 0 1 500 5/1/2016 6/30/2019 $1,125 $2.25 $1,125 $2.25

15 0 1 500 8/3/2018 7/31/2019 $1,100 $2.20 $1,125 $2.25

16 0 1 500 MTM MTM $1,125 $2.25 $1,125 $2.25

Totals/Averages 9,900 $19,975 $2.02 $20,450 $2.09 $0

CONFIDENTIAL OFFERING MEMORANDUM | 1

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1548 ASHLAND RENT ROLL

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 17

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

1548 ASHLAND PHOTOS

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 18

4300 ROSSLYN BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual Compressors

Roof: Flat - TPO

Foundation: Slab

Electric Metering: Separate

Gas Metering: Master

Water Metering: Master

PROPERTY DESCRIPTION

Located in a primarily residential neighborhood, Garden Oaks, 4300 Rossyln is a twostory garden style building sitting on almost ¾ of an acre. In 2018 the entire propertywas taken down to the studs and replaced with everything brand new. Renovationsinclude new electrical, new plumbing, new railings, new roof, new individual HVAC’s,and much more. Averaging over 800 square feet, the property features a great mixtureof one and two bedrooms floor plans with the majority of units consisting of 2bedroom/ 1 bath. Interior renovations include remodeled kitchens with arctic whitequartz countertops with under mount sinks, new dark shaker style cabinetry, a suite ofpremium appliances, and designer tile. All units feature can lighting, new ceiling fans,new doors, new baseboards, remodeled bathrooms with all new fixtures, and washerdryer in every unit. The property has been gated with secure access and featuresprofessional landscaping, new pavers, and irrigation. The property is centrally locatedand in close proximity to Downtown Houston, the Medical Center, Galleria, and TheHeights.

4300 ROSSLYN OFFERING SUMMARY

Number of Units: 27

Year Built: 1961

Year Renovated: 2018

# of Buildings: 3

# of Stories; 2

Lot Size: 32,234 SF

Building Size: 20,425 SF

92%

NOI: $224,338.00

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

4300 ROSSLYN PROPERTY SUMMARY

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INCOME SUMMARY PER DOOR

Rental Income $391,800 $14,511

5% Vacancy -$19,590 -$725

Gross Income $372,210 $13,785

EXPENSE SUMMARY PER DOOR

Maintenance $13,420 $497

Utilities $16,428 $608

Administrative $28,432 $1,053

Insurance $13,992 $518

Taxes $75,600 $2,800

Gross Expenses $147,872 $5,476

Net Operating Income $224,337 $8,308

CONFIDENTIAL OFFERING MEMORANDUM | 2

5 BUILDING PORTFOLIO - THE HEIGHTS, HOUSTON, TXHOUSTON, TX

4300 ROSSLYN PROFORMA INCOME & EXPENSES

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UNIT TYPE COUNT % TOTAL SIZE (SF) MARKET RENT MARKET RENT/SF

1-1 4 14.8 615 $1,050 $1.71

1-1 3 11.1 767 $1,150 $1.50

2-1 20 74.1 806 $1,250 $1.55

Totals/Averages 27 100% 20,881 $32,650 $1.56

CONFIDENTIAL OFFERING MEMORANDUM | 1

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

4300 ROSSLYN UNIT MIX SUMMARY

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CONFIDENTIAL OFFERING MEMORANDUM PROPERTY INFORMATION | 19

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

4300 ROSSLYN ROAD PHOTOS

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AERIAL MAPSSECTION 3

MATTEO FAETH

[email protected]

Presented By

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CONFIDENTIAL OFFERING MEMORANDUM Aerial Maps | 21

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

AERIAL MAP

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CONFIDENTIAL OFFERING MEMORANDUM Aerial Maps | 22

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

AERIAL MAP

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1 MILE 3 MILES 5 MILES

Total population 15,996 127,839 365,368

Median age 36.7 35.3 34.2

Median age (male) 35.6 34.6 33.8

Median age (female) 38.1 36.0 34.7

Total households 7,312 55,148 148,934

Total persons per HH 2.2 2.3 2.5

Average HH income $88,316 $83,762 $84,901

Average house value $329,237 $274,117 $246,828

* Demographic data derived from 2010 US Census

CONFIDENTIAL OFFERING MEMORANDUM Aerial Maps | 23

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

DEMOGRAPHICS REPORT

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POPULATION 1 MILE 3 MILES 5 MILES

Total population 15,996 127,839 365,368

Median age 36.7 35.3 34.2

Median age (male) 35.6 34.6 33.8

Median age (Female) 38.1 36.0 34.7

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 7,312 55,148 148,934

# of persons per HH 2.2 2.3 2.5

Average HH income $88,316 $83,762 $84,901

Average house value $329,237 $274,117 $246,828

* Demographic data derived from 2010 US Census

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

DEMOGRAPHICS MAP

CONFIDENTIAL OFFERING MEMORANDUM Aerial Maps | 24

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CONFIDENTIAL OFFERING MEMORANDUM Aerial Maps | 25

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.

5 BUILDING PORTFOLIO - THE HEIGHTSHOUSTON, TX

DISCLAIMER