II 10001 Westpark - LoopNet

KW COMMERCIAL

920 South Fry RoadKaty, TX 77450

Sunridge Villas II 10001 Westpark

OFFERING MEMORANDUM

PRESENTED BY:

77042

OFFERING MEMORANDUM

Sunridge Villas II 10001 Westpark

9.54% 138K I 29-Unit Condominium Sale

KW Commercial

Konrad Molski 832.770.7000 [email protected]

Each Office Independently Owned and Operated kwcommercial.com 2

KW COMMERCIAL

920 South Fry Road

Katy, TX 77450

Confidentiality & Disclaimer

OFFERING MEMORANDUM

PRESENTED BY:

HOUSTON, TX

KW Commercial


http://www.kwcommercial.com

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

PROPERTY DETAILS

ADDITIONAL PHOTOS

1PROPERTY INFORMATION

SUNRIDGE VILLAS II 10001 WESTPARK

OFFERING MEMORANDUM

10001 Westpark Dr Houston, TX 77042

Each Office Independently Owned and Operated kwcommercial.com


LOCATION INFORMATION

Building Name

Street Address

City, State, Zip

County/Township

Market

Submarket

Cross Streets

Sunridge Villas II

10001 Westpark Dr�

Houston, TX 77042

Harris

Houston

Westchase

Westpark at S. Gessner

BUILDING INFORMATION

PROPERTY DETAILS

Property Type�Property Subtype�

Multifamily�Low-Rise/Garden�

SALE PRICE: $1,450,000

NUMBER OF UNITS:

LOT SIZE: 2.76 Acres

YEAR BUILT: 1983

BUILDING SIZE: 25,184 SF

Qty. 29 out of 67

SUNRIDGE VILLAS II 10001 WESTPARK

Property Details

$50,000 per Unit

PRICE / SF: $ 57.58 / SF

n nc Multiple

oo nits

2 oo nits

Qty. 11

Qty. 18


SUNRIDGE VILLAS II 10001 WESTPARK 1 | PROPERTY INFORMATION

Executive Summary

29-Plex 9.54% CAP Rate Cash Producing Villas LIST PRICE = 7.58 sfStabilized 25,184sf at ONLY 7.58 r Sq t 1 450 000ARV on Market CLOSED Unit within the community 68 sfMLS# 91165275 10001 Westpark Drive Unit#37 CLOSED at $68/sf February 1st 2019

We are pleased to present a stabilized high cash flowing asset. Sunrid illas 2 offers an opportunity to acquire 29 individual condominium units with a high initial return on investment. All units for sale are leased, with 13 units receiving government subsidies through the Housing Choice Voucher (Section 8) program.

AL A 33.33 L Mark t nt oll as d on 101 M i cod 77042

The property currently has below market rents as follows: 11 one-bedroom units averaging $809 per month. Maximized section 8 rent $913 per month.18 two-bedroom units averaging $860 per month. Maximized section 8 rent $1,119 per month.Currently if OPTIMIZED the rent-roll may�be amplified by an ADDITIONAL $69,000 in yearly NOI2018 12 9.54 CA at Sta ili d 138K timi d 69K 207K at 14. 6

Additional nformation on th ro rt

Built in 1983, Sunridge Villas Phase 2 is a 67-unit condominium community that sits on 2.76 acres in the heart of Houston’s Westchase District. The is a rental market in this area is historically strong with low vacancy and growing rents. The property is in a prime location near the cross-streets of Westpark and Gessner. Large commercial developments and a bus stop in front of the community offer residents high walkability and easy access to transportation. The area is fully developed and surrounding comparables have sold at higher prices.

Currently, rent collection is handled by the existing owner with the assistance of an on-site maintenance person. The property is being sold as a high yield investment with excellent upside potential through gradual improvements. There is a strong demand for Class C rentals, and surrounding areas are fully developed, thereby limiting competition.

Each condominium has its own central air unit, individual water heater, and electric meter. The HOA is responsible for the exterior maintenance of the property and carries a roof reserve to handle replacements as needed. HOA dues include insurance for the structure and covers water, sewer, and trash for all residents in the community.

Properties can be left as-is for continued cash flow. This investment is offered at a lucrative 9.54% cap rate. Existing section 8 rents can be increased immediately to offset the cost of adding on-site property management to handle rent collection, tenant screenings, and maintenance requests.

With further improvements and make ready on the units rents can be improved to Exponentially increase cash flow, ultimately raise the equitable value of the property. All units require varying make-ready or updates estimated between $1,500 to $6,500 per unit. By gradually improving units, new tenants can be on-boarded at Fair Market Rents (FMR). The FMR for two-bedroom units in the Housing Choice Voucher program is $1119, an increase of 33.33% above existing averages. By converting all units to the voucher program, an investor will realize an additional $69,000 in NOI. resulting in an effective cap rate of 14.56% or respectively 13.7%. after hiring on onsite property management.

AL A 15 L MA K A L S C on r Sq t

Each Office Independently Owned and Operated kwcommercial.com

Additional PhotosSUNRIDGE VILLAS 10001 WESTPARK 1 | PROPERTY INFORMATION


SUNRIDGE VILLAS 10001 WESTPARK 1 | PROPERTY INFORMATION

LOCATION INFORMATION

2 | LOCATION INFORMATION

REGIONAL MAP

LOCATION MAPS

AERIAL MAP

2LOCATION INFORMATION D I

SUNRIDGE VILLAS 10001 WESTPARK

OFFERING MEMORANDUM



POPULATION 1 MILE 3 MILES 5 MILES

Total population 27,607 188,304 530,265

Median age 30.0 32.8 33.1

Median age (Male) 29.7 32.1 32.4

Median age (Female) 31.6 33.9 33.8

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 11,549 77,933 209,162

# of persons per HH 2.4 2.4 2.5

Average HH income $49,409 $65,190 $71,303

Average house value $146,884 $281,819 $303,867

* Demographic data derived from 2010 US Census

Demographics Map & Report

SUNRIDGE VILLAS 10001 WESTPARK 2 | DEMOGRAPHICS

• 2017 TraffJc Count: 30,740 vpd on Westpark at S Gessner


Location Maps

SUNRIDGE VILLAS 10001 WESTPARK 2 | LOCATION INFORMATION


Sunridge Villas 10001Westpark

Aerial Map

SUNRIDGE VILLAS 10001 WESTPARK 2 | LOCATION INFORMATION

FINANCIAL ANALYSIS

3 | FINANCIAL ANALYSIS

FINANCIAL SUMMARY

INCOME & EXPENSES

RENT ROLL

UNIT MIX SUMMARY

3FINANCIAL ANALYSISSUNRIDGE VILLAS 10001 WESTPARK

OFFERING MEMORANDUM



INVESTMENT OVERVIEW

Price

Price per Unit

CAP Rate

/0*OPERATING DATA

Financial Summary

SUNRIDGE VILLAS 10001 WESTPARK 3 | FINANCIAL ANALYSIS

$1,450,000$50,000$9.54%

$1 , 4

KW Commercial



INCOME SUMMARY

#2 VALUE ADDED Raise Rent to 2019 Section 8 Standards at 101% for zip code 77042 -

Income & Expenses

SUNRIDGE VILLAS 10001 WESTPARK 3 | FINANCIAL ANALYSIS


Loan AmountLoan Amount $0

Interest RateInterest Rate 0.000%

Amortization PeriodAmortization Period 0 Years

Periodic PaymentPeriodic Payment $0

Annual Debt ServiceAnnual Debt Service $0

MORTGAGE DATAMORTGAGE DATA 1ST LIEN1ST LIEN

For the Year EndingFor the Year EndingYear 1Year 1

Mar-2020Mar-2020

Year 2Year 2

Mar-2021Mar-2021

Year 3Year 3

Mar-2022Mar-2022

Year 4Year 4

Mar-2023Mar-2023

Year 5Year 5

Mar-2024Mar-2024

POTENTIAL RENTAL INCOME (PRI)POTENTIAL RENTAL INCOME (PRI) $292,983 $292,983 $361,983 $361,983 $369,223 $369,223 $376,607 $376,607 $384,139 $384,139

-Vacancy / Credit Loss-Vacancy / Credit Loss $14,649 $18,099 $18,461 $18,830 $19,207

EFFECTIVE RENTAL INCOMEEFFECTIVE RENTAL INCOME $278,334 $278,334 $343,884 $343,884 $350,762 $350,762 $357,777 $357,777 $364,932 $364,932

+Other Income+Other Income $0 $0 $0 $0 $0

GROSS OPERATING INCOME (GOI)GROSS OPERATING INCOME (GOI) $278,334 $278,334 $343,884 $343,884 $350,762 $350,762 $357,777 $357,777 $364,932 $364,932

-Operating Expenses-Operating Expenses $166,639 $169,972 $173,371 $176,839 $180,375

NET OPERATING INCOME (NOI)NET OPERATING INCOME (NOI) $111,695 $111,695 $173,912 $173,912 $177,391 $177,391 $180,938 $180,938 $184,557 $184,557

NET OPERATING INCOME (NOI)NET OPERATING INCOME (NOI) $111,695 $173,912 $177,391 $180,938 $184,557

-Annual Debt Service 1st Lien-Annual Debt Service 1st Lien $0 $0 $0 $0 $0

CASH FLOW BEFORE TAXESCASH FLOW BEFORE TAXES $111,695 $111,695 $173,912 $173,912 $177,391 $177,391 $180,938 $180,938 $184,557 $184,557

Loan BalanceLoan Balance $0 $0 $0 $0 $0

Loan-to-Value (LTV) - 1st LienLoan-to-Value (LTV) - 1st Lien 0% 0% 0% 0% 0%

Debt Service Coverage RatioDebt Service Coverage Ratio 0.00 0.00 0.00 0.00 0.00

Before Tax Cash on CashBefore Tax Cash on Cash 7.55% 11.76% 11.99% 12.23% 12.48%

Projected Sales Price (EOY 5)Projected Sales Price (EOY 5) $2,298,000 $2,298,000

Cost of SaleCost of Sale $114,900

Mortgage Balance 1st LienMortgage Balance 1st Lien $0

Sales Proceeds Before TaxSales Proceeds Before Tax $2,183,100 $2,183,100

SALES PROCEEDSSALES PROCEEDS

Purchase PricePurchase Price $1,450,000

+Acquisition Costs+Acquisition Costs $28,420

-Mortgage(s)-Mortgage(s) $0

+Loan Fees & Points+Loan Fees & Points $0

Initial InvestmentInitial Investment $1,478,420

INITIAL INVESTMENTINITIAL INVESTMENT

Internal Rate of Return (IRR)Internal Rate of Return (IRR) 17.56% Acquisition CAP RateAcquisition CAP Rate 7.70%

Year 1 Cash-on-CashYear 1 Cash-on-Cash 7.55%Gross Rent MultiplierGross Rent Multiplier 4.85

Loan to ValueLoan to Value 0.00%

Debt Service Coverage RatioDebt Service Coverage Ratio 0.00

INVESTMENT PERFORMANCEINVESTMENT PERFORMANCE

CASH FLOWCASH FLOW

Sunridge Villas IISunridge Villas II10001 Westpark Dr

5-Year Cash Flow Analysis5-Year Cash Flow Analysis

Fiscal Year Beginning April 2019

DISCLAIMER: Year 5 sales price based on estimated NOI in year 6. All information is based on estimated forecast and are intended for the purpose of example projections and analysis. The information presented herein is provided as is, without warranty of any kind. Konrad Realty Group nor CRE Tech, Inc. assume any liability for errors or omissions. This information is not intended to replace or serve as substitute for any legal, investment, real estate or other professional advice, consultation or service.

PPaaggee 11 ooff 33



KW Commercial


Real Estate TaxesReal Estate Taxes $17,724 $18,078 $18,440 $18,809 $19,185

Hoa Property ManagementHoa Property Management $109,280 $111,466 $113,695 $115,969 $118,288

Payroll Property Mgr.Payroll Property Mgr. $12,000 $12,240 $12,485 $12,734 $12,989

Repairs And MaintenanceRepairs And Maintenance $12,143 $12,386 $12,634 $12,886 $13,144

Utilities : ElectricUtilities : Electric $11,172 $11,395 $11,623 $11,856 $12,093

Supplies & ToolsSupplies & Tools $4,320 $4,406 $4,495 $4,584 $4,676

TOTAL OPERATING EXPENSESTOTAL OPERATING EXPENSES $166,639 $166,639 $169,972 $169,972 $173,371 $173,371 $176,839 $176,839 $180,375 $180,375

NET OPERATING INCOME (NOI)NET OPERATING INCOME (NOI) $111,695 $111,695 $173,912 $173,912 $177,391 $177,391 $180,938 $180,938 $184,557 $184,557

For the Year EndingFor the Year EndingYear 1Year 1

Mar-2020Mar-2020

Year 2Year 2

Mar-2021Mar-2021

Year 3Year 3

Mar-2022Mar-2022

Year 4Year 4

Mar-2023Mar-2023

Year 5Year 5

Mar-2024Mar-2024

POTENTIAL RENTAL INCOME (PRI)POTENTIAL RENTAL INCOME (PRI) $292,983 $292,983 $361,983 $361,983 $369,223 $369,223 $376,607 $376,607 $384,139 $384,139

-- Vacancy / Credit LossVacancy / Credit Loss $14,649 $18,099 $18,461 $18,830 $19,207

EFFECTIVE RENTAL INCOME (ERI)EFFECTIVE RENTAL INCOME (ERI) $278,334 $278,334 $343,884 $343,884 $350,762 $350,762 $357,777 $357,777 $364,932 $364,932

++ Other IncomeOther Income $0 $0 $0 $0 $0

GROSS OPERATING INCOME (GOI)GROSS OPERATING INCOME (GOI) $278,334 $278,334 $343,884 $343,884 $350,762 $350,762 $357,777 $357,777 $364,932 $364,932

INCOMEINCOME

EXPENSE DETAILEXPENSE DETAIL


Expense Detail AnalysisExpense Detail Analysis


DISCLAIMER: Year 5 sales price based on estimated NOI in year 6. All information is based on estimated forecast and are intended for the purpose of example projections and analysis.The information presented herein is provided as is, without warranty of any kind. Konrad Realty Group nor CRE Tech, Inc. assume any liability for errors or omissions. This information is notintended to replace or serve as substitute for any legal, investment, real estate or other professional advice, consultation or service.

Page 2 of 3Page 2 of 3



KW Commercial


Purchase PricePurchase Price $1,450,000

Year 1 Potential IncomeYear 1 Potential Income $292,983

Vacancy & Credit LossVacancy & Credit Loss 5.00%

Year 1 ExpensesYear 1 Expenses $166,639

Acquisition CAP RateAcquisition CAP Rate 7.70%Sale Price - CAP RateSale Price - CAP Rate 8.00%

Acquisition CostsAcquisition Costs 2.00%

Annual Income IncreaseAnnual Income Increase Custom

Other Income IncreaseOther Income Increase 0.00%

Annual Expense IncreaseAnnual Expense Increase N/A

Loan Fees & PointsLoan Fees & Points %

Cost of Sale upon DispositionCost of Sale upon Disposition 5.00%

ASSUMPTION / INPUTSASSUMPTION / INPUTS

5-YEAR EQUITY YIELD & EFFECTIVE LOAN RATE5-YEAR EQUITY YIELD & EFFECTIVE LOAN RATE

Unleveraged InvestmentUnleveraged Investment

Cash Flow & 5-year YieldCash Flow & 5-year Yield

N $

0

1

2

3

4

5

($1,478,420)

$111,695

$173,912

$177,391

$180,938

$2,367,657

+

Financing Cash FlowFinancing Cash Flow

& Effective Rate& Effective Rate

N $

0 $0

1 $0

2 $0

3 $0

4 $0

5 $0

=

Equity InvestmentEquity Investment

Cash Flow & 5-year YieldCash Flow & 5-year Yield

N $

0

1

2

3

4

5

($1,478,420)

$111,695

$173,912

$177,391

$180,938

$2,367,657

Neutral Leverage - The Equity Yield Remained the SAME with LeverageNeutral Leverage - The Equity Yield Remained the SAME with Leverage

57%

5%

38%

0%

Year 1 CasCash Flow $ 1h Flow $ 11111,,695695

Debt Service Expenses Cash Flow

Vacancy0.00

5.00

10.00

15.00

20.00

CAP RateCAP Rate Cash-on-CashCash-on-Cash IRRIRR

7.70 7.55

17.56

Investment Performance (%)Investment Performance (%)


5-Year Cash Flow Analysis5-Year Cash Flow Analysis


DISCLAIMER: Year 5 sales price based on estimated NOI in year 6. All information is based on estimated forecast and are intended for the purpose of example projections and analysis.The information presented herein is provided as is, without warranty of any kind. Konrad Realty Group nor CRE Tech, Inc. assume any liability for errors or omissions. This information is notintended to replace or serve as substitute for any legal, investment, real estate or other professional advice, consultation or service.

Page 3 of 3Page 3 of 3



SALE COMPARABLES

4 | SALE COMPARABLES

SALE COMPS

SALE COMPS SUMMARY

SALE COMPS MAP

4SALE COMPARABLESSUNRIDGE VILLAS 10001 WESTPARK

OFFERING MEMORANDUM


Sale Comps

SUNRIDGE VILLAS 10001 WESTPARK 4 | SALE COMPARABLES



Comps

SUNRIDGE VILLAS 10001 WESTPARK 4 | RENT COMPARABLES

1 2310 Crescent Park Dr - The Aubrey (Part of Portfolio) SOLD

Houston, TX 77077 Harris County

S2 Capital, LLCTrue Buyer: True Seller: One Real Estate Investment5950 Berkshire LnDallas, TX 75225(214) 646-9901

Buyer Contact: S2 Capital, LLC

888 Brickell AveMiami, FL 33131

Jeronimo Hirschfeld(786) 777-0060

One Real Estate InvestmentSeller Contact:

Sale Date:

– Research Status:

PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$99.38$42,724,453 - Allocated11/08/2017 Bldg Type:

Zoning:Sale Conditions:

Year Built/Age:GBA:

--

Parcel No:Financing: -

Allocated

Class B Multi-FamilyApartmentsBuilt 1978 Age: 39429,915 SF

-Bulk/Portfolio Sale, Distress Sale

GRM/GIM: -

# of Units: 436Price/Unit: $97,991Price/SF:

4051635Comp ID:

Map Page: Key Map 489-T

2 6425 S Gessner Dr - Vista on Gessner SOLD


Dalcor Gessner LtdRecorded Buyer: Recorded Seller: Carlingford Apartments, LLC15950 N Dallas PkyDallas, TX 75248

True Buyer: Dalcor Companies

22310 Grand Corner DrKaty, TX 77494Donna CangelosiTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$85.23$51,000,000 - Confirmed02/05/2018 Bldg Type:


Year Built/Age:GBA:

-6.20%

Parcel No:Financing:

1300730000001, 1300740000001, 1300750000001-

Confirmed

Class C Multi-FamilyApartmentsBuilt 1978 Renov 2019 Age: 40598,401 SF

--

GRM/GIM: -


4134212Comp ID:

3 11490 Harwin Dr - Waters at Westchase SOLD


Nizinski Family Waters, LLCRecorded Buyer: Recorded Seller: A K Interests-Remington1407 Beachton StHouston, TX 77007(818) 908-5942

True Buyer: Loren Nizinski

9535 Katy FwyHouston, TX 77024

Atrium Cellini Management, Inc.True Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$84.69$16,450,000 - Approximate07/17/2017 (286 days on mkt) Bldg Type:


Year Built/Age:GBA:

-5.68%


1087250000013-

Approximate

Class C Multi-FamilyApartmentsBuilt 1979 Renov 2006 Age: 38194,240 SF

--

GRM/GIM: -


3959319Comp ID:

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about

it.It is submitted subject to the possibility of errors omissions or changes. Copyrighted report licensed to Keller Williams Realty, Inc. - 1041629.

3/12/2019

24

4 2305 Hayes Rd - The Estates at Westchase (Part of Portfolio) SOLD


Gpe 1331 LLCRecorded Buyer: Recorded Seller: AM Hayes Place LLC3203 McKinney AveDallas, TX 75204

True Buyer: Valcap Group

1776 Woodstead CtSpring, TX 77380AscensionTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

--


Allocated

Class B Multi-FamilyApartmentsBuilt 1980 Age: 38250,641 SF

-Bulk/Portfolio Sale

GRM/GIM: -


4481415Comp ID:

5 9801 Meadowglen Ln - Madison Park at Westchase Apartments SOLD


Madison Park Borrower, LLCRecorded Buyer: Recorded Seller: Madison Park Holdings, LP5851 San Felipe StHouston, TX 77057

True Buyer: Next Investments, LLC

15707 Rockfield BlvdIrvine, CA 92618Delta Alliance Capital Management,LLC

True Seller:

Sale Date:


Sale Price:$93.12$48,000,000 - Unconfirmed07/11/2018 Bldg Type:

Year Built/Age:GBA:


1097050000003$41,280,000 from The Bancorp Bank; Acquisition & Development loan type

Unconfirmed

Class C Multi-FamilyApartmentsBuilt 1978 Age: 40515,440 SF

GRM/GIM: -


4470983Comp ID:

Map Page: Key Map 490-W

6 8155 Richmond Ave - Richmond Chase (Part of Portfolio) SOLD


Lodge LL, LLCRecorded Buyer: Recorded Seller: Wssa Houston Lodge LLC

True Buyer: Investcorp International, Inc.

140 E 2nd StFlint, MI 48502

West Second Street AssociatesTrue Seller:

Richmond LL, LLCRecorded Buyer: Recorded Seller: Wssa Mission, LLC140 E 2nd StFlint, MI 48502

280 Park AveNew York, NY 10017(212) 599-4700

503 S Saginaw StFlint, MI 48502(810) 239-1551

3/12/2019


Sale Date:


PrFrma Cap Rate:

Price/SF:Sale Price:

Actual Cap Rate:

$102.58$23,610,000 - Approximate05/22/2018 Bldg Type:


Year Built/Age:GBA:

--


Approximate

Class B Multi-FamilyApartmentsBuilt 1976 Renov 2004 Age: 42230,166 SF


GRM/GIM: -

# of Units: 292Price/Unit: $80,856

Comp ID: 4272790


Gpe 1331 LLCRecorded Buyer: Recorded Seller: AM Hayes Place LLC3203 McKinney AveDallas, TX 75204

True Buyer: Valcap Group

1776 Woodstead CtSpring, TX 77380AscensionTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

--


Allocated



GRM/GIM: -


4481415Comp ID:

Map Page: Key Map 489-Y

8 10070 Westpark Dr - Legacy at Westchase Apartments SOLD


Legacy At Westchase LLCRecorded Buyer: Recorded Seller: Westchase Apartments Fee Owner8901 Gaylord DrHouston, TX 77024

True Buyer: Nitya Capital ParaWest ManagementTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:$101.83$25,000,000 - Confirmed08/24/2017 Bldg Type:

Zoning:

Year Built/Age:GBA:

-


1088570000002$22,268,000 from Bancorp Bank

Confirmed

Class B Multi-FamilyApartmentsBuilt 1977 Renov 2003 Age: 40245,502 SF

N/Ap, Houston

GRM/GIM: -


4005761Comp ID:

Map Page: Key Map 490-W


7 10881 Richmond Ave - The Grand at Westchase

9 3000 Woodland Park Dr - Westchase Creek Apartments SOLD


VE Westchase LLCRecorded Buyer: Recorded Seller: 37 East Westchase Creek, LLC30911 Ulrich RdTomball, TX 77375

True Buyer: Veritas Equity Management Harbor Group International, LLCTrue Seller:

Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$118.85$36,720,000 - Approximate08/17/2018 Bldg Type:


Year Built/Age:GBA:

-6.85%


1145510020002$26,100,000 from Berkeley Point Capital, LLC; Acquisition & Development loan type

Approximate


--

GRM/GIM: -


4482499Comp ID:

3/12/2019


9Sale PriceBuilding SizePrice per SFActual Cap Rate

Days on MarketSale Price to Asking Price Ratio -

$16,450,000194,240 SF

$84.695.68%

286

$34,266,011353,253 SF

$97.006.24%

286-

$36,720,000308,972 SF

$98.856.20%

286-

$51,000,000598,401 SF

$118.856.85%

286-

993

1-

Gross Income MultiplierGross Rent Multiplier# of UnitsPrice per Unit $62,963

--

260

--

448$76,563

--

436$80,526

--

810$97,991

--99

Totals

Sold Transactions $308,394,102 Total Sales Transactions:Total Sales Volume: 9

Survey Criteria

basic criteria: Type of Property - Multi-Family; Year Built - 1960 - 1990; CoStar Rating - 1 Star, 2 Star, 3 Star;Sale Price - from $1,000,000; Sale Date - from 1/1/2017; Sale Status - Sold; Return and Search on PortfolioSales as Individual Properties - Yes

geography criteria: Geography - User Defined Search

Comps Statistics

CountHighMedianAverageLow

Quick Stats Report

3/12/2019


� � � �

11-2-2015

Information About Brokerage Services Texas law requires all real estate license holders to give the following informaƟon about

brokerage services to prospecƟve buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS: .• A BROKER is responsible for all brokerage acƟviƟes, including acts performed by sales agents sponsored by the broker.• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests;• Inform the client of any material informaƟon about the property or transacƟon received by the broker;• Answer the client’s quesƟons and present any oīer to or counter-oīer from the client; and• Treat all parƟes to a real estate transacƟon honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a wriƩen lisƟng to sell or property management agreement. An owner's agent must perform the broker’s minimum duƟes above and must inform the owner of any material informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a wriƩen representaƟon agreement. A buyer's agent must perform the broker’s minimum duƟes above and must inform the buyer of any material informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parƟes the broker must first obtain the wriƩen agreement of each party to the transacƟon. The wriƩen agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligaƟons as an intermediary. A broker who acts as an intermediary:

• Must treat all parƟes to the transacƟon imparƟally and fairly;• May, with the parƟes' wriƩen consent, appoint a diīerent license holder associated with the broker to each party (owner and

buyer) to communicate with, provide opinions and advice to, and carry out the instrucƟons of each party to the transacƟon.• Must not, unless specifically authorized in wriƟng to do so by the party, disclose:

େ that the owner will accept a price less than the wriƩen asking price;େ that the buyer/tenant will pay a price greater than the price submiƩed in a wriƩen oīer; andେ any confidenƟal informaƟon or any other informaƟon that a party specifically instructs the broker in wriƟng not to

disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacƟon without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duƟes and responsibiliƟes to you, and your obligaƟons under the representaƟon agreement.• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This noƟce is being provided for informaƟon purposes. It does not create an obligaƟon for you to use the broker’s services. Please acknowledge receipt of this noƟce below and retain a copy for your records.

Licensed Broker /Broker Firm Name or Primary Assumed Business Name

License No. Email Phone

Designated Broker of Firm License No. Email Phone

Licensed Supervisor of Sales Agent/Associate

License No. Email Phone

Sales Agent/Associate’s Name License No. Email Phone

Regulated by the Texas Real Estate Commission

Buyer/Tenant/Seller/Landlord Initials

InformaƟon available at www.trec.texas.gov

IABS 1-0

Date

TAR 2501

Keller Williams Signature Realty 9004054 [email protected] 281-599-7600

Alfred Rincon 0525285 [email protected] 281-599-7600

Alfred Rincon 0525285 [email protected] 281-599-7600

Konrad Molski 0664692 [email protected] 832-770-7000

03/15/2019

Keller Williams - Signature 920 South Fry Road Katy, TX 77450 281-599-7600 Konrad Molski

II 10001 Westpark - LoopNet

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