Prime Multi-Family Investment Opportunity · a quaint, established Downtown Las Vegas neighborhood...

• PRIME MULTI-FAMILY INVESTMENT OPPORTUNITY• 52 VERY SPACIOUS APARTMENT UNITS• BELOW MARKET RENTS

• BELOW MARKET ASKING PSF• LOCATED IN A QUALIFIED OPPORTUNITY ZONE

DOWNTOWN LAS VEGAS Prime Multi-Family Investment Opportunity505-515 S. 13th Street, Las Vegas, NV 89101 | Palm Garden Apartments

SunCommercial Real Estate, Inc.

Sun Commercial Real Estate, Inc., 6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148702 | 968 | 7300 Phone • 702 | 968 | 7301 Fax • www.SunCommercialRE.com

OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 2

Confidentiality & disClosure

The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.

SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.

The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.

Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.

Property walk-throughs are to be conducted by appointment only. Contact Brokers for additional information.

Cathy Jones, CPA, SIOR, CCIMCEO

[email protected]

NV Lic # B0056010.CORP

Michael HsuSenior Vice President

[email protected]

NV Lic # S.0051609.LLC

Paul MiachikaExecutive Vice President

[email protected]

NV Lic # S.0184612

Sun Commercial Real Estate, Inc.6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148

702 | 968 | 7300 Ph • 702 | 968 | 7301 Faxwww.SunCommercialRE.com


Property Highlights

Property Location

Section 1

Section 2

Aerial - Looking WestSurrounding AerialProperty PhotosAssessor Parcel MapOpportunity Zone

Property Summary & Investment HighlightsProperty Overview

Las Vegas New DevelopmentsNevada Business Advantages

Las Vegas Overview Section 3

table of Contents


ProPerty summary & investment HigHligHts

PROPERTY SUMMARY

Very well maintained 52 unit apartment complex located in a quaint, established Downtown Las Vegas neighborhood surrounded by updated townhome complexes. The surrounding area offers plenty of employment opportunities, shopping and dining experiences. Compared to the apartment complexes in the area, these 52 units are very spacious and 34 of them uniquely in 2 stories similar to town homes. The inner courtyard is a little oasis featuring both a pool and barbecue grill and the property furthermore offers on-site laundry facilities, paid parking in the back and plenty of street parking in the front. The property is located within walking distance from public transportation and just a 5-7 minute drive from the Charleston/I-15 interchange, and the Charleston/I-515 interchange.

INVESTMENT HIGHLIGHTS

• Unique Multi-Family Investment Opportunity

• VERY Spacious Updated Apartment Units; ±400 SF larger than the average unit sold in the area

• Easy access to area amenities and Demand Generators including Las Vegas “Strip”, Downtown Fremont Street Experience, and the Charleston/I-15 Freeway Interchange

• Very Well Maintained Property and Neighborhood

• Located in a Qualified Opportunity Zone

• Asking price PSF is significantly below average sold price PSF for the area


ProPerty overview

Price: $4,940,000

Price / Unit: $95,000

Price / SF:*Average area sold comps PSF:

$88.45$122.09

Units: 52

Average Unit SF: *Area sold comps average SF:

±1,074±593

Proforma Average Rent: $793

Net Rentable Area: ±55,850

Year Built: 1963

Acreage: 1.0

Zoning: R-4

Opportunity Zone: Yes

APN: 139-34-811-055

Proforma Occupancy: 92%

Proforma Gross Income: $595,723

Proforma NOI: $343,352

Proforma CAP Rate: 6.6%


ProPerty overview

# OF UNITS UNIT TYPE SIZE ACTUAL RENT ACTUAL RENT / SF

2 1 x 1 SM 750 $715 $0.95

2 1 x 1 LG 1,000 $749 $0.80

3 2 x 1 1,150 $825 $0.72

34 2 x 1.5 (2 Story) 1,050 $825 $0.79

11 2 x 2 1,200 $850 $0.71

UNIT MIX

DEMOGRAPHICS

1 MILE

3 MILES

5 MILES

14,256

183,802

512,567

POPULATION

$77,733

$52,547

$53,618

AVG. HOUSEHOLD INCOME

6,475

68,713

181,272

HOUSEHOLDS


aerial - looking west

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NO

TES

This map is for assessment use only and does NOT represent a survey.

No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.

This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.

MA

P LE

GE

ND

USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL

ASSESSOR'S PARCELS - CLARK COUNTY, NV.

Scale: 1" = 200' 1/8/2019

T20S R61E 34 S 2 SE 4 139-34-8

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PARCEL BOUNDARYSUB BOUNDARY

ROAD EASEMENTPM/LD BOUNDARY

HISTORIC LOT LINEMATCH / LEADER LINE

ROAD PARCEL NUMBERPARCEL NUMERACREAGE

PARCEL SUB/SEQ NUMBER

PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER

10010011.00

202PB 24-45

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GL5

HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY

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Rev:

TAX DIST

0 200 400 600 800100 SECTION LINE

CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL

139

161162

140138

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124 123

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Briana Johnson - Assessor

q

SUBJECT SUBJECT PROPERTYPROPERTY

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This map is for assessment use only and does NOT represent a survey.

No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.

This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.

MA

P LE

GE

ND

USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL

ASSESSOR'S PARCELS - CLARK COUNTY, NV.

Scale: 1" = 200' 1/8/2019

T20S R61E 34 S 2 SE 4 139-34-8

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PARCEL BOUNDARYSUB BOUNDARY

ROAD EASEMENTPM/LD BOUNDARY

HISTORIC LOT LINEMATCH / LEADER LINE

ROAD PARCEL NUMBERPARCEL NUMERACREAGE

PARCEL SUB/SEQ NUMBER

PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER

10010011.00

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TAX DIST

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CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL

139

161162

140138

163

124 123

177 178

125

176

Briana Johnson - Assessor

q

assessor PareCel maP


las vegas overview

CHOOSE LAS VEGASWHY LAS VEGAS?

#1 Trade Show Destination

Trade Show News Network

Top State for Economic Growth Potential

Business Facilities (2018)

#1 State in the WestWith a probusiness environment, low cost of living and high quality of life, Nevada ranks as the top

state to do business in the western U.S.

Most Entrepreneur-Friendly StateAccording to a 2017 review by the nonpartisan

SBE Council, Nevada ranked number one as the most friendly state for entrepreneurs.

Reach 60 Million CustomersStrategically located within a one day drive of 10 major U.S. cities and Mexico. That is in reach of 60

million potential customers.

Most Secure Area in U.S.According to FEMA, southern Nevada is the least likely region in the United States to experience a

natural disaster.

147,238 Hotel Rooms in 2018

Las Vegas Convention and Visitors Authority

2nd Busiest Origination & Destination Airport in U.S.

McCarran Airport Annual Report (2017)

42,116,800 Million Visitors in 2018

Las Vegas Convention and Visitors Authority

Best Economic Health Ranking in the U.S.Forbes American Dream Index (2017)

Source: Las Vegas Global Economic Alliance


las vegas overview (Con’t)

UNITED STATES

NEVADA

CLARK COUNTY, NV

2018 Total Population

330,088,668


3,025,735


2,209,677


343,954,683


3,273,446


2,410,174

2018 Median Age

38.3

2018 Median Age

37.5

2018 Median Age

36.8

2023 Median Age

39.0

2023 Median Age

37.7

2023 Median Age

36.9

Source: (STDB) Site To Do Business

POPULATION



2018 TOP EMPLOYERS

50,000+Employees

Hotel-Casino

11,600Employees

Hotel-Casino

27,000Employees

Hotel-Casino

2,700Employees

Hotel-Casino

1,514Financial Services

14,000Employees

Hotel-Casino

5,099Employees

Health Care

3,575Employees

Health Care

7,188Employees

Health Care

12,000Employees

Hotel-Casino

Source:Vegas Inc.



FUTURE SPORTS CAPITAL OF THE WORLDRaiders Stadium - $1.9 Billion 62-acres west of the Strip | Debut 2020

T-Mobile Arena - Home to the Vegas Golden Knights Highest grossing arena in the world | 20,000 Seating Capacity

Raiders Corporate Headquarters 320,000 SF Practice Facility | Debut Spring 2020

Las Vegas Ballpark - $150 Million 10,000 Seating Capacity | Debut April 2019

Vegas Golden Knights Practice Facility UFC Corporate Headquarters



McCarran International Airport • 2018 welcomed 49.7 Million passengers - Record High• 2nd busiest origination & destination (O&D) airport in the U.S. (more travelers begin or end their trips in

Las Vegas)• Ranked 8th busiest airport in North America in terms of passenger traffic - 2017• Ranked 26th busiest airport worldwide in terms of passenger traffic - 2017• Nominated the last seven (7) years in World Travel Awards

TRANSPORTATION & HIGHER EDUCATION

UNLV School of Medicine • Full-scale, four-year medical school offering an MD program in emergency medicine, family medicine

& pediatrics, surgery, and more. • Serves as the core infrastructure for the entire medical community• Project is estimated at over $230 Million (2022 Completion)• Project consists of two buildings over 230,000 square feet on 9.11 acres

www.unlv.edu/medicine

University of Nevada - Las Vegas (UNLV)• Enrollment of over 30,450 with over 200 programs• The William F. Harrah College of Hotel Administration consistently ranks among the top hospitality

programs in the country• William S. Boyd School of Law is ranked 59th of 194 accredited law schools in the U.S. & Boyd’s lawyering

process program is ranked 1st in the nation for legal writing programs• UNLV School of Dental Medicine’s DDS program is accredited by the Commission on Dental Accreditation

College of Southern Nevada (CSN) • Enrollment of approximately 33,900• 7th largest community college in the United States• Largest and most ethnically diverse college in Nevada• Continuously accredited by the Northwest Commission on Colleges and Universities since 1975


nevada business advantages

LOW COST OF DOING BUSINESS:The combination of our zero inventory tax, a rich transportation infrastructure, and the geographic location of the state’s two largest urban centers are prime reasons that top brands like Amazon, Wal-Mart, Levi Strauss & Co., Barnes & Noble, Ur-ban Outfitters, and others choose Nevada to stage their warehousing and distribution strategies.

Collectively, the cities of Las Vegas, Reno, Sparks, Carson City and surrounding towns are less than one day’s drive over arterial interstate highways to near-ly 60 million consumers as well as to the major U.S. deep water seaports serving the Pacific Rim. Major Union Pacific and Southern Pacific rail connections in Las Vegas and Reno also, too, play an essential role in carrying the world’s freight from the Pacific Coast to America’s Heartland and beyond.

Nevada offers a very competitive cost of doing business and is attracting more and more compa-nies each day from higher-cost regions.

NEVADA HAS:• An abundance of economical commercial

real estate

• Competitive utility rates for commercial operations

• Low-cost startup, regulatory, licensing and annual fees

• Proximity to West Coast/California markets and businesses, reducing shipping and storage costs

• Excellent air cargo costs for shipping by air out of Nevada

• Nevada business incentives

1. Tax abatements for job creation, capital investment and intellectual property development

2. Workforce development training grants

3. Catalyst Fund to support new business or expansion in state

EXCELLENT TAX ADVANTAGES:

NO Personal Income Tax

NO Corporate Income Tax

NO Unitary Tax

NO Franchise Tax

NO Inventory Tax

NO Estate Tax

NO Inheritance Tax

NEVADA BUSINESS ADVANTAGES

Provided by:

www.diversifynevada.com


nevada business advantages (Con't)

MORE ON LOW COSTS OF DISTRIBUTION TO WEST COAST MARKETS:The combination of our zero inventory tax, a rich trans-portation infrastructure, and the geographic location of the state’s urban centers are prime reasons that top brands like Amazon, Wal-Mart, Levi Strauss & Co., Barnes & Noble, Urban Outfitters, and others choose Nevada to stage their warehousing and distribution strategies.

Las Vegas is less than one day’s drive over arterial In-terstate highways to nearly 60 million consumers as well as to the major U.S. deep water seaports serving the Pacific Rim. Major Union Pacific and Southern Pacific rail connections in Las Vegas play an essential role in carrying the world’s freight from the Pacific Coast to America’s Heartland and beyond.

Globally, McCarran International Airport in Las Vegas has been a Top 20 airport for more than five years, an-nually serving more than 40 million and handling more than 189 million pounds of cargo. More important, the airport is served by nonstop flights to and from nearly all major metropolitan areas in the United States as well

as several important global centers in Europe, Asia and Latin America.

MORE ON NEVADA’S TAX ADVANTAGES:Nevada ranks a very favorable third in the Tax Founda-tion’s 2012 Business Tax Climate Index, an independent ranking of states in five areas of taxation: corporate taxes; individual income taxes, sales taxes, unemploy-ment insurance taxes, and taxes on property, including residential and commercial property.

The Tax Climate Index comparison to neighboring states is significant: California ranks 48th, Arizona 27th, Idaho 21st, Oregon 13th and Utah 10th.

In addition to the Tax Climate Index, Nevada ranks sec-ond in the nation for lowest state and local tax burden – an estimated 7.5% of income.

The state’s historically strong logistics and distribution business sector is as much a statement of tax policy – no Inventory Tax – as it is of the excellence of its air, rail and highway arterial infrastructure and proximity to major markets and ports.

Employment

1.48MJUL 2019

Spending

$5.44BMAY 2019

Provided by:

www.diversifynevada.com

NV State Population

3.03M2018


las vegas new develoPments

$15.7 Billion in New Capital Investment is Driving Growth

1. Resorts World Las Vegas - $4.0 Billion 2. The Drew (Former Fontainebleau) - $3.1 Billion

• $4 billion Strip resort project with a heavy Asian theme began construction in 2017. • Resorts World, developed by the Genting Group, is being built at the former site of the Stardust and Echelon. • Genting, which bought the site from Boyd in 2013 for $350 million, will be using the partially constructed Echelon structures for this property. • With a projected opening set for 2020, the initial phase will have 3,100 rooms, a 100,000-square-foot casino, shops and restaurants spread across its 88-acre site.

• The Drew is comprised of three hotels inclusive of 24 restaurants and 95,000 square feet of gaming. • The $3 billion hotel will have ±3,800 rooms and 500,000 square feet of convention and meeting space. • This project is expected to create approximately 11,000 jobs in Nevada, comprised of 3,500 construction jobs and 7,000 permanent jobs. • Project to begin in 2020 with 2022 Q2 completion date.

1

3

2

4

5

68

910


las vegas new develoPments (Con't)

5. Union Village - $1.2 Billion

4. Convention Center Expansion - $1.4 Billion

6. Switch - $1 Billion

• Union Village will be the first Integrated Health Village in the world, and is listed as the largest healthcare building project in the United States. • The $1.2 billion dollar, 155-acre planned development not only covers healthcare, but retail, entertainment, and senior living as well. • Approximately 355,000 square feet have been completed, totaling $300 million in work, with another 476,000 square feet to be under construction soon.

• Las Vegas Convention Center will be renovated and expanded into a $1.4 billion Las Vegas Global Business District. • Planned in four phases, new facilities will replace the 26-acre Riviera Hotel site, adding ±1.4 million square-feet of exhibit and meeting space. • Phase Two of the project is projected to be completed in 2020.• Expected to draw an additional 600,000 visitors a year, drive $2.1 billion in economic activity during construction and have an annual economic impact of $810 million when finished.

• Switch is a globally recognized leader in future-proof data center design, superscale cloud, unparalleled telecom gateways and energy sustainability. • Its Southern Nevada expansion includes a $1 billion data storage site on 200 acres near its two existing data storage facilities at South Jones Boulevard and the 215 Beltway. • Idea to link 50 million people within 14 milliseconds of data hosted at each of the company’s data hubs via a superloop of fiber optic cable connecting its Reno and Las Vegas supernaps sites, with a planned facilities in LA and SF.

3. Las Vegas Stadium - $1.9 Billion

• The Oakland Raiders will move to Las Vegas for the 2020 NFL season. • The groundbreaking ceremony took place in November 2017 for a new $1.9 billion stadium just west of the Strip. • The venue’s horse-shoe shape, designed by Manica Architecture, would accommodate 65,000 spectators, 8,000 cars, tailgating amenities and mixed-use commercial facilities. • The design shows a retractable natural turf field. • This venue would also allow Las Vegas to host the annual Super Bowl.


las vegas new develoPments (Con't)

7. Project Neon - $1 Billion

9. Palms Renovation - $690 Million

8. Extreme Sports Park - $800 Million

10. Park MGM (Former Monte Carlo) - $650 Million

• Project Neon is the largest public works project in Nevada history. • $1 billion effort to redesign and widen Interstate 15 from the U.S. Highway 95 interchange to Sahara Avenue by July 2019. • Currently this road is the busiest stretch of highway in Nevada with 300,000 vehicles daily. Traffic through the corridor is expected to double by 2035.

• Station Casinos enhanced nearly every feature of the resort, completing $690 million in improvements. • Remodel included redesigned/renovated hotel rooms, 60 new hotel rooms, 29,000 square foot nightclub, new 73,000 square foot pool club, several celebrity chef restaurants, new spa, meeting/convention space, new covered parking spaces, refresh of the Pearl Theater, renovated casino floor, and a new front desk registration area to name a few. •Completed April 2019.

• Josh Kearney’s $800M extreme sports park called The Edge received county approval in 2017. • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road, adjacent to Town Square Las Vegas, a 1.2M SF class A open air shopping, dining, office and entertainment center.• The Park is expected to have surfing/wake boarding/rock climbing/mountain biking/indoor skydiving/bungee jumping/zip lines and a 15-story, 640 room hotel with a casino, convention space, restaurants and two rooftop pools. • Project will take approximately 2.5 years to complete.

• A transformation occurring in Las Vegas is the conversion of the Monte Carlo into two hotels: a 2,700-room luxury resort Park MGM and a 292-room hotel NoMad Las Vegas. • This $650 million makeover was completed at the end of 2018. • The new resort will feature two hotels, redesigned rooms, an Italian market Eataly with cafes, walk-up counters and dine-in restaurants. • The properties will have amenities such as dining and casinos as well as a 5,300-seat theater at the Park MGM.

The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.

6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148 • 702 | 968 | 7300 Ph • 702 | 968 | 7301 Fax • www.SunCommercialRE.com

Exclusively listed by: Cathy Jones, CPA, SIOR, CCIM

CEO702-968-7320

[email protected] Lic # B.0056010.CORP

Paul MiachikaExecutive Vice President

[email protected]

NV Lic # S.0184612

Michael HsuSenior Vice President

[email protected]

NV Lic # S.0182767

Prime Multi-Family Investment Opportunity · a quaint, established Downtown Las Vegas neighborhood...

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