S Hoyt Street - LoopNet...are a knowledgeable and sophisticated investor in commercial real estate...
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Kevin Calame, Principal 303-962-9535 Matt Lewallen, Principal 303-962-9561 Investment Contacts: 287- 293 S Hoyt Street Lakewood, CO 80206
Transcript of S Hoyt Street - LoopNet...are a knowledgeable and sophisticated investor in commercial real estate...
Kevin Calame, Principal303-962-9535
Matt Lewallen, Principal303-962-9561
Investment Contacts:
287- 293S Hoyt Street
Lakewood, CO 80206
This confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC (“Pinnacle REA”) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as 287 -293 S Hoyt Street, Lakewood, CO 80206 (the “Property”) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers.
Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request.
This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience.
DISCLOSURE AND CONFIDENTIALITY AGREEMENT
Kevin [email protected]
Dan HawthorneAssociate [email protected]
Hunter SchaeferAssociate [email protected]
Matt [email protected]
Jack ShermanAssociate [email protected]
Kaila DeeTransaction [email protected]
Investment Contact:
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Table of ContentsArea Overview
Executive Summary
Property Overview
Aerial
Financial Analysis
Market Overview
One Broadway, Suite 300A | Denver, CO 80203Main: 303-962-9555 | www.PinnacleREA.com
Kevin [email protected]
Dan HawthorneAssociate [email protected]
Hunter SchaeferAssociate Advisor [email protected]
Matt [email protected]
Jack ShermanAssociate [email protected]
Kaila DeeTransaction [email protected]
LAKEWOOD, CO
POPULATION MEDIAN AGE MEDIAN HH INCOME
NUMBER OF EMPLOYEES MEDIAN PROPERTY VALUE
1.08% GROWTH 4.86% GROWTH
3.3% GROWTH 10% GROWTH
151,411 38.5 $61,058
82,506 $300,600
ABOUT In 2017, Lakewood, CO had a population of 151k people with a median age of 38.5 and a median household income of $61,058. Between 2016 and 2017 the population of Lakewood, CO grew from 149,793 to 151,411, a 1.08% increase and its median household income grew from $58,227 to $61,058, a 4.86% increase.
The median property value in Lakewood, CO is $300,600, and the homeownership rate is 58.8%.
ECONOMY The economy of Lakewood, CO employs 82.5k people. The largest industries in Lakewood, CO are Retail Trade (9,823 people), Health Care & Social Assistance (9,362 people), and Professional, Scientific, & Technical Services (7,820 people), and the highest paying industries are Mining, Quarrying, & Oil & Gas Extraction ($86,004), Agriculture, Forestry, Fishing & Hunting, & Mining ($63,889), and Utilities ($62,619).
Median household income in Lakewood, CO is $61,058.
Source: https://www.datausa.io/
LOCATION OVERVIEW
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Encompassing approximately 44 square miles in Jefferson County, Lakewood sits between the Rocky Mountains and the heart of Denver. As the 5th largest city in Colorado by population, Lakewood is a key component of the 7 county Denver-Aurora-Lakewood
Metropolitan Statistical Area. Surrounded by several major universities and research facilities, including the world renowned Colorado School of Mines, Lakewood has one of the most highly educated workforces in the country with 36% of residents holding a bachelor’s degree or higher. The city has dedicated more than 7,100 acres to parks and open space, with approximately 200 miles of hiking and biking trails.
Lakewood has also become a hotbed for employment in the aerospace, financial services, technology firms and government sectors with corporations such as 1stBank, The Integer Group, and HomeAdvisor holding large employment centers in Lakewood. Government is Lakewood’s most dense employment sector, largely due to the presence of the Denver Federal Center. Home to employees from 26 different Federal agencies, Lakewood boasts the largest concentration of federal agencies outside of Washington D.C. The city also hosts employment concentrations in the mining/oil and gas/energy related, medical device manufacturing, and renewable energy sectors. Recently, Denver’s RTD program has made a concerted effort to bring light rail to Denver’s west suburbs.
Lakewood has become the beneficiary of the RTD W Line which opened in 2013, giving significant boost to local business and commuters living in the city.
LAKEWOOD DEMOGRAPHICS
Population 153,621
Population Growth 2010-2016 7.4%
Households 67,482
Household Growth 2010-2016 9.2%
Median Age 40
Total Employment 77,626
Average Household Income $76,206
Median Home Value $289,628
RTD LIGHT RAILLAKEWOOD
W LINE
LOCATION OVERVIEW
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EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY
Pinnacle Real Estate Advisors is pleased to announce they have been retained as the exclusive marketing advisor for 287-293 S Hoyt Street, Lakewood, CO 80226. Qualified investors have the opportunity to acquire this 4-unit multifamily property located in Lakewood. The property was built in 1981, and is composed of four 3 bedroom, 2 bath units.
Property Features:
• Great location with open space to the west and easy access to Kipling and Alameda.
• Less than 2 miles from Belmar Commons, numerous restaurants and retail stores.
• All units are three bedroom two bath with the option of one of those bedrooms acting as a mother-in-law with its own separate entrance.
Offering Summary
Address: 287-293 S Hoyt Street
Building Size: 5,765 SF
Units: 4
Price: $1,025,000
Price/Unit: $256,250
Price/SF: $178
Year Built: 1981
Parking: Open Community Parking
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PROPERTY OVERVIEW
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287-293 S Hoyt StreetLakewood, CO 80206
PROPERTY OVERVIEW
PROPERTY DESCRIPTIONTotal Units 4Year Built 1981Zoning R-5, LakewoodBuilding GSF 5,766Land SF 9,250Building Type Vinyl SidingRoof Pitched HVAC Forced AirParking Open Community Parking
INVESTMENT SUMMARYPrice $1,025,000Price/Unit $256,250Price/SF $178
FINANCINGLoan Amount $768,750Down Payment $256,250Interest: 3.50% Amortization: 30 Years
Based on actual quote from Centennial Lending, 10/4/2019.
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PROPERTY OVERVIEW
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AERIAL MAP
ALAMEDA AVENUEALAMEDA AVENUE
WA
DS
WO
RT
H B
LV
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WA
DS
WO
RT
H B
LV
D
287-293 S Hoyt Street
S K
IPL
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S K
IPL
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FINANCIAL ANALYSIS
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UNIT MIX
Unit Type No. of Units Approx. SF Current Rent Monthly Income ProForma Rent ProForma Monthly Rent ProForma Rent/SF
3Bd/2Ba 4 1,441 $1,800 $7,200 $1,950 $7,800 $1.35
Total 5,765 $86,400 $93,600
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INCOME: Current ProForma
Gross Scheduled Rent $86,400 $93,600 Less: Vacancy $0 ($4,680)Effective Rental Income $86,400 $88,920
Effective Gross Income $86,400 $88,920
EXPENSES:
Property Tax $5,670 $5,670 Insurance $2,595 $2,595
HOA $3,829 $4,200Repairs/Maint. $6,000 $6,000 Total Operating Expenses $18,093 $18,465
Expenses/Unit $4,523 $4,616NET OPERATING INCOME $68,307 $70,456
FINANCIAL ANALYSIS
Net Operating Income $68,307 $70,456 Projected Debt Service ($41,424) ($38,663)Before Tax Cash Flow $26,883 $31,793 CAP Rate 6.7% 6.9%Cash-on-Cash Return 10.5% 10.3%
CURRENT AND YEAR ONE PROJECTIONS
FINANCIAL ANALYSIS
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MARKET OVERVIEW
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Number of Units: 4Year Built: 1981Building Size: 5,766 SFActual Cap Rate: 6.7%Unit Mix: 4 - 3Bd/2Ba
287-293 S Hoyt StreetLakewood, CO 80206
SUBJECTPROPERTY
COMPARABLE SALES
1 2 3 4
Sale Date 4/30/2019Price: $935,000Year Built: 1948Price/Unit: $233,750Price/SF: $162Actual Cap Rate: 7.60%Unit Mix: 2 - 2Bd/1Ba
2 - 3Bd/1Ba
Sale Date: 10/12/2018Price: $800,000Year Built: 1980Price/Unit: $200,000Price/SF: $199Actual Cap Rate: 4.29%Unit Mix: 4 - 2Bd/1Ba
Sale Date: 5/22/2019Price: $660,000Year Built: 1964Price/Unit: $220,000Price/SF: $247Actual Cap Rate: n/aUnit Mix: 1 - 1Bd/1Ba
2 - 2Bd/1Ba
Sale Date: 5/9/2017Price: $965,400Year Built: 1974Price/Unit: $241,350Price/SF: $173Actual Cap Rate: n/aUnit Mix: 4 - 3Bd/2Ba
541 S Sheridan BlvdLakewood, CO 80226
3051 W Ohio AvenueDenver, CO 80219
934 S Utica StreetDenver, CO 80219
9513-9527 W Alameda AveLakewood, CO 80226
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Kevin CalamePrincipal [email protected]
Matt [email protected]
Dan Hawthorne Associate [email protected]
Jack ShermanAssociate Advisor [email protected]
Kaila DeeTransaction Manager [email protected]
Hunter SchaeferAssociate Advisor [email protected]
One Broadway | Suite 300ADenver | Colorado | 80203www.PinnacleREA.com
