Swift Street Portfolio OM 3.2 · Below are pictures of a recent renovation done on one of the units...

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SwiftStreetPortfolio

P R E S E N T E D B Y

Jarred WellemKW Commercial Tel: [email protected]: GA 385522

TABLE OF CONTENTS

FINANCIAL ANALYSIS 02

Rent Roll Detail

Operating Statement

MARKET COMPARABLES 03

Sales Comps

Rent Comps

MARKET OVERVIEW 04

Market AnalysisDemographic Analysis

SECTION SECTION

INVESTMENT OVERVIEW 01

Property Overview

SWIFT STREET PORTFOLIO


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INVESTMENT

OVERVIEW

PROPERTY OVERVIEW


PROPERTY OVERVIEW

•KWCommercialpresentstheopportunitytoacquire611SwiftStreet,acombinationof72unitslocatedinAlbany,GA.Currently59oftheunitsareinrentreadyconditionwith56outofthe60rented.The4thatareunrentedincludetwounitsinrentreadycondition,oneunitbeingusedasstorage,andoneunitwhichhadexperiencedfiredamage,buthassincehadframingworkcompleted,andisreadyfordrywall.

•611SwiftStreetiscomposedof14twobedroom/1bathunitsand14threebedroom/1bathunitsspreadacross7buildingson5.1acres.Thereareanadditional8quadssituatedacross10acreswithvaryingunitsizes.

•Therearealsoanadditionalthreemorequadsthatcouldberehabbedtoprovideadditionalincomeifnewownershipchooses.Currentownerestimatesthateachquadwillrequirearound$40,000inwork.

•Currentlytheownerhasbeenrenovatingunitsastheyturnat611SwiftStreetwithallnewfloors,newpaint,andnewappliances.Forthe3BR,1BAunitshehasbeenintheprocessofrenovatingthoseunitsandraisingtherentfrom$425to$500andhashadsuccesssigningleasesatthatratewithinthelast3months.

•Allunitsthatarecurrentlyvacantinthequadsandat611Swiftareinrentreadyconditionorareintheprocessofbeingrenovated.

•Alloccupiedunitsareonmonthtomonthleases.

•Allunitshavecentralheatingandair,aswellasindividualsub-meters.Tenantsareresponsibleforwater,electricity,andtrash.Bothpropertiesarecitywaterandsewer.

•PropertylieswithinanOpportunityZone,providingpotentialforgreattaxbenefits.

PROPERTY OVERVIEW


PICTURES.

Belowarepicturesofarecentrenovationdoneononeoftheunitsat611SwiftStreet.Thisunitwasa3BR,1BAunitthathadrecentlysignedaleasefor$500.Thisrenovationincludedanallnewcoatofpaint,andallnewflooring.Thekitchencabinets,andappliancesseeninthepicturebelowdidnotchangeandarecurrentlysimilarinalloftheunits.

PROPERTY OVERVIEW


PICTURES

Belowareafewpicturesofunitsthathadrecentlybeenvacated,andwereinneedofbeingturnedandre-rented.Allnewpainthadalreadybeenappliedtotheseunits,andasyoucanseeinacoupleofthepicturesbelow,managementhasbeenrippingoutalloftheoldcarpetandinsertingnewflooringsimilartothepicturesintheslideabove.

PROPERTY OVERVIEW


AERIAL OVERVIEW

611Swift

11quadsonSwiftandBlakelyCourt

PROPERTY OVERVIEW


Picturedbelowareexamplesoftheelevenquadsthatareataseparatelocationfrom611SwiftSt.Thetoptwopicturesrepresentthetypicalconditionofthe8quadscurrentlyinrentablecondition.Thebottomleftpictureisapictureofthequadthathadrecentlyexperiencedfiredamage,astheunitfarthesttotherightwasthecause.Onlyoneunitactuallyexperiencedfiredamage,butallfourunitswererequiredtovacatebytheCityofAlbany.Lastlyisapictureofoneofthequadsthatisinneedofatotalrenovation,althoughtheinsidehasalreadybeencompletelyguttedtothestuds.

PICTURES OF QUADS OFF SWIFT AND BLAKELY COURT

PROPERTY OVERVIEW


Picturedbelowisanexampleofoneofthesevenquadsat611SwiftStreetthatwasbuiltin1991.Theroofwasrecentlyreplacedandtheexteriorvinylsidingisinexcellentcondition.

PICTURES OF 611 SWIFT STREET QUAD


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FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL DETAIL AS OF 2.28.19

FINANCIAL ANALYSIS


OPERATING STATEMENT AS of 2.28.19

FINANCIAL ANALYSIS

POTENTIAL HUD RENTAL RATES

Belowisatabledetailingthefairmarketrentalratesfor2019HUDhousinginthetheAlbany,GAMSAthusprovidingafutureinvestorasignificantopportunitytoimplementavalueaddstrategy.


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LOCATION

OVERVIEW


LOCATION OVERVIEW

LOCATION OVERVIEW

611SwiftStreetsitsjust2.3mileswestoutsidetheheartofdowntownAlbany.GivenSwiftStreet’scentrallocation,allofAlbany’stoptenmajoremployersarewithinalessthan8milecommute.Given611SwiftisalsojustamileawayfromUS-19,SwiftStreetresidentsareaffordedtheopportunityandeaseofaccesstotheentirecityofAlbany,whilehavingtheabilitytoliveinsomeofthemostaffordablehousingintheentirecity.

InregardstotheimmediateareaandneighborhoodinwhichSwiftStreetlies,onecanfeelcomfortableandsafeasthepropertyistuckedawayintoaquietresidentialcommunity.Theproperty’sneighborsincludeachurchaswellastheBethelHousingComplexwhichisoneofthenicestHUDAssistedHousingFacilitiesinallofSouthGeorgia.

Overall611SwiftStreetisanideallocationgivenit’scentrallocation,proximitytosomeofthebestemployersinAlbany,easeofaccesstoUS-19,andtheoverallprivatesettinginwhichthepropertyliessecludedandsurroundedbytrees.

Teleperformance (7.5Milesfrom611Swift)

AlbanyStateUniversity(2.1Milesfrom611Swift)

Proctor&GamblePaperProducts(4.5Milesfrom611Swift)

MillerCoors (3.6Milesfrom611Swift)

ThrushAircraft(7.0Milesfrom611Swift)

PhoebePutneyHealthSystem(4.5Milesfrom611Swift)

MarineCorpsLogisticsBase– Albany(7.8Milesfrom611Swift)


LOCATION OVERVIEW

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MAP

MillerCoorsAlbanyBrewery

MarineCorpsLogisticsBase

Proctor&GamblePaperProducts

AlbanyStateUniversity

611Swift

PhoebePutneyHealthSystem

DowntownAlbany

SouthwestGeorgiaRegionalAirport


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MARKET

OVERVIEW

Market Overview


MARKET OVERVIEW

AlbanyisacityinsouthwestGeorgia,locatedonthe FlintRiver,itistheseat ofDoughertyCounty.Thepopulationwas77,434atthe2010U.S.Census,makingittheeighth-largestcityinthestate.

Althoughthecityissurroundedbyfarmsandplantations,almostnoneofthepopulationisemployedinagriculture.TheMarineCorpsLogisticsBaselocatedinAlbanyisthearea’slargestemployer,asidefromthehealthcareandeducationalsystems.AlbanyisthelocationofAlbanyStateUniversityandDarton College.Ithasbecomeheavilymechanizedandmostemploymentisconductedonanindustrialscale. Manufacturing,transportation,andretail trade arealsoimportantfoundationsofAlbany'seconomy,andthecityactsasahubforcommerceinsouthwestGeorgia.

Asnational,state,andregionaleconomicconditionscontinuetoimprove,Albanywillcapitalizeonitsassets,includingalowcostoflivinganddoingbusiness,anexcellenttelecommunicationsinfrastructure,majorhighwayaccess,theMarineCorpsLogisticBase,anewly mergedUniversitySystemofGeorgiainstitution,anexcellenttechnicalcollege,thenew4CAcademy,andareputationasagoodplacetoliveandraiseafamily

AlbanyMSAQuickFactsNo.1inGeorgiaforlowestcostofutilitiesNo.5amongsmallmetrosinGeorgiaforcostofdoingbusinessCostofliving18.5percentlowerthannationalaverageEighth-largestMSAinGeorgia

MARINE CORPS LOGISTICS BASE

Market Overview


MAJOR EMPLOYERS

ThebackboneofAlbany-DoughertyCounty’seconomyisitsdiversity.Frommanufacturingtohealthcareservicestodatacenterstologisticsanddistribution,industrieshaveaplaceintheregionaleconomy.Someofthecommunity’sbest-knownindustriesincludeProcter&Gamble,MillerCoors,Coats&Clark,GeorgiaPacific,MarsChocolateNorthAmericaandPfizer.

TOP TEN EMPLOYERS

PhoebePutneyHealthSystem(4.5Milesfrom611Swift)

MarineCorpsLogisticsBase– Albany(7.8Milesfrom611Swift)

DoughertyCountyBoardofEducation

CityofAlbany

AlbanyStateUniversity&Darton College(2.1Milesfrom611Swift)

Proctor&GamblePaperProducts(4.5Milesfrom611Swift)

DoughertyCounty

Teleperformance (7.5Milesfrom611Swift)

MillerCoors (3.6Milesfrom611Swift)

ThrushAircraft(7.0Milesfrom611Swift)

ALBANY STATE UNIVERSITY

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2017 Experian

Created on November 2018

POPULATION 1 Miles 3 Miles 5 Miles§ 2022 Projection

Total Population 5,062 34,174 71,689

§ 2017 Estimate


§ 2010 Census


§ 2000 Census


§ Daytime Population

2017 Estimate 4,587 53,263 97,689

HOUSEHOLDS 1 Miles 3 Miles 5 Miles§ 2022 Projection

Total Households 1,592 12,080 27,128

§ 2017 Estimate


Average (Mean) Household Size 2.77 2.59 2.53

§ 2010 Census


§ 2000 Census


Growth 2015-2020 -4.33% -1.19% 0.60%

HOUSING UNITS 1 Miles 3 Miles 5 Miles§ Occupied Units

2022 Projection 1,592 12,080 27,128

2017 Estimate 1,997 14,618 31,117

Owner Occupied 500 3,370 10,766

Renter Occupied 1,163 8,856 16,199

Vacant 334 2,392 4,152

§ Persons In Units

2017 Estimate Total Occupied Units 1,664 12,226 26,965

1 Person Units 25.12% 30.49% 29.67%

2 Person Units 27.28% 27.44% 29.61%

3 Person Units 19.05% 17.30% 17.43%

4 Person Units 14.18% 12.29% 12.44%

5 Person Units 8.23% 6.81% 6.31%

6+ Person Units 6.13% 5.67% 4.55%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles§ 2017 Estimate

$200,000 or More 0.36% 0.86% 1.26%

$150,000 - $199,000 0.72% 0.88% 1.66%

$100,000 - $149,000 2.40% 2.89% 5.55%

$75,000 - $99,999 1.97% 3.19% 6.56%

$50,000 - $74,999 10.21% 10.24% 14.35%

$35,000 - $49,999 10.30% 12.19% 14.58%

$25,000 - $34,999 16.18% 12.43% 12.67%

$15,000 - $24,999 16.75% 19.28% 15.88%

Under $15,000 41.11% 38.04% 27.48%

Average Household Income $28,537 $32,882 $44,366

Median Household Income $20,420 $21,018 $29,834

Per Capita Income $8,873 $12,475 $17,074

POPULATION PROFILE 1 Miles 3 Miles 5 Miles§ Population By Age

2017 Estimate Total Population 5,355 35,155 72,505

Under 20 32.52% 32.57% 29.89%

20 to 34 Years 24.65% 24.45% 22.76%

35 to 39 Years 6.31% 5.67% 6.00%

40 to 49 Years 10.97% 10.72% 11.33%

50 to 64 Years 15.97% 15.91% 17.47%

Age 65+ 9.59% 10.65% 12.55%

Median Age 30.13 29.62 32.93

§ Population 25+ by Education Level

2017 Estimate Population Age 25+ 3,140 20,095 44,529

Elementary (0-8) 6.45% 6.14% 4.76%

Some High School (9-11) 23.79% 20.65% 16.32%

High School Graduate (12) 32.43% 30.47% 29.70%

Some College (13-15) 23.88% 25.62% 26.49%

Associate Degree Only 3.62% 4.99% 5.87%

Bachelors Degree Only 4.79% 6.55% 9.23%

Graduate Degree 1.96% 3.01% 5.75%

§ Population by Gender

2017 Estimate Total Population 5,355 35,155 72,505

Male Population 48.61% 46.59% 46.53%

Female Population 51.39% 53.41% 53.47%

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Jarred WellemAtlanta OfficeTel: (678) 577 [email protected]

P R E S E N T E D B Y

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Swift Street Portfolio OM 3.2 · Below are pictures of a recent renovation done on one of the units...

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