48 UNIT MULTIFAMILY PROPERTY | NORTH CENTRAL | AUSTIN, TX

8930 GALEWOOD DR. | AUSTIN, TX 78758

DANIEL ELAM512.343.2700 x4daniel@muskincommercial.com

ELLEN MUSKIN512.343.2700 x3ellenm@muskincommercial.com

SHOWN BY

APPOINTMENT ONLY

WITH LISTING AGENTS

Price: $4,400,000

# of Units: 48 Total

# of Buildings: 7 Total

YOC: 1980

Total NRSF: 20,380 ± (TCAD)

Land Area: 1.1736 ± ACRES (TCAD)

Zoning: GR-NP

Exterior: Brick and Siding

Roofs: Composition Shingle

HVAC: Individual in Each

Water Heater: Individual Electric

Laundry Room: One On-Site (4W & 4D)

Common Area: Large Central Courtyard

Parking: 54 ± Surface Spaces

Salient FactsVillage Flats Apartments

A 48-unit multifamily Austin, TX property situated in the North Central submarket just north of Highway 183 and west of IH-35.

Built in 1984, Village Flats is a 7-building garden-style apartment complex constructed of brick and wood siding with composition shingle roofs and ample surface parking (54 ± spaces). This multifamily property sits on approximately 1.736 ± acres of land, according to the Travis County Appraisal District (TCAD), and includes a management office (currently used as storage), an on-site laundry room with 4 washers and 4 dryers, and a concrete recreation area that includes 2 picnic tables and 2 park-style barbecue grills. The property is comprised of well-designed 1-bedroom / 1-bath floor plans, all of which have private patios or balconies with exterior storage closets.

The North Central submarket is experiencing exponential growth and Village Flats is well positioned to benefit on all fronts.

Austin’s first Major League team—Austin FC—will play at the future 20,500-seat, privately-funded soccer stadium at McKalla Place. (1 ± mile from Village Flats)

Apple recently broke-ground on their NEW $1 Billion ,133-acre Austin campus with room for up to 15,000 employees. (6 ± miles from Village Flats)

Major companies like Dell, IBM, Microsoft, Facebook, VRBO/HomeAway, Samsung, Amazon, and St. David’s North Austin Medical Center are a 10 ± minute commute.

MUSKINCOMMERCIAL

INVESTMENT OVERVIEW | VILLAGE FLATS

Î 6 ± Miles to Apple’s NEW $1 Billion-dollar, 133-Acre Campus (initially creating 5,000 jobs and expected to grow to 15,000)

Î 1 ± Mile to Austin’s Future 20,500-seat, $242 Million-dollar, Major League Soccer Stadium

Î Recent Upgrades Throughout Property

Î Convenient Access to Major Thruways: IH-35, US Highway 183, and Loop 1 (MoPac)

Î Close-in North Central Austin; Located on CapMetro Bus Route

Î Value-add Opportunity in Solid Workforce Housing Location

INVESTMENT HIGHLIGHTS

Property Character

The property is individually metered for electric and tenants are responsible for paying their own electric bills. Each unit has an individual water heater (electric). Water, trash and common area electricity are currently paid by the Owner and billed back to the residents.

Interior finish-out includes electric stoves, frost-free refrigerators, dishwashers, garbage disposals, subway tiles in kitchens, vertical blinds, vaulted ceilings, kitchen bar areas along windows, ceiling fans, and large slat faux-wood blinds.* Other amenities include stained wood privacy fencing, small private patios and balconies, green spaces for social events, barbecues, and grilling. The property-style includes attractive wood-look vinyl flooring and modern architectural design, creating a contemporary feel.

AUSTIN

NO. 1 Best Place To Live In The U.S.- U.S. News & World Report -

NO. 1 Market for Real Estate Investment

- PricewaterhouseCoopers / ULI -

6th Fastest Growing Rents in

the U.S.- Apartment List -

Since 2014, Rents Grew 15.7%, outpacing the

National Average of 11.3%

- Apartment List -

Median Rent is 23% Higher than National Average

- Apartment List -

MUSKINCOMMERCIAL

INVESTMENT OVERVIEW | VILLAGE FLATS

INVESTMENT LOCATION

MUSKINCOMMERCIAL

Austin’s Tech and Startup Corridor is less than 5 miles north of Village Flats, which is home to many of Austin’s largest tech employers including Dell, Apple, Samsung, IBM, Microsoft, Indeed, Facebook, and Hewlett-Packard. This north Austin area continues to attract new and innovative companies looking for high-skilled workers. Apple, Inc., recently broke ground on their NEW $1 Billion campus expansion in Northwest Austin. To be located on 133 acres just down the road from their current Austin location, this future campus will create 5,000 new jobs with the goal of expanding to 15,000 employees, making Apple the largest private employer Austin.

Less than 2 miles from Village Flats, construction on the Austin FC Stadium is currently underway. Sitting on 24-acres, this privately financed, $242-million stadium, will be home to the “Austin FC”, the 27th Major League Soccer team, and Austin’s first major league sports team. The 20,500-seat stadium is expected to open in April 2021.

The University of Texas main campus is about 5.4 ± miles to the south with current enrollment of 51,800 ±. U.T. is consistently ranked one of the best public universities in the country, with top ranked programs in Business, Engineering, Law, and Medicine. The U.T. Pickle Research Campus is only 1.5 ± miles northwest of Retama Trace. Austin Community College (ACC) Northridge, home to creative design technologies, radio-television-film, and technical communications programs, is about 2.4 ± miles north.

NOTABLE DEVELOPMENTS

» The Domain - An “upscale” lifestyle center with high-density business, retail, and residential is within 1.9 ± miles of Village Flats. Retailers include Austin’s first Neiman-Marcus, Macy’s, Apple Store, Tesla, Aloft Hotel, Design Within Reach, Anthropologie, Coach, Tiffany & Co. and H&M. Office tenants now include: Facebook, Fidelity Investments, Amazon, and Vrbo/HomeAway.

» Highland (formerly Highland Mall) - Austin’s new Education-hub consists of housing, diverse retail shops, offices, residential space, and a new high-tech campus for the Austin Community College (ACC). Only 2.6 ± miles southeast of Village Flats.

» Amazon.com Inc. Fulfillment Center - (proposed) - A recently announced four-and-a-half-story, 3.8 million SF logistics and distribution center in the Pflugerville, TX—just 8.5 ± miles northeast of Village Flats. Still in the planning stage, when completed, this single-building facility will consist of approx. 780,000 SF of warehouse space, 43,000 SF of office space, 3 million SF of robotics space, and over 1,700 parking spaces.

» St. David’s Performance Center – The new state-of-the-art training facility for the Austin FC. This new facility will consist of four full-size soccer fields, spectator stands, a kitchen serving meals to staff and players, and cutting-edge technology provided by St. David’s Healthcare, the team’s first founding partner. The 23-acre site in the Parmer Pond district will have a $45 million price tag, be privately funded, and only 8.5 ± miles from Village Flats.

Galewoo

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Galewoo

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Galewoo

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Galewoo

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Galewoo

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Houston St.

Houston St.

Domain Tenants

Major Employers

Austin FCStadium

(future)Campus Expansion

$1B

Community Features

� Metal Fencing with Gate Access Points

� On-Site Laundry Room (4W / 4D)

� Management Office

� Central Barbecue and Picnic Areas

� Large Grassy Central Courtyard

� Close Proximity to Three Major Highways

� Located on Austin CapMetro Bus Route

� Convenient to CBD and Major Employers

� Attractive Architectural Design

� Large Private Balconies and Patios – All Units

� Updated Kitchens | Tile Backsplashes*

� Updated Appliances: Dishwashers; Refrigerators*

� Full-Sized Stoves / Ranges

� New Wood-Look Vinyl Flooring

� Vaulted Ceilings (upper floors)

� Patio Storage Closets

Interior Features

*in select units

PROPERTY DETAILS | VILLAGE FLATS

MUSKINCOMMERCIAL

Average One Bedroom Rents

in Austin=

$1,194

Average Occ. in the North Submarket

=

96.7%

Rent Growth for 1980s Properties in the N. Submarket for past 24 months

=

11.07%

According to AUSTIN INVESTOR INTERESTS 4th Quarter 2019 Trend Report:

EXPENSES Per UnitT-12 Expenses from FEB 2020

Admin. & Advertising $75 $3,600 $2,400 $2,400

Payroll $700 $33,600 $0 $0

Repairs & Maintenance $400 $19,200 $15,011 $15,011

Management Fee 6.00% $590 $28,302 $42,952 $42,952

Utilities $1,146 $55,000 $53,588 $53,588

Contracted Services $208 $10,000 $11,206 $11,206

Real Estate Taxes 85% of ask price 2.196521% $1,711 $82,150 $69,940 $69,940

Insurance $375 $18,000 $17,719 $17,719

Total Expenses $249,852 $212,816 $212,816

Per Unit: $5,205 $4,434 $4,434

Per SF: $12.25 $10.43 $10.43

Net Operating Income $221,850 $217,718 $216,704

INCOMEStabilized

Underwriting

T-3 Rental Income (DEC '19 - FEB '20)

AnnualizedTrailing-12 from

February 2020

Scheduled Market Rent $460,224 — —

Less: Loss to Lease 5.00% ($23,011) — —

Less: Vacancy 4.00% ($18,409) — —

Less: Concessions 1.00% ($4,602) — —

Net Rental Income $414,202 $382,045 $381,031

Plus: Fee Income $1,500 $1,405 $1,405

Plus: Laundry Income $15,000 $14,189 $14,189

Plus: RUBS Income $40,000 $32,880 $32,880

Plus: Other Income $1,000 $15 $15

Total Operating Income (EGI) $471,702 $430,533 $429,520

MUSKINCOMMERCIAL

FINANCIAL ANALYSIS | VILLAGE FLATS

UNIT MIX

Units TypeUnit SF±

Total SF±

Market Rent

Monthly Mkt. Rent

Annual Mkt. Rent

48 1 Bed / 1 Bath 425 20,400 $799 $38,352 $460,224

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Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty or representation about the content. While this information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers should independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid.

ELLEN MUSKIN512.343.2700 x3

ellenm@muskincommercial.com

DANIEL ELAM512.343.2700 x4

daniel@muskincommercial.com

4601 Spicewood Springs Road, Bldg 4, Suite 101, Austin, TX 78759

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