ECLUSIVE INVESMEN OFFERING DECATUR RENTS APARTMENTS · T +1 702 780 6758...

10845 Griffith Peak Drive, Suite 100 Las Vegas, NV 89135 O 702.472.7979 F 702.475.7545

The information contained herein was obtained from sources deemed reliable; however, Avison Young makes no guarantees or representations as to the accuracy thereof. The presentation of this property is submitted subject to errors, changes of price or conditions prior to sale or lease, or withdrawal of notice.

PATRICK SAUTER

T +1 702 475 [email protected]

NV RE Lic#: BS.0045077

For more information, please contact:

STEVE NOSRAT

T +1 702 780 6758 [email protected]

NV RE Lic#: S.0176849

EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS36 Units | Las Vegas, Nevada$3,350,000 | $93,056 per unit

ART CARLL-TANGORA

T +1 702 780 [email protected]

NV RE Lic#: S.0167677

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table of

CONTENTSCONTENTStable of

CONTENTSCONTENTSoffer

SUBMISSIONSSUBMISSIONS

Art Carll-TangoraT +1 702 780 6765

[email protected] RE License # : S.0167677

INVESTMENT ADVISORS

Patrick SauterT +1 702 475 7726

[email protected] RE License # : BS.0045077

Steve NosratT +1 702 780 6758

[email protected] RE License # : S.0176849

ADDRESS:

325 N Decatur BlvdLas Vegas, NV 89107

PRICE:

$3,950,000$3,350,000

UNITS:

36BUILT:

1961SQUARE FOOTAGE:

29,025

CommunicationsAll communications, inquiries, and requests should be addressed to the Sauter Multifamily Group, as represen-tatives of the seller.

Property ToursAll requests for property tours should be requested and coordinted through the Sauter Multifamily Group. Tours will be conducted on an appointment-only basis.

Offering StructureThe asset is listed as Unpriced. The Property is offered "Unencumbered by Existing Debt" to qualified investors.

06Property Details

12The Location

14Financial Analysis

18Las Vegas Demographics

DECATUR RENTSAPARTMENTS

PRICE PER UNIT:

$93,056

5 | PATRICK SAUTER 702 475 7726 | STEVE NOSRAT 702 780 6758 | ART CARLL-TANGORA 702 780 6765

EXCLUSIVE INVESTMENT OFFERING

DECATUR RENTSthe OPPORTUNITYOPPORTUNITY

Avison Young, as exclusive advisor, is pleased to present Decatur Rents (the “Property”), a 36-unit multi-housing investment opportunity. Located at 325 N Decatur Blvd. The property offers two floorplans which feature updated interiors with the opportunity for new ownership to capitalize on units which are below market rents. 0606property

DETAILSDETAILS


- Easy access to US-95 and Public Transportation- Walking distance from Western High School- Extra storage facilities on-site- Small, quaint community with courtyards

- On-site laundry facilities- Walk-in Closets- Washer/Dryer hookup

PROPERTY FEATURES


EXCLUSIVE INVESTMENT OFFERING DECATUR RENTS APARTMENTS

THE OFFERING

PROPERTY DETAILS

ADDRESS325 N Decatur

Boulevard

PRICE$3,350,000

YEAR BUILT1961

# OF UNITS36

LAND SIZE±1.49 AC

NETRENTABLE SF

29,025

AVG UNIT SIZE

806 SF

AVERAGE MARKET RENT

$856

PHYSICALOCCUPANCY

95%

ITEM DESCRIPTION

Property Address 325 N Decatur Blvd, Las Vegas 89107

Parcel Numbers138-25-812-207 through 214

& 162-15-103-003

Year Completed 1961

# of Buildings 9

# of Apartment Homes 36

Net Rentable Square Footage 29,025 SF

Total Land Area 1.49 AC

Building Style Garden

# of Floors 2

Exterior Materials Stucco

Windows Aluminum

Framing Wood

Roof Construction Repaved 2019

Roof Age N/A

Foundation Concrete Slabs

BUILDING & SITE DESCRIPTION



THE OFFERING

INTERIOR PHOTOS



ITEM DESCRIPTION

Range Electric

Dishwasher Not Available

Cabinet Materials Wood

Countertop Materials Refinished Laminate

Flooring Materials Carpet/Vinyl

Disposal Not Available

Refrigerator Top Freezer

Washer/Dryer Laundry Facility

ITEM DESCRIPTION

Heating Individual - Electric

Air Conditioning Individual - Electric

Water Heater Individual - Electric

Electrical Copper Wire

Plumbing Supply Copper

Plumbing Outlet ABS

Water Meter Master Metered

Fire Extinguishers Wall Mounted - Common Areas

KITCHEN SPECIFICATIONS MECHANICAL | ELECTRICAL PLUMBING

UTILITIES/SERVICE PROVIDER PROPERTY PAYS RESIDENTS REIMBURSE PROPERTY RESIDENTS PAY DIRECTLY COMMENTS

Electricity NV Energy X

Gas No Gas On Property

Water/Sewer Las Vegas Valley Water District X X RUBS

Cable Cox X

Telephone Century Link X

Trash Republic Services X X RUBS

UTILITIES

1212theLOCATIONLOCATION




Decatur Rents provides an investor the rare opportunity to purchase an asset in a core location, readily accessible to major highways, connecting the property to all of the nearby amenities and attractions of the surrounding area.

LOCATION HIGHLIGHTS

Points of Interest

1. McCarran Airport - 8 miles2. Fiesta Rancho -1 miles3. Texas Station - 1 miles4. Las Vegas Strip - 3.5 miles5. Raiders Stadium - 8.5 miles6. Downtown Las Vegas - 1.5 miles7. UNLV - 8 miles8. Knights Hockey Arena - 7.5 miles9. Cashman Baseball Stadium - 2 miles10. Mountain View Hospital - 3 miles11. Santa Fe Station - 4 miles12. Ed Fountain Park - 0.5 miles13. North Las Vegas Airport - 2 miles

1

4

6

78

9

12

11

10

5

23

13

DECATUR RENTS 1414financial

ANALYSISANALYSIS




NOTES TO FINANCIAL UNDERWRITING

Assumptions for the proforma are based on the Property’s characteristics, as well as market-

driven revenue and expense trends.

PRO FORMA

• Gross Potential Income is generated using the current

Market Rent schedule

• Economic Vacancy is currently 8%, Pro Forma is 7%

• RUBS is estimated at 3% increase over actual income

• Other income is estimated at $584 per unit per annually

FORECASTED EXPENSES

• Payroll is forecasted at the equivalent of $1,150 per unit per year reflecting market

expense for staffing requirements of a manager, leasing agents, maintenance

supervisor, maintenance techs and porters

• Administration is forecasted at $125 per unit per year reflecting

market averages for similar properties

• Repairs & Maintenance expenses are forecasted at $650 per unit

per year, consistent with market averages for similar age and construction quality

• Utilities are forecasted to be the actual utility amount with

a 3% increase

• Property Tax are calculated on the next fiscal years maximum

increase amount of 8%

• Property Insurance is forecasted to be $185 per unit per year

UNIT TYPE # OF UNITS UNIT SIZE PROFORMA RENT PER SF

2x1 A 27 800 SF $850 $1.06

2x1 B 9 825 SF $900 $1.09

TOTAL/AVG 36 813 SF $875 $1.07

UNIT MIX

Operating Income Year 1 ProForma Per Unit Percentage

Market Rent $372,600 $10,350 100%

Vacancy Loss $(27,855) $(774) 3%

Concessions $0 $0 0%

Bad Debt/Other $(20,892) $(580) 2%

Net Rental Income $335,031 $9,306 87%

RUBS $11,043 $307 5%

Other Income $24,458 $679 7%

Effective Gross Income (EGI) $359,490 $9,986 94%

Forecasted Expenses

Payroll $39,600 $1,100 11%

Administration $7,200 $200 2%

Repairs & Maintenance $23,400 $650 7%

Utilities $33,157 $921 9%

Insurance $6,660 $185 2%

Property Tax (Actual) $10,612 $295 3%

Total Expenses $147,603 $4,100 41%

Net Operating Income $211,886 $5,886 59%

FINANCIAL ANALYSIS



1818las vegasDEMOGRAPHICSDEMOGRAPHICS




LAS VEGAS MSA DEMOGRAPHICS

POPULATION

2,007,885TOTAL BUSINESSES

64,678

TOTALEMPLOYEES

888,036

AVERAGE HOME VALUE

$293,320

MEDIAN AGE

36.5

MEDIAN HOUSEHOLD

INCOME

$55,011

LOCAL DEMOGRAPHICSWith an increasing population of over two million residents, Las Vegas features a combined dynamic of steady household incomes and high education levels. Las Vegas is expanding rapidly, and population is expected to grow 2% by 2020. Along with the population, home sales and pricing, as well as employment and income, are continuing to rise. A benefit for businesses moving to the area is Las Vegas’s educated and fast growing workforce. About 54% of the city’s employed population is white collar and the overall unemployment rate for Las Vegas MSA is 6.4%.

Submarket Las Vegas MSA

Median Household Income $66,601 $55,011

Average Household Income $89,606 $73,784

Average Home Value $309,676 $293,320

Renter Occupied Housing Units 4,255 32%



GOOGLE DATA CENTER

• Henderson is slated to be home to a new Google data center in late

2020/early 2021.

• The Governor’s Office of Economic Development approved $25.2

million in tax abatements Thursday for Design LLC, a wholly-owned

subsidiary of Google. The company plans to build the data center on

64 acres of land on Warm Springs Road west of Boulder Highway. The

subsidiary plans to build and own the facility, while Google would

handle operations and hiring.

• Google projects that it would bring in more than $94.3 million in tax

revenue to Nevada over the next 20 years, and hire 50 employees

within the next five years at an average salary of $65,000. The company

expects to invest at least $600 million over the next 20 years.

NFL RAIDERS STADIUM

• $1.8 Billion

• Las Vegas will proudly welcome the Raiders in the National Football League

(NFL) Stadium which is under construction now and expected to open in 2020.

The future 65,000 seat home of the Oakland Raiders is under steady progress

and is expected to be the host of some huge major events which will make Las

Vegas the sought after entertainment destination. There is no doubt that the

relocation of the Oakland Raiders to Las Vegas and the opening of the new Las

Vegas Stadium will be an enormous success for Las Vegas.

MARRIOTT, THE DREW

• 4000+ Mega Hotel Resort

• Marriott, the American multinational hospitality company, is now opening a

new resort and casino in Las Vegas, set for late 2022.

• Known as The Drew Las Vegas, the unfinished resort by the former name

Fontainebleau, started with constructions in 2007, will now be turned into

a complex combined like hotel and casino and may have a walkway to the

adjacent luxury Turnberry Place high rises.

• The mega hotel will house 4,000 guest rooms, as well as 500,000 sq feet of a

space for events, convention center, and meetings. Currently, Marriott manages

about 20 hotels in the Las Vegas area under their brands, however, as Tony

Capuano– the global chief development officer for Marriott said: “The Drew Las

Vegas will become a landmark property for Marriott International.”

las vegas

PROJECTSPROJECTS

RAIDERS STADIUM RENDERING

UNION VILLAGE

• In what’s dubbed the first integrated health care village in the world and

largest health care project in the nation at $1.2 billion, Union Village in

Henderson is starting to take shape.

• Union Village is a 130-acre integrated health village located in

Henderson, NV (Las Vegas, MSA). Union Village includes Henderson

Hospital, multi-family and generational housing, medical office, gym,

restaurants and retail.

• Approximately 355,000 square feet have been completed and

$300 million in work is done. There are 476,000 square feet under

construction worth $64 million and another $277 million that will be

under construction by the end of the year.

MADISON SQUARE GARDEN LAS VEGAS

• $75 Million

• The concert experiences happening in Las Vegas will

be soon taken to another level with the development

of a futuristic Madison Square Garden music arena.

Developed in partnership with Las Vegas Sands, the new

arena is planned to have 18,000 seats and is expected to

become a massive, high-tech, sphere-shaped venue will

describe a new form of entertainment and will definitely

bring unforgettably, revolutionized experiences for both

performers and the audience.

MADISON SQUARE GARDEN RENDERINGUNION VILLAGE RENDERING



RESORTS WORLD

• Developed by Genting Group, an asian themed resort with a 150,000 SF casino on

87 acres of land.

• $4 Billion mega-resort will include 4 towers with 3,000 hotel rooms, 4,000 seat

theater, 1M SF convention center, 150,000 SF casino, 15 retail outlets, aquarium,

Chinese garden, 30 restaurants and bars.

• Will employ 3,000 full time employees.

• Expected to open Summer 2021.

ALL NET RESORT AND ARENA

• Former UNLV and NBA basketball player, Jackie Robinson resumed construction on

$2.7 billion arena, hotel, and shopping project on the former 27 AC Wet 'n' Wild site.

• 23,000 seat, retractable roof arena is costing $670 million

• Total project size is 862,000 SF and will also include a 63 story, 2,000 room hotel,

240,000 SF conference center, 300,000 SF retail and entertainment space, 24 lane

bowling alley, 2,500 seat showroom, wedding chapel, grocery store, 16 screen movie

theater, and offices.

LAS VEGAS CONVENTION CENTER EXPANSION

• The Las Vegas Convention and Visitors Authority is underway on a 1.8

million SF expansion of the LVCC.

• It will include a World Trade Center building and multi-modal transportation

center.

• The 1.4 billion project will be completed in 3 phases in 8 years.

• It will provide 14,000 construction jobs and 7,800 permanent jobs upon

completion.

• It is expected to draw 600,000 annual visitors.

• Currently Phase 1 is complete, Phase 2 is underway which includes 1.4

million SF of new exhibit and meeting space, to be completed in 2021.

RESORTS WORLD RENDERING

LVCC EXPANSION RENDERING

VEGAS TRADE VILLAGE

• $100 Million live-work space in the industrial area of Las Vegas

• Phase 1 includes a 4,800 SF bank and convenience store with a car wash and fast food eatery.

• Remaining phases could take up to 7 years to complete and includes an international trade center over

35 acres with a 20,000 SF convention center, a 264 unit apartment building, 4 restaurants, and a 120

room hotel.

AMAZON

• 600,000 SF fulfillment facility located in a new industrial complex a few miles from the

Las Vegas Motor Speedway.

• The new warehouse is expected to pack and ship small items such as book, toys, and

household items.

• This will be Amazon's 3rd facility in North Las Vegas and will provide more than 1,000

full time jobs

• Expected to open late 2020

VEGAS TRADE VILLAGE

AMAZON FULFILLMENTDowntown Grand Expansion

• 495 room hotel tower to the existing 629 rooms

• Accepting reservations for September 2020

• Expanding hospitatlity space by over 250,000 SF

• Contemporary architecture and modern suites

DOWNTOWN GRAND

Circa Hotel & Casino

• 777 room property

• First ground up hotel Downtown in decades

• Doors to open October 2020

• 44 stories expected to complete 1.25 Million SF

CIRCA HOTEL & CASINO



the

DISCLAIMERDISCLAIMERTERMS & CONDITIONS

This package is provided to you by Avison Young and is intended solely for your limited use and benefit in determining whether you desire to express further interest in purchasing the property described in the attached documentation (the “Property”). The providing of this package to you and your use thereof is conditioned upon your agreement to the terms set forth below. This package contains selected information pertaining to the Property. It does not purport to be a representation of the state of affairs of the current owner, nor should it be construed to contain all or part of the information which prospective investors would deem necessary to evaluate the Property for purchase. Any financial projections and information provided are for general reference purposes only, are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the current owner and Avison Young. All projections, assumptions and other information provided are made herein are subject to material variation. Avison Young has not independently investigated the accuracy of the information within the package, as such information was obtained by the owner and/or public records. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the owner, Avison Young, nor any of their respective directors, officers, agents, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained within this package or any supplemental information provided after the delivery of this package to you, and no legal commitment or obligation shall arise by reason of your receipt of this package or use of its contents. Please also refer to the disclaimer at the bottom of each page of this package, whichdisclaimer is incorporated herein by reference. You should understand and be advised that the owner of the Property expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with you or any other party at any time with or without notice which may arise as a result of this package. The owner shall have no legal commitment or obligation to you or any other party reviewing this package, nor shall the owner be required to accept an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligation therein have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of owner or Avison Young. You also agree that you will not use this brochure or any of its contents in any manner detrimental to the interest of the owner or Avison Young. This package describes certain documents including leases and other materials, which documents are described in summary form only. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected and advised to review all such summaries and other documents of whatever nature independently with legal counsel, tax and other professionals of their choice who have the expertise to assist in investigating this information in detail. You are therefore advised not to rely solely on this Memorandum as part of your investigations on this Property. If you have no interest in further pursuing this Property, please return this package to Avison Young.

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ECLUSIVE INVESMEN OFFERING DECATUR RENTS APARTMENTS · T +1 702 780 6758...

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