RESIDENTIAL INCOME PORTFOLIO FOR SALE€¦ · Portfolio of 53 Properties:-sold individually or in...

S U S A N H A A S , M U R P

[email protected]

2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET

PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL , PETERSBURG, VA 23803

RESIDENTIAL INCOME PORTFOLIO FOR SALE

PETERSBURG 10.5% CAP RATE 53-UNIT PORTFOLIO - MOTIVATED SELLER

F O R S A L E


[email protected]

P E T E R S B U R G W O R K F O R C E H O U S I N G : S I N G L E , M U L T I - F A M I L Y , C O M M E R C I A L , P E T E R S B U R G , V A 2 3 8 0 3

1 | PROPERTY INFORMATION


| PETERSBURG WORKFORCE HOUSING: S INGLE, MULTI-FAMILY, COMMERCIAL PETERSBURG, VA 23803

TABLE OF CONTENTS / 3


2PROPERTY INFORMATION

8LOCATION INFORMATION

12FINANCIAL ANALYSIS

AssociateO: 804.349.5788C: 804.349.5788E: [email protected]

SUSAN HAAS, MURP

PRESENTED BY:

CONTENTS CONFIDENTIALITY & DISCLAIMERAll materials and information received or derived from Joyner Commercial its directors,officers, agents, advisors, affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, or accuracy, condition of theproperty, compliance or lack of compliance with applicable governmental requirements,developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.

Neither Joyner Commercial its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the anymaterials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for aparty’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. Joyner Commercial will not investigate or verify any such mattersor conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and readingapplicable documents and reports and consulting appropriate independent professionals.Joyner Commercial makes no warranties and/or representations regarding the veracity,completeness, or relevance of any financial data or assumptions. Joyner Commercial doesnot serve as a financial advisor to any party regarding any proposed transaction. All data andassumptions regarding financial performance, including that used for financial modelingpurposes, may differ from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractualand governmental limitations as well as market conditions,vacancy factors and other issuesin order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questionsshould be discussed by the party with a title officer or attorney. Questions regarding thecondition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects,contractors, other consultants and governmental agencies. All properties and services aremarketed by Joyner Commercial in compliance with all applicable fair housing and equalopportunity laws.


[email protected]

P R O P E R T Y I N F O R M A T I O N 2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET

Sale Price: $3,950,000

Building Size: 97,265 SF

Number Of Units: 53

Price / SF: 40.6

Cap Rate: 10.5%

NOI: $417,448

Market: Downtown

Submarket: Urban/ Suburban

OFFERING SUMMARY PROPERTY OVERVIEWMixed-Use Portfolio of 53 Properties sold individually, in groups or the entireportfolio located throughout Historic Downtown Petersburg and residentialneighborhoods in the city; including 12 multi-family, 37 single-family, 2commercial and 2 vacant lots. NOI is currently $404,550 with opportunity toadd value as Va. State University, federal military bases and nearby industryprovide a stable and growing tenant base and opportunity to increase rentswith mostly cosmetic improvementsand landscaping. While properties wererenovated at some point, tenants occupy them and most need some updatingand/or cosmetic repair.

PROPERTY HIGHLIGHTS• 10.5% Cap Rate

• $404,550 NOI

• 53 affordable-rate properties with 166 individual bedroom/office(s)

• Petersburg is a travel destination for a rich history and culture.

• 231-acre Va. State University current enrollment:4,302

• Income-producing residential portfolio offers oppoortunity to add valueincrease rents as Petersburg continues to redevelop and grow.

RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803

EXECUTIVE SUMMARY / 4


[email protected]


PROPERTY DESCRIPTION

Portfolio of 53 Properties:

-sold individually or in group(s)

-located throughout Downtown Petersburg and residential

neighborhoods in the city; including 12 multi-family, 37

single-family, 2 commercial and 2 vacant lots.

-NOI is currently $417,448

-with opportunity to add value

-as Va. State University, federal military bases and nearby

industry provide a stable and growing tenant base

-and opportunity to increase rents with mostly cosmetic

improvements and landscaping.

-While properties were renovated at some point, tenants occupy

them and most need some updating and/or cosmetic repair.

LOCATION DESCRIPTION

Petersburg, population 32,000, offers history, geography and

beautifully intact historic districts. The Petersburg Old Towne

Historic District is on the National Register of Historic Places and

includes Old Towne neighborhood with warehouses converted

into lofts and mixed-use developments and numerous

restaurants and shopping options. The Petersburg Area Art

League (PAAL) and the performing arts center, Sycamore Rouge,

feature shows, live music and cabaret performances. On the

second Friday of each month, the City celebrates “Friday for the

Arts,” which fills the City with local artwork and live music. The

City also offers nearly a dozen parks and recreational facilities

including Wilcox Lake. (Overview | Richmond/Crater Region

Comprehensive Plan | Page 13)


PROPERTY DESCRIPTION / 5

LOCATION INFORMATION

Street AddressPetersburg WorkforceHousing: Single, Multi-Family,Commercial

City, State, Zip Petersburg, VA 23803

County Petersburg City

Market Downtown

Sub-market Urban/Suburban

Signal Intersection No

Nearest Highway 1 mi

Nearest Airport 25mi

BUILDING INFORMATION

NOI $417,448

Cap Rate 10.5

Occupancy % 99.0%

Tenancy Multiple

Free Standing No

PROPERTY HIGHLIGHTS

• 10.5% Cap Rate

• $417,448 NOI

• 53 affordable-rate properties with 166 individualbedroom/office(s)

• Petersburg is a travel destination for a rich historyand culture.

• 231-acre Va. State University currentenrollment:4,302

• Income-producing residential portfolio offersoppoortunity to add value and increase rents asPetersburg continues to redevelop and grow.


[email protected]



COMPLETE HIGHLIGHTS / 6


[email protected]



ADDITIONAL PHOTOS / 7

F O R S A L E


[email protected]


2 | LOCATION INFORMATION



[email protected]

L O C A T I O N I N F O R M A T I O N 2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET

PETERSBURG TODAYPetersburg, 30 miles south of Richmond on I-95 was once the2nd largest city in Virginia and remains an importanttransportation hub, with the network of area highwaysincluding Interstate 85, 95, and 295,and U.S. highways 1, 301,and 460, waterways, and air transportation.

Richmond International Airport (30mi west), thebusiest airport in Central Virginia and the 3rd busiest in the stateis located between Richmond and Petersburg.

The continued growth of the Port of Virginia will generateincreased freight movement from the Hampton Roads area tothe Richmond/Crater Region.

Virginia State University and Farms is growing andcurrentlyconsists of 7,100students

GREYHOUND BUS STATION WITH AN ACTIVE REGIONAL BUS BETWEEN PETERSBURG AND DOWNTOWN RICHMOND. BOTH CSX AND NS railsystems MAINTAIN TRANSPORTATION CENTERS AT PETERSBURG CSX AND NORFOLK SOUTHERN RAIL LINES RUN THROUGH THE CITY.

Excellence, and the ARMY's LOGISTICS BRANCH, whoexperienced enormous growth since 2005. In additionto the Combined Arms Support Command, ArmyLogistics University, the US Army Ordnance School, theUS Army Quartermaster School and the US ArmyTransportations School. Other tenants are the DefenseContract Management Agency and DefenseCommissary Agency, ,Kenner Army Health Clinic,Military Entrance Processing Station and GlobalCombat Support Systems Army.New improvements torail and roadways allow this area to fully capitalize onits potential as a logistics center. Connectivity of theRichmond/Crater Region to the Research Triangle in theRaleigh/Durham area is key to the regional economyand improvements to the I-95/I-85/Route 460interchange are key to connectivity.


ABOUT PETERSBURG / 9


[email protected]



LOCATION MAPS / 10


[email protected]



RETAILER MAP / 11

F O R S A L E


[email protected]


3 | FINANCIAL ANALYSIS



[email protected]

F I N A N C I A L A N A L Y S I S 2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET

INVESTMENT OVERVIEW

Price $3,950,000

Price per Unit $74,528

GRM -

CAP Rate 10.5%

Cash-on-Cash Return (yr 1) - %

Total Return (yr 1) -

Debt Coverage Ratio -

OPERATING DATA

Gross Scheduled Income 501,760

Other Income -

Total Scheduled Income -

Vacancy Cost $25,088

Gross Income 501,760

Operating Expenses 476,672

Net Operating Income $417,448

Pre-Tax Cash Flow 417,448

FINANCING DATA

Down Payment -

Loan Amount -

Debt Service -

Debt Service Monthly -

Principal Reduction (yr 1) -


FINANCIAL SUMMARY / 13


[email protected]


UNITNUMBER

UNITBED

UNITBATH

UNITSIZE(SF)

LEASESTART

LEASEEND

CURRENTRENT

CURRENTRENT (PER

SF)MARKET

RENT

MARKETRENT/

SFSECURITYDEPOSIT

1 2 1 976 $750 $0.77 $900 $0.92 $750

2 1 1 864 $500 $0.58 $650 $0.75 $500

3 4 2 1,700 $1,000 $0.59 $1,650 $0.97 $1,000

4 4 2 1,710 $1,100 $0.64 $1,650 $0.96 $1,100

5 2 1 1,270 $650 $0.51 $900 $0.71 $650

6 2 1 1,092 $700 $0.64 $900 $0.82 $700

7 2 2 1,824 $650 $0.36 $1,050 $0.58 $1,000

8 2 1.1 1,776 $800 $0.45 $950 $0.53 $800

9 4 2 2,200 $750 $0.34 $1,650 $0.75 $750

10 1 1 616 $750 $1.22 $900 $1.46 $750

11 3 2 1,527 $7,750 $5.08 $1,250 $0.82 $750

12 0 0 0 $0 $0 $0

13 4 2.1 2,065 $700 $0.34 $1,650 $0.80 $700

14 2 1 1,826 $1,200 $0.66 $1,500 $0.82 $1,200

15 2 2 1,692 $1,200 $0.71 $1,650 $0.98 $1,200

16 6 3 2,678 $1,400 $0.52 $2,700 $1.01 $1,400

17 4 2.1 2,702 $1,000 $0.37 $1,650 $0.61 $1,000

18 3 1 1,638 $700 $0.43 $1,250 $0.76 $700

19 8 3 4,519 $1,600 $0.35 $3,600 $0.80 $1,600

20 4 2 1,404 $1,100 $0.78 $1,650 $1.18 $1,100

21 0 5 6,074 $1,000 $0.16 $2,500 $0.41 $1,000

22 4 2 2,408 $1,200 $0.50 $1,650 $0.69 $1,200

23 3 2 2,772 $900 $0.32 $1,250 $0.45 $900

24 3 2 1,334 $700 $0.52 $1,250 $0.94 $800


RENT ROLL / 14


[email protected]


UNITNUMBER

UNITBED

UNITBATH

UNITSIZE(SF)

LEASESTART

LEASEEND

CURRENTRENT

CURRENTRENT (PER

SF)MARKET

RENT

MARKETRENT/

SFSECURITYDEPOSIT

25 4 2 2,248 $1,200 $0.53 $1,650 $0.73 $1,200

26 3 3 1,960 $850 $0.43 $1,250 $0.64 $850

27 6 1.1 2,456 $800 $0.33 $2,700 $1.10 $800

28 4 2 1,632 $1,000 $0.61 $1,650 $1.01 $1,000

29 4 2 1,720 $750 $0.44 $1,650 $0.96 $750

30 4 2 1,808 $1,100 $0.61 $1,650 $0.91 $1,100

31 3 1 1,176 $600 $0.51 $1,250 $1.06 $600

32 2 1 875 $675 $0.77 $900 $1.03 $675

33 1 1 720 $900 $1.25 $950 $1.32 $900

34 4 2 1,682 $700 $0.42 $1,650 $0.98 $700

35 3 1 1,532 $575 $0.38 $1,250 $0.82 $575

36 4 2 1,788 $800 $0.45 $1,650 $0.92 $800

37 6 3 3,152 $800 $0.25 $2,700 $0.86 $800

38 3 2 1,655 $700 $0.42 $1,250 $0.76 $700

39 3 2.1 1,896 $700 $0.37 $1,250 $0.66 $700

40 2 1 700 $550 $0.79 $900 $1.29 $550

41 2 1 616 $500 $0.81 $900 $1.46 $500

42 2 1 864 $1,200 $1.39 $900 $1.04 $1,200

43 2 1 616 $550 $0.89 $900 $1.46 $550

44 3 1.1 917 $600 $0.65 $1,250 $1.36 $600

45 10 5 5,324 $2,900 $0.54 $4,500 $0.85 $2,900

46 3 1 2,183 $800 $0.37 $1,250 $0.57 $800

47 0 3 3,479 $800 $0.23 $1,500 $0.43 $800

48 3 2 2,872 $1,000 $0.35 $1,250 $0.44 $1,000


RENT ROLL / 15


[email protected]


UNITNUMBER

UNITBED

UNITBATH

UNITSIZE(SF)

LEASESTART

LEASEEND

CURRENTRENT

CURRENTRENT (PER

SF)MARKET

RENT

MARKETRENT/

SFSECURITYDEPOSIT

49 3 1.1 1,400 $700 $0.50 $1,250 $0.89 $700

50 4 2 1,520 $1,000 $0.66 $1,650 $1.09 $1,000

51 0 0 0 $0 $0 $0

52 3 2 1,560 $1,000 $0.64 $1,250 $0.80 $1,000

53 5 2.1 2,248 $1,000 $0.44 $1,950 $0.87 $1,000

Totals/

Averages

97,266 $52,850 $0.54 $77,600 $0.88 $46,300


RENT ROLL / 16


[email protected]


UNIT TYPE COUNT%

TOTALSIZE (SF) RENT MIN RENT MAX RENT RENT/SF

MARKETRENT

MARKETRENT/

SF

SFR 37 69.8 58,562 $27,750.00 $0.47

MF 12 22.6 29,151 $14,350.00 $0.49

Commercial 2 3.8 9,552 $1,800.00 $0.19

lot/land 2 3.8 $0.00

Totals/Averages 53 100% 2,535,710 $1,202,550.00 $0.00 $0.00 $0.47 $0.00


UNIT MIX SUMMARY / 17


[email protected]


SUBJECT PROPERTY RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

Petersburg Workforce Housing: Single,Multi-Family, CommercialPetersburg, VA 23803

$0.47 0 SF 97,265 SF 53 99.0%

RENT COMPS RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

Totals/Averages - - - - -


RENT COMPS SUMMARY / 18


[email protected]


POPULATION 1 MILE 3 MILES 5 MILES

Total population 8,195 53,782 90,121

Median age 36.5 36.6 37.3

Median age (Male) 34.9 34.0 35.6

Median age (Female) 40.9 39.4 39.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 3,192 19,475 31,551

# of persons per HH 2.6 2.8 2.9

Average HH income $37,786 $47,696 $54,030

Average house value $114,226 $137,748 $161,663

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP & REPORT / 19

RESIDENTIAL INCOME PORTFOLIO FOR SALE€¦ · Portfolio of 53 Properties:-sold individually or in...

Documents

Transcript of RESIDENTIAL INCOME PORTFOLIO FOR SALE€¦ · Portfolio of 53 Properties:-sold individually or in...