WESTMINSTER STATION 4 PLEXES - LoopNet€¦ · *Projected 5 Year Fixed Term (First Bank) UNIT MIX...

INVESTMENT CONTACTS:JOE HORNSTEINSCOTT FETTERJESSICA SCHMELZERDAVID BAROCAS

WESTMINSTER STATION 4 PLEXES 4245 W. 70TH PLACE | WESTMINSTER, CO 80030

4245 W. 70TH PLACE | WESTMINSTER, CO

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 1415 Yosemite Street located in Denver(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 forsuch information which is in the public domain or is otherwise available to the public. By accpting this Offering Memorandum, you agree that you will hold and treat Offering Memorandm 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.

Investment Contacts:

© 2018 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable. However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.

JOE [email protected]

SCOTT [email protected]

JESSICA SCHMELZERAssociate Advisor [email protected]

DisclaimerOFFERING MEMORANDUM


Offering SummaryPrice $700,000Down Payment (25%) $175,000Price/Unit $175,000Price/SF $185CAP Rate - Current 5.98%CAP Rate - Pro Forma 6.14%

ExecutiveSUMMARY

4245 W 70th Place is being brought to market with 7115 Stuart Street. These two four unit prop-erties, located adjacent to each other, are only blocks from the Westminster Light Station and subsequent revitalization surrounding this Trans-portation Oriented Development site. Both prop-erties feature updated mechanical systems, two bedroom units, ample off street parking and the opportunity to further improve rental income with cosmetic upgrades. The City of Westminster has additional development projects in the works with the revitalization of the downtown area at Sheri-dan and US36. These properties are poised for both short and long term growth and represent an excellent multifamily opportunity.


PROPERTY OVERVIEW


Units: 4Year Built: 1962Building Type: BrickBuilding Size: 3,778 SFLot Size: 7,058 SFZoning: R-4Roof: FlatHeat: Hot Water Baseboard

PropertyOVERVIEW

Investment Highlights:

• 4245 W. 70th Place is being sold in conjunction with 7115 Stuart Street

• Located Walking Distance From New Westminster Station Light Rail Project

• New Boiler

• Income Producing Laundry

• Great Unit Mix

• Units are in Good Condition

• Value Add Potential

Property Information


LOCATION OVERVIEW

4 2 4 5 W 7 0 T H P L A C E

HIDDEN LAKE

LOW

ELL BO

ULEVA

RD

FEDERAL BOULEVARD

WESTMINSTERLIGHT RAIL STATION


Aerial

PECO

S STREET

LOW

ELL

BO

ULE

VAR

D

SHER

IDAN

BO

ULEV

ARD

INTERSTATE

25

INTERSTATE

76

WESTMINSTER LIGHT RAIL STATION

• New Retail 50,853 SF• Dining 59,207 SF• Retail Service 40,813 SF• Grocery/Wine 10,000 SF• Marketplace 18,647 SF• Entertainment 50,341 SF• Office 125,000SF• Multifamily Residential 591 Units

The Station Area is strategically located in the northwest portion of the greater Denver metropolitan area, just a half-mile south of the US 36 and Federal Boulevard interchange. The crossroads of I-25, I-76 and US 36/I-270 are just two miles to the east, with downtown Denver a short nine-mile commute to the south.

• Main and Main location in the heart of the Westminster Mall re-development

• Immediate proximity to over 1,500 parking spaces

• Strategically located between Denver & Boulder adjacent to the future light rail station

4 2 4 5 W 7 0 T H P L A C E

WESTMINSTERLIGHT RAIL STATION

DOWNTOWN WESTMINSTER2

7

5

3

4

6

Downtown Westminster Projects

JCPenney

Public

Parking

Garage

OPENING 4Q 2018Alamo Draft House9 screen theater/restaurant

OPENING 3Q 2019Sherman Associates240 units/38k s.f. retail

Sarah: [email protected]: [email protected]

OPENING 1Q 2019GRID Collaborative/Solera Salon80k s.f. office/30k s.f. retail

OPENING 4Q 2018Ascent Westminster270 units/24k s.f. retail

2 3 4

6

OPENING 2Q 2018Central Square 1.2 acre plaza

OPENING 1Q 2019Origin Hotel/Marczyk Fine Foods125 room boutique hotel w/retail

OPENING 4Q 2018Mile High/Koelbel/LongsPeak118 units/20k s.f. retail

7

1

5

1

www.DowntownWestminster.us

88th Ave.

92nd Ave.

Sher

idan

Blvd

.


LOCATION OVERVIEW

Westminster is the next Urban Center of the

Colorado Front Range. It is a vibrant inclusive,

creative and well-connected City. People choose

Westminster because it is a dynamic community

with distinct neighborhoods, quality educational

opportunities and a resilient local economy that

includes: a spectrum of jobs; diverse, integrated

housing; and shopping, cultural, entertainment, and

restaurant options. It embraces the outdoors and is

one of the most sustainable cities in America.

WESTMINSTER LIGHT RAIL STATION is strategically located in the northwest portion of

the greater Denver metropolitan area, just a half-

mile south of the US 36 and Federal Boulevard

interchange.


LocationOVERVIEWWESTMINSTER GROWTH PLAN

Downtown Westminster is located at U.S. 36 and Sheridan Boulevard (the site of the former Westminster Mall).

The 105-acre site is currently being developed into a vibrant, mixed-use urban downtown in the heart of the city.

WESTMINSTER STATIONAddress: 3200 Westminster Station DriveCar Parking: 350 available RTD Park-n-Ride spaces; additional 250 privately managed spaces.Bike Parking: 18 racks

Planned Phase I Streets

Available for Development

Future Development Parcel

Under Letter of Intent for Development

PSA or Development Agreement

Non-City Owned Parcel

US Bank

OliveGarden

4.6 ac

1.6 ac 1.1 ac

4.6 ac

3.9 ac

1.8 ac

4.0 ac

0.73 ac

3.6 ac 2.2 ac

1.7 ac 0.6 ac

2.3 ac

1.6 ac

4.3 ac

1.7 ac

1.5 ac

3.0 ac

2.0 ac

2.1 ac

3.2 ac

2.3 ac

2.9 ac

2.9 ac

2.0 ac

1.7 ac

Future Streets

0 200 400 600 ft

Key

Block Designation

Approximate Block Area in Acres

X-##.# ac

Parcel Boundary

Potential Future Street/Alley

9/11/17

Existing Streets

A-1 B-1 C-1

D-1

D-2

D-3

D-4

D-5

D-6

C-2

B-2

C-3

C-5

C-6

C-7

B-3

B-4

B-5

B-6

A-2

A-3

A-4

A-5

Har

lan

Stre

et

89th Avenue

89th Avenue

90th Avenue

90th Avenue

Central Avenue

Central Avenue

Park Place

Sheridan Boulevard

91st Avenue

Harlan Way

92nd Avenue Wes

tmin

ster

Bo

ulev

ard

Wes

tmin

ster

Bo

ulev

ard

Eato

n St

reet

Har

lan

Stre

et

Bent

on S

tree

t

Eato

n St

reet

Benton Street

Fenton Street

Fent

on S

tree

t

92nd Avenue

88th Avenue88th Avenue

Center Park

South Park South Park

US 36/Sheridan Bus Rapid

Transit Station West

East Park

Har

lan

Stre

et

Future FasTracks Commuter Rail Station

Plan Area BoundaryB-7

DOWNTOWN WESTMINSTERSTMESTM R

Note: Development block areas and dimensions are provided for reference purposes only and shall be verified by a duly licensed land surveyor.

Additional setbacks and build-to lines apply along street frontages per the Westminster Downtown Specific Plan @ www.downtownwestminster.us

*VpD (Vehicles per Day) sources include DRCOG 2011 counts for 88th and 90th avenues and CDOT 2013 counts for Sheridan Blvd. and US 36.

Prepared by: Sarah Nurmela, City of Westminster

Central Square

West Park

Future Underpass

US 36 Bikeway

JC Penney

Brunswick Bowling

Existing ProfessionalOffice

Costco

US 36/Sheridan Bus Rapid

Transit Station East

Existing PedestrianOverpass

Lowes Plaza

Solaire Shops

16 milesto Boulder

12 milesto Denver

Future Trail

Phase I

US 36 Bikeway

Bicycle Lanes or Bicycle Path

Phase I Planned Public Parking Structure Location

p

p

p

Sherman Associates240 Multifamily Units38,000 sqft. RetailQ1 2018 - Q3 2019

Alamo Draft House9-screen theaterRestaurantQ4 2017 - Q4 2018

Grid / Solera80,000 sqft. Office30,000 sqft. RetailQ1 2018 - Q1 2019

Sherman Associates270 Multifamily Units24,000 sqft. RetailQ3 2017 - Q4 2018

Eaton Street 118 Affordable Units20,000 sqft. RetailQ1 2018 - Q1 2019

Public Parking 888 Parking SpacesBike & EV ParkingOPEN!

Origin Hotel &Marczyk Fine FoodsQ4 2017 - Q4 2018


FINANCIAL ANALYSIS


AnalysisINCOME AND EXPENSES

*Projected 5 Year Fixed Term (First Bank)

UNIT MIX AND AVERAGE RENT SCHEDULE

Unit Type Units Approx. SF Current Rent ProForma Rent

2Br/1Ba 4 887 $1,125 $1,150

Total 4 3,550 $4,500 $4,600

INVESTMENT SUMMARY

List Price $700,000

Price/Unit $175,000

Price/SF $185

PROPOSED FINANCING

Loan Amount (75%) $525,000

Down Payment (25%) $175,000

Interest Rate 4.50%

Amortization 30 years

Monthly Payment ($2,660)*

OPERATING DATA

INCOMECurrent

Rent RollProjected Year One

Gross Scheduled Income (GSI) $54,000 $55,200

Less: Vacancy (5%) ($2,700) ($2,760)

Effective Rental Income $51,300 $52,440

Laundry Income $3,600 $3,600

Effective Gross Income $54,900 $56,040

EXPENSES

Property Tax $3,473 $3,473

Property Insurance $1,775 $1,775

Gas & Electric $3,000 $3,000

Water & Sewer $1,500 $1,500

Trash $720 $720

Repairs & Maintenance $2,600 $2,600

Total Operating Expenses $13,068 $13,068

Expenses Per Unit $3,267 $3,267

FINANCIAL ANALYSIS

NET OPERATING INCOME $41,832 $42,972

Projected Debt Service* ($31,921) ($31,921)

Before Tax Cash Flow* $9,911 $11,051

CAP Rate 5.98% 6.14%

Cash-on-Cash Return* 5.66% 6.31%

Principal Reduction* $8,469 $8,469

TOTAL INVESTMENT RETURN 10.50% 11.15%

© 2018 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable.However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.

One Broadway | Suite 300A | Denver | Colorado | 80203 | 303-962-9559 | www.PinnacleREA.com

JOE [email protected]

SCOTT FETTERPrincipal [email protected]

JESSICA SCHMELZERAssociate Advisor [email protected]

WESTMINSTER STATION 4 PLEXES - LoopNet€¦ · *Projected 5 Year Fixed Term (First Bank) UNIT MIX...

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