S U S A N H A A S , M U R P
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
S U S A N H A A S , M U R P
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
2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET
| PETERSBURG WORKFORCE HOUSING: S INGLE, MULTI-FAMILY, COMMERCIAL PETERSBURG, VA 23803
TABLE OF CONTENTS / 3
2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET
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.
S U S A N H A A S , M U R P
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
S U S A N H A A S , M U R P
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
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)
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
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.
S U S A N H A A S , M U R P
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
COMPLETE HIGHLIGHTS / 6
S U S A N H A A S , M U R P
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
ADDITIONAL PHOTOS / 7
F O R S A L E
S U S A N H A A S , M U R P
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
2 | LOCATION INFORMATION
2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET
S U S A N H A A S , M U R P
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.
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
ABOUT PETERSBURG / 9
S U S A N H A A S , M U R P
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
LOCATION MAPS / 10
S U S A N H A A S , M U R P
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
RETAILER MAP / 11
F O R S A L E
S U S A N H A A S , M U R P
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
3 | FINANCIAL ANALYSIS
2727 ENTERPRISE PKWY, SUITE 102 | RICHMOND, VA 23294 | 804.270.9440 | JOYNERCOMMERCIAL.NET
S U S A N H A A S , M U R P
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) -
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
FINANCIAL SUMMARY / 13
S U S A N H A A S , M U R P
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
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
RENT ROLL / 14
S U S A N H A A S , M U R P
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
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
RENT ROLL / 15
S U S A N H A A S , M U R P
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
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
RENT ROLL / 16
S U S A N H A A S , M U R P
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
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
UNIT MIX SUMMARY / 17
S U S A N H A A S , M U R P
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
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 - - - - -
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
RENT COMPS SUMMARY / 18
S U S A N H A A S , M U R P
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
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
RESIDENTIAL INCOME | PETERSBURG WORKFORCE HOUSING: S INGLE , MULTI -FAMILY , COMMERCIAL PETERSBURG, VA 23803
DEMOGRAPHICS MAP & REPORT / 19
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