Cedar Row 4-Plexes€¦ · is submitted subject to the possibility of errors, omissions, change of...

KW COMMERCIAL

10210 Quaker Avenue

Lubbock, TX 79424GREG BROWNDCCIM0: 806.777.4459C: [email protected] #596497

Cedar Row 4-Plexes

OFFERING MEMORANDUM

PRESENTED BY:

SNYDER, TX

OFFERING MEMORANDUM

www.kwcommercial.com 2

KW COMMERCIAL

10210 Quaker Avenue

Lubbock, TX 79424

Confidentiality & Disclaimer

GREG BROWNDCCIM0: 806.777.4459C: [email protected] #596497

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.

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 all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected 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 contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition 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. Allproperties and services are marketed by Lubbock in compliance with all applicable fair housing and equal opportunity laws.

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OFFERING MEMORANDUM

PRESENTED BY:

SNYDER, TX

http://www.kwcommercial.com

PROPERTY INFORMATION

1 | PROPERTY INFORMATION

EXECUTIVE SUMMARY

CEDAR_ROW_STORY.PDF

PROPERTY DETAILS

EXTERIOR PHOTOS

INTERIOR PHOTOS

1PROPERTY INFORMATIONCEDAR ROW 4-PLEXES

OFFERING MEMORANDUM


OFFERING SUMMARY

SALE PRICE PER UNIT: $19,900

SALES PRICE PER QUAD: $79,600

RENOVATION BUDGET: $44,000 per unit

TOTAL INVESTMENT: $255,600

YEAR BUILT: 1953

BUILDING SIZE: 3,412 SF

MARKET: West Texas

SUBMARKET: Snyder

PRICE / SF: $23.33

PROPERTY OVERVIEWCedar Row 4-plexes is an opportunity for individual owner-occupants or investors.These are individual 4-plexes located on Coleman Street in Snyder, TX. Afterpurchase and a complete renovation of $44,000 per unit, this property willcommand top of market rents, have low maintenance costs, and provide the newowner with strong projected returns.

Financing available for qualified borrowers (estimates):-3.5% down payment, 6% interest, 30 yr amortization for owner-occupants-20% down payment, 6% interest, 30 yr amortization for investors

LOCATION OVERVIEWSnyder, TX has a population of 11,541 and is the county seat of Scurry County. Itis located approximately 70 miles west of Abilene, 200 miles west of Fort Worth,and 90 miles east of Midland on Interstate 20. It's also located along Highway 84between Abilene and Lubbock. It is home to Western Texas College. It's economyis based primarily on oil & gas, and agriculture.

PROPERTY HIGHLIGHTS• Strong post-renovation proforma returns

• Options for investor and owner-occupant purchase

• Can be purchased as individual 4-plexes or a package (pricing varies perbuilding)

Executive Summary

CEDAR ROW 4-PLEXES 1 | PROPERTY INFORMATION


What’s The Story Behind These 14 4-Plexes…and…What’s the Story Behind Snyder, Texas…

November 27, 2018

These 4-Plexes were built in 1953, when construction was done right. Today, they’re “Old and Ugly” and are screaming to be renovated…

The good news is…they were extremely “well-built”…for example…where ceiling joists installed were 2 X 12’s, set on 12” centers…where cement was mixed to last for a very-long-time…for a hundred years or more…where roofs were pitched…where carports were built…where back porches were designed…and where the floor plans were sized and configured to be simple and economical and practical…with no excesses…

Now is the time for these buildings to take-on a complete and “deep” renovation…including new electrical, plumbing, HVAC systems, new individual meters for all utilities, new roofs, floor coverings, new kitchens, sinks, bathrooms, tubs, windows throughout, cabinetry, appliances…and the list goes on…to address and to “better” every inch of these “snug apartment units”…

…also…include the new exterior work, paint colors and landscaping…to vastly improve the “curb-appeal” of this community…bringing it into the modern world…

…yes, this low purchase price of $19,900 per unit allows for a very “deep” renovation to be done…and investment returns that exceed today’s “norms”…

…now, let’s talk about Snyder, Texas…where is it?...What’s it’s employment base?...

…well, this city sits right in-between the cities of Lubbock, Midland and Abilene…right in the heart of oil and gas country, with oil wells as far as the eye can see…windmill farms, or renewal energy farms, are also nearby, and go as far as the eye can see…

…huge ranches of cattle, cotton, wheat and other basics staples of food, livestock and agriculture are the job base for this fine Texas City of Snyder…Snyder is also proud to be

the home of the Western Texas College…Snyder is the County Seat of Scurry County…with a population of approximately 12,000 people…and growing…

…Texas is blessed with vast deposits of oil and gas, and has enjoyed several drilling booms over the years…the latest shale to pop-up on the radar in Texas, is the Cline Shale…a formation in the Permian Basin mostly in Scurry County, just northwest of Midland-Odessa…and right beneath Snyder…

Snyder enjoys an employment base that supports and services the production processes of

oil and gas, windfarm, livestock and agricultural employment needs…It doesn’t get more “Americana” than this…

…In summary, Snyder needs a lot of “new-quality-clean” housing…we could not find an apartment project that had been fully renovated there since 2001…

…Cedar Row 4-Plexes will certainly fulfill part of this “want and need”…

…Buy one…or buy all 14 of the Cedar Row 4-Plexes…and make some money…and generate some cash flow…

…and finally, “get out” of the expensive cities with your monies…and your retirement funds…move them to Snyder!!!

…We look forward to talking to you…and meeting you at the property…thanks…


SALE PRICE PER UNIT $19,900

LOCATION INFORMATION

Building Name Cedar Row 4-Plexes

Street Address 1901 Coleman

City, State, Zip Snyder, TX 79549

County/Township Scurry

Market West Texas

Submarket Snyder

Cross Streets 20th St and Coleman

Road Type Paved

Market Type Small

Nearest Highway Interstate 20 and Highway 84

Nearest Airport Winston Field Airport

BUILDING INFORMATION

Building Size 3,412 SF

Price / SF $23.33

Year Built 1953

Number Of Floors 2

Average Floor Size 853 SF

Framing Wood

Roof Pitched Composition

Number Of Buildings Available 14

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Lot Size 0.22 Acres

Submarket Snyder

PARKING & TRANSPORTATION

Parking Street and carport in back

UTILITIES & AMENITIES

HVAC -

Current

Wall Heat, Window AC

HVAC-Post

Renovation

New Ventless Electric Heat Pump

Power Yes

Laundry -

Current

Laundry Room

Laundry -

Post

Renovation

Laundry Connections in top floor

Connections on 1st Floor not included in

budget

Utilities -

Current

Electric - Owner

Water - Owner

Trash - Owner

Sewer - Owner

Gas - Owner

Utilities -

Post

Renovation

Separately metered, paid by tenant

Water/Sewer/Trash - Allocated to tenant

Gas - separately metered, paid by tenant

Property Details




Exterior Photos




Interior Photos



LOCATION INFORMATION

2 | LOCATION INFORMATION

REGIONAL MAP

LOCATION MAPS

AERIAL MAP

RETAILER MAP

2LOCATION INFORMATIONCEDAR ROW 4-PLEXES

OFFERING MEMORANDUM


Cedar Row 4-Plexes

Regional Map

CEDAR ROW 4-PLEXES 2 | LOCATION INFORMATION



Location Maps




Cedar Row 4-Plexes

Aerial Map




Retailer Map



FINANCIAL ANALYSIS

3 | FINANCIAL ANALYSIS

RENOVATION COST BREAKDOWN

OWNER OCCUPIED PROJECTIONS

OWNER OCCUPANT BUDGET

INVESTOR PROJECTIONS

INVESTOR BUDGET

PROPERTIES FOR SALE

UNIT MIX SUMMARY

3FINANCIAL ANALYSISCEDAR ROW 4-PLEXES

OFFERING MEMORANDUM

Estimated Interior Renovation Costs Per Unit

1)--Gereral Labor .. . . . . . . . . . . . . . . . . . . . . . . . . . . $500

2)--Drywall repair & texture . . . . . . . . . . . .. . . $1,300

3)--Trim, Doors & Labor . . . . . . . . . . . . . . . . . . . $1,300

4)--Prep and Paint . . . . . . . . . . . . . . . . . . . . $1,600

5)--Plugs, Switches & Light fixtures .. . . . . $400

6)--Floorings .. . . . . . . . . . . . . . . . . . . . . . . . . $2,300

7)--Cabinetry & Formica Tops . . . . . . . . . . . . .. $2,600

8) Kitchen Appliances including Gas Stove

Frig. Gar. Disp. Dishwasher . . . . . . . . . . . . . . $1,800

9)--Door knob, towel racks etc & labor . . . . . . $300

10)-Finish plumbing fixtures,

sinks, tub, toilet & parts .. . . . . . . . . . . . . . $1,200

11)-All new rough Plumbing . . . . . . . . . . . . . . $5,000

12)-New Meters and 3 new circuits per unit . . . . . . $3,500

13)-Heat/AC System (Duct less) . . . .. . .. . .. $3,600

14)- New Water Heaters Installed . .. . . . . . . . . .. $750

15)-Insulation in walls and upper ceiling . . . . . . . . $1,620

Interior Costs per Unit .. . . $27,770

Interior Cost Estimate per 4-Plex . .111,080

Estimated Exterior Costs Per Unit

1)--Asbestos Inspection and abatement . . . . . . . . . . . . . .. . . . . . . . . . . . ... $1,500

(500 sq. feet of front siding & 300 sf of drywall)

2)-- Install a Hardi-Board pre painted concrete siding & trim on front only) . . ..$2,080

3)--All new Window & 2 Exterior Doors . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. $2,800

4)--Roof replaced Average per unit in project

(each building will have a veriation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,125

5) 14 buildings of repairing rafter tails, replacing facia & soffits . . .. . . . . . . . . . . . .$335

6)--Excavating . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . .. .. . .. $250

7)--New Water & Sewer Mains

(each building will have a veriation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . $250

8)--General Carpentry & Materials . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . $550

9)--Exterior Painting . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . .. . $750

10)--Dumpster . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . $500

11)--General Labor . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . $400

Sub total EXTERIOR TOTAL COSTS PER UNIT. . $10,540

Subtotal-- Contingency per unit . . . . . $2,465

On-site Supervision, Accounting & Management 8% of Remodel Costs . . . . . $3,225

Sub total - Interior Costs per Unit .. . . $27,770

Grand Total Remodel Costs estimated to be per Unit. . . . . . . $44,000

Grand Total Remodel Costs per 4-Plex . . . . . . . . . . . . . . . . $176,000

“Owner Occupied” Projections & Financial SummaryCedar Row 4-Plexes

Snyder, Texas

November 27, 2018

Sales Price Per Unit: $ 19,9003.5% Down Payment: $ 9,000

$44,000 Renovation Costs per “Unit”: $176,000 Renovation Costs per “4-Plex”

Total Post-Renovation Costs: $255,600 Acquisition and Renovation Costs

Cash Flow per Month Projected: $ 406 $ 4,879 Annually

Cash-on-Cash Return Projected: …54% 3 Units Leased-Out…& 1 UnitOwner-Occupied…

The Sellers have financial sources for the acquisition and renovation loan, and for the long-term “take-out” loan upon completion of the renovation…

The Sellers also have renovation sub-contractors to do the renovation, or you can handle the renovation with your own sources…

In essence, an “owner occupied” purchaser can live in the 4-Plex “rent-free”, and also earn around $406 per month, assuming they will manage, lease and maintain the 4-Plex, themselves…

Cedar Row 4-Plex… 3.5% Down…Owner Occupied…Proforma and Budget 1901 Coleman, Snyder, Texas 79549 …November 21, 2018…$79,600 Sales Price/4-Plex/$19,900 Unit $19,900 Purchase Price Per Unit, $44,000 Per Unit Rehab Cost, or a Grand Total Renovated Basis of… $63,900 per unit…or $255,600 per 4-Plex…(6.00% Interest Rate…30 Year Amo…$9,000 Down…$246,600 Loan 96.5%LTV)

Income Gross Potential Rent @ $850/Month $ 30,600 3 Units Leased @ $2,550 Month Bad Debt $ ( ) Model/Employee $ ( ) Other Income $ -0- Vacancy $ ( 2,448) 8% Estimated

EGI $ 28,152 Fixed Expenses

Real Estate Taxes (2017 costs-$48/Unit/ Avg.) $ 960 (Five Times 2017 Actual Taxes) Insurance $ 600 Estimated Licenses/Permits $ 500 Estimated

Total Fixed Expenses $ 2,060 Operating Expenses

Gas (Owners Unit) $ 600 Estimated-tenant pays own bills Electricity (Owners Unit) $ 1,800 Estimated-tenant pays own bills Water & Sewer (Owners Unit) $ 600 Estimated-tenant pays own bills Total Utilities $ 3,000 Trash Removal $55 Per Building Per Month $ 165 Costs will be passed onto tenant Pest Control $ 144 Paid by Landlord Maintenance/Repairs/Decorating $ 1,200 $250 per unit/carport repairs Laundry machine Rental $ -0- Washer/Dryer connects/all apts. Pool Maintenance $ -0- None on property Landscaping $ 200 Equip/gas/maintenance handled Total Repairs & Maintenance $ 1,709 Management Fee $ -0- Self-Managed Resident Manager $ -0- Owner/make ready/exterior Maintenance Salaries $ -0- Interior & Exterior responsibil’s Leasing $ -0- …handled by owner Other /Contract Labor $ 600 Miscellaneous reserves Total Payroll $ 600 FICA and Benefits (18% estimated) $ -0- Manager/Maint & other salaries Advertising $ 160 Website, local paper, oil co. folk Miscellaneous $ 120 Miscellaneous reserves Legal & Audit $ 120 Evictions Administrative $ 120 Office Supplies,

Total Operating Expenses $ 5,829 Total All Expenses $ 7,889 NOI @Current Snyder Market Rents $ 20,263 During-renovation

Debt Service $246,600 @ 6.00%-30 Yr. Amo. $ 17,736 $1,478 Monthly Net Profit on Down Payment of $9,000… $ 2,527 $210 Cash Flow Per Month $ 49 Rental Increase added to NOI $ 2,352 Rent increased to $899 Mo. NOI Total (Add the NOI Listed Above) $ 20,263 NOI Post-Renovation Total $ 22,615 $ 49 Per Unit Increase Totals Debt Service $246,600 @ 6.00%-30 Yr. Amo. $ 17,736 $1,478 Monthly Net Profit on Down Payment of $9,000… $ 4,879 $406 Cash Flow Per Month Cash-On-Cash Return (Projected)… …54% Live Rent-Free W/Cash Flow..

“Investor” Projections & Financial SummaryCedar Row 4-Plexes

Snyder, Texas

November 27, 2018

Sales Price Per Unit: $ 19,90020% Down Payment: $ 52,000

$44,000 Renovation Costs per “Unit”: $176,000 Renovation Costs per “4-Plex”

Total Post-Renovation Costs: $255,600 Acquisition and Renovation Costs

Cash Flow per Month Projected: $ 1,450 $17,347 Annually

Cash-on-Cash Return Projected: ...33% 4 Units Leased Out

Capitalization Rate Projected: …12.50% Renovated and Stabilized

The Sellers have financial sources for the acquisition and renovation loan, and for the long-term “take-out” loan upon completion of the renovation…

The Sellers also have renovation sub-contractors to do the renovation, or you can handle the renovation with your own sources…

Cedar Row 4-Plex…Investor…20% Down 80% Loan…Proforma and Budget 1901 Coleman, Snyder, Texas 79549 …November 21, 2018…$79,600 Sales Price/4-Plex/$19,900 Unit $19,900 Purchase Price Per Unit, $44,000 Per Unit Rehab Cost, or a Grand Total Renovated Basis of… $63,900 per unit…or $255,600 per 4-Plex…(6.00% Interest Rate…30 Year Amo…$52,000 Down…$203,600 Loan 80% LTV)

Income Gross Potential Rent @ $850/Month $ 40,800 4 Units Leased @ $3,400 Month Bad Debt $ ( ) Model/Employee $ ( ) Other Income $ -0- Vacancy $ ( 3,264) 8% Estimated

EGI $ 37,536 Fixed Expenses

Real Estate Taxes (2017 costs-$48/Unit/ Avg.) $ 960 (Five Times 2017 Actual Taxes) Insurance $ 600 Estimated Licenses/Permits $ 500 Estimated

Total Fixed Expenses $ 2,060 Operating Expenses

Gas (Owners Unit) $ 600 Estimated-tenant pays own bills Electricity (Owners Unit) $ 1,800 Estimated-tenant pays own bills Water & Sewer (Owners Unit) $ 600 Estimated-tenant pays own bills Total Utilities $ 3,000 Trash Removal $55 Per Building Per Month $ 165 Costs will be passed onto tenant Pest Control $ 144 Paid by Landlord Maintenance/Repairs/Decorating $ 1,200 $300 per unit/carport repairs Laundry machine Rental $ -0- Washer/Dryer connects/all apts. Pool Maintenance $ -0- None on property Landscaping $ 200 Equip/gas/maintenance handled Total Repairs & Maintenance $ 1,709 Management Fee $ -0- Self-Managed Resident Manager $ -0- Owner will/make ready/exterior Maintenance Salaries $ -0- Interior & Exterior responsibil’s Leasing $ -0- …handled by owner Other /Contract Labor $ 600 Miscellaneous reserves Total Payroll $ 600 FICA and Benefits (18% estimated) $ -0- Manager/Maint & other salaries Advertising $ 160 Website, local paper, oil co. folk Miscellaneous $ 120 Miscellaneous reserves Legal & Audit $ 120 Evictions Administrative $ 120 Office Supplies,

Total Operating Expenses $ 5,829 Total All Expenses $ 7,889 NOI @Current Snyder Market Rents $ 29,647 During-renovation

Debt Service $203,600 @ 6.00%-30 Yr. Amo. $ 14,652 $ 1,221 Monthly Net Profit on Down Payment of $52,000… $ 14,995 $ 1,250 Cash Flow Per Month $ 49 Rental Increase added to NOI $ 2,352 Rent increased to $899 Mo. NOI Total (Add the NOI Listed Above) $ ___29,647 NOI Post-Renovation Total $ 31,999 $ 49 Per Unit Increase Totals Debt Service $203,600 @ 6.00%-30 Yr. Amo. $ 14,652 $ 1,221 Monthly Net Profit on Down Payment of $52,000… $ 17,347 $ 1,450 Cash Flow Per Month Cash-On-Cash Return…Post-Renovation …33% Cap Rate..12.50% Projected

Cedar Row 4-Plexes: Exibit AAddress Legal Owner Price Property Sale Order1901 COLEMAN ST SNYDER, TX 79549L12 & N13' L13 B5 PARKWAY 2 REDBEARD PROPERTIES LLC 1901--$20,000 per unit or per quadplex $80,000 11902 COLEMAN ST SNYDER, TX 79549L35 & N13' L34 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1902--$22,500 per unit or per quadplex $90,000 21903 COLEMAN ST SNYDER, TX 79549N26' L14 & S49' L13 B5 PARKWAY 2 REDBEARD PROPERTIES LLC 1903--$20,000 per unit or per quadplex $80,000 31904 COLEMAN ST SNYDER, TX 79549N26'L33 & S49'L34 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1904--$22,500 per unit or per quadplex $90,000 41909 COLEMAN ST SNYDER, TX 79549L17 & S9' L16 & N5' L18 B5 PARKWAY 2 REDBEARD PROPERTIES LLC 1909--$25,000 per unit or per quadplex $100,000 51906 COLEMAN ST SNYDER, TX 79549N39' L32 & S36' L33 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1906--$20,000 per unit or per quadplex $80,000 61908 COLEMAN ST SNYDER, TX 79549N52'L31 & S23' L32 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1908--$23,000 per unit or per quadplex $92,000 71913 COLEMAN ST SNYDER, TX 79549N33'L20 & S42'L19 B5 PARKWAY 2 REDBEARD PROPERTIES LLC 1913--$20,000 per unit or per quadplex $80,000 81910 COLEMAN ST SNYDER, TX 79549L30 & N5'L29 & S9' L31 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1910--$22,500 per unit or per quadplex $90,000 91915 COLEMAN ST SNYDER, TX 79549N47'L21 & S28'L20 B5 PARKWAY 2 REDBEARD PROPERTIES LLC 1915--$22,500 per unit or per quadplex $90,000 101916 COLEMAN ST SNYDER, TX 79549N47'L26 & S28' L27 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1916--$20,000 per unit or per quadplex $80,000 111914 COLEMAN ST SNYDER, TX 79549N33'L27 & S42' L28 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1914--$15,000 per unit or per quadplex $60,000 121912 COLEMAN ST SNYDER, TX 79549N19'L28 & S56' L29 B8 PARKWAY 2 REDBEARD PROPERTIES LLC 1912--$20,000 per unit or per quadplex $80,000 131917 COLEMAN ST SNYDER, TX 79549L22 & S14' L21 B5 PARKWAY 2 REDBEARD PROPERTIES LLC 1917--$21,250 per unit or per quadplex $85,000 14

14 BUILDING TOTAL . . . . . . . . $1,177,000


UNIT TYPE COUNT % TOTAL SIZE (SF) RENOVATED MARKET RENT MARKET RENT/SF

2 Bed / 1 Bath 4 100.0 853 $850-899 $1.00 - 1.05

Totals/Averages 4 100% 3,412 $3,400 - 3,596 $1.00 - 1.05

Unit Mix Summary

CEDAR ROW 4-PLEXES 3 | FINANCIAL ANALYSIS


RENT COMPARABLES

4 | RENT COMPARABLES

RENT COMPS

RENT COMPS SUMMARY

RENT COMPS MAP

INFORMATION ABOUT BROKERAGE SERVICES

4RENT COMPARABLESCEDAR ROW 4-PLEXES

OFFERING MEMORANDUM


Western Crest Apartments

3901 Ave OSnyder, TX 79549

1

1

1985Year Built: 51,364 SFBldg Size:

2.6 AcresLot Size: 54No. Units:

$0.78Avg. Rent/SF: 975 SFAvg. Size:

$763Avg. Rent:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

2BR 54 100 975 $763 $0.78Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 54 100% 975 $763 $0.78

La Posada Apartments

4100 Brick Plant RdSnyder, TX 79549

2

2




$675Avg. Rent:


1BR/1BA 24 50 680 $600 $0.88

2BR/1BA 24 50 964 $750 $0.78Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 48 100% 822 $675 $0.82

Owner pays water, trash, sewer

Rent Comps

CEDAR ROW 4-PLEXES 4 | RENT COMPARABLES



Windridge Village

5400 College AveSnyder, TX 79549

3

3


3 AcresLot Size: 48No. Units:


$769Avg. Rent: 100%Occupancy:


1 Bed/ 1 Bath 32 26.7 650 $675 $1.04

2 Bed/ 1 Bath 64 53.3 850 $769 $0.90

3 Bed/2 Bath 24 20 1,070 $899 $0.84Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 120 100% 840 $769 $0.92

Water, sewer, and trash paid by owner.

Deep Creek Apartments

4400 Ave USnyder, TX 79549

4

4




$831Avg. Rent: 91%Occupancy:

UNIT TYPE # UNITS % OF SIZE SF RENT

1BR/1BA 22 32.8 680 $675

2BR/1BA 30 44.8 964 $875

2BR/1.5BA 3 4.5 964 $875

3BR/1.5BA 12 17.9 1,236 $1,000Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 67 100% 919 $831

Tenants pay electricOwner pays water/sewer/trashNo allocations

Rent Comps




1

2

3

4

RENT COMPS RENT/SF 2 BR RENT RENOVATED?

Western Crest Apartments3901 Ave OSnyder, TX 79549

$0.78 $763 No

La Posada Apartments4100 Brick Plant RdSnyder, TX 79549

$0.82 $750 No

Windridge Village5400 College AveSnyder, TX 79549

$0.92 $769 No

Deep Creek Apartments4400 Ave USnyder, TX 79549

$0.90 $875 Partial

RENT/SF 2 BR RENT RENOVATED

Totals/Averages $0.86 $789 No

Rent Comps Summary




1901 Coleman | Snyder, TX 79549SUBJECT PROPERTY

13901 Ave OSnyder, TX 79549

WESTERN CREST APARTMENTS 24100 Brick Plant RdSnyder, TX 79549

LA POSADA APARTMENTS

35400 College AveSnyder, TX 79549

WINDRIDGE VILLAGE 44400 Ave USnyder, TX 79549

DEEP CREEK APARTMENTS

Rent Comps Map



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Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a questionor complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Information About Brokerage Services

Texas law requires all real estate licensees to give the following informationabout brokerage services to prospective buyers, tenants, sellers and landlords.

Approved by the Texas Real Estate Commission for Voluntary Use

IF THE BROKER ACTS AS AN INTERMEDIARY:

Buyer, Seller, Landlord or Tenant Date

If you choose to have a broker represent you,

IF THE BROKER REPRESENTS THE OWNER:

IF THE BROKER REPRESENTS THE BUYER:

With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real EstateLicense Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under thatAct and associated with the broker to communicate with and carry out instructions of the other party.

you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement shouldstate how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment ofa fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities ofthe broker, you should resolve those questions before proceeding.

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospectiveseller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is theowner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agentrepresents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating aproperty, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

(1) shall treat all parties honestly;(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by thebuyer; and(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unlessauthorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the informationmaterially relates to the condition of the property.

The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to actas a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker orsubagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’sagent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known tothe agent.

The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representationagreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner shouldnot tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any materialinformation known to the agent.

A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain thewritten consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuousbold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and tocomply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

Date post:	13-Jul-2020
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