PREPARED BY: KET Enterprises Incorporated & Mark Kalil & Associates, Inc.
PREPARED BY:
KET Enterprises Incorporated
&
Mark Kalil & Associates, Inc.
●12 renovated, upscale assets, positioned in the highly sought after Inner Loop of Houston.
● Ideal for condo conversion.
●Excellent potential land play opportunity.
●Located in the Inner Loop/Montrose/West U. area of
Houston.
●8 properties are cross-collateralized.
●Dura-Last roofs have been installed on all the the properties except 2.
●Easy access to the University of St. Thomas and major employment centers including Downtown Houston, the Galleria, Greenway Plaza and The
Medical Center.
● Strong area demographics.
● The properties are very well maintained, in upscale condition and are incomparable to others in the area.
F6/MIDTOWN PORTFOLIO HIGHLIGHTS
Mark Kalil & Associates, Inc.
3701 Kirby, Suite 1000 | Houston, TX 77098 T 713.799.8700 | F 713.799.8703 | C 713.829.3765
[email protected] | www.markkalil.com
KET Enterprises Incorporated
4295 San Felipe, Suite 355 | Houston, TX 77027 T 713.355.4646 | F 713.355.4331 | C 713.628.9408 [email protected] | www.ketent.com
Updated 2/28/2014
Feb '14 Debt In Place
Property Location Units Age Occ Sq Ft Market Rent Debt Service NOI
1 1901 Whitney Montrose 9 1952 100% 3,560 $7,785 $0 $0 $52,838
2 3402 Garrott Montrose 15 1968 88% 9,232 $16,285 $0 $0 $146,439
3 4414 Yupon Montrose 10 1960 100% 4,950 $8,785 $0 $0 $55,957
4 1219 Banks Museum District 7 1962 100% 5,748 $9,770 $0 $0 $71,271
5 1916-1926 Norfolk Montrose 30 1961/1965 100% 29,807 $1,350 $1,989,644 $131,819 $264,903
6 1903 Portsmouth Montrose 29 1964 97% 24,222 $40,825 $2,171,064 $143,839 $284,030
7 2322 Richton Upper Kirby 20 1962 95% 12,236 $22,640 $838,322 $55,541 $123,336
8 4115 Drake West U 16 1962 100% 10,201 $16,630 $892,263 $60,510 $97,485
9 2300 Park Montrose 20 1966 97% 12,533 $24,760 $1,134,376 $75,155 $180,834
10 3602 Garrott Montrose 20 1963 100% 11,487 $22,735 $1,156,306 $76,608 $52,838
11 3618-3620 Garrott Montrose 16 1960 88% 7,711 $15,275 $809,526 $54,837 $99,670
12 420 W Alabama Montrose 16 1968 100% 9,457 $16,755 $914,005 $60,626 $127,753
Totals/Averages 208 1962 97% 141,144 $203,595 $9,905,505 658,936 $1,557,354
Notes: The F6 properties (highlighted above) are cross-collateralized.
Asking
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
F6/MIDTOWN PORTFOLIO SUMMARY
Mark Kalil & Associates, Inc.
3701 Kirby, Suite 1000 | Houston, TX 77098
T 713.799.8700 | F 713.799.8703 | C 713.829.3765 [email protected] | www.markkalil.com
KET Enterprises Incorporated
4295 San Felipe, Suite 355 | Houston, TX 77027 T 713.355.4646 | F 713.355.4331 | C 713.628.9408 [email protected] | www.ketent.com
F6/MIDTOWN PORTFOLIO MAP
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F6/MIDTOWN PORTFOLIO PICTURES
1901 Whitney 3402 Garrott 4414 Yupon
1219 Banks 1916 Norfolk 1903 Portsmouth
2322 Richton 4115 Drake 2300 Park
3602 Garrott 3618 Garrott 420 W Alabama
1901 WHITNEY ST., HOUSTON, TX 77006
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 6% Increase $8,252 / Mo
Estimated Gross Scheduled Income $8,252 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (1% of Total Street Rent) 1%
Estimated Utilities IncomeEstimated Other Income $83 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $8,214 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$1,372 per Unit $2,382 per Unit
Gas
Total Utilities $665 per Unit $665 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $379 per Unit 3.75% $411 per Unit
Total Other Expense $1,988 per Unit $1,833 per Unit
Note: $3727.72 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $4,025 per Unit $4,881 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $4,225 per Unit $5,081 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Proposed Loan Parameters Operating Information
Avg Unit Size 396 N/A $7,572
Number of Units 9 Market Est New Loan @ 70% of Asking $7,785
Units per Acre 78.408 Property Tax Information
Land Area (Acres) 0.11 $52,837 Est Ins per Unit per Yr $259
Net Rentable Area 3,560 N/A Physical Occ (Dec-13) 100%
Elec Meter Indiv Yes 2013 Taxes $11,043
2013 Tax Assessment $375,817
Date Built 1952 Tax Rate (2013) 2.93839
INCOME
99,025
99,025
HVAC System Indiv *Current Value is Stabilized Value less Rehab, Profit and Carry Est Future Taxes $19,108
Roof Style Est Future Tax Assessment $650,300
(1,981)
(990) 1%
MODIFIED ACTUALS PRO-FORMA
98,563
98,563
(990)
2,749 $305 / Unit / Yr
750
Insurance $2,329 $259 per Unit
$90,865
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$2,329 $259 per Unit
Total Fixed Expense 12,348 21,437
Utilities Utilities Estimated Utilities
Taxes $10,019 $1,113 per Unit $19,108 $2,123 per Unit
Electricity $1,119 $124 per Unit $1,119 $124 per Unit
Water & Sewer $3,704 $412 per Unit $3,704 $412 per Unit
$1,166 $130 per Unit $1,166 $130 per Unit
$6,699 $744 per Unit $4,500 $500 per Unit
5,989 5,989
Other Expenses Estimated Other Expenses
$2,180 $242 per Unit $2,700 $300 per Unit
$3,407 Added by Broker $3,696
17,890 16,500
$3,343 $371 per Unit $3,343 $371 per Unit
$2,261 $251 per Unit $2,261 $251 per Unit
52,838 52,837
36,227 43,926
1,800 1,800
38,027 45,726
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated. The owner keeps the assets much cleaner than normal.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
1901 WHITNEY ST., HOUSTON, TX 77006 Keymap: 493N
Construction Quality: B+
Age: 1952 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: Indiv Mini Blinds Type Harris County Flood Control $0.282700
Wiring: Copper Covered Parking Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 6 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.938391
Units/Acre: 78.41 *In Select Units 2013 Tax Assessment $375,817
3 Mo Avg 7,572$
Jan 2013 5,492$ Feb 2013 6,897$ Mar 2013 3,291$ Apr 2013 6,831$ May 2013 8,447$ June 2013 7,872$ July 2013 6,418$ Aug 2013 4,464$ Sept 2013 7,361$ Oct 2013 7,337$ Nov 2013 7,286$ Dec 2013 8,093$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTYACCT NO: 0090980000001
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 1901 Whitney Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1960. Residents enjoy ample amenities which include: mini-blinds, ceiling fans, a an appliance package which includes a gas stove, refrigerator and a dishwasher, and a beautifully landscaped courtyard. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The owner has extremely and carefully upgraded this asset. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
1901 WHITNEY ST., HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 396 396 $995 $995 $2.52
2 1 Bed/1 Bath 1 396 396 $895 $895 $2.26
3 1 Bed/1 Bath 1 396 396 $775 $775 $1.96
4 1 Bed/1 Bath 1 396 396 $895 $895 $2.26
5 1 Bed/1 Bath 1 396 396 $750 $750 $1.90
6 1 Bed/1 Bath 1 396 396 $975 $975 $2.46
7 1 Bed/1 Bath 1 396 396 $875 $875 $2.21
8 1 Bed/1 Bath 1 396 396 $975 $975 $2.46
9 1 Bed/1 Bath 1 396 396 $650 $650 $1.64
9 396 3,560 $865 $7,785 $2.19
Apartment Features Community FeaturesAppliance Package(Gas Stove, dishwasher, refrigerator) Great Inner Loop Location
Renovated Interiors Gated Community w/off Street Parking
Onsite Laundry Facility
Sprinkler System
Covered Parking
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
3402 GARROTT ST., HOUSTON, TX 77006
h
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $17,099 / Mo
Estimated Gross Scheduled Income $17,099 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $614 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $17,459 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
####
$1,117 per Unit $3,317 per Unit
Gas
Total Utilities $761 per Unit $761 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract Services (including trash)Management Fees 3.75% $505 per Unit 3.75% $524 per Unit
Total Other Expense $1,636 per Unit $1,941 per Unit
Note: $4,228.41 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $3,514 per Unit $6,018 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $3,714 per Unit $6,218 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Proposed Loan Parameters Operating Information
Avg Unit Size 615 N/A 300 $16,846
Number of Units 15 Market Est New Loan @ 70% of Asking $16,285
Units per Acre 52.272 Property Tax Information
Land Area (Acres) 0.29 $116,241 Est Ins per Unit per Yr $544
Net Rentable Area 9,232 N/A Physical Occ (Dec-13) 88%
Elec Meter Indiv 2013 Taxes $9,129
2013 Tax Assessment $314,000
Date Built 1968 Tax Rate (2013) 2.90739
INCOME
205,191
205,191
HVAC System Indiv Est Future Taxes $41,595
Roof Style Est Future Tax Assessment $1,430,663
(4,104)
(2,052) 1%
MODIFIED ACTUALS PRO-FORMA
209,513
209,513
(4,104)
5,369 $358 / Unit / Yr
9,213
Insurance $8,155 $544 per Unit
$202,150
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$8,155 $544 per Unit
Total Fixed Expense 16,753 49,750
Utilities Utilities Estimated Utilities
Taxes $8,598 $573 per Unit $41,595 $2,773 per Unit
Electricity $1,319 $88 per Unit $1,319 $88 per Unit
Water & Sewer $7,950 $530 per Unit $7,950 $530 per Unit
$2,142 $143 per Unit $2,142 $143 per Unit
11,411 11,411
Other Expenses Estimated Other Expenses
$2,276 $152 per Unit $3,900 $260 per Unit
$4,837 $322 per Unit $7,500 $500 per Unit
$5,545 $370 per Unit $5,545 $370 per Unit
24,547 29,110
52,711 90,271
3,000 3,000
$4,309 $287 per Unit $4,309 $287 per Unit
$7,581 Added by Broker $7,857
55,711 93,271
146,439 116,241
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
3402 GARROTT ST., HOUSTON, TX 77006 Keymap: 493S
Construction Quality: B+
Age: 1968 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization Houston ISD $1.185700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Outside Storage Type Harris County Flood Control $0.282700
Wiring: Copper Mini Blinds Assumable Port of Houston Authority $0.017160
Roof: Pitched Monthly Escrow Harris County Hospital District $0.140000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 6 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.907391
Units/Acre: 52.27 *In Select Units 2013 Tax Assessment $314,000
3 Mo Avg 16,846$
Jan 2013 15,048$ Feb 2013 18,142$ Mar 2013 17,010$ Apr 2013 15,906$ May 2013 20,353$ June 2013 12,860$ July 2013 17,076$ Aug 2013 12,843$ Sept 2013 17,292$ Oct 2013 17,264$ Nov 2013 17,200$ Dec 2013 16,073$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTYACCT NO: 1141480000002
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 3402 Garrott Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1968. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package, and a beautifully landscaped courtyard with a water feature. Currently there are no leasing concessions. 15 of the 17 units here are owned by the owner (fractured condo project). The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. This property is available all cash or new loan, with no debt impediments.
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
3402 GARROTT ST., HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 570 570 $895 $895 $1.57
2 1 Bed/1 Bath 1 570 570 $1,125 $1,125 $1.98
3 2 Bed/1.5 Bath 1 1,003 1,003 $1,225 $1,225 $1.22
4 1 Bed/1 Bath 1 553 553 $1,050 $1,050 $1.90
5 1 Bed/1 Bath 1 553 553 $1,095 $1,095 $1.98
6 1 Bed/1 Bath 1 553 553 $1,095 $1,095 $1.98
7 1 Bed/1 Bath 1 553 553 $1,095 $1,095 $1.98
8 2 Bed/1.5 Bath 1 1,003 1,003 $1,295 $1,295 $1.29*9 Maintenance fee 1 884 884 $200 $20010 1 Bed/1 Bath 1 553 553 $995 $995 $1.80*11 Maintenance fee 1 $200 $200
12 1 Bed/1 Bath 1 553 553 $695 $695 $1.2613 1 Bed/1 Bath 1 553 553 $925 $925 $1.6714 1 Bed/1 Bath 1 553 553 $1,250 $1,250 $2.2615 1 Bed/1 Bath 1 553 553 $1,095 $1,095 $1.9816 1 Bed/1 Bath 1 553 553 $1,175 $1,175 $2.1217 1 Bed/1 Bath 1 553 553 $875 $875 $1.58
* Units are individually owned and are not being conveyed
17 595 10,116 $958 $16,285 $1.61
Apartment Features Community FeaturesAppliance Package Great Inner Loop Location
Renovated Interiors Gated Community w/off Street Parking
Onsite Laundry Facility
Sprinkler System
Water Feature
UNIT MIX JAN 2014
TOTALS AND AVERAGESTotal
Units
Average Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
% Units by Type
88%
12%
1 Bed/1 Bath
2 Bed/1.5 Bath
4414 YUPON ST., HOUSTON, TX 77006
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $9,224 / Mo
Estimated Gross Scheduled Income $9,224 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (1% of Total Street Rent) 1%
Estimated Utilities IncomeEstimated Other Income $160 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $9,274 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses12/03 OS 2013 Tax Rate & Future Assessment
####
$1,720 per Unit $2,535 per Unit
Gas
Total Utilities $556 per Unit $556 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $397 per Unit 3.75% $417 per Unit
Total Other Expense $2,527 per Unit $1,784 per Unit
Note: $47,814.79 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $4,802 per Unit $4,875 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $5,002 per Unit $5,075 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Proposed Loan Parameters Operating Information
Avg Unit Size 495 N/A $8,831
Number of Units 10 Market Est New Loan @ 70% of Asking $8,785
Units per Acre 58.080 Property Tax Information
Land Area (Acres) 0.17 $60,537 Est Ins per Unit per Yr $346
Net Rentable Area 4,950 N/A Physical Occ (Dec-13) 100%
Elec Meter Indiv 2013 Taxes $15,142
2013 Tax Assessment $515,312
Date Built 1960 Tax Rate (2013) 2.93839
INCOME
110,691
110,691
HVAC System Indiv Est Future Taxes $21,893
Roof Style Est Future Tax Assessment $745,068
(2,214)
(1,107) 1%
MODIFIED ACTUALS PRO-FORMA
111,284
111,284
(1,107)
3,416 $342 / Unit / Yr
1,604
Insurance $3,459 $346 per Unit
$105,977
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$3,459 $346 per Unit
Total Fixed Expense 17,197 25,352
Utilities Utilities Estimated Utilities
Taxes $13,738 $1,374 per Unit $21,893 $2,189 per Unit
Electricity $583 $58 per Unit $583 $58 per Unit
Water & Sewer $4,114 $411 per Unit $4,114 $411 per Unit
$860 $86 per Unit $860 $86 per Unit
5,557 5,557
Other Expenses Estimated Other Expenses
$1,425 $143 per Unit $2,600 $260 per Unit
$2,351 $235 per Unit $2,351 $235 per Unit
$3,974 Added by Broker $4,173
$13,802 $1,380 per Unit $5,000 $500 per Unit
$3,714 $371 per Unit $3,714 $371 per Unit
50,021 50,747
55,957 60,537
25,267 17,838
48,021 48,747
2,000 2,000
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
4414 YUPON ST., HOUSTON, TX 77006 Keymap: 493W
Construction Quality: B+
Age: 1960 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization Houston ISD $1.186700
A/C Type: Wall Units Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Laundry Rooms Gated Parking Type Harris County Flood Control $0.282700
Wiring: Copper Mini Blinds Assumable Port of Houston Authority $0.017160
Roof: Pitched Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 11 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.938391
Units/Acre: 58.08 *In Select Units 2013 Tax Assessment $515,312
3 Mo Avg 8,831$
Jan 2013 9,225$ Feb 2013 6,931$ Mar 2013 11,139$ Apr 2013 9,209$ May 2013 10,133$ June 2013 7,180$ July 2013 8,044$ Aug 2013 6,642$ Sept 2013 8,963$ Oct 2013 8,889$ Nov 2013 8,624$ Dec 2013 8,982$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTYACCT NO: 0392230000028
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 4414 Yupon Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1960. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities , a beautifully landscaped courtyard and walk-in closets. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
4414 YUPON ST., HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 495 495 $895 $895 $1.81
2 1 Bed/1 Bath 1 495 495 $850 $850 $1.72
3 1 Bed/1 Bath 1 495 495 $895 $895 $1.81
4 1 Bed/1 Bath 1 495 495 $895 $895 $1.81
5 1 Bed/1 Bath 1 495 495 $1,075 $1,075 $2.17
6 1 Bed/1 Bath 1 495 495 $815 $815 $1.65
7 1 Bed/1 Bath 1 495 495 $775 $775 $1.57
8 1 Bed/1 Bath 1 495 495 $895 $895 $1.81
9 1 Bed/1 Bath 1 495 495 $795 $795 $1.6110 1 Bed/1 Bath 1 495 495 $895 $895 $1.81
10 495 4,950 $879 $8,785 $1.77
Apartment Features Community FeaturesGreat Inner Loop Location
Renovated Interiors Gated Community w/off Street Parking
Onsite Laundry Facility
Sprinkler System
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
1219 BANKS ST., HOUSTON, TX 77006
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $10,259 / Mo
Estimated Gross Scheduled Income $10,259 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (1% of Total Street Rent) 1%
Estimated Utilities IncomeEstimated Other Income $159 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $10,224 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
2014 Insurance quote
$2,676 per Unit $3,990 per Unit
Gas
Total Utilities $1,131 per Unit $1,131 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $645 per Unit 3.75% $657 per Unit
Total Other Expense $3,023 per Unit $1,640 per Unit
Total Operating Expense $6,829 per Unit $6,760 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $7,029 per Unit $6,960 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Proposed Loan Parameters Operating Information
Avg Unit Size 821 N/A $10,040
Number of Units 7 Market Est New Loan @ 70% of Asking $9,770
Units per Acre 53.030 Property Tax Information
Land Area (Acres) 0.13 $73,969 Est Ins per Unit per Yr $499
Net Rentable Area 5,748 N/A Physical Occ (Dec-13) 100%
Elec Meter Indiv 2013 Taxes $15,248
2013 Tax Assessment $568,120
Date Built 1962 Tax Rate (2013) 2.68396
INCOME
123,102
123,102
HVAC System Indiv *Current Value is Stabilized Value less Rehab, Profit and Carry Est Future Taxes $24,434
Roof Style Est Future Tax Assessment $910,388
(2,462)
(1,231) 1%
MODIFIED ACTUALS PRO-FORMA
122,692
122,692
(1,231)
3,403 $486 / Unit / Yr
1,112
Taxes $15,237 $2,177 per Unit $24,434 $3,491 per Unit
$120,476
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
Total Fixed Expense 18,731 27,928
Utilities Utilities Estimated Utilities
Insurance $3,493 $499 per Unit 2014 Insurance quote $3,493 $499 per Unit
Electricity $526 $75 per Unit $526 $75 per Unit
Water & Sewer $6,428 $918 per Unit $6,428 $918 per Unit
7,914 7,914
Other Expenses Estimated Other Expenses
$303 $43 per Unit $1,820 $260 per Unit
$961 $137 per Unit $961 $137 per Unit
$150 $21 per Unit $150 $21 per Unit
$4,518 Added by Broker $4,601
$13,589 $1,941 per Unit Higher than normal $2,310 $330 per Unit
$2,600 $371 per Unit Added by Broker $2,600 $371 per Unit
49,205 48,723
71,271 73,969
21,160 11,481
47,805 47,323
1,400 1,400
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. Taxes were estimated by the Broker. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future
assessment. All other expenses are estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
1219 BANKS ST., HOUSTON, TX 77006 Keymap: 493W
Construction Quality: B+
Age: 1962 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Laundry Rooms 1 Enclosed Garage Type Harris County Flood Control $0.028270
Wiring: Copper Mini Blinds Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Garage Yield Maintenance HC ID 11 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.683961
Units/Acre: 53.03 *In Select Units 2013 Tax Assessment $568,120
3 Mo avg 10,040$
Jan 2013 13,422$ Feb 2013 9,469$ Mar 2013 11,627$ Apr 2013 10,308$ May 2013 12,031$ June 2013 8,944$ July 2013 11,330$ Aug 2013 9,063$ Sept 2013 9,746$ Oct 2013 10,111$ Nov 2013 10,040$ Dec 2013 9,968$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTYACCT NO: 0360370000008
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 1219 Banks Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1962. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities,a full appliance package, 1 enclosed garage space and a beautifully landscaped courtyard. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
1219 BANKS ST., HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 1,007 1,007 $1,550 $1,550 $1.54
2 2 Bed/1 Bath 1 832 832 $1,295 $1,295 $1.56
3 1 Bed/1 Bath 1 707 707 $1,250 $1,250 $1.77
4 2 Bed/1 Bath 1 832 832 $1,250 $1,250 $1.50
5 2 Bed/1 Bath 1 832 832 $1,650 $1,650 $1.98
6 1 Bed/1 Bath 1 707 707 $1,225 $1,225 $1.73
7 1 Bed/1 Bath 1 832 832 $1,550 $1,550 $1.86
7 821 5,748 $1,396 $9,770 $1.70
Apartment Features Community Features
Full Appliance Package Great Inner Loop Location
Renovated Interiors Gated Community w/off Street Parking
Onsite Laundry Facility
Sprinkler System
One enclosed garage
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
43%
57%
2 Bed/1 Bath
1 Bed/1 Bath
% of Units by Type
1916-1926 NORFOLK & 1919 PORTSMOUTH, HOUSTON, TX 77098
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $42,347 / Mo
Estimated Gross Scheduled Income $42,347 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (1% of Total Street Rent) 1%
Estimated Utilities IncomeEstimated Other Income $210 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $43,769 / Mo
Jan '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
$2,298 per Unit $3,473 per Unit
Gas
Total Utilities $1,502 per Unit $1,502 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $594 per Unit 5.00% $875 per Unit
Total Other Expense $3,006 per Unit $2,886 per Unit
Note: $43,117.02 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $6,807 per Unit $7,861 per Unit
Reserve for Replacement $200 per Unit $300 per Unit
Total Expense $7,007 per Unit $8,161 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 994 N/A 360 $39,592
Number of Units 30 Market Mortgage Balance $1,989,644 $40,330
Units per Acre 43.560 5.22% Property Tax Information
Land Area (Acres) 0.69 $280,397 $10,985 Est Ins per Unit per Yr $515
Net Rentable Area 29,807 N/A $131,819 Physical Occ (Dec-13) 100%
Elec Meter Sub-Metered Yes 2013 Taxes $53,493
2013 Tax Assessment $2,080,266
Date Built 1961/1965 8/1/2023 Tax Rate (2013) 2.57146
INCOME
508,158
508,158
HVAC System Sub-Metered Est Future Taxes $88,742
Roof Style Est Future Tax Assessment $3,451,035
(10,163)
(5,082) 1%
MODIFIED ACTUALS PRO-FORMA
525,232
525,232
(5,082)
31,101 $1,037 / Unit / Yr
6,299
Insurance $15,458 $515 per Unit
$475,106
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
2014 Insurance Quote $15,458 $515 per Unit 2014 Insurance Quote
Total Fixed Expense 68,951 104,200
Taxes $53,493 $1,783 per Unit $88,742 $2,958 per Unit
Water & Sewer $16,011 $534 per Unit $16,011 $534 per Unit
Utilities Utilities Estimated Utilities
Electricity $23,951 $798 per Unit $23,951 $798 per Unit
$5,097 $170 per Unit $5,097 $170 per Unit
$11,143 $371 per Unit $28,500 $950 per Unit
45,059 45,059
Other Expenses Estimated Other Expenses
$8,571 $286 per Unit $7,800 $260 per Unit
$9,015 $300 per Unit $9,015 $300 per Unit
$17,816 Added by Broker $26,262
$43,647 $1,455 per Unit $15,000 $500 per Unit
210,202 244,835
264,903 280,397
90,192 86,576
204,202 235,835
6,000 9,000
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
1916-1926 NORFOLK & 1919 PORTSMOUTH, HOUSTON, TX 77098 Keymap: 492Z
Construction Quality: B+
Age: 1961/1965 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Sub-Metered Cable Ready Pool Amortization Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: Master/All Bills Paid Mini Blinds Shuttle Route Type Harris County Flood Control $0.028270
Wiring: Copper Covered Parking Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HCID ID 11 $0.125000
Buildings: 5 Transfer Fee 2013 Tax Rate/$100 $2.683961
Units/Acre: 43.56 *In Select Units 2013 Tax Assessment $2,080,266
3 Mo 2013 42,214$
Jan 2013 36,475$ Feb 2013 40,649$ Mar 2013 40,111$ Apr 2013 27,857$ May 2013 50,130$ June 2013 36,951$ July 2013 40,405$ Aug 2013 31,348$ Sept 2013 44,538$ Oct 2013 41,427$ Nov 2013 42,745$ Dec 2013 42,469$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$1,989,644 ACCT NO: 0571230000011360
$10,985
Fixed
Yes
$7,029
9/1/2013
8/1/2023
5.22%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 1916-1926 Norfolk & 1919 Portsmouth Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1961/1965. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans,a full appliance package a beautifully landscaped courtyard and a swimming pool. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. Highly rehabbed asset in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
1916-1926 NORFOLK & 1919 PORTSMOUTH, HOUSTON, TX 77098 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 725 725 $925 $925 $1.28
2 1 Bed/1 Bath 1 725 725 $1,195 $1,195 $1.65
3 1 Bed/1 Bath 1 725 725 $1,150 $1,150 $1.59
4 1 Bed/1 Bath 1 999 999 $1,595 $1,595 $1.60
5 1 Bed/1 Bath 1 999 999 $1,595 $1,595 $1.60
6 1 Bed/1 Bath 1 725 725 $895 $895 $1.23
7 1 Bed/1 Bath 1 725 725 $1,225 $1,225 $1.69
8 1 Bed/1 Bath 1 725 725 $925 $925 $1.28
9 1 Bed/1 Bath 1 725 725 $1,195 $1,195 $1.65
10 2 Bed/1 Bath 1 999 999 $1,395 $1,395 $1.40
11 2 Bed/1 Bath 1 999 999 $1,195 $1,195 $1.20
12 1 Bed/1 Bath 1 724 724 $1,095 $1,095 $1.51
13 1 Bed/1 Bath 1 724 724 $1,195 $1,195 $1.65
14 2 Bed/2 Bath 1 1,600 1,600 $1,545 $1,545 $0.97
15 1 Bed/1 Bath 1 954 954 $1,295 $1,295 $1.36
16 1 Bed/1 Bath 1 954 954 $1,095 $1,095 $1.15
17 2 Bed/2.5 Bath 1 1,156 1,156 $1,650 $1,650 $1.43
18 2 Bed/2.5 Bath 1 1,156 1,156 $1,295 $1,295 $1.12
19 2 Bed/2.5 Bath 1 1,156 1,156 $1,750 $1,750 $1.51
20 2 Bed/2.5 Bath 1 1,156 1,156 $1,350 $1,350 $1.17
21 2 Bed/2.5 Bath 1 1,156 1,156 $1,595 $1,595 $1.38
22 2 Bed/2.5 Bath 1 1,156 1,156 $1,795 $1,795 $1.55
23 1 Bed/1 Bath 1 954 954 $1,250 $1,250 $1.31
24 1 Bed/1 Bath 1 954 954 $1,095 $1,095 $1.15
25 2 Bed/2.5 Bath 1 1,156 1,156 $1,595 $1,595 $1.38
26 2 Bed/2.5 Bath 1 1,156 1,156 $1,550 $1,550 $1.34
27 2 Bed/2.5 Bath 1 1,156 1,156 $1,695 $1,695 $1.47
28 2 Bed/2.5 Bath 1 1,156 1,156 $1,395 $1,395 $1.21
29 2 Bed/2.5 Bath 1 1,156 1,156 $1,650 $1,650 $1.43
30 2 Bed/2.5 Bath 1 1,156 1,156 $1,350 $1,350 $1.1730 994 29,807 $1,351 $40,530 $1.36
Full Appliance Package
Renovated InteriorsGreat Inner Loop Location
Gated Community w/Covered Parking
Onsite Laundry Facility
Swimming Pool
Apartment/Community Features
UNIT MIX JAN 2014
TOTALS AND AVERAGESTotal
Units
Average Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
50%
7%
40%
3%
1 Bed/1 Bath
2 Bed/1 Bath
2 Bed/2.5 Bath
2 Bed/2 Bath
% of Units by Type
1903 and 1917 PORTSMOUTH, HOUSTON, TX 77098
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $42,866 / Mo
Estimated Gross Scheduled Income $42,866 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (3% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $127 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $40,381 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$1,948 per Unit $3,614 per Unit
Gas
Total Utilities $1,645 per Unit $1,645 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $604 per Unit 3.75% $627 per Unit
Total Other Expense $2,521 per Unit $1,964 per Unit
Note: $9,943.95 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $6,114 per Unit $7,222 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $6,314 per Unit $7,422 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 835 N/A 360 $38,929
Number of Units 29 Market Mortgage Balance $2,171,064 $40,825
Units per Acre 43.741 5.22% Property Tax Information
Land Area (Acres) 0.66 $269,321 $11,987 Est Ins per Unit per Yr $546
Net Rentable Area 24,222 N/A $143,839 Physical Occ (Dec-13) 97%
Elec Meter Indiv Yes 2013 Taxes $40,662
$200 2013 Tax Assessment $1,515,000
Date Built 1964 8/1/2023 Tax Rate (2013) 2.68396
INCOME
514,395
514,395
HVAC System Indiv Est Future Taxes $88,966
Roof Style Est Future Tax Assessment $3,314,715
(10,288)
(15,432) 3%
MODIFIED ACTUALS PRO-FORMA
484,571
484,571
(10,288)
2,495 $86 / Unit / Yr
3,689
Insurance $15,833 $546 per Unit
$467,148
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$15,833 $546 per Unit
Total Fixed Expense 56,495 104,799
Utilities Utilities Estimated Utilities
Taxes $40,662 $1,402 per Unit $88,966 $3,068 per Unit
Electricity $29,216 $1,007 per Unit $29,216 $1,007 per Unit
Water & Sewer $13,888 $479 per Unit $13,888 $479 per Unit
$4,598 $159 per Unit $4,598 $159 per Unit
$34,284 $1,182 per Unit $14,500 $500 per Unit
47,702 47,702
Other Expenses Estimated Other Expenses
$4,581 $158 per Unit $7,540 $260 per Unit
$17,518 Added by Broker $18,171
73,121 56,950
$10,771 $371 per Unit $10,771 $371 per Unit
$5,967 $206 per Unit $5,967 $206 per Unit
284,030 269,321
177,319 209,451
5,800 5,800
183,119 215,251
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
1903 and 1917 PORTSMOUTH, HOUSTON, TX 77098 Keymap: 492Z
Construction Quality: B+
Age: 1964 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Master Cable Ready Pool Amortization(months) Houston ISD $1.186700
A/C Type: Chill Water Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: Master/All Bills Paid Mini Blinds Shuttle Route Type Harris County Flood Control $0.028270
Wiring: Copper Covered Parking Assumable Port of Houston Authority $0.017160
Roof: Pitched Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 11 $0.125000
Buildings: 2 Transfer Fee 2013 Tax Rate/$100 $2.683961
Units/Acre: 43.74 *In Select Units 2013 Tax Assessment $1,515,000
3 Mo Avg 38,929$
Jan 2013 36,843$ Feb 2013 41,549$ Mar 2013 39,717$ Apr 2013 38,794$ May 2013 42,496$ June 2013 36,659$ July 2013 34,676$ Aug 2013 28,025$ Sept 2013 38,823$ Oct 2013 38,068$ Nov 2013 40,079$ Dec 2013 38,640$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$2,171,064 ACCT NO: 0571230000014360
$11,987
Fixed
Yes
$5,434
9/1/2013
8/1/2023
5.22%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 1903 Portsmouth Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1961/1965. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package a beautifully landscaped courtyard and a swimming pool. Currently there are no leasing concessions. Asset is "All Bills Paid". The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
1903 and 1917 PORTSMOUTH, HOUSTON, TX 77098 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
Storage 1 Bed/1 Bath 0 80 0 $0 $0 $0.00
2 1 Bed/1 Bath 1 664 664 $1,195 $1,195 $1.80
3 1 Bed/1 Bath 1 658 658 $1,295 $1,295 $1.97
4 1 Bed/1 Bath 1 658 658 $1,195 $1,195 $1.82
5 1 Bed/1 Bath 1 658 658 $1,195 $1,195 $1.82
6 1 Bed/1 Bath 1 658 658 $1,295 $1,295 $1.97
7 1 Bed/1 Bath 1 658 658 $1,125 $1,125 $1.71
8 1 Bed/1 Bath 1 658 658 $1,295 $1,295 $1.97
9 1 Bed/1 Bath 1 658 658 $1,225 $1,225 $1.86
10 1 Bed/1 Bath 1 658 658 $1,050 $1,050 $1.60
11 2 Bed/1 Bath 1 861 861 $1,695 $1,695 $1.97
12 2 Bed/2 Bath 1 980 980 $1,500 $1,500 $1.53
13 2 Bed/2 Bath 1 980 980 $1,475 $1,475 $1.51
14 2 Bed/2 Bath 1 980 980 $1,495 $1,495 $1.53
15 2 Bed/1 Bath 1 961 961 $950 $950 $0.99
16 2 Bed/2 Bath 1 980 980 $1,650 $1,650 $1.68
17 1 Bed/1 Bath 1 658 658 $1,350 $1,350 $2.05
18 1 Bed/1 Bath 1 658 658 $1,225 $1,225 $1.86
19 1 Bed/1 Bath 1 658 658 $1,125 $1,125 $1.71
20 1 Bed/1 Bath 1 658 658 $1,250 $1,250 $1.90
21 2 Bed/1.5 Bath 1 1,020 1,020 $1,595 $1,595 $1.56
22 2 Bed/1.5 Bath 1 980 980 $1,695 $1,695 $1.73
23 2 Bed/1.5 Bath 1 980 980 $1,795 $1,795 $1.83
24 2 Bed/1.5 Bath 1 1,020 1,020 $1,495 $1,495 $1.47
25 2 Bed/1.5 Bath 1 1,020 1,020 $1,795 $1,795 $1.76
26 2 Bed/1.5 Bath 1 980 980 $1,525 $1,525 $1.56
27 2 Bed/1.5 Bath 1 980 980 $1,450 $1,450 $1.48
28 2 Bed/1.5 Bath 1 980 980 $1,595 $1,595 $1.63
29 2 Bed/1.5 Bath 1 980 980 $1,525 $1,525 $1.56
30 2 Bed/1.5 Bath 1 980 980 $1,550 $1,550 $1.5829 835 24,222 $1,400 $40,605 $1.68
Full Appliance Package
Renovated Interiors
Great Inner Loop Location
Gated Community w/Covered Parking
Onsite Laundry Facility
Swimming Pool
Apartment/Community Features
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage
Sq. Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
48%
7%
41%
4%
1 Bed/1 Bath
1 Bed/1 Bath
1 Bed/1 Bath
2 Bed/2 Bath
% of Units by Type
2322 RICHTON HOUSTON, TX 77098
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $23,772 / Mo
Estimated Gross Scheduled Income $23,772 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $124 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $23,224 / Mo
Jan '13 thru Dec '13 Income
Fixed Expenses2013 Tax Rate & Future Assessment 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$2,285 per Unit $3,478 per Unit
Gas
Total Utilities $635 per Unit $635 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $440 per Unit 3.75% $523 per Unit
Total Other Expense $2,451 per Unit $1,716 per Unit
Note: $23,662.14 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $5,371 per Unit $5,830 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $5,571 per Unit $6,030 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 612 N/A 360 $19,563
Number of Units 20 Market Mortgage Balance $838,322 $22,640
Units per Acre 53.778 5.22% Property Tax Information
Land Area (Acres) 0.37 $158,092 $4,628 Est Ins per Unit per Yr $741
Net Rentable Area 12,236 N/A $55,541 Physical Occ (Dec-13) 95%
Elec Meter Indiv Yes 2013 Taxes $30,864
$250 2013 Tax Assessment $1,097,045
Date Built 1962 8/1/2023 Tax Rate (2013) 2.81339
INCOME
285,264
285,264
HVAC System Indiv Est Future Taxes $54,741
Roof Style Est Future Tax Assessment $1,945,744
(5,705)
(2,853) 1%
MODIFIED ACTUALS PRO-FORMA
278,684
278,684
(5,705)
5,209 $260 / Unit / Yr
2,474
Insurance $14,828 $741 per Unit
$234,751
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$14,828 $741 per Unit
Total Fixed Expense 45,692 69,569
Utilities Utilities Estimated Utilities
Taxes $30,864 $1,543 per Unit $54,741 $2,737 per Unit
Electricity $3,456 $173 per Unit $3,456 $173 per Unit
Water & Sewer $7,020 $351 per Unit $7,020 $351 per Unit
$2,225 $111 per Unit $2,225 $111 per Unit
$24,180 $1,209 per Unit $10,000 $500 per Unit
12,702 12,702
Other Expenses Estimated Other Expenses
$7,368 $368 per Unit $5,200 $260 per Unit
$8,803 Added by Broker $10,451
49,021 34,321
$7,429 $371 per Unit $7,429 $371 per Unit
$1,242 $62 per Unit $1,242 $62 per Unit
123,336 158,092
107,415 116,592
4,000 4,000
111,415 120,592
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. Taxes were estimated by the Broker. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future
assessment. All other expenses are estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
2322 RICHTON HOUSTON, TX 77098 Keymap: 492U
Construction Quality: B+
Age: 1962 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Pool Amortization(months) Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Wine Storage Shuttle Route Type Harris County Flood Control $0.282700
Wiring: Copper Mini Blinds Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.813391
Units/Acre: 53.78 *In Select Units 2013 Tax Assessment $1,097,045
Avg Mo 2013 19,563$
Jan 2013 20,185$ Feb 2013 21,699$ Mar 2013 17,328$ Apr 2013 18,293$ May 2013 20,100$ June 2013 20,346$ July 2013 18,503$ Aug 2013 14,981$ Sept 2013 21,719$ Oct 2013 20,755$ Nov 2013 20,767$ Dec 2013 20,073$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$838,322 ACCT NO: 0741070090014360
$4,628
Fixed
Yes
$4,433
9/1/2013
8/1/2023
5.22%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 2322 Richton Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1962. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans,a full appliance package a beautifully landscaped courtyard and a swimming pool. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2322 RICHTON HOUSTON, TX 77098 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 2 Bed/1 Bath 1 907 907 $1,495 $1,495 $1.65
2 1 Bed/1 Bath 1 615 615 $975 $975 $1.59
3 1 Bed/1 Bath 1 552 552 $1,125 $1,125 $2.04
4 1 Bed/1 Bath 1 552 552 $1,150 $1,150 $2.08
5 1 Bed/1 Bath 1 552 552 $1,195 $1,195 $2.17
6 1 Bed/1 Bath 1 552 552 $1,195 $1,195 $2.17
7 1 Bed/1 Bath 1 552 552 $975 $975 $1.77
8 1 Bed/1 Bath 1 552 552 $1,150 $1,150 $2.08
9 1 Bed/1 Bath 1 615 615 $1,175 $1,175 $1.9110 2 Bed/1 Bath 1 907 907 $1,050 $1,050 $1.16
11 2 Bed/1 Bath 1 907 907 $1,550 $1,550 $1.71
12 1 Bed/1 Bath 1 653 653 $1,095 $1,095 $1.6813 1 Bed/1 Bath 1 396 396 $1,150 $1,150 $2.9114 1 Bed/1 Bath 1 552 552 $1,150 $1,150 $2.0815 1 Bed/1 Bath 1 552 552 $1,050 $1,050 $1.9016 1 Bed/1 Bath 1 552 552 $925 $925 $1.6817 1 Bed/1 Bath 1 552 552 $1,195 $1,195 $2.1718 1 Bed/1 Bath 1 552 552 $1,095 $1,095 $1.98
19 2 Bed/2.5 Bath 1 552 552 $1,095 $1,095 $1.9820 2 Bed/1 Bath 1 907 907 $1,595 $1,595 $1.76
20 626 12,528 $1,169 $23,385 $1.87
Apartment Features Community FeaturesFull Appliance Package Great Inner Loop LocationRenovated Interiors Gated Community w/off Street Parking
Onsite Laundry FacilitySwimming Pool
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
75%
20%
5%
1 Bed/1 Bath
2 Bed/1 Bath
2 Bed/2.5 Bath
% of Units by Type
4115 DRAKE HOUSTON, TX 77005
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $17,462 / Mo
Estimated Gross Scheduled Income $17,462 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $150 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $17,252 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses2013 Tax Rate & Future Assessment
2014 Insurance Quote
$2,577 per Unit $3,020 per Unit
Gas
Total Utilities $693 per Unit $693 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $477 per Unit 3.75% $485 per Unit
Total Other Expense $3,158 per Unit $1,939 per Unit
Note: $72,456.98 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $6,429 per Unit $5,652 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $6,629 per Unit $5,852 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 638 N/A 360 $16,962
Number of Units 16 Market Mortgage Balance $892,263 $16,630
Units per Acre 46.464 5.42% Property Tax Information
Land Area (Acres) 0.34 $5,043 Est Ins per Unit per Yr $566
Net Rentable Area 10,201 N/A $60,510 Physical Occ (Dec-13) 100%
Elec Meter Indiv Yes 2013 Taxes $32,179
2013 Tax Assessment $1,143,765
Date Built 1962 8/1/2023 Tax Rate (2013) 2.81339
INCOME
209,538
209,538
HVAC System Indiv Est Future Taxes $39,262
Roof Style Est Future Tax Assessment $1,395,536
(4,191)
(2,095) 1%
MODIFIED ACTUALS PRO-FORMA
207,019
(4,191)
5,566 $348 / Unit / Yr
2,392
$203,541
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
207,019
Total Fixed Expense 41,236 48,319
Utilities Utilities Estimated Utilities
Insurance $9,057 $566 per Unit 2014 Insurance Quote $9,057 $566 per Unit
Taxes $32,179 $2,011 per Unit 2013 Tax Rate & Future Assessment $39,262 $2,454 per Unit
Electricity $1,810 $113 per Unit $1,810 $113 per Unit
Water & Sewer $7,374 $461 per Unit $7,374 $461 per Unit
$1,908 $119 per Unit $1,908 $119 per Unit
$28,060 $1,754 per Unit $8,000 $500 per Unit
11,091 11,091
Other Expenses Estimated Other Expenses
$3,738 $234 per Unit $4,160 $260 per Unit
$5,156 $322 per Unit $5,156 $322 per Unit
$7,633 Added by Broker $7,763
$5,943 $371 per Unit Added by Broker $5,943 $371 per Unit
106,057 93,632
97,485 113,387
50,530 31,022
102,857 90,432
3,200 3,200
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. Taxes were estimated by the Broker. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future
assessment. All other expenses are estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
4115 DRAKE HOUSTON, TX 77005 Keymap: 492W
Construction Quality: B+
Age: 1962 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Wine Storage Amortization Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Pool Shuttle Route Type Harris County Flood Control $0.282700
Wiring: Copper Mini Blinds Covered Parking Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Asphalt Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 11 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.938391
Units/Acre: 46.46 *In Select Units 2013 Tax Assessment $1,143,765
3 Mo Avg 16,962$
Jan 2013 17,151$ Feb 2013 17,183$ Mar 2013 13,138$ Apr 2013 17,385$ May 2013 19,222$ June 2013 16,324$ July 2013 15,919$ Aug 2013 11,179$ Sept 2013 16,965$ Oct 2013 17,012$ Nov 2013 16,918$ Dec 2013 16,956$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$892,263 ACCT NO: 0552910000004360
$5,043
Fixed
Yes
$4,007
9/1/2013
8/1/2023
5.42%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 4115 Drake Apartments, is a two story, garden-style, apartment community located in the West University submarket in Houston,Texas. The asset was originally built in 1962 and remodeled in 2001. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package and a beautifully landscaped courtyard. Currently there are no leasing concessions. Per owner's operating statement, expenses are higher than normal due to the roof maintenance and exterior painting. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition.
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
4115 DRAKE HOUSTON, TX 77005 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 603 603 $1,025 $1,025 $1.70
2 1 Bed/1 Bath 1 603 603 $975 $975 $1.62
3 1 Bed/1 Bath 1 603 603 $825 $825 $1.37
4 2 Bed/1 Bath 1 792 792 $1,395 $1,395 $1.76
5 1 Bed/1 Bath 1 570 570 $1,050 $1,050 $1.84
6 1 Bed/1 Bath 1 570 570 $875 $875 $1.54
7 1 Bed/1 Bath 1 570 570 $895 $895 $1.57
8 2 Bed/1 Bath 1 792 792 $1,200 $1,200 $1.52
9 1 Bed/1 Bath 1 603 603 $875 $875 $1.4510 2 Bed/1 Bath 1 603 603 $1,050 $1,050 $1.74
11 1 Bed/1 Bath 1 603 603 $1,195 $1,195 $1.98
12 2 Bed/1 Bath 1 792 792 $1,350 $1,350 $1.7013 1 Bed/1 Bath 1 570 570 $1,195 $1,195 $2.1014 1 Bed/1 Bath 1 570 570 $925 $925 $1.6215 1 Bed/1 Bath 1 570 570 $1,195 $1,195 $2.1016 2 Bed/1 Bath 1 792 792 $1,125 $1,125 $1.42
16 638 10,201 $1,072 $17,150 $1.68
Apartment Features Community FeaturesFull Appliance Package Great Inner Loop Location
Renovated Interiors Gated Community w/Covered Parking
Onsite Laundry Facility
Sprinkler System
Swimming Pool
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
69%
31%
1 Bed/1 Bath
2 Bed/1 Bath
% Units by Type
2300 PARK ST., HOUSTON, TX 77019
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $25,998 / Mo
Estimated Gross Scheduled Income $25,998 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $274 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $25,765 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$2,227 per Unit $3,742 per Unit
Gas
Total Utilities $635 per Unit $635 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $556 per Unit 3.75% $580 per Unit
Total Other Expense $2,713 per Unit $2,046 per Unit
Note than $1,152.92 has been removed from R&M as capex
Total Operating Expense $5,575 per Unit $6,423 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $5,775 per Unit $6,623 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 627 N/A 360 $24,694
Number of Units 20 Market Mortgage Balance $1,134,376 $24,760
Units per Acre 54.792 5.22% Property Tax Information
Land Area (Acres) 0.37 $6,263 Est Ins per Unit per Yr $547
Net Rentable Area 12,533 N/A $75,155 Physical Occ (Dec-13) 97%
Elec Meter Indiv Yes 2013 Taxes $33,608
2013 Tax Assessment $1,143,765
Date Built 1966 8/1/2023 Tax Rate (2013) 2.93839
INCOME
311,976
311,976
HVAC System Indiv Est Future Taxes $63,911
Roof Style Est Future Tax Assessment $2,175,025
(6,240)
(3,120) 1%
MODIFIED ACTUALS PRO-FORMA
309,184
309,184
(6,240)
7,325 $366 / Unit / Yr
5,482
Insurance $10,933 $547 per Unit
$296,332
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$10,933 $547 per Unit
Total Fixed Expense 44,541 74,843
Utilities Utilities Estimated Utilities
Taxes $33,608 $1,680 per Unit $63,911 $3,196 per Unit
Electricity $2,637 $132 per Unit $2,637 $132 per Unit
Water & Sewer $7,844 $392 per Unit $7,844 $392 per Unit
12,695
$2,215 $111 per Unit $2,215 $111 per Unit
12,695
Other Expenses Estimated Other Expenses
$9,743 $487 per Unit $6,821 $341 per Unit
$5,081 $254 per Unit $5,081 $254 per Unit
$11,112 Added by Broker $11,594
$20,897 $1,045 per Unit Higher than normal $10,000 $500 per Unit
$7,429 $371 per Unit $7,429 $371 per Unit
115,498 132,464
180,834 176,721
54,261 40,925
111,498 128,464
4,000 4,000
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
2300 PARK ST., HOUSTON, TX 77019 Keymap: 492Z
Construction Quality: B+
Age: 1966 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Fountain Amortization Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Wine Storage Shuttle Route Type Harris County Flood Control $0.282700
Wiring: Copper Mini Blinds Gazbeo/Courtyard Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Asphalt Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 6 $0.125000
Buildings: 3 Transfer Fee 2012 Tax Rate/$100 $2.938391
Units/Acre: 54.79 *In Select Units 2013 Tax Assessment $1,268,000
3 Mo Avg 24,694$
Jan 2013 19,226$ Feb 2013 21,416$ Mar 2013 20,663$ Apr 2013 22,833$ May 2013 24,995$ June 2013 24,220$ July 2013 24,309$ Aug 2013 18,245$ Sept 2013 23,472$ Oct 2013 22,920$ Nov 2013 27,320$ Dec 2013 23,843$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$1,134,376 ACCT NO: 0180580000001360
$6,263
Fixed
Yes
$4,538
9/1/2013
8/1/2023
5.22%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 2300 Park Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1966. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package and a beautifully landscaped courtyard. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2300 PARK ST., HOUSTON, TX 77019 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 2 Bed/1 Bath 1 746 746 $1,325 $1,325 $1.78
2 1 Bed/1 Bath 1 606 606 $1,195 $1,195 $1.97
3 2 Bed/1 Bath 1 746 746 $1,225 $1,225 $1.64
4 1 Bed/1 Bath 1 518 518 $1,195 $1,195 $2.31
5 1 Bed/1 Bath 1 518 518 $1,075 $1,075 $2.08
6 1 Bed/1 Bath 1 518 518 $1,225 $1,225 $2.37
7 1 Bed/1 Bath 1 518 518 $1,195 $1,195 $2.31
8 2 Bed/1 Bath 1 746 746 $1,225 $1,225 $1.64
9 1 Bed/1 Bath 1 606 606 $1,225 $1,225 $2.02
10 2 Bed/1 Bath 1 746 746 $1,450 $1,450 $1.94
11 2 Bed/1 Bath 1 746 746 $1,450 $1,450 $1.94
12 1 Bed/1 Bath 1 606 606 $1,175 $1,175 $1.94
13 1 Bed/1 Bath 1 746 746 $1,195 $1,195 $1.60
14 1 Bed/1 Bath 1 518 518 $1,195 $1,195 $2.31
15 1 Bed/1 Bath 1 518 518 $1,195 $1,195 $2.31
16 1 Bed/1 Bath 1 518 518 $1,195 $1,195 $2.31
17 1 Bed/1 Bath 1 518 518 $925 $925 $1.79
18 2 Bed/1 Bath 1 746 746 $1,495 $1,495 $2.00
19 1 Bed/1 Bath 1 606 606 $1,150 $1,150 $1.90
20 2 Bed/1 Bath 1 746 746 $1,450 $1,450 $1.94
20 627 12,533 $1,238 $24,760 $1.98
Full Appliance Package
Renovated Interiors
Great Inner Loop Location
Gated Community w/off Street ParkingOnsite Laundry Facility
Apartment/Community Features
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
35%
65%
1 Bed/1 Bath
2 Bed/1 Bath
% of Units by Type
3602 GARROTT HOUSTON, TX 77006
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $23,872 / Mo
Estimated Gross Scheduled Income $23,872 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $421 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $23,920 / Mo
Jan '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$527 per Unit $3,414 per Unit
Gas
Total Utilities $569 per Unit $569 per Unit
Other ExpensesGeneral & Admin & MarketingRepairs & MaintenanceLabor CostsContract ServicesManagement Fees 3.75% $461 per Unit 3.75% $538 per Unit
Total Other Expense $2,358 per Unit $1,831 per Unit
Note: $16,090.51 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $3,454 per Unit $5,814 per Unit
Reserve for Replacement $200 per Unit $300 per Unit
Total Expense $3,654 per Unit $6,114 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 574 N/A 360 $20,478
Number of Units 20 Market Mortgage Balance $1,156,306 $22,735
Units per Acre 69.696 5.22% Property Tax Information
Land Area (Acres) 0.29 $164,750 $6,384 Est Ins per Unit per Yr $466
Net Rentable Area 11,487 N/A 76608.36 Physical Occ (Dec-13) 100%
Elec Meter Indiv Yes 2013 Taxes $29,995
2013 Tax Assessment $1,031,670
Date Built 1963 8/1/2023 Tax Rate (2013) 2.90739
INCOME
286,461
286,461
HVAC System Indiv Est Future Taxes $58,953
Roof Style Est Future Tax Assessment $2,027,691
(5,729)
(2,865) 1%
MODIFIED ACTUALS PRO-FORMA
287,039
287,039
(5,729)
6,490 $324 / Unit / Yr
8,412
Insurance $9,324 $466 per Unit
$245,738
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$9,324 $466 per Unit
Total Fixed Expense 10,533 68,277
Utilities Utilities Estimated Utilities
Taxes $1,209 $60 per Unit $58,953 $2,948 per Unit
Electricity $2,449 $122 per Unit $2,449 $122 per Unit
Water & Sewer $6,693 $335 per Unit $6,693 $335 per Unit
$2,247 $112 per Unit $2,247 $112 per Unit
11,389 11,389
Other Expenses Estimated Other Expenses
$2,798 $140 per Unit $5,200 $260 per Unit
$24,493 $1,225 per Unit $10,000 $500 per Unit
$7,429 $371 per Unit $7,429 $371 per Unit
$3,231 $162 per Unit $3,231 $162 per Unit
$9,215 Added by Broker $10,764
73,088 122,290
172,650 164,750
47,165 36,624
69,088 116,290
4,000 6,000
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. Taxes were estimated by the Broker. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future
assessment. All other expenses are estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
3602 GARROTT HOUSTON, TX 77006 Keymap: 492W
Construction Quality: B+
Age: 1963 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization Houston ISD $1.185700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Pool Type Harris County Flood Control $0.282700
Wiring: Copper Mini Blinds Assumable Port of Houston Authority $0.017160
Roof: Pitched Monthly Escrow Harris County Hospital District $0.140000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 6 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.907391
Units/Acre: 69.70 *In Select Units 2013 Tax Assessment $1,031,670
Avg Mo 2013 20,478$
Jan 2013 20,656$ Feb 2013 18,731$ Mar 2013 21,515$ Apr 2013 15,639$ May 2013 28,824$ June 2013 15,161$ July 2013 21,502$ Aug 2013 17,496$ Sept 2013 21,647$ Oct 2013 21,350$ Nov 2013 21,351$ Dec 2013 21,866$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$1,156,306 ACCT NO: 0370400000011360
$6,384
Fixed
Yes
$3,925
9/1/2013
8/1/2023
5.22%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 3602 Garrott Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1963. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package, swimming pool and a beautifully landscaped courtyard. Currently there are no leasing concessions. Per owner's operating statement, expenses are higher than normal due to the roof maintenance and exterior painting. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition.
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
3602 GARROTT HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 Bed/1 Bath 1 563 563 $1,195 $1,195 $2.12
1 Bed/1 Bath 1 563 563 $1,125 $1,125 $2.00
1 Bed/1 Bath 1 563 563 $995 $995 $1.77
1 Bed/1 Bath 1 563 563 $1,095 $1,095 $1.94
1 Bed/1 Bath 1 630 630 $1,250 $1,250 $1.98
1 Bed/1 Bath 1 563 563 $1,195 $1,195 $2.12
1 Bed/1 Bath 1 563 563 $995 $995 $1.77
1 Bed/1 Bath 1 563 563 $1,100 $1,100 $1.95
1 Bed/1 Bath 1 563 563 $1,095 $1,095 $1.941 Bed/1 Bath 1 563 563 $1,195 $1,195 $2.12
1 Bed/1 Bath 1 563 563 $1,275 $1,275 $2.26
1 Bed/1 Bath 1 563 563 $1,050 $1,050 $1.871 Bed/1 Bath 1 563 563 $1,125 $1,125 $2.001 Bed/1 Bath 1 563 563 $1,095 $1,095 $1.941 Bed/1 Bath 1 723 723 $1,250 $1,250 $1.731 Bed/1 Bath 1 563 563 $1,225 $1,225 $2.181 Bed/1 Bath 1 563 563 $1,100 $1,100 $1.951 Bed/1 Bath 1 563 563 $1,100 $1,100 $1.95
1 Bed/1 Bath 1 563 563 $1,250 $1,250 $2.221 Bed/1 Bath 1 563 563 $1,025 $1,025 $1.82
20 574 11,487 $1,137 $22,735 $1.98
Apartment Features Community FeaturesFull Appliance Package Great Inner Loop Location
Renovated Interiors Gated Community w/off Street Parking
Onsite Laundry Facility
Sprinkler System
Swimming Pool
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
18
1 1
1 Bed/1 Bath-563
1 Bed/1 Bath-630
1 Bed/1 Bath-723
# Units by Size
3618-3620 GARROTT ST., HOUSTON, TX 77006
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $16,039 / Mo
Estimated Gross Scheduled Income $16,039 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $195 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $15,914 / Mo
Jan '13 thru Dec '13 Income
Fixed Expenses12/13 OS 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$1,413 per Unit $2,817 per Unit
Gas
Total Utilities $535 per Unit $535 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $378 per Unit 3.75% $448 per Unit
Total Other Expense $1,694 per Unit $1,661 per Unit
Note: $9,748.65 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $3,642 per Unit $5,014 per Unit
Reserve for Replacement $200 per Unit $300 per Unit
Total Expense $3,842 per Unit $5,314 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 482 N/A 360 $13,429
Number of Units 16 Market Mortgage Balance $809,526 $15,275
Units per Acre 74.342 5.42% Property Tax Information
Land Area (Acres) 0.22 $4,570 Est Ins per Unit per Yr $423
Net Rentable Area 7,711 N/A $54,837 Physical Occ (Dec-13) 88%
Elec Meter Indiv Yes 2013 Taxes $17,375
2013 Tax Assessment $591,311
Date Built 1960 8/1/2023 Tax Rate (2013) 2.93839
INCOME
192,465
192,465
HVAC System Indiv Est Future Taxes $38,317
Roof Style Est Future Tax Assessment $1,304,020
(3,849)
(1,925) 1%
MODIFIED ACTUALS PRO-FORMA
190,973
190,973
(3,849)
5,019 $314 / Unit / Yr
3,113
Insurance $6,761 $423 per Unit
$161,148
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$6,761 $423 per Unit
Total Fixed Expense 22,606 45,078
Utilities Utilities Estimated Utilities
Taxes $15,845 $990 per Unit $38,317 $2,395 per Unit
Electricity $1,016 $64 per Unit $1,016 $64 per Unit
Water & Sewer $5,458 $341 per Unit $5,458 $341 per Unit
8,562 8,562
Other Expenses Estimated Other Expenses
$2,305 $144 per Unit $4,160 $260 per Unit
$2,087 $130 per Unit $2,087 $130 per Unit
$5,943 $371 per Unit Added by Broker $5,943 $371 per Unit
$11,502 $719 per Unit Higher than normal $8,000 $500 per Unit
58,278 80,222
3,200 4,800
$1,317 $82 per Unit $1,317 $82 per Unit
$6,043 Added by Broker $7,161
61,478 85,022
99,670 105,952
27,110 26,582
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future assessment. All other expenses are
estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
3618-3620 GARROTT ST., HOUSTON, TX 77006 Keymap: 493S
Construction Quality: B+
Age: 1960 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization(months) Houston ISD $1.186700
A/C Type: Wall Unit Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Mini Blinds Type Harris County Flood Control $0.282700
Wiring: Copper Assumable Port of Houston Authority $0.017160
Roof: Pitched Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 6 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.938391
Units/Acre: 74.34 *In Select Units 2013 Tax Assessment $591,311
Avg Mo 2013 13,429$
Jan 2013 14,028$ Feb 2013 15,347$ Mar 2013 9,839$ Apr 2013 16,236$ May 2013 15,023$ June 2013 9,831$ July 2013 14,802$ Aug 2013 12,078$ Sept 2013 14,585$ Oct 2013 12,468$ Nov 2013 14,032$ Dec 2013 12,935$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$809,526 ACCT NO: 0370400000007360
$4,570
Fixed
Yes
$2,778
9/1/2013
8/1/2023
5.42%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 3402 Garrott Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1960. Residents enjoy ample amenities which include: mini-blinds, ceiling fans and a beautifully landscaped courtyard with a water feature. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
3618-3620 GARROTT ST., HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 534 534 $995 $995 $1.86
2 1 Bed/1 Bath 1 482 482 $975 $975 $2.02
3 1 Bed/1 Bath 1 482 482 $785 $785 $1.63
4 1 Bed/1 Bath 1 443 443 $875 $875 $1.98
5 1 Bed/1 Bath 1 534 534 $1,025 $1,025 $1.92
6 1 Bed/1 Bath 1 482 482 $785 $785 $1.63
7 1 Bed/1 Bath 1 482 482 $950 $950 $1.97
8 1 Bed/1 Bath 1 443 443 $1,025 $1,025 $2.32
9 1 Bed/1 Bath 1 482 482 $1,000 $1,000 $2.0710 1 Bed/1 Bath 1 482 482 $995 $995 $2.06
11 1 Bed/1 Bath 1 443 443 $895 $895 $2.02
12 1 Bed/1 Bath 1 534 534 $1,075 $1,075 $2.0113 1 Bed/1 Bath 1 482 482 $1,050 $1,050 $2.1814 1 Bed/1 Bath 1 482 482 $1,050 $1,050 $2.1815 1 Bed/1 Bath 1 443 443 $975 $975 $2.2016 1 Bed/1 Bath 1 482 482 $1,025 $1,025 $2.13
16 482 7,711 $968 $15,480 $2.01
Apartment Features Community FeaturesRenovated Interiors Great Inner Loop Location
Gated Community w/off Street Parking
Onsite Laundry Facility
Sprinkler System
Water Feature
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
3
9
4
1 Bed/1 Bath-534
1 Bed/1 Bath-482
1 Bed/1 Bath-443
# Units by Size
420 WEST ALABAMA., HOUSTON, TX 77006
Asking Est Mkt Rent (Dec-13)
Price Per Unit Amortization (months) Estimated Collections
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Flat
PRO-FORMA INCOMECurrent Street Rent with a 5% Increase $17,593 / Mo
Estimated Gross Scheduled Income $17,593 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (1% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%
Estimated Utilities IncomeEstimated Other Income $231 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $17,440 / Mo
Oct '13 thru Dec '13 Income
Fixed Expenses2013 Tax Rate & Future Assessment 2013 Tax Rate & Future Assessment
2014 Insurance Quote 2014 Insurance Quote
$1,912 per Unit $3,098 per Unit
Gas
Total Utilities $598 per Unit $598 per Unit
Other ExpensesGeneral & Admin & MarketingR&M (including maint salaries)Labor CostsContract ServicesManagement Fees 3.75% $465 per Unit 3.75% $491 per Unit
Total Other Expense $1,719 per Unit $1,819 per Unit
Note: $7377.76 of CapEx have been removed from the Repairs & Maintenance section of Expenses
Total Operating Expense $4,228 per Unit $5,516 per Unit
Reserve for Replacement $200 per Unit $200 per Unit
Total Expense $4,428 per Unit $5,716 per Unit
Net Operating Income (Actual Underwriting)
Physical Information Financial Information Existing Loan Parameters Operating Information
Avg Unit Size 591 N/A 360 $16,550
Number of Units 16 Market Mortgage Balance $914,005 $16,755
Units per Acre 75.347 5.22% Property Tax Information
Land Area (Acres) 0.21 $117,831 $5,052 Est Ins per Unit per Yr $435
Net Rentable Area 9,457 N/A $60,626 Physical Occ (Dec-13) 100%
Elec Meter Indiv Yes 2013 Taxes $23,630
2013 Tax Assessment $804,191
Date Built 1968 8/1/2023 Tax Rate (2013) 2.93839
INCOME
211,113
211,113
HVAC System Indiv Est Future Taxes $42,614
Roof Style Est Future Tax Assessment $1,450,233
(4,222)
(2,111) 1%
MODIFIED ACTUALS PRO-FORMA
209,280
209,280
(4,222)
5,034 $315 / Unit / Yr
3,689
Insurance $6,958 $435 per Unit
$198,605
EXPENSE December 2013 YTD Expenses Estimated Expenses
Fixed Expenses Estimated Fixed Expenses
$6,958 $435 per Unit
Total Fixed Expense 30,588 49,572
Utilities Utilities Estimated Utilities
Taxes $23,630 $1,477 per Unit $42,614 $2,663 per Unit
Electricity $1,255 $78 per Unit $1,255 $78 per Unit
Water & Sewer $6,201 $388 per Unit $6,201 $388 per Unit
$2,112 $132 per Unit $2,112 $132 per Unit
$9,237 $577 per Unit $8,000 $500 per Unit
9,567 9,567
Other Expenses Estimated Other Expenses
$1,710 $107 per Unit $4,160 $260 per Unit
$7,448 Added by Broker $7,848
27,496 29,110
$5,943 $371 per Unit $5,943 $371 per Unit
$3,159 $197 per Unit $3,159 $197 per Unit
127,753 117,831
67,652 88,249
3,200 3,200
70,852 91,449
NOTES: ACTUALS: Actuals are based on owner's 12/13 YTD operating statement. Taxes were estimated by the Broker. PRO FORMA: Insurance is estimated. Taxes are 2013 rate and estimated future
assessment. All other expenses are estimated.
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH
ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the
price at anytime without notice during the marketing period. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the
guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
2/28/2014 MidtownPortfolio-Summary.xlsx
420 WEST ALABAMA., HOUSTON, TX 77006 Keymap: 493S
Construction Quality: B+
Age: 1968 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Shuttle Route Amortization Houston ISD $1.186700
A/C Type: HVAC Ceiling Fans School Bus Pick-up P & I Harris County $0.414550
Water: RUBS Mini Blinds Covered Parking Type Harris County Flood Control $0.282700
Wiring: Copper Assumable Port of Houston Authority $0.017160
Roof: Flat Monthly Escrow Harris County Hospital District $0.170000
Paving: Concrete Origination Date Harris County Education Dept $0.006358
Materials: Brick/Wood Due Date Houston Community College $0.097173
# of Stories: 2 Interest Rate City of Houston $0.638750
Parking: Yield Maintenance HC ID 6 $0.125000
Buildings: 1 Transfer Fee 2013 Tax Rate/$100 $2.938391
Units/Acre: 75.35 *In Select Units 2013 Tax Assessment $804,191
3 Mo Avg 16,550$
Jan 2013 15,040$ Feb 2013 16,925$ Mar 2013 15,085$ Apr 2013 18,354$ May 2013 16,443$ June 2013 12,735$ July 2013 15,131$ Aug 2013 16,444$ Sept 2013 16,297$ Oct 2013 16,357$ Nov 2013 17,220$ Dec 2013 16,074$
PROPERTY INFORMATION AMENITIES EXISTING MORTGAGE TAXING AUTHORITY - HARRIS COUNTY
1%+app+legal
$914,005 ACCT NO: 0370360000010360
$5,052
Fixed
Yes
$2,833
9/1/2013
8/1/2023
5.22%
Yes
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
July 2013
Aug 2013
Sept 2013
Oct 2013
Nov 2013
Dec 2013
The 420 W Alabama Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston,Texas. The asset was originally built in 1968. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package and a beautifully landscaped courtyard with a water feature. Currently there are no leasing concessions. The asset is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. The property is in excellent condition. .
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development or an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
420 WEST ALABAMA., HOUSTON, TX 77006 Unit Mix
Unit # Type No. Units Sq Ft Total SqFt Market Rent Total Rent Rent/SF
1 1 Bed/1 Bath 1 480 480 $1,195 $1,195 $2.49
2 1 Bed/1 Bath 1 670 670 $1,025 $1,025 $1.53
3 1 Bed/1 Bath 1 540 540 $1,195 $1,195 $2.21
4 1 Bed/1 Bath 1 540 540 $1,195 $1,195 $2.21
5 1 Bed/1 Bath 1 540 540 $850 $850 $1.57
6 1 Bed/1 Bath 1 670 670 $775 $775 $1.16
7 1 Bed/1 Bath 1 480 480 $1,035 $1,035 $2.16
8 1 Bed/1 Bath 1 810 810 $1,325 $1,325 $1.64
9 1 Bed/1 Bath 1 480 480 $1,175 $1,175 $2.4510 1 Bed/1 Bath 1 670 670 $1,095 $1,095 $1.63
11 1 Bed/1 Bath 1 540 540 $800 $800 $1.48
12 1 Bed/1 Bath 1 540 540 $895 $895 $1.6613 1 Bed/1 Bath 1 540 540 $825 $825 $1.5314 1 Bed/1 Bath 1 670 670 $995 $995 $1.4915 1 Bed/1 Bath 1 480 480 $1,125 $1,125 $2.3416 1 Bed/1 Bath 1 810 810 $1,295 $1,295 $1.60
16 591 9,457 $1,050 $16,800 $1.78
Apartment Features Community Features
Full Appliance Package Great Inner Loop Location
Newly Renovated Interiors Gated Community w/Covered Parking
Onsite Laundry Facility
Sprinkler System
Water Feature
UNIT MIX JAN 2014
TOTALS AND AVERAGES Total UnitsAverage Sq.
Ft.
Total Sq.
Feet
Average
Rent/Unit
Total
Rent
Average
Rent/ SF
4
4
6
2
1 Bed/1 Bath-480
1 Bed/1 Bath-670
1 Bed/1 Bath-540
1 Bed/1 Bath-810
# Units by Size
F6/MIDTOWN PORTFOLIO AREA INFORMATION
Houston Economy
Though Houston's energy industry has helped the city stave off the effects of the national recession, the city's economy has been enhanced by diversification resulting in 53% independence from the energy industry, which allows for a more robust economy and supports further commercial development. The economic diversification includes growth in high technology industries (computer and aerospace), medical research, health care, social assistance, and professional services. With its favorable incentives and accommodating infrastructure, Houston has quickly become a preferred international hub. The Port of Houston is the world's sixth largest port and ranks first in the United States in terms of international tonnage and second in total tonnage. Houston's infrastructure is also strengthened by three airports, which form the fourth largest airport system in the national and sixth largest in the world, as well as a massive trucking and rail system. Numerous Fortune 500 companies, multi-nationals, and domestic companies maintain operations here. Ranking third in the nation, there are 21 Fortune 500 companies that are headquartered in Houston, and more than half of the world's largest 100 non-US based corporations have operations in Houston. Houston is a major corporate center and its geographic advantage, incentive, stable economy, and growing workforce continue to attract corporations to relocate and expand here. Houston's economic base continues to diversify and decrease it dependence on energy. In fact, non-energy sectors have accounted for 87% of net job growth since 1987, further reducing Houston's vulnerability to downturns in the energy industry. With is rapidly expanding population and solid economic base, the city is primed to benefit from its growing international reputation as a global destination of choice for residents, tourists, and businesses alike. The Texas Workforce Commission estimates more than 2.5 million jobs exist in the Houston MSA. The workforce is characterized as young, educated, and highly skilled, which are attractive to businesses and support future job growth. Houston has the lowest median age, 32.8, of the nation's 10 largest metropolitan areas. Currently , more than 1/4th of all adult Houstonians have completed college, compared to 1/5th of the U.S. adult population. Houston has the lowest cost of living among the nation's 23 largest metropolitan area, a key contributor to Houston's ability to continually rank among the nation's most desirable cities for companies looking to relocate or expand their operations.
STATE OF TEXAS ECONOMY Job growth, sales tax collections – both from business and consumer purchases – as well as automobile sales, signal that the Texas economy has emerged from the recent recession. Another indicator that the state’s economy has been comparatively healthy was the U.S. Bureau of the Census report that Texas added more people (nearly 4.3 million) than any other state between the census counts of 2000 and 2010. Entering 2011, more than half the jobs shed by employers during Texas’ shorter recession have already been recovered as our economy recovers more quickly than the U.S. as a whole. Nationally, only 13.4 percent of recession-hit jobs had been recovered ending 2010. Texas and the nation returned to economic growth in 2010, with the nation increasing its GDP by 2.8 percent and Texas increasing its GSP by 3.4 percent. Jobs •Texas’ December 2010 unemployment rate was 8.3 percent, up from 8.2 percent in November. •Texas total nonfarm employment increased by 20,000 jobs from November to December. Between December 2009 and December 2010, Texas gained 230,800 jobs. •The U.S. gained 36,000 total nonfarm jobs in January 2011. •The U.S. unemployment rate was 9.0 percent in January 2011, a 0.4 percent decrease from December. •The Texas unemployment rate has been at or below the national rate for 47 consecutive months. Housing •Thus far, Texas has weathered the national real estate crunch without significant damage to property values. Sales and construction activity dropped to pre-2007 levels but began to shows signs of recovery in 2010. •A total of 4,170 building permits for single-family homes were issued in December 2010, 887 fewer than a year ago. In the 12 months ending in December 2010, 62,980 permits were issued, 1 percent less than one year ago. •The number of multi-family building permits issued rose from 989 in December 2009 to 1,200 in December 2010. During the 12 months ending in December 2010, 18,716 permits were issued, 12 percent more than one year ago. •In December 2010, sales of existing single-family homes increased by 16 percent from the previous month, to a total of 15,752. December 2010 home sales were 3 percent lower than in December 2009. •In Texas, the median price for existing single-family homes increased by 4.1 percent from December 2009 to December 2010. •Texas experienced 14.897 foreclosure filings in January 2011. Consumer Confidence Index •U.S. consumer confidence increased by 14 percent from December 2010 to January 2011, rising to 60.6. Consumer Confidence now stands 7 percent higher than one year ago. •The Texas region’s consumer confidence index increased from 69.5 in December 2010 to 90.8 in January 2011, and is now up 26 percent from its level one year ago. Oil and Natural Gas •Natural gas and oil production tax collections combined are 70 percent higher for the first five months of fiscal year 2011 compared to the same period in 2010. •By contrast, fiscal 2010 oil and natural gas production tax collections combined were 24 percent lower than collections in 2009. •After reaching a 2008 summer high closing price of $145.29 to a low of $33.98 during February 2009, crude oil futures reached a settled price of $86.73 on Feb. 10, 2011. •Similarly, natural gas futures prices have followed a similar path reaching a summer 2008 high of $13.58 and then falling to a Sept. 3, 2009 low of $2.51. Prices recently settled at $3.99 on Feb. 10, 2011. Taxes •Texas sales tax receipts for January 2011 were 10.4 percent higher than for January 2010. •For fiscal 2010, state sales tax receipts were down 6.6 percent from fiscal 2009. •Motor vehicle sales tax collections for January 2011 were 19.6 percent higher than for January 2010. •Nationally, leases accounted for 28.1 percent of new vehicle sales in November 2010, an increase of 15.6 percent from November 2009. Source: Texas Ahead, February 11, 2011 - Texas Comptroller's Office
F6/Midtown Portfolio Area Information
2900 West Dallas, is the newest project claiming land in
Houston's Inner Loop. Developed by Marvy Finger of the Finger
Companies, this six-story, 435 unit, luxury apartment development
that cost approximately $85 million to construct has upscale
amenities from tile entries to red oak wood flooring. Reportedly,
white collar job growth in the area has boosted the demand for
luxury rentals. Residents began moving into the upscale complex
in November and when its all complete there will be four pools,
beautifully landscaped courtyards, a two-story fitness center, a
marble staircase and the list goes on. A 755 sq.ft. one bedroom
unit starts at $1700 and a 1,551 sq.ft. two bedroom starts at $2600.
The property is currently 35% pre-leased and tenants range from
legal and energy industry professionals to retirees. Source: Houston Chronicle
AREA DEVELOPMENT
AREA INFORMATION
Montrose, a central Houston community established in 1911, is a
demographically diverse neighborhood with renovated mansions,
bungalows with wide porches, and cottages located along tree-lined
boulevards. Montrose is a major cultural hub. The area was named as
one of the "ten great neighborhoods in America" by the American
Planning Association, in 2009. Because of the inclusion of Montrose, the
Houston Heights, and the Rice University area, it is nicknamed "hipstrict",
referring to its progressive and urban ethic Montrose houses five of the
city's 15 designated historic districts. Houston Mayor, Anise Parker, a
longtime resident of Montrose, started her political career by
representing Montrose as an at-large city council member. Development
over the years has maintained, if not added to, the community’s
distinctive personality which encompasses an interesting selection of
architecture. Whether its antique shopping in the West Gray/River Oaks
shopping areas, enjoying art, science or history at one of the various
museums or simply hanging with friends at a local restaurant or bar,
there is always something to see and do in the Montrose area.
F6/MIDTOWN PORTFOLIO RENT COMPS
1 2212 Dunlavy
2212 Dunlavy
2 2020 Huldy
2020 Huldy
3 1507 California
1507 California
4 Carriage Square
2320 McCue
5 Marquee Uptown
2306 McCue
Totals/Averages of Rent Comps 1963 98% 838 $1,220 $1.46
Sub-Market Averages(Montrose/Memorial Heights) 87% 5,115 948 $1,361 $1.45
Houston Market Avgs 91% 591,814 867 $826 $0.96
420 West Alabama 1968
3618-3620 Garrott 1960 88% 16 482 $955
3602 Garrott 1963 100% 20 574 $1,137
$1,408
2300 Park St 1966 97% 20 627 $1,238
4115 Drake 1962 100% 16 638 $1,039
1960 100% 10 495
2322 Richton 1962 95%
1219 Banks 1962 100% 7 821
1903 Portsmouth 1964 97% 29 835
$1,518
$879 $1.77
$1.69
$1,350
$1,396
Totals/Averages of Subject Properties 1962 97% 640 $1,128 $1.79
$1.48
1901 Whitney 1952 396 $865
1966 91% 58 1026
3402 Garrott 1968
1916-1926 Norfolk 1961/1965 100% 30 994
4414 Yupon
100%
$1.98
$1.63
$1.98
$1.85
$2.19
88% 15 615 $1,086 $1.76
16 591 $1,047 $1.77
$1.98
$1.70
$1.17
20 612 $1,132
100% 9
1960 100% 40 902 $1,353 $1.50
1965 100% 18 725 $1,125 $1.55
RENT COMPARABLES (January 2014 O'Connor & Associates)
Property Name Yr Blt Occ #Units Avg SF Avg Rent P/SF
1963 100% 12 961 $1,053 $1.10
1960 100% 20 575 $950 $1.65
F6/MIDTOWN PORTFOLIO SALES COMPS
1 Branard McDuffie
2010 Branard
2 1410 Hyde Park
1410 Hyde Park
3 Gramercy Place
242 Portland
4 4722 Aftonshire
4722 Aftonshire
5 4105 Garrott
4105 Garrott
Totals/Averages of Sales Comps $2,059,000 15,898 $102,054 $133.56 1956 20
Market 141,144 N/A N/A 1962 208
16
SALES COMPARABLES
Market 9,457 N/A N/A 1968
1963 20
Market 7,711 N/A N/A 1960 16
N/A N/A 1962 16
1966
Market
24,222 N/A N/A
11,487 N/A N/A
1964 29
Market 12,236 N/A N/A 1962 20
2012,533 N/A N/A
5,748 N/A N/A 1962 7
29,807 N/A N/A 1961/1965 30
N/A 1968 15
Market 4,950 N/A N/A 1960 10
N/A
3602 Garrott
3618-3620 Garrott
420 West Alabama
Market
Market
Market
3402 Garrott
4414 Yupon
1219 Banks
1916-1926 Norfolk
1903 Portsmouth
2322 Richton
2300 Park St Market
Market
Market
4115 Drake
Totals/Avg of Subjects
10,201
9,232
6/13 $730,000 5,100 $121,667 $143.14 1960 6
314/13
Pending $3,850,000 30,000 $104,054 $128.33 1976 37
173/13 $1,450,000 14,144 $85,294 $102.52 1960
Property Name Date Sold Price Sq. Ft. Price/Unit Price/SF Built Units
25,961 $116,129 $138.67 1935$3,600,000
8
1901 Whitney Market 3,560 N/A N/A 1952 9
12/12 $665,000 4,286 $83,125 $155.14 1950
F6/MIDTOWN PORTFOLIO DEMOGRAPHICS
1 Mile Radius
3 Mile Radius
5 Mile Radius
2011 Estimated Population 20,919 77,820 192,2952016 Projected Population 23,106 85,913 212,0612010 Census Population 20,044 74,580 184,3872000 Census Population 16,959 64,725 167,957
Projected Annual Growth 2011 to 2016 2.1% 2.1% 2.1%Historical Annual Growth 2000 to 2011 1.8% 1.6% 1.1%
2011 Median Age 37 38.2 36.2
2011 Estimated Households 10,572 38,520 89,5562016 Projected Households 11,596 42,244 98,2122010 Census Households 10,128 36,900 85,7872000 Census Households 8,720 32,612 79,807
Projected Annual Growth 2011 to 2016 1.9% 1.9% 1.9%Historical Annual Growth 2000 to 2011 1.6% 1.4% 0.9%
2011 Estimated White 81.4% 79.4% 72.2%2011 Estimated Black or African American 3.7% 4.2% 6.0%2011 Estimated Asian or Pacific Islander 10.3% 10.4% 10.1%2011 Estimated American Indian or Native Alaskan 0.2% 0.3% 0.6%2011 Estimated Other Races 4.4% 5.7% 11.1%
2011 Estimated Hispanic 12.2% 15.5% 27.5%
2011 Estimated Average Household Income $144,592 $145,591 $125,3432011 Estimated Median Household Income $106,127 $105,251 $89,2972011 Estimated Per Capita Income $73,030 $72,319 $58,666
2011 Estimated Elementary (Grade Level 0 to 8) 1.8% 2.3% 8.0%2011 Estimated Some High School (Grade Level 9 to 11) 2.0% 2.3% 4.3%2011 Estimated High School Graduate 7.9% 7.9% 9.8%2011 Estimated Some College 12.8% 13.3% 14.3%2011 Estimated Associates Degree Only 4.4% 4.0% 4.0%2011 Estimated Bachelors Degree Only 39.4% 37.2% 32.4%2011 Estimated Graduate Degree 31.7% 33.1% 27.3%
2011 Estimated Total Businesses 2,174 10,113 20,2222011 Estimated Total Employees 27,690 137,002 248,3552011 Estimated Employee Population per Business 12.7 13.5 12.32011 Estimated Residential Population per Business 9.6 7.7 9.5
INC
OM
EE
DU
CA
TIO
N
(AG
E 2
5+
)B
US
INE
SS
HO
US
EH
OL
DS
RA
CE
AN
D E
TH
NIC
ITY
P
OP
UL
AT
ION
72%
3%
9%
4% 12%
White Black Asian Other Hispanic
$144,592
$72,073
0
20000
40000
60000
80000
100000
120000
140000
160000
Subject Houston
87.8%
12.2%
Non-Hispanic
Hispanic
Assumption
N/A
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent rolls, etc. However, we (KET Enterprises Incorporated, any of the Owners or officers, directors, employees, agents or representatives of any such entities) have not verified its accuracy and make no guarantee or representation about it. It is submitted subject to the possibility of errors, omissions, change of rental or other conditions. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. We make no representations or warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such parties as to the future performance of the Property or any other matters set forth herein. You and your tax and legal advisors should verify the information and rely on his accountants or attorneys for legal and tax advice. Rates of return vary daily. No representations are made concerning environmental issues, if any.
FOR MORE INFORMATION ON THIS PROPERTY PLEASE CALL:
TOM WILKINSON, Broker (713) 355-4646 xt 102 [email protected] or MARK KALIL, Broker (713) 799-8700 [email protected]
EXCLUSIVELY PRESENTED BY
KET ENTERPRISES INCORPORATED 4295 San Felipe, Suite 355
Houston, TX 77027
Tel: (713)355-4646 Fax: (713)355-4331
www.ketent.com
and
MARK KALIL & ASSOCIATES, INC. 3701 Kirby, Suite 1000 | Houston, TX 77098
Houston, TX 77030
Tel: (713)799-8700 Fax: (713)799-8703
www.markkalil.com