MULTIFAMILY FOR SALE

2242 & 2244 Todds LaneHampton, Virginia

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance

Cushman & Wakefield | Thalhimer © 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or otherconditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

For more information, contact:

G. DAVID BUTCHELLOVice President757 254 1746david.butchello@thalhimer.com

One BayPort Way, Suite 100Newport News, VA 23606

www.thalhimer.com

Property Features

• Sale Price: $1,100,000 ($45,833.33 per unit)

• 2-3 story buildings each with 12 units, 24 total units

• 2242 Todds Lane comprises 12 one bedroom apartments approximately 642 SF each

• 2244 Todds Lane comprises 12 two bedroom apartments approximately 949 SF each

• Building Area: approximately 19,008 SF on 0.86 acres

• Zoned C2

• Located on the corner of Cunningham and Todds Lane just off Exit 263 on I-64

• Built in 1985 – wood frame – brick façade – slab – asphalt shingle pitched roof

• Landlord pays water/sewer and garbage collection; all other utilities Tenant responsibility

• New roofs and gutters installed in 2018

• NOI $120,926± Cap Rate 10.65% on 20% vacancy

• Available individually or part of 125 room portfolio

MULTIFAMILY FOR SALE

2242 & 2244 Todds LaneHampton, Virginia

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance

Cushman & Wakefield | Thalhimer © 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or otherconditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

For more information, contact:

G. DAVID BUTCHELLOVice President757 254 1746david.butchello@thalhimer.com

One BayPort Way, Suite 100Newport News, VA 23606

www.thalhimer.com

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collectively “Cushman Wakefield | Thalhimer”), its directors, officers, agents, advisors, affiliates and/or

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Thalhimer its directors, officers, agents, advisors, or affiliates as to completeness , veracity, or accuracy,

condition of the property, compliance or lack of compliance with applicable governmental

requirements, developability or suitability, financial performance of the property, projected financial

performance of the property for any party’s intended use or any and all other matters. Neither

Cushman Wakefield | Thalhimer its directors, officers, agents, advisors, or affiliates makes any

representation or warranty, express or implied, as to accuracy or completeness of the any materials or

information provided, derived, or received. Materials and information from any source, whether

written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of

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Wakefield | Thalhimer will not investigate or verify any such matters or conduct due diligence for a

party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT

INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a

transaction is urged to verify all information and to conduct their own inspections and

investigations including through appropriate third party independent professionals selected by such

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documents and reports and consulting appropriate independent professionals. Cushman Wakefield |

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relevance of any financial data or assumptions. Cushman Wakefield | Thalhimer does not serve as a

financial advisor to any party regarding any proposed transaction. All data and assumptions regarding

financial performance, including that used for financial modeling purposes, may differ from actual data

or performance. Any estimates of market rents and/or projected rents that may be provided to a

party do not necessarily mean that rents can be established at or increased to that level. Parties

must evaluate any applicable contractual and governmental limitations as well as market conditions,

vacancy factors and other issues in order to determine rents from or for the property. Legal questions

should be discussed by the party with an attorney. Tax questions should be discussed by the party with

a certified public accountant or tax attorney. Title questions should be discussed by the party with a

title officer or attorney. Questions regarding the condition of the property and whether the property

complies with applicable governmental requirements should be discussed by the party with

appropriate engineers, architects, contractors, other consultants and governmental agencies.

All properties and services are marketed by Cushman Wakefield | Thalhimer in compliance with all

applicable fair housing and equal opportunity laws.

Todds Lane

Unit # Tenant Name Lease Start Date End Date

Actual Monthly

Rent

Gross Potential

Market Rent

2242-1A Victor Smith 4/24/2018 750.00$ 825.00$

2242-1B William Gloston 8/1/2018 750.00$ 825.00$

2242-1C Vacant -$ 825.00$

2242-1d Diamond Thompson 2/10/2017 750.00$ 825.00$

2242-2a Bessie Parker 5/11/2018 750.00$ 825.00$

2242-2b Ladwarlo Pittman 11/1/2013 750.00$ 825.00$

2242-2c Julia Outlaw 10/20/2017 750.00$ 825.00$

2242-2d Annette Hamiel 6/17/2016 750.00$ 825.00$

2242-3a Richard Duvall 2/10/2017 750.00$ 825.00$

2242-3b Deon Walker 7/13/2018 750.00$ 825.00$

2242-3c Jermaine Ward 6/9/2017 650.00$ 825.00$

2242-3d Johnie Davis Jr 12/15/2017 750.00$ 825.00$

2244-1a Alice Pie 7/1/2014 650.00$ 825.00$

2244-1b Pecita Rutherford 2/1/2012 550.00$ 825.00$

2244-1c Esther Wilson 2/10/2017 650.00$ 825.00$

2244-1d Nour Akerbal 3/30/2015 600.00$ 825.00$

2244-2a Ocia Goode 5/18/2017 650.00$ 825.00$

2244-2b Vacant 825.00$

2244-2c Renard Williams 5/12/2008 550.00$ 825.00$

2244-2d Edward Faines 5/8/2015 650.00$ 825.00$

2244-3a Robert Lockett 11/1/2015 650.00$ 825.00$

2244-3b Margie Rambert 7/10/2017 650.00$ 825.00$

2244-3c Stephen Brown 4/1/2015 650.00$ 825.00$

2244-3d Vaughnette Sheldon 8/1/2012 650.00$ 825.00$

Total Rent 15,050$ 19,800$

(Vacany) -$

Gross MonthY Rent 15,050$ 19,800$

Annual Gross Income 180,600$ 237,600$

Todds Lane

No. Units 24

Contract Price $1,100,000

Rehab/Construction $30,000

Closing Costs $5,000

Total Deal Cost: $1,135,000

Per Unit Price $47,291.67

Acquisition Cap Rate: 10.65%

Loan Amount $880,000

Cash to Close $255,000

Cash Flow Analysis

% or

$/unit

Annual

Increase Current Vacancy

20%

Vacancy 15% Vacancy 10% Vacancy

10% Stabalized

Vacancy*

Actual Rent Annual * 1.50% $180,600 $190,080 $201,960 $213,840 $217,048

Misc Income Annual 2.50% $1,020 $1,035 $1,051 $1,067 $1,083

Vacancy Loss 0.00% $0 $0 $0 $0 $0

Gross Income $181,620 $191,115 $203,011 $214,907 $218,130

Collections Loss 1.00% ($1,816) ($1,911) ($2,030) ($2,149) ($2,181)

Effective Gross Revenue $179,804 $189,204 $200,981 $212,758 $215,949

Salary & Wages 6.00% ($10,788) ($11,352) ($12,059) ($12,765) ($12,957)

Misc. Labor - Suppies $250 2.00% ($6,000) ($6,120) ($6,242) ($6,367) ($6,495)

Advertising 2.00% ($2,700) ($2,754) ($2,809) ($2,865) ($2,923)

Landscapping 2.00% ($3,269) ($3,334) ($3,401) ($3,469) ($3,538)

Trash 2.00% ($2,842) ($2,898) ($2,956) ($3,016) ($3,076)

Utilities 2.00% ($13,000) ($13,260) ($13,525) ($13,796) ($14,072)

Cable-Internet 2.00% $0 $0 $0 $0 $0

Property Insurance 2.00% ($5,000) ($5,100) ($5,202) ($5,306) ($5,412)

Taxes 2.00% ($17,000) ($17,340) ($17,687) ($18,041) ($18,401)

Repairs/Maintenance $250 2.00% ($6,000) ($6,120) ($6,242) ($6,367) ($6,495)

Total Operating Expenses ($66,598) ($68,279) ($70,124) ($71,992) ($73,368)

Per unit expense ($2,774.93) ($2,844.94) ($2,921.82) ($2,999.65) ($3,056.99)

OPEX Ratio 37% 36% 35% 34% 34%

Net Operating Income $113,205 $120,926 $130,857 $140,766 $142,581

Capital Reserves per unit: $350 ($8,400.00) ($8,400.00) ($8,400.00) ($8,400.00) ($8,400.00)

Cash Flow after Reserves $104,805 $112,526 $122,457 $132,366 $134,181

Debt Service ($63,992) ($63,992) ($63,992) ($63,992) ($63,992)

DSCR 1.64 1.76 1.91 2.07 2.10

Cash Flow $40,814 $48,534 $58,465 $68,374 $70,190

cash on cash 16.01% 19.03% 22.93% 26.81% 27.53%