witte oaks 1655 witte road houston, tx 77080 · witte oaks 1655 witte road houston, tx 77080 brian...
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WITTE OAKS
1655 Witte RoadHouston, TX 77080
Brian Janak, TX Broker / MBA
832-247-6333janak@innerloopwest.com
TX License 9000402
�������������� ��� ����������������������������� !
Passed Fire Marshall and City of Houston Inspections
❖ �"������"���#�$�%�&'��() %�*���+�&%��,�-��'���� �.�������,��/�����)� ��0)12 �������3��"��� �%�,�$�+�-%4�!��
❖ 5���� � �3�������&��)��16��������27�8%"��%+�9%������%��������:��������� �+��"+��������!7�������������7�3�/��%#�, 2014 Appraisal at $6.88M
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Executive Summary���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
ACQUISITION COSTS
Purchase Price, Points and Closing Costs 5��� ?�!��Investment - Cash 5������?��First Loan 56�2!���
INVESTMENT INFORMATION
Purchase Price 5���� � Price per Unit 5�?��12Price per Sq. Ft. 5�?���Income per Unit 52�2!2Expenses per Unit C56�26?D
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income 5��1?!��21Total Vacancy and Credits C51��1 DOperating Expenses C5��1�!!�DNet Operating Income 5� �� �Debt Service C5126�61�DCash Flow Before Taxes 5? �� !�
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes ���!?7
Debt Coverage Ratio 1� 6Capitalization Rate 2� ?7Gross Rent Multiplier ��?�Gross Income / Square Feet 5���!�Gross Expenses / Square Feet C5��!�DOperating Expense Ratio � ���7
page 2 of 31
Property Description���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
Central to Houston's Growth - Spring BranchWITTE OAKS APARTMENTS - Pitched Roofs, 98% Occupied
������ �%*�� �"%��.����� �;;���� %�� ��/������ �'��""�������4����(�����%�#��-��#���(.%�*���-'���&�."����#�"��"�������%���(���#���'%((�,������+,%�� ��/���.����� ;��� &%�'� ;+�-� "��"������ � �-���%�(4�"��"���������+,�%��%�'�#'��������"��&���'%�-'%���������%*�����(���#��;;���,�%������.%�,�;��%"%��.����� %��� �����#� %�,� .%�4� ��/������� %���%*��#�%,/%��%#���;��'��,�.%�,�%�,�����/%���#������� -'�+�� ��'���� &%�');+�-� ;��.� (���#� ��� �'�#��,�"���#�$�%�&'�%��%��
�'��+�&%������;��������%*���"%��.�����%++�-��;���%�4� %&&���� ��� 6� .%E��� '�#'-%4�� -��'��� � .������� %�,� '%�� %++� �'�� �'�""��#�� ����%��%���� %�,� ������%��.���� /������ ��� &�."+�.���� �'�"��"���4�����%�(4�.�+��;%.�+4�"��E�&���'%/��(��������/%��,��%�,�.�������#+��;%.�+4�'�.��"��E�&��%���(���#�&������&��,��(��'�%�,�����'����),�/�+�".�����;��'����%���������#�"���#�$�%�&'���(.%�*���:��-�'����#��,�,�(4��'��"���#�$�%�&'� %�%#�.����������&��%�,�+�&%+����#'(��'��,�&'%"�����-'�%���,����.���,����(�����"�����&��%�,�"�����#��(4�'%/��#�%�����,����%+�;�&�������
���'� �'���'���� /�+�.���;� &�..��&�%+� �;;�&��,�%+�� &�.��#���)+����%+��#� �'�� �)� �����#4�8����,�������� �'�� .���� ,�����,� �.���%+� %��%� ��� �'�� ���'�� %�,� �'�� �/��� ,�/�+�"�,�� '�#'� ,�����4�����3��"� ��� �'�� �%���� "���#� $�%�&'� ��� � E�����#� �'�� �%�*�� �;� ��%�(4� ��-�� >� 8�����4� %�,� �'�����&'%���������&��%��%���#��;�&%���"������;�������������������%*�����%/%�+%(+�����%��F�++)8%�'G�(%�����+4� ���-��'� ��-� ;��%�&��#� (�4���.���� %��%�#��� �Recent Colliers appraisal valued Witte Oaks at $6.88M. �+�%��� "��/�,�� "���;� �;� ;��,�� ��� (%�*� +������ �; ��;����&���"�����H�����;���%���������+�����#�(��*���
page 3 of 31
Pro Forma Summary���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total Market Total
TOTALS 124 $1,184,400 $1,220,760
ANNUALIZED INCOMEActual Market
:������������%+����� 5���!6�6 5��11 ��� 3���=�I%&%�&4 C51��1 D C5?���1?D ��&����&�.� 5�6��21 5�6��21Effective Gross Income $1,213,392 $1,238,329
3���=��@"����� C5��1�!!�D C5�?6���2DNet Operating Income $600,507 $603,570
��(����/�&� C5126�61�D C5126�61�DNet Cash Flow after Debt Service $306,081 $309,144
����&�"%+���,�&���� 5!6� !? 5!6� !?Total Return $390,164 $393,227
ANNUALIZED EXPENSES
Actual Market���"���4� %�%#�.����<�� 5�!1� 2 5��� ?!�,.�� 5��� 5��� $%,���(� 5?1�?! 5���� $��+,��#������%�&� 5?��1�� 5� � :����%+��""+��� 5?��!�� 5?��!��:����,�� %�����%�&� 5���2� 5���2������8�����+ 5��1 5��1 3�#%+ 5�� 5?� %�����%�&� 5 5� � �%4��++ 5 5��� �%@���)���%+����%�� 5� 1� 5�1?� ��%�'���.�/%+ 5���� 5���� 0��+��4�)��+�&���&��4 52�� � 52�� � 0��+��4�)�:%� 51��2 51��2 0��+��4�)��%��� 5!1�2 5!1�2
Total Expenses $612,885 $634,759
Expenses Per RSF $5.86 $6.07
Expenses Per Unit $4,943 $5,119
INVESTMENT SUMMARY
���&�= 5���� �
J�%��$��+�= �2�6
0����= �16
���&�B0���= 5�?��12
�<= � 6��6�
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%�*���:� = ��11
FINANCING SUMMARY
3�%���.����= 56�2!���
��-���%4.���= 5����1��
3�%���4"�= <�@�,
����������%��= 6�1�7
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�8�= 1� 6
page 4 of 31
Unit Mix Report���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
UNIT MIXES
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly2 Studio 525 $625 $1,250 $650 $1,3002 1/1 575 $650 $1,300 $665 $1,33024 1/1 648 $750 $18,000 $775 $18,60025 1/1 684 $750 $18,750 $775 $19,37512 2/1 900 $750 $9,000 $775 $9,30018 2/1 975 $875 $15,750 $900 $16,2009 2/1.5 995 $900 $8,100 $925 $8,32518 2/1 1000 $875 $15,750 $900 $16,20011 2/1.5 1015 $900 $9,900 $925 $10,1751 3/1 1225 $900 $900 $925 $9251 Storage 648 $0 $0 $0 $01 Office 995 $0 $0 $0 $0124 104,190 $98,700 $101,730
UNIT MIX UNIT MIX SQUARE FEET
● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�● �;;�&�
● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�● �;;�&�
UNIT MIX INCOME UNIT MIX MARKET INCOME
● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�
● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�
page 5 of 31
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A-44
700.
0070
0.00
0.00
700.
000.
000.
0060
.00
8/1/
2014
stor
age
Win
terh
alte
r, D
arre
n
A-
4570
0.00
0.00
0.00
700.
0070
0.00
200.
007/
1/20
1412
/31/
2014
25.0
07/
1/20
141B
/1B
Fuen
tes,
Isid
ro
A-
4670
0.00
0.00
0.00
700.
0070
0.00
200.
007/
30/2
014
7/31
/201
55.
007/
1/20
141B
/1B
Lope
z, M
oise
s
A-
4785
0.00
0.00
0.00
850.
0085
0.00
250.
001/
15/2
014
5/31
/201
585
0.00
5/1/
2014
2B/1
BR
amire
z-Lo
pez,
Ter
esa
A-48
875.
000.
000.
0087
5.00
875.
0025
0.00
7/15
/201
47/
31/2
015
58.0
06/
1/20
142B
/1B
Cra
wfo
rd, R
ocsa
nn
A-
4990
0.00
0.00
0.00
900.
0090
0.00
400.
009/
17/2
014
8/31
/201
550
.00
9/1/
2014
2B/1
.5B
Esco
bedo
, Jai
me
A-50
900.
000.
000.
0090
0.00
900.
0020
0.00
7/21
/201
47/
31/2
015
35.0
06/
1/20
142B
/1.5
BD
otso
n, N
icol
e
A-
5185
0.00
0.00
0.00
850.
0085
0.00
300.
002/
7/20
141/
31/2
015
2B/1
.5B
Mag
ana,
Jes
sica
A-52
700.
000.
000.
0070
0.00
700.
0020
0.00
7/1/
2014
12/3
1/20
145.
007/
1/20
141B
/1B
Buen
dia,
Car
olyn
A-53
900.
000.
000.
0090
0.00
900.
0025
0.00
8/11
/201
47/
31/2
015
50.0
08/
1/20
142B
/1.5
BC
ontre
ras
, Vic
tor
A-54
900.
000.
000.
0090
0.00
0.00
210.
001/
15/2
014
1/31
/201
53B
/1B
Brow
n, J
erem
y
A-
5565
0.00
0.00
0.00
650.
0065
0.00
250.
0011
/5/2
014
12/5
/201
425
.00
10/1
/201
4St
udio
Hin
ojos
a, F
lavi
o
B-
0185
0.00
0.00
0.00
850.
0085
0.00
300.
001/
15/2
014
5/31
/201
52B
/1.5
BPi
na, J
ose
B-02
900.
000.
000.
0090
0.00
900.
0020
0.00
11/1
4/20
1412
/14/
2014
62.0
08/
1/20
142B
/1.5
BG
arci
a, A
nton
ia
B-
0390
0.00
0.00
0.00
900.
0090
0.00
200.
0010
/15/
2014
3/31
/201
525
.00
9/1/
2014
2B/1
.5B
Gue
rrero
, Cra
ig
B-
0490
0.00
0.00
0.00
900.
00-1
0.00
350.
001/
15/2
014
7/31
/201
520
.00
8/1/
2014
2B/1
.5B
Alva
rez,
Jol
ynn
B-05
900.
000.
000.
0090
0.00
900.
000.
001/
15/2
014
4/30
/201
450
.00
6/1/
2014
2B/1
.5B
Burk
s, J
erom
e
B-
0685
0.00
0.00
0.00
850.
0085
0.00
200.
001/
15/2
014
5/31
/201
595
.00
4/1/
2014
2B/1
.5B
Gar
cia,
And
rea
B-07
850.
000.
000.
0085
0.00
850.
0025
0.00
4/4/
2014
9/30
/201
42B
/1B
Barle
y, D
elan
B-08
875.
000.
000.
0087
5.00
865.
0020
0.00
6/26
/201
47/
31/2
015
875.
006/
1/20
142B
/1B
Smith
, Dar
ian
B-09
750.
000.
000.
0075
0.00
484.
0015
0.00
12/1
7/20
1412
/31/
2014
55.0
012
/1/2
014
1B/1
BBr
unet
, Ann
a-Le
e
B-
1072
5.00
0.00
0.00
725.
0072
5.00
150.
0012
/5/2
014
12/3
1/20
1482
.00
6/1/
2014
1B/1
BR
iver
a, A
race
li
B-
1172
5.00
0.00
0.00
725.
0072
5.00
250.
001/
15/2
014
7/31
/201
530
.00
7/1/
2014
1B/1
BVa
dovs
ky, A
shle
y
B-
1275
0.00
0.00
0.00
750.
0075
0.00
200.
009/
28/2
014
2/28
/201
575
.00
9/1/
2014
1B/1
BPi
na, J
ose
B-13
875.
000.
000.
0087
5.00
875.
0020
0.00
11/2
1/20
1412
/31/
2014
25.0
011
/1/2
014
2B/1
BO
rtiz,
Alh
eyda
B-14
875.
000.
000.
0087
5.00
875.
0020
0.00
10/2
2/20
149/
30/2
015
25.0
09/
1/20
142B
/1B
Thom
pson
, Joa
nne
B-15
750.
000.
000.
0075
0.00
750.
0025
0.00
3/17
/201
48/
31/2
014
55.0
010
/1/2
014
1B/1
BEu
prig
ht, J
ason
B-16
700.
000.
000.
0070
0.00
700.
0020
0.00
6/21
/201
411
/30/
2014
1B/1
BR
ios,
Luc
io
B-
1772
5.00
0.00
0.00
725.
000.
0010
0.00
1/15
/201
412
/31/
2014
95.0
06/
1/20
141B
/1B
Suar
le, L
eoba
rdo
B-18
700.
000.
000.
0070
0.00
699.
0020
0.00
7/19
/201
41/
31/2
015
5.00
7/14
/201
41B
/1B
Mar
tinez
, Mar
io
B-
1987
5.00
0.00
0.00
875.
0087
0.00
200.
009/
5/20
148/
31/2
015
25.0
09/
1/20
142B
/1B
Pach
eco
Tiqu
iram
, Man
u
B-
2082
5.00
0.00
0.00
825.
0082
5.00
250.
001/
15/2
014
1/31
/201
52B
/1B
Gal
van,
Yad
ira
B-
2187
5.00
0.00
0.00
875.
0047
5.00
150.
0012
/15/
2014
1/1/
2015
25.0
07/
1/20
142B
/1B
Riv
era,
Irm
a
B-
2287
5.00
0.00
0.00
875.
000.
0020
0.00
1/15
/201
48/
31/2
015
95.0
010
/1/2
014
2B/1
BLu
sk, S
imon
e
B-
2369
5.00
0.00
0.00
695.
0069
5.00
300.
002/
24/2
014
2/28
/201
51B
/1B
Sald
ana,
Yve
tte
B-
2475
0.00
0.00
0.00
750.
0075
0.00
200.
0011
/24/
2014
12/3
1/20
1455
.00
11/1
/201
41B
/1B
Jack
son,
Dar
ryl
B-25
750.
000.
000.
0075
0.00
677.
0020
0.00
12/4
/201
412
/31/
2014
93.0
011
/1/2
014
1B/1
BJa
ckso
n, A
lber
t
B-
2667
5.00
0.00
0.00
675.
000.
0015
0.00
1/15
/201
412
/31/
2014
1B/1
BO
livar
es-a
rella
no, R
ober
t
B-
2787
5.00
0.00
0.00
875.
0087
5.00
250.
001/
15/2
014
6/30
/201
564
.00
6/1/
2014
2B/1
B
Ren
t Rol
l Ana
lysi
s
2/24
/15
3:51
pmP
age
2 of
rent
man
ager
.com
- pr
oper
ty m
anag
emen
t sys
tem
s r
ev.3
517
4
Cus
tom
erU
nit
Uni
t Typ
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Loss
Mis
cC
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tal
Cha
r ges
Bal
ance
Secu
rity
De p
osit
Mov
e-in
Dat
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ase
End
Last
Ren
tIn
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crea
seA
mou
nt
Soto
, Dav
id
B-
2887
5.00
0.00
0.00
875.
0087
5.00
200.
001/
15/2
014
7/31
/201
526
.00
9/1/
2014
2B/1
BAl
vara
do, F
avio
la
B-
2969
5.00
0.00
0.00
695.
0069
5.00
250.
003/
14/2
014
3/31
/201
51B
/1B
Prat
her,
Cha
rles
B-30
700.
000.
000.
0070
0.00
0.00
200.
006/
28/2
014
7/31
/201
51B
/1B
Rod
rigue
z, V
eron
ica
B-31
750.
000.
000.
0075
0.00
163.
3525
0.00
1/15
/201
48/
31/2
014
56.0
010
/1/2
014
1B/1
BG
utie
rrez,
Mar
iana
B-32
695.
000.
000.
0069
5.00
695.
0025
0.00
5/1/
2014
5/31
/201
51B
/1B
Rod
rigue
z, R
emed
io
B-
3385
0.00
0.00
0.00
850.
000.
0015
0.00
1/15
/201
412
/31/
2014
2B/1
BG
ilber
t, Te
rrita
B-34
850.
000.
000.
0085
0.00
850.
0085
0.00
2/28
/201
43/
31/2
015
2B/1
BN
etro
, Edm
undo
B-35
875.
000.
000.
0087
5.00
875.
000.
001/
15/2
014
1/31
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425
.00
9/1/
2014
2B/1
BC
arde
nas,
Jua
na
B-
3687
5.00
0.00
0.00
875.
0084
.68
200.
001/
15/2
014
9/30
/201
560
.00
10/1
/201
42B
/1B
Alle
nde,
Mig
uel
B-37
750.
000.
000.
0075
0.00
0.00
200.
0010
/16/
2014
3/31
/201
555
.00
10/1
/201
41B
/1B
Moo
re, T
hom
as
B-
3867
5.00
0.00
0.00
675.
000.
0015
0.00
1/15
/201
41/
31/2
015
1B/1
BM
aldo
nado
, Abr
aham
B-39
750.
000.
000.
0075
0.00
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020
0.00
8/15
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41/
31/2
015
25.0
08/
1/20
141B
/1B
Stra
dley
, Dev
in R
ae
B-
4069
5.00
0.00
0.00
695.
0069
5.00
250.
004/
1/20
144/
30/2
015
1B/1
BG
onza
les,
Dav
id
B-
4187
5.00
0.00
0.00
875.
0086
1.00
200.
0010
/24/
2014
3/31
/201
525
.00
9/1/
2014
2B/1
BM
artin
ez, E
duar
do
B-
4287
5.00
0.00
0.00
875.
0048
0.00
200.
0012
/15/
2014
1/1/
2015
25.0
09/
1/20
142B
/1B
Smith
, Dar
ren
B-43
695.
000.
000.
0069
5.00
690.
000.
001/
15/2
014
12/3
1/20
141B
/1B
Mar
tinez
, Mar
k
B-
4470
0.00
0.00
0.00
700.
0070
0.00
400.
001/
15/2
014
8/31
/201
425
.00
9/1/
2014
1B/1
BBo
nilla
, Jos
e
B-
4569
5.00
0.00
0.00
695.
000.
0030
0.00
1/15
/201
42/
28/2
015
1B/1
BLe
on, V
anes
sa
B-
4669
5.00
0.00
0.00
695.
000.
0025
0.00
4/15
/201
44/
30/2
015
20.0
04/
1/20
141B
/1B
Esco
bedo
, Jua
na
B-
4787
5.00
0.00
0.00
875.
0087
5.00
200.
008/
1/20
147/
31/2
015
60.0
08/
1/20
142B
/1B
Orb
ezo,
Yar
a G
B-48
850.
000.
000.
0085
0.00
850.
0025
0.00
4/25
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45/
31/2
015
2B/1
BD
elga
do, F
ranc
isco
B-49
900.
000.
000.
0090
0.00
900.
0020
0.00
1/15
/201
410
/31/
2014
45.0
011
/1/2
014
2B/1
.5B
Ram
irez,
Ann
a
B-
5090
0.00
0.00
0.00
900.
0090
0.00
250.
001/
15/2
014
9/30
/201
435
.00
10/1
/201
42B
/1.5
BR
amire
z, T
eres
o
B-
5187
5.00
0.00
0.00
875.
0087
5.00
250.
001/
15/2
014
11/3
0/20
142B
/1.5
BPe
rez,
Eda
r
B-
5290
0.00
0.00
0.00
900.
0090
0.00
75.0
01/
15/2
014
10/3
1/20
1485
.00
11/1
/201
42B
/1.5
BC
astro
-rosa
les,
Ilse
B-53
855.
000.
000.
0085
5.00
855.
0020
0.00
1/15
/201
412
/31/
2014
2B/1
.5B
Thom
as, I
saia
h
B-
5490
0.00
0.00
0.00
900.
0090
0.00
200.
0011
/10/
2014
12/1
0/20
1450
.00
10/1
/201
42B
/1.5
BFe
rnan
dez,
Car
los
B-55
625.
000.
000.
0062
5.00
620.
000.
001/
15/2
014
4/30
/201
425
.00
6/1/
2014
Stud
ioC
ruz-
Torre
z, Is
iria
E-01
750.
000.
000.
0075
0.00
750.
0025
0.00
4/18
/201
44/
30/2
015
-95.
004/
1/20
142B
/1B
Lom
bard
o, N
ina
E-02
750.
000.
000.
0075
0.00
750.
0020
0.00
9/17
/201
42/
28/2
015
-100
.00
9/1/
2014
2B/1
BR
uiz,
Kar
em
E-
0375
0.00
0.00
0.00
750.
0075
0.00
250.
005/
1/20
145/
31/2
015
2B/1
BC
oron
ado,
Gio
vann
y
E-
0475
0.00
0.00
0.00
750.
0075
0.00
250.
005/
2/20
145/
31/2
015
2B/1
BPe
rez,
Hum
berto
E-05
750.
000.
000.
0075
0.00
-71.
0035
0.00
4/1/
2013
6/30
/201
4-4
0.00
7/1/
2014
2B/1
BBu
rger
, Cas
ara
E-06
750.
000.
000.
0075
0.00
0.00
400.
009/
24/2
014
3/30
/201
5-1
25.0
09/
1/20
142B
/1B
Dav
ila, M
aria
E-07
750.
000.
000.
0075
0.00
750.
0025
0.00
5/2/
2014
5/31
/201
52B
/1B
Mon
telo
ngo
R, M
aria
Ele
E-08
750.
000.
000.
0075
0.00
702.
0020
0.00
7/3/
2014
7/31
/201
5-4
0.00
7/1/
2014
2B/1
BM
oren
o-G
ayta
n, B
elin
da
E-
0975
0.00
0.00
0.00
750.
0075
0.00
250.
006/
1/20
146/
30/2
015
2B/1
BN
unez
, Jes
us
E-
1075
0.00
0.00
0.00
750.
0075
0.00
200.
008/
15/2
014
1/31
/201
5-4
9.00
4/1/
2014
2B/1
BH
igad
era,
Rita
E-11
750.
000.
000.
0075
0.00
750.
0021
0.00
1/15
/201
47/
31/2
015
125.
006/
1/20
142B
/1B
Sifu
ente
s, D
iana
E-12
750.
000.
000.
0075
0.00
749.
0040
0.00
1/15
/201
48/
31/2
014
-139
.00
9/1/
2014
2B/1
BD
e La
Ros
a Bo
lano
s, B
u
E-
1459
5.00
0.00
0.00
595.
0059
5.00
200.
008/
1/20
147/
31/2
015
-55.
007/
1/20
141B
/1B
Hol
com
b, Y
vette
E-15
650.
000.
000.
0065
0.00
608.
0015
0.00
12/3
/201
412
/31/
2014
55.0
012
/1/2
014
1B/1
BLa
undr
y
Laun
dry
0.00
0.00
1,30
0.00
1,30
0.00
2,11
3.08
0.00
8/20
/201
4La
undr
y
98,4
07.0
01,
600.
001,
300.
0099
,707
.00
75,0
21.1
128
,205
.00
Tota
l for
Pro
pert
y
Ren
t Rol
l Ana
lysi
s
2/24
/15
3:51
pmP
age
3 of
rent
man
ager
.com
- pr
oper
ty m
anag
emen
t sys
tem
s r
ev.3
517
4
98,4
07.0
01,
600.
001,
300.
0099
,707
.00
75,0
21.1
128
,205
.00
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page 13 of 31
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Rent Comparables Charts���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
Subject 1 2 3 4 5 6
10%
20%
30%
40%
50%
60%
70%
80%
90%
100% �/#�22�???
Occupancy
One Bedroom One Bath
Two Bedroom One Bath
Three Bedroom Two Bath
Studio/Efficiency
Three Bedroom One Bath
Two Bedroom Two Bath
$110
$220
$330
$440
$550
$660
$770
$880
$990
$1,100
$654
$854
$1,049
$615
$1,000$950
Average Rent per Unit Type
page 16 of 31
Rent Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
WITTE OAKS1655 Witte RoadHouston, TX 77080
�/#�����B��; 50�96�< � 6��6��&&�"%�&4 � 70���� �16J�%��$��+� �2�6
L�0���� 0�����4"� ����1 ��,�� 5�1�1 �B� 5�� 16 �B� 5�� 1� �B� 5�� �1 1B� 5�� �! 1B� 5!��2 1B��� 52 �! 1B� 5!���� 1B��� 52 � ?B� 52 � ���%#� 5 � �;;�&� 5
� Woodvine Apts7550 Long Point DrHouston, TX 77055
�/#�����B��; 5��� �< �B��&&�"%�&4 2!70���� �B�J�%��$��+� �B�
L�0���� 0�����4"� ����12 ����$�,���.�����$%�' 5��
1! �-��$�,���.�����$%�' 5!��
�� �'����$�,���.��-��$%�' 5����
?6 ��,��B�;;�&���&4 5�1�NOTES�$�
1 Palms of Shady Villa7726 Shady VillaHouston, TX 77055
�/#�����B��; 5��1��< ?��6� �&&�"%�&4 2270���� � J�%��$��+� �2�6
L�0���� 0�����4"� ����11 ��,��B�;;�&���&4 5���
66 ����$�,���.�����$%�' 5�2�
1 ����$�,���.�����$%�' 5!
NOTES�$��)�.%++�0����
page 17 of 31
Rent Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
? Mount Vernon Manor9225 Long PointHouston, TX 77055
�/#�����B��; 5 �2��< ��� ? �&&�"%�&4 2270���� !1J�%��$��+� �2�
L�0���� 0�����4"� �����! ����$�,���.�����$%�' 5�1�
61 �-��$�,���.�����$%�' 5!�
�6 �'����$�,���.�����$%�' 5��
! �'����$�,���.��-��$%�' 5�� �
� ��,��B�;;�&���&4 51� NOTES227��&&�"��,��5 �2�B��<��������<�++����&����++�$�++���%�,
6 PINE VILLAGE9733 NeuensHouston, TX 77080
�/#�����B��; 5�� ��< ���� �&&�"%�&4 � 70���� 16J�%��$��+� �2��
L�0���� 0�����4"� ����� ����$�,���.�����$%�' 5��
�! �-��$�,���.�����$%�' 5�2�
NOTES$�������8+%������"���4��-��,�-��������'%��8����"��+� ���+4�1$,�.��C�!D�����%���"%4���+�&���&%+�%�,�#%��
� Point Moritz North1751 MoritzHouston, TX 77055
�/#�����B��; 51�07�< ??�� �&&�"%�&4 � 70���� �6J�%��$��+� �2��
L�0���� 0�����4"� �����6 ����$�,���.�����$%�' 5�60
page 18 of 31
Rent Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
� BERMUDA WOODS1500 Witte RoadHouston, TX 77080
�/#�����B��; 5 �!0�< ��1�6 !�&&�"%�&4 � 70���� �6�J�%��$��+� �2!6
L�0���� 0�����4"� ����1! ����$�,���.�����$%�' 5��
� �-��$�,���.�����$%�' 5!?
16 �-��$�,���.�����$%�' 5!!!
61 �-��$�,���.��-��$%�' 52�
6� �'����$�,���.��-��$%�' 5�� 1�NOTES$�4���-�++�%,,)/%+����;�5�?�"���,�����"#�%,������+%�#�����������-��'��������&��%����&�.��#�������$��
page 19 of 31
Rent Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
1 1655 Witte Road Houston, TX 77080
A 7550 Long Point Dr Houston, TX 77055
B 7726 Shady Villa Houston, TX 77055
C 9225 Long Point Houston, TX 77055
D 9733 Neuens Houston, TX 77080
E 1751 Moritz Houston, TX 77055
F 1500 Witte Road Houston, TX 77080
page 20 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
Subje 1 2 3 4 5 7 8 10 12 13
2%
4%
6%
8%
10%
12%
14%
16%
�/#�!� �
Cap Rate
Subje 1 2 3 4 5 7 8 10 12 13
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
�/#���6?�
Gross Rent Multiplier
Subj 1 2 3 4 5 6 7 8 9 10 11 12 13
$9,100
$18,200
$27,300
$36,400
$45,500
$54,600
$63,700
$72,800
�/#�5�!� 1�
Price per Unit
Subj 1 2 3 4 5 6 7 8 9 10 11 12 13
$14
$28
$42
$56
$70
$84
$98
$112
�/#�5�?���
Price per Sq. Ft.
page 21 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
WITTE OAKS1655 Witte RoadHouston, TX 77080
%+�����&� 5���� � 0���� �16���&�B0��� 5�?��12���&�BH<� 5�?���8%"��%�� 2� ?7J�%��$��+� �2�6:� ��?�
L�0���� 0�����4"�1 ��,��1 �B�16 �B�1� �B��1 1B��! 1B�2 1B���M��.%����#�����������,��"+%4�,
� Spring Lake8800 HammerlyHouston, TX 77080
%+�����&� 5� �2 � 0���� 1 !���&�B0��� 5�1�6 6���&�BH<� 5�2���8%"��%�� ���7J�%��$��+� �2!�%+���%�� �B12B1 ��:� !�
L�0���� 0�����4"��1! ����$�,���.�����$%�'
6 ����$�,���.�����$%�'
6 �-��$�,���.��-��$%�'
NOTESA�����+,������/������-'��"��&'%��,�%���%�+����"��"���4�%&������'���������;��.��%.����++����
1 Woodvine7550 Long Point RdHouston, TX 77055
%+�����&� 5��1 � 0���� � 1���&�B0��� 5� �2! ���&�BH<� 5�!��68%"��%�� !��7J�%��$��+� �2��%+���%�� �1B!B1 �6:� ��?�
L�0���� 0�����4"�?6 ��,��B�;;�&���&4
1! ����$�,���.�����$%�'
� ����$�,���.�����$%�'
1! �-��$�,���.��-��$%�'
�� �'����$�,���.��-��$%�'
NOTES� 7��&&�"��,��5�� ?B��<��������$�����,���&����%&��-��'�� ?���@&'%�#��(�4���;��.�8�+��%,��
page 22 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
? PINE VILLAGE9733 NeuensHouston, TX 77080
%+�����&� 5��?� � 0���� 16���&�B0��� 5���1� ���&�BH<� 5���1�8%"��%�� 2� 7J�%��$��+� �2��%+���%�� �1B�B1 �6:� ���1
L�0���� 0�����4"�� ����$�,���.�����$%�'
�! �-��$�,���.�����$%�'
NOTES$�������8+%������"���4��-��,�-��������'%��8����"��+� ���+4�1$,�.��C�!D�����%���"%4���+�&���&%+�%�,�#%��
6 La Mirage Resort10925 Briar Forest DrHouston, TX 77042
%+�����&� 5���!� � 0���� 12����&�B0��� 5� �? 6���&�BH<� 5�?�218%"��%�� �� 7J�%��$��+� �2! %+���%�� ��B��B1 �6:� ���6
L�0���� 0�����4"�
NOTES�+,�12���"��%(+��������%������(��+,��#�'%,�;����,%.%#���."%&���#����������-'�����++���*�"�������%�&��"��&��,��
� BERMUDA WOODS1500 Witte RoadHouston, TX 77080
%+�����&� 52�6 � 0���� �6����&�B0��� 5�6�!1!���&�BH<� 5�6��18%"��%�� ��17J�%��$��+� �2!6%+���%�� � B�B1 �6:� ���
L�0���� 0�����4"�1! ����$�,���.�����$%�'
� �-��$�,���.�����$%�'
16 �-��$�,���.�����$%�'
61 �-��$�,���.��-��$%�'
6� �'����$�,���.��-��$%�'
NOTES����'��;�3��#���������%,��$�4���-�++��"��%����%,,)/%+����;�5�?�"���,�����"#�%,����3%�#��0�����-��'��������&��%����&�.��#
page 23 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
� Blalock Woods1111 Blalock RoadHouston, TX 77055
%+�����&� 51?� � 0���� ?�����&�B0��� 5�1��!����&�BH<� 5�?��28%"��%�� �B�J�%��$��+� �2�?%+���%�� � B�B1 �6:� �B�
L�0���� 0�����4"�
NOTES8+��������(E�&�������&��������%�������/%&%���(4�A����1 �������++�,�/�+�"�'%+;��������-��"%��.������%�,�'�.���;����'������'������%&���
� Oakwood Manor611 W Cavalcade StreetHouston, TX 77009
%+�����&� 5�� 1�� 0���� 2����&�B0��� 5�1���?���&�BH<� 52�� 28%"��%�� !�67J�%��$��+� �2�1%+���%�� 2B!B1 �6:� ���!
L�0���� 0�����4"�?6 ����$�,���.�����$%�'
6� ����$�,���.�����$%�'
�! �-��$�,���.�����$%�'
NOTES��'%(�(�#�����#���/�1 �6����+,�-��'��3��3�����#�� ���8������.(�����(��'�(���#���"��������,�(4��%.��(�4����
! Crosstimbers Apartments500 W. CrosstimbersHouston, TX 77018
%+�����&� 5�� � 0���� 2!���&�B0��� 5��� 1 ���&�BH<� 5����68%"��%�� 2��7J�%��$��+� �2�1%+���%�� 2B!B1 �6:� ��?�
L�0���� 0�����4"��1 ����$�,���.�����$%�'
?6 �-��$�,���.�����$%�'
1 �-��$�,���.�����$%�'
NOTES���E�&�������,���#���#�&���������'%(�
page 24 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
2 Copper Mill15910 F M 529Houston, TX 77095
%+�����&� 5�6��� � 0���� 1?����&�B0��� 5�1� ���&�BH<� 5!��� 8%"��%�� �B�J�%��$��+� �2!1%+���%�� 6B12B1 �6:� �B�
L�0���� 0�����4"�
� Timbergrove1600 West TC Jester Blvd.Houston, TX 77008
%+�����&� 5��?1�� 0���� 2����&�B0��� 5���!!����&�BH<� 5� 6�?�8%"��%�� ���7J�%��$��+� �2� %+���%�� 6B��B1 �6:� ��2
L�0���� 0�����4"��! ����$�,���.�����$%�'
1! �-��$�,���.�����$%�'
NOTES�3��%+���&������+4�(���#���"��������,��<�++�����/%���������&'%���"��&��-%��5�1��?�"���<�3%�,��5���!!��%�,����
�� Lake, The5650 Timber Creek PlaceHouston, TX 77084
%+�����&� 5�?�2 � 0���� 1!����&�B0��� 56!�� ����&�BH<� 5���2�8%"��%�� �B�J�%��$��+� �2!1%+���%�� 6B�B1 �6:� �B�
L�0���� 0�����4"�
page 25 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
�1 Pine Chase1717 Pine ChaseHouston, TX 77055
%+�����&� 5�� � 0���� 21���&�B0��� 5�6�?6!���&�BH<� 5�?��68%"��%�� 2��7J�%��$��+� �2��%+���%�� �B� B1 �6:� ���
L�0���� 0�����4"�
NOTES�+,����<��,�/�+�"����N���,���� �.���%+���#'��5?!�? �"���<�+%�,�
�? Crownover Apartments1718 CrownoverHouston, TX 77055
%+�����&� 5�21� 0���� �����&�B0��� 5�1�! ���&�BH<� 5�1���8%"��%�� 2�?7J�%��$��+� �2� %+���%�� !B1�B1 �?:� ��
L�0���� 0�����4"�
NOTES��&����%+���3����,�%��5!1�� ��� 7�;�++�
page 26 of 31
Sales Comparables���������������������%,�������������� !
$��%��A%�%*�����$��*���B� $�!?1)16�)�???
1 1655 Witte Road, Houston, TX 77080 ($6,650,000)A 8800 Hammerly, Houston, TX 77080 ($10,900,000)B 7550 Long Point Rd, Houston, TX 77055 ($5,200,000)C 9733 Neuens, Houston, TX 77080 ($1,350,000)D 10925 Briar Forest Dr, Houston, TX 77042 ($17,850,000)E 1500 Witte Road, Houston, TX 77080 ($9,400,000)F 1111 Blalock Road, Houston, TX 77055 ($23,000,000)G 611 W Cavalcade Street, Houston, TX 77009 ($6,025,000)H 500 W. Crosstimbers, Houston, TX 77018 ($5,000,000)I 15910 F M 529, Houston, TX 77095 ($14,570,000)J 1600 West TC Jester Blvd., Houston, TX 77008 ($6,325,000)K 5650 Timber Creek Place, Houston, TX 77084 ($13,900,000)L 1717 Pine Chase, Houston, TX 77055 ($5,000,000)M 1718 Crownover, Houston, TX 77055 ($792,000)
page 27 of 31
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E
EQUAL HOUSINGOPPO RTU N ITY
Approved by the Texas Real Estate Commission for Voluntary Use
efore working with a real estate broker, you shouldBknow that the duties of a broker depend on whomthe broker represents. If you are a prospectiveseller or landlord (owner) or a prospective buyer or
tenant (buyer), you should know that the broker who liststhe property for sale or lease is the owner’s agent. Abroker who acts as a subagent represents the owner incooperation with the listing broker. A broker who acts asa buyer’s agent represents the buyer. A broker may act asan intermediary between the parties if the partiesconsent in writing. A broker can assist you in locating aproperty, preparing a contract or lease, or obtainingfinancing without representing you. A broker is obligatedby law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into anagreement with the owner, usually through a written -listing agreement, or by agreeing to act as a subagent byaccepting an offer of subagency from the listing broker. Asubagent may work in a different real estate office. Alisting broker or subagent can assist the buyer but doesnot represent the buyer and must place the interests ofthe owner first. The buyer should not tell the owner’sagent anything the buyer would not want the owner toknow because an owner’s agent must disclose to theowner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into anagreement to represent the buyer, usually through awritten buyer representation agreement. A buyer’s agentcan assist the owner but does not represent the ownerand must place the interests of the buyer first. The ownershould not tell a buyer’s agent anything the owner wouldnot want the buyer to know because a buyer’s agent mustdisclose to the buyer any material information known to theagent.
IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the partiesif the broker complies with The Texas Real Estate License
Act. The broker must obtain the written consent of eachparty to the transaction to act as an intermediary. Thewritten consent must state who will pay the broker and, inconspicuous bold or underlined print, set forth the broker’sobligations as an intermediary. The broker is required totreat each party honestly and fairly and to comply withThe Texas Real Estate License Act. A broker who actsas an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept aprice less than the asking price unless authorized inwriting to do so by the owner; (3) may not disclose that the buyer will pay a pricegreater than the price submitted in a written offerunless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information orany information that a party specifically instructs thebroker in writing not to disclose unless authorized inwriting to disclose the information or required to do soby The Texas Real Estate License Act or a courtorder or if the information materially relates to thecondition of the property.
With the parties’ consent, a broker acting as anintermediary between the parties may appoint a person whois licensed under The Texas Real Estate License Actand associated with the broker to communicate with andcarry out instructions of one party and another person whois licensed under that Act and associated with the brokerto communicate with and carry out instructions of theother party.
If you choose to have a broker represent you, you should enter into a written agreement with the brokerthat clearly establishes the broker’s obligations and yourobligations. The agreement should state how and bywhom the broker will be paid. You have the right tochoose the type of representation, if any, you wish toreceive. Your payment of a fee to a broker does notnecessarily establish that the broker represents you. If youhave any questions regarding the duties andresponsibilities of the broker, you should resolve thosequestions before proceeding.
Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a questionor complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.
Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Information About Brokerage Services
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Buyer, Seller, Landlord or Tenant Date
01A TREC No. OP-K
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