clearfield, utah 84015 townhome portfolio offering...kensington place ii 6 offering summary...

KENSINGTON PLACE IITOWNHOME PORTFOLIO OFFERING

860 SOUTH 550 EAST CLEARFIELD, UTAH 84015

CHRIS FALK, CCIM, SIORPrincipal, Executive Vice [email protected]

BRAXTON WILLIESenior [email protected]

EXCLUSIVELYMARKETED BY:

KENSINGTON PLACE II 2

TABLE OF CONTENTS


EXECUTIVE SUMMARY


EXECUTIVE SUMMARYNewmark Grubb ACRES is pleased to present the Kensington Park 2 (KP2) Townhome portfolio. Built in 2015, KP2 to-tals 20 townhome units and 2 residential homes. The homes are currently zoned and approved for 6 additional town-home units. The project has two different floorplans and each unit is connected to an enclosed garage. KP2 boasts a vacancy factor of less than 1% since inception and is currently 100% occupied.

Centrally located in Clearfield (Davis County), KP2 has immediate access to the Clearfield FrontRunner Station (mass transit- high speed rail), Highway 193 (largest east-west corridor in Davis County), I-15, and Main/State Street. The portfolio is within walking distance of all public schools, shopping, and city recreation and aquatic centers. Upon request, detailed analyses can be provided regarding rents, expenses, demographics, etc.

In comparison to apartments, townhomes typically offer more SF for the occupant and usually a secured, covered garage per unit. Potentially as a result, the sellers have realized a lower effective vacany rate in their townhomes in camparison to all other residential rental products. In addition, each townhome herein has its own tax ID number so future ownership may sell off individual units when and if desired as opposed to an apartment complex, duplex, etc. which typically has to be sold in its entirety.

OPERATING DATAT-12 COMBINED RENTAL INCOME $325,131TOTAL COMBINED EXPENSES: $45,395CAP RATE 4.5%PURCHASE PRICE $6,216,356*PRICE PER UNIT $282,562PRICE PSF $206NET OPERATING INCOME $279,736

*KP2 IS A UNIQUE PROPERTY AS ADDITIONAL UNITS MAY BE ADDED VIA FUTURE DEVELOPMENT

*72 additional contiguous units are also available for purchase, but contingent upon the sale of Hamblin Park and Kensington Place I. Please contact broker for more information.


UNIT OVERVIEW OFFERING SUMMARY


OFFERING SUMMARY

KENSINGTON PLACE II

ADDRESS860 SOUTH 550 EAST

CLEARFIELD, UTAH 84015

UNITS 22

TOTAL SF 30,236

YEAR BUILT 2015

ACRES 1.25

PARKING BLDG G 2 PER UNIT: 1 GARAGE, 1 UNCOVERED STALL

PARKING BLDG H & I 3 PER UNIT: 1 GARAGE, 2 UNCOVERED STALLS

OCCUPANCY 100%

VACANCY (CURRENT) 0.0%

VACANCY (SINCE 2015) 0.75%

OPTION TYPE SIZE (SF) NUM TOTAL SF

KENSINGTON PLACE II SMALL 3 BED, 2.5 BATH 1,254 7 UNITS 8,778

KENSINGTON PLACE II LARGE 3 BED, 2.5 BATH 1,484 13 UNITS 19,292

TOTAL 20 UNITS 28,070

UNIT MIX


PROPERTY SPECIFICATIONS


FLOOR PLANS

KENSINGTON PLACE IISMALL UNIT

3 BED, 2.5 BATH1,254 SF

UPPER LEVELLOWER LEVEL


FLOOR PLANS

UPPER LEVELLOWER LEVEL

KENSINGTON PLACE IILARGE UNIT

3 BED, 2.5 BATH1,484 SF


55

0 E

as

t

49

0 E

as

t

830 South

Imagery ©2018 , State of Utah

KENSINGTON PLACE II TOWNHOMES

H-37

H-36

H-35

H-34

H-33

H-32

I-38

G-31 G-30 G-29 G-28 G-27 G-26 G-25

I-39 I-40 I-41 I-42 I-43 I-44852

South

880South

UNIT MIX

White: Small - 3/2.5 - 1,254 SFBlue: Large - 3/2.5 - 1,484 SFHouses


Kensington Place II

Kensington Place

Hamblin Park

Brookshire

55

0 E

as

t

1000 South

49

0 E

as

t

800 South

950 South

830 South

Sta

te S

treet

Imagery ©2018 , DigitalGlobe, State of Utah, U.S. Geological Survey

ALL TOWNHOMESAn additional 72 units (Brookshire, Kensington Place I, Hamblin Park)

are available for purchase, but contingent upon the sale of Hamblin Park and Kensington Place I. Please contact broker for more information.


Hill Air Force Base

§̈̈15

State

Street

193


North DavisJr High

ClearfieldHigh School

WALKABLE AMENITIES

South Clearfield

Elementary

5 min

basketball, gym, fitness classes

5 min

12 min

12 min

9 min

public ball fieldsplayground

hosts regional fireworks, and 4th of July celebration

Fisher Park

Clearfield Stationmass transit via bus

high-speed rail

15 min

5 min

pools, slides, splash pads5 min

Groceries, banking, shopping


Hill Air Force Base

§̈̈15

Sta

te S

t reet

Antelope Drive1700 South

22

00

We

st

193

Imagery ©2018 , DigitalGlobe, State of Utah, U.S. Geological Survey, USDA Farm Service Agency

EXIT #334SR-193

EXIT #332ANTELOPE DRIVE

1000

Eas

t

1200

Wes

t

1500

Eas

t

550

East

201 193 111 75

North DavisJr High

Clearfield City Cemetery

ClearfieldHigh School

Uni

vers

ity P

ark

Blv

d

Clearfield Station

DAVIS CAMPUS

15 80 84215

15 80 84215

COMMUNITY AMENITIES


55

0 E

as

t

49

0 E

as

t

830 South


ADDITIONAL UNIT OPPORTUNITY

“ ”

“ ”

ADDITIONAL UNITS:J-46,47,48 & K-49,50,51

ARE SHOWN BELOW & ARE ZONED FOR ADDITIONAL UNITS

860 South 500

Eas

t


LOCAL ECONOMY & GEOGRAPHY

ANTELOPE ISLAND is accessible via a 7-mile causeway from Syracuse in Davis County. Access from I-15 is via exit 332.

The Island is managed as a State Park that is open for year-round recreation featuring a marina, beach, campground and hiking trails. The park hosts several annual events including the Great Salt Lake Bird Festival, Buffalo Days & the Hot Air Balloon Stampede.

Antelope Island is known for its stark scenic beauty, especially in the northwest quadrant of the island that is developed with a visitors center, museum, restaurant, the vast waters of the Great Salt Lake reflecting the mountains of the Wasatch range and magnificent sunsets.

The bison herd was introduced to the island in 1893 and thrives there because much of the island is covered by dry, native grassland.

HILL AIR FORCE BASE has played a major role in the United States Air Force war fighting efforts from WWII to the present day.

Hill is a hub of activity for the depot maintenance of numerous aircraft and weapons systems, as well as other military logistics and parts programs.

The base is also home to the 75th Air Base Wing and the flying activities of the 388th and 419th Fighter Wings.

In this decade Hill AFB is still the sixth-largest employer in the state of Utah, and the third-largest one excluding the State Government and Higher Education employers. Hill AFB is the home of the Air Force Materiel Command’s (AFMC) Ogden Air Logistics Complex which is the worldwide manager for a wide range of aircraft, engines, missiles, software, avionics, and accessories components.

FREEPORT CENTER was originally built in 1942 as the Clearfield Naval Supply Depot, which was decommissioned in 1962 and transitioned to the industrial sector with manufacturing and distribution situated in the middle of all the major western U.S. Markets.

Freeport Center is home to more than 70 national and local companies that have a workforce of over 7,000 employees. These companies have found Freeport Center is in the best location to manufacture and distribute products.


§̈̈15

Sta

te S

treet

Imagery ©2018 , DigitalGlobe, State of Utah, U.S. Geological Survey, USDA Farm Service Agency

CENTRAL BUSINESS DISTRICT and LAYTON HILLS MALL is the hub of retail shopping and activity in Layton, Utah. Opened in 1980, the mall encloses 661,000 SF featuring Dick’s Sporting Goods, J.C. Penney and Dillard’s as its anchor stores, and over 100+ other retailers. This area also includes 10+ hotels, numerous national and local restaurants, two move theaters, walkable entertainment and shopping, and is centrally located between the two major I-15 on/off ramps.

LOCAL LANDMARKS

Clearfield Station - Urban Design Plan, Standards & Guidelines Page 11

VISION

Figure 1.1: Clearfield Station Illustrative Master Plan

IntroductIon

0’ 150’ 300’

1000 East

State Street

1200

Wes

t

550

East

Clearfield Station

Business Park

Residential

CLEARFIELD FRONTRUNNER STATION is a 68 Acre transit oriented development envisioned to be a unique mixed-use community with a variety of land uses that take advantage of the adjacent commuter rail line and major employment centers within the area. The development will happen in phases, and will consist of residential areas that are moderate to high density, mixed with local-serving retail and neighborhood services. Commercial uses will be a mix of commercial and light industrial. This project will have a direct walking path leading to Hamblin Park and Kensington Place.


KENSINGTON PLACE IITOWNHOMES


FINANCIAL ANALYSIS


OPERATING INCOME & EXPENSES (T-12)

TOTAL EXPENSES KENSINGTON PLACE IIPROPERTY TAXES $(21.801)

PROPERTY INSURANCE $(3,759)

MANAGEMENT FEE $(9,358)

LANDSCAPING $(2,889)

SNOW REMOVAL $(795)

COMMON UTILITIES $(140)

PEST CONTROL $(1,010)

OTHER $(3,493)

TOTAL EXPENSES: $(45,395)

T-12 INCOME KENSINGTON PLACE IIRENT $315,944

OTHER INCOME $12,187

T-12 COMBINED INCOME $325,131

NET OPERATING INCOMENET OPERATING INCOME: $279,736

CAPITALIZATION RATE: 4.5%

PURCHASE PRICE: $6,216,356

PRICE PER UNIT: $282,562

PRICE PER SF: $206


THE UPSIDE STORY

KENSINGTON PLACE II was built and is currently owned by the same developer. As a result, a conservative approach regarding occupancy has always been sought and appropriate market-rate increases have never been adjusted for, nor collected. However, as you’ll see in the included data, ownership has set a new rental schedule for 2018 and is obtaining significant market increases while maintaining full occupancy. The tables herein show significant equity increases a buyer could expect to yield based on proposed rental schedule.

*The adopted 2018 Rent Schedule will generate an additional $49,440 in retail income annually, not including any potential income that could be realized via the addition of 6 new units.

KPII 2018 PROPOSED LEASING SCHEDULE (W/INCREASES)KPII JULY ‘17 - JUNE ‘18 NOI $279,736

CAP RATE 4.5%

PURCHASE PRICE $6,216,356

NOI VIA 2018 PROPOSED LEASING SCHEDULE (W/INCREASES) $299,086

CAP RATE 4.5%

PROJECTED INCREASED PURCHASE PRICE $6,646,356

REALIZED INCREASE 7%

KPII 2019 PROPOSED LEASING SCHEDULE (STABILIZED) KPII JULY ‘17 - JUNE ‘18 NOI $279,736

CAP RATE 4.5%

PURCHASE PRICE $6,216,356NOI VIA 2019 PROPOSED LEASING SCHEDULE (STABILIZED) $309,226

CAP RATE 4.5%



KPII 2019 LEASING SCHEDULE - PROPOSED INCREASE KPII JULY ‘17 - JUNE ‘18 NOI $279,736

CAP RATE 4.5%

PURCHASE PRICE $6,216,356

NOI VIA 2019 LEASING SCHEDULE - PROPOSED INCREASE $313,936

CAP RATE 4.5%



*See the corresponding leasing schedules on the following pages


THE UPSIDE STORY

KP2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL INCREASE G25 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,380 $1,380 $1,380 $1,380 $1,380 $14,950 $1,150 G26 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $15,120 $1,320 G27 $1,150 $1,150 $1,150 $1,150 $1,150 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $15,340 $1,100 G28 $1,150 $1,150 $1,150 $1,150 $1,150 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $15,200 $1,000 G29 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,350 $1,350 $1,350 $1,350 $14,600 $800 G30 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,150 $1,350 $1,350 $1,350 $1,350 $14,600 $800 G31 $1,150 $1,150 $1,150 $1,150 $1,150 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $15,410 $1,150 H32 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,460 $1,460 $1,460 $1,460 $1,460 $16,050 $1,050 H33 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $15,400 $400 H34 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $15,800 $800 H35 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $15,800 $800 H36 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $15,600 $600 H37 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $16,380 $1,380 I38 $1,250 $1,250 $1,250 $1,250 $1,250 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $16,470 $1,050 I39 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $16,800 $600 I40 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $16,600 $800 I41 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $15,800 $800 I42 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $16,320 $1,320 I43 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,450 $1,450 $1,450 $1,450 $1,450 $16,000 $1,000 I44 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,460 $1,460 $1,460 $15,630 $630

H #1 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,300 $1,300 $1,300 $1,300 $14,000 $800 H #2 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $14,328 $- TOTAL $26,594 $26,594 $26,594 $26,794 $26,994 $27,854 $28,524 $29,164 $30,364 $30,774 $30,974 $30,974 $342,198 $19,350

*The adopted 2018 Rent Schedule will generate an additional $49,440 in retail income annually, not including any potential income that could be realized via the addition of 6 new units.

KPII 2018 PROPOSED LEASING SCHEDULE (W/INCREASES)


THE UPSIDE STORY

KP2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL ANN. INCREASE G25 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $16,560 $1,610 G26 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $16,440 $1,320 G27 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $16,440 $1,100 G28 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $16,200 $1,000 G29 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $16,200 $1,600 G30 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $16,200 $1,600 G31 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $16,560 $1,150 H32 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $17,520 $1,470 H33 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $2,000 H34 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,600 H35 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,600 H36 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,800 H37 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $17,760 $1,380 I38 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $17,520 $1,050 I39 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $600 I40 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $800 I41 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,600 I42 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $17,640 $1,320 I43 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400 $1,400 I44 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $17,520 $1,890

H #1 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $15,600 $1,600 H #2 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $14,328 $- TOTAL $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $30,974 $371,688 $29,490

KPII 2019 PROPOSED LEASING SCHEDULE (STABILIZED)


THE UPSIDE STORY

KP2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL ANN. INCREASE G25 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,380 $1,410 $1,410 $1,410 $1,410 $1,410 $16,710 $1,760 G26 $1,370 $1,370 $1,370 $1,370 $1,370 $1,370 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $16,620 $1,500 G27 $1,370 $1,370 $1,370 $1,370 $1,370 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $16,650 $1,310 G28 $1,350 $1,350 $1,350 $1,350 $1,350 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $16,550 $1,350 G29 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,400 $1,400 $1,400 $1,400 $16,400 $1,800 G30 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,350 $1,400 $1,400 $1,400 $1,400 $16,400 $1,800 G31 $1,380 $1,380 $1,380 $1,380 $1,380 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $1,410 $16,770 $1,360 H32 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,510 $1,510 $1,510 $1,510 $1,510 $17,770 $1,720 H33 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $17,500 $2,100 H34 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $1,800 H35 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $1,800 H36 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $17,550 $1,950 H37 $1,480 $1,480 $1,480 $1,480 $1,480 $1,480 $1,510 $1,510 $1,510 $1,510 $1,510 $1,510 $17,940 $1,560 I38 $1,460 $1,460 $1,460 $1,460 $1,460 $1,510 $1,510 $1,510 $1,510 $1,510 $1,510 $1,510 $17,870 $1,400 I39 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $800 I40 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $17,800 $1,200 I41 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $17,600 $1,800 I42 $1,470 $1,470 $1,470 $1,470 $1,470 $1,470 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $17,820 $1,500 I43 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,500 $1,500 $1,500 $1,500 $1,500 $17,650 $1,650 I44 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,460 $1,510 $1,510 $1,510 $17,670 $2,040

H #1 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,400 $1,400 $1,400 $1,400 $16,000 $2,000 H #2 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $1,194 $14,328 $- TOTAL $30,974 $30,974 $30,974 $30,974 $31,024 $31,184 $31,274 $31,404 $31,804 $31,904 $31,954 $31,954 $376,398 $34,200

KPII 2019 PROPOSED LEASING SCHEDULE - PROPOSED INCREASE


COMPETITIVE RENT SURVEY


$1,595

$1,055

$1,348$1,202 $1,151 $1,085

$885

$1,129

$1,524

$1,196

Avg/Unit $1,219

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

RENT PER UNIT

$1.04

$0.81

$1.17 $1.18

$0.94$1.00

$0.93$0.87

$1.17

$0.86

Avg/SF $1.01

$0.50$0.60$0.70$0.80$0.90$1.00$1.10$1.20$1.30

RENT PER SF

3-BEDROOM RENT SURVEYPROPERTY PROPERTY UNITS AVG SIZE RENT/UNIT RENT/SF

KENSINGTON PLACE II860 SOUTH 550 EAST

22 1,366 $1,196 $0.86

AVERAGE 1,366 SF $1,185 SF 0.86 SF

UNIVERSITY RIDGE HOMES1025 S UNIVERSITY BLVD

16 1530 $1,595 $1.04

FALCON ESTATES850 SOUTH 1000 EAST

4 1300 $1,055 $0.81

PINNACLE MTN VIEW1100 S 2000 E

48 1150 $1,348 $1.17

QUAIL COVE2090 N HILLFIELD RD

65 1019 $1,202 $1.18

FERNWOOD PLACE APTS1150 WEST 825 NORTH

18 1221 $1,151 $0.94

HEATHER ESTATES25 E 1800 S

74 1088 $1,085 $1.00

LAKEVIEW HEIGHTS1755 SOUTH 200 EAST

83 950 $885 $0.93

HIDDEN COVE APTS2075 N MAIN STREET LAYTON

24 1295 $1,129 $0.87

CLEARFIELD STATION1342 S 950 E

42 1306 $1,524 $1.17

AVERAGE 1,207 SF $1,219 $1.01


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LAYTON

KAYSVILLE

SYRACUSE

CLEARFIELD

WESTPOINT

CL INTON

SOUTHWEBER

SUNSET

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3-BEDROOM RENT SURVEYKENSINGTON PLACE II860 South 550 EastClearfield, Utah

Units: 22Avg. SF: 1,366Avg. Rent: $1,196Rent / SF: $0.86

UNIVERSITY RIDGE11025 S University Park BlvdClearfield, Utah

Units: 16Avg. SF: 1,530 SFAvg. Rent: $1,595Rent / SF: $1.04

FALCON ESTATES850 South 1000 EastClearfield, Utah


PINNACLE MOUNTAIN VIEW1100 S University Park BlvdClearfield, Utah


QUAIL COVE2090 N Hillfield RdLayton, Utah


FERNWOOD PLACE APTS1150 West 825 NorthLayton, Utah


HEATHER ESTATES25 E 1800 SClearfield, Utah


LAKEVIEW HEIGHTS1755 South 200 EastClearfield, Utah

Units: 83Avg. SF: 950 SFAvg. Rent: $885Rent / SF: $0.93

HIDDEN COVE APTS2075 N Main Street Layton, Utah


CLEARFIELD STATION1342 S 950 EClearfield, Utah



COMPARABLE SALES


COMPARABLE SALESPROPERTY ADDRESS UNITS BUILT SALE DATE PRICE cap rate PRICE / UNIT PRICE / SF AVG. SF

KENSINGTON PLACE II860 SOUTH 550 EAST

CLEARFIELD, UT22 2015 N/A $6,216,356 4.5% $282,562 $206 1,374

HUNTINGTON APTS2001 SOUTH MAIN STREET

BOUNTIFUL, UT70 2011 10/4/2016 $11,690,000 5.2% $167,000 $150.31 1,111

EAST GATE AT GREYHAWK2925 NORTH CHURCH STREET

LAYTON, UT108 2012 6/15/2017 $17,350,000 6.0% $160,648 $159.00 1,010

VILLAGE ON MAIN STREET1525 NORTH MAIN STREET

BOUNTIFUL, UT192 2008 7/22/2016 $31,950,000 5.53% $166,406 $117.47 1,417

FOX CREEK APARTMENTS1656 NORTH 400 WEST

LAYTON, UT186 1985 3/9/2018 $24,125,000 4.98% $129,704 $157.78 842

624 EAST 5400 SOUTH TOWNHOMESMURRAY, UT

5 2017 3/15/2018 $1,999,000 5.65% $399,800 $255.99 1,582

AVERAGES $217,687 $174.42 1,222.67

clearfield, utah 84015 townhome portfolio offering...kensington place ii 6 offering summary...

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