foxcroft marketing pkg marketing pkg.pdf · 2018-03-13 · east. the area is generally older...

405.360.5966 [email protected]

918.557.5966

[email protected]

Foxcroft Apartments 6810 NW 16th Street, Oklahoma City, OK 73127

www.crrc.us

Offering Highlights Priced at $37,950 per unit 188 Units - Built in 1971 Washer & Dryer Connections in all apartments Exceptional Stabilized Investment Desirable Suburban Location Gable Roofs w/ new composition shingles Great unit mix and large floor plans Near major retail and medical facilities and

Southern Nazarene University Within minutes of The Outlet Shoppes Putnam City School District Well positioned for a value-add buyer

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Foxcroft Apartments

Table of Contents

Section 1

Disclaimer Photographs Neighborhood Map Submarket Map Aerial Maps Offering Description & Highlights Unit Mix Interior Photographs Floor Plans and Site Layout

Section 2

Purchase Price and Terms Financing

Section 3

Operating Data Highlights Income & Expense Spreadsheet

Section 4

Rent Comps Sale Comps

Section 5

OKC at a Glance & Accolades

Section 6

CRRC Contacts Oklahoma Broker Relationship Act

Pages

4 5-8 9

10 11-12 13-16

17 18-20 21-22

23

24 25

26

27 27-A

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29-35 36-40

41

42-44

45

46 47

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Foxcroft Apartments

Disclaimer

This package has been prepared to provide summary information to prospective buyers and to establish an initial and preliminary level of interest in the property described herein. It is not intended to present all material information regarding the subject property, and is not a substitute for a complete and thorough due diligence investigation. Commercial Realty Resources has not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to the actual number of appliances being conveyed or any potential environmental problems that may exist and makes no warranty or representation whatsoev-er concerning these issues. The information contained in this package has been obtained from sources we believe to be reliable; however, Commercial Realty Resources and Seller have not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro forma, projections, opinions, assumptions or estimates used are for ex-ample only and do not necessarily represent the current or future performance of the property. Commercial Realty Resources and Seller recommend that prospective buyers conduct an in-depth investi-gation of the physical and financial aspects of the property to determine if the property meets their needs and expectations. We also recommend that prospective buyers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent con-sequences of ownership. Commercial Realty Resources and Seller recommend that prospective buyers consult with qualified pro-fessionals regarding the presence of any molds, funguses, or other organisms that may adversely affect the property and the health of individuals. The material contained in this document is not to be copied and/or used for any purpose or made availa-ble without the express written consent of Commercial Realty Resources.

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Neighborhood Map

Foxcroft Apartments

Foxcroft Apartments 6810 NW 16th Street

Oklahoma City, OK

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Submarket Map

Foxcroft Apartments


Oklahoma City, OK

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Aerial Map

Photograph was taken prior to the completion of all roofs.


Oklahoma City, OK

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Aerial Map Boundary


Oklahoma City, OK

Offering Description

Foxcroft is a 188-unit community that was developed in 1971 and enjoys a great location in northwest Oklahoma City and the Putnam City School District. Easy access to most local destination points; including The Outlet Shoppes, Francis Tuttle Technology Center, South-ern Nazarene University, Downtown and the Bricktown Entertainment District, Will Rogers World Airport, Lake Overholser and numerous local restaurants and retail establishments. Constructed in 1971, Foxcroft is comprised of 23 two-story, garden style buildings with a total of 176,760 square feet situated on 9.28 acres. The property has great floor plans with washer and dryer connections in every apartment home. The apartment sizes range from 740 to 1,360 square feet with an overall average of 940. There is also a separate 2,200 square foot leasing center. The property is located in an area with high renter demand. The neighborhood is bordered by I-40 to the south, Lake Overholser to the west, 39th Street Expressway (Route 66) to the north and I-44 to the east. The area is generally older established neighborhoods and is primarily a residential community. The area supports many retail, service sector and healthcare related jobs. Its central location and quality of life make Foxcroft a desirable community for its residents. Foxcroft has been under the same ownership since 2004 and is a stable well operated community. Foxcroft has had the same management during its extended ownership and has worked hard at maintaining its long standing good reputation in the community.

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Oklahoma City, OK

Offering Description continued

Highlights: 188 Units Built in 1971 Washer & Dryer Connections in all apartments Exceptional Stabilized Investment Desirable Suburban Location Gable Roofs w/ new architectural shingles Great unit mix and large floor plans Large open spaces that could be used to add common area

amenities Stone accent Fireplace in every apartment (non-functional) Near major retail and medical facilities and Southern Nazarene

University Within minutes of The Outlet Shoppes Buyer can secure new financing Putnam City School District

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Oklahoma City, OK

Property Description: Foxcroft was constructed in 1971 and is comprised of 23 two-story, garden style buildings with a total of 176,760 square feet situated on 9.28 acres. The property has great floorplans with sizes ranging from 740 to 1,360 square feet and there is a separate 2,200 square foot leasing center. The property is located in a very desirable area of the Oklahoma City metro. The neighborhood is bordered by I-40 to the south, Lake Over-holser to the west, 39th Street Expressway (Route 66) to the north and I-44 to the east. The area supports many retail, service sector and healthcare related jobs. Because of its ease of access to employers, entertainment, shopping and all parts of Oklahoma City, the neighbor-hood has a very high renter demand.

Number of Units: 188 apartment units

Number of Buildings: 23 two-story apartment buildings with a separate office / leasing center and clubroom.

Year Built: Constructed in 19 71

Apartment Features: Apartments include fully equipped kitchens with refrigerator, stove, dishwasher and disposal, patio or balcony on select units, washer and dryer connections in every unit, spacious closets and most with ceramic tile bathtub enclosures. There is also a stone accent fireplace (non-functional) in every apartment.

Property Amenities: Fenced community, swimming pool, and laundry facility.

Construction: Style: Two -Story Garden Style

Exterior: Brick and wood siding exterior with wood trim

Roof: Gable roofs with asphalt architectural shingles. Roofs are less than 2-years old.

Parking Areas: Asphalt with concrete curbs and walkways

Mechanical System: Electrical Metering: Individually Metered

HVAC: Individual central, forced AC and gas furnace heating

Hot Water: Individual electric hot water tanks

Water: Provided by Property

Gas: Master meter provided by Property

Site/Land Area: 9.28 acres (according to courthouse records)

Density: 20.25 units per acre

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Oklahoma City, OK

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Real Estate Taxes: R147995585 Assessed Value (2018): 354,319 Tax Rate per 1,000 : $120.25 Tax Amount (2017) : $42,607 Assessment Ratio: 11% of Market Value

Laundry: On-site laundry facility under a Laundry Lease

Monthly Utility Fees: One Bedroom $42.00 Two Bedrooms $63.00 and $70.00 Three Bedrooms $74.00

Current Occupancy: 96.8% December 2017 96.2 January 2018


Oklahoma City, OK

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Oklahoma City, OK

Monthly Utility Fees: One Bedroom $42.00 Two Bedroom $63.00 Two Bedroom Den $70.00 Three Bedroom $74.00

Unit 191 on the Rent Roll is currently used as a shop (960 sf) Units 150 & 153 on the Rent Roll are employee units (1360 & 1270 sf)

www.crrc.us 18


Oklahoma City, OK

www.crrc.us 19


Oklahoma City, OK

www.crrc.us 20


Oklahoma City, OK

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Oklahoma City, OK

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Oklahoma City, OK

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Purchase Price & Terms

Purchase Price: $7,134,600

Terms of Sale: Cash Buyer to Obtain New Financing

Price Per Apartment Unit: $37,950

Price Per Net Rentable Sq. Ft. $40.36

Cap Rate: (Based on Management Budget)

7.16%


Oklahoma City, OK

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Lender: NA

Original Amount/Date:

NA

Current Balance/Date:

NA

Interest Rate:

NA

Interest Only Period:

NA

Payment:

NA

Amortization:

NA

Maturity Date:

NA

Buyer’s Cost of Assumption: NA

Existing Financing


Oklahoma City, OK

Rental Rates Average rental rates at Foxcroft are $549.62 per month or $0.58 per square foot. This is lower than competing properties given the washer & dryer connections at Foxcroft and the paid gas heat. While the interiors are dated at Foxcroft, they are exceptionally clean apartments and offer large floor plans. Foxcroft is superior in many ways to competing properties.

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2018 Budget Income

Income is based on the 2018 Budget with annual Gross Rents adjusted upward at 2.9% Other Income is based on the 2018 Budget. Utility Income is based on monthly tenant charges of; $42.00 on the One Bedroom $63.00 on the Two Bedroom $70.00 on the Two Bedroom Den $74.00 on the Three Bedroom

Expenses Real Estate taxes are subject to adjustment at the time of sale. For an estimate visit: https://assessor.oklahomacounty.org/205/Tax-Estimates Utilities are based on actual and the 2018 Budget. Management fee is based upon 4.5% Payroll is based on $1,108 per unit per year Replacement Reserves are included at $305 per unit per year Total Expenses are calculated at $4,483 per unit per year

Net Operating Income Stabilized NOI is underwritten at $510,906

Notes to Rent Roll: Unit 191 is currently used as a shop (960 sf) Units 150 & 153 are employee units (1360 & 1270 sf)

Operating Data Highlights


Oklahoma City, OK

ANNUAL PROPERTY OPERATING DATAProject: Foxcroft Apartments Price: 7,134,600$ Run Date: 1-Mar-18Location: 6810 NW 16th Street Per Unit: 37,950$ Cap Rate: 7.16%

Number of Units: 188 Per Foot: 40.36$ Cash-On-Cash: 11.05%

Net Rentable S.F. 176,760 Mortgage Balance: 5,707,680$ Cash-On-Cash with I.O. Pmt: 17.20%

Avg. Unit Size: 940 Equity Requirement: 1,426,920$ 20%

No. Units Bdrm / Bth Sq.Ft. Total Sq.Ft.02-28-18 Rent Roll Rent/Sq.Ft. Gross/Mo. Gross/Yr.

4 W / D conn 1 Bed / 2 Bth Den 960 3,840 559.00 0.58 2,236 26,832

80 W / D conn 1 Bed / 1 Bth 740 59,200 435.00 0.59 34,800 417,600

4 W / D conn 2 Bed / 2.5 Bth TH 970 3,880 552.00 0.57 2,208 26,496

60 W / D conn 2 Bed / 2 Bth 960 57,600 570.00 0.59 34,200 410,400

3 W / D conn 2 Bed / 1+2 1/2's Bth Den 1,270 3,810 710.00 0.56 2,130 25,560

16 W / D conn 2 Bed / 2 Bth Den 1,360 21,760 745.00 0.55 11,920 143,040

21 W / D conn 3 Bed / 2 Bth 1,270 26,670 754.00 0.59 15,834 190,008

188 940 176,760 549.62 0.58 103,328 1,239,936

2016 2017

INCOME Per UnitGross Rent - - 1,238,645 1,239,756 1,274,004 6,777 (Vacancy) - - 86,246 103,309 48,930 260 (Loss-to-Lease) - - 92,152 60,753 31,625 168 (Rent Concsssions) - - 17,027 21,588 16,392 87 (Bad Debt) - - 10,942 8,956 7,494 40 (Employee Rentals) - - 5,050 4,497 4,140 22 Effective Rental Income - - 1,038,170 1,040,653 1,165,423 6,199 Other Income - - 51,890 46,293 54,975 292 Occupied Electric Payments - - 12,476 12,838 16,125 86 Utility Income - - 116,820 113,691 117,258 624 Gross Operating Income - - 1,219,356 1,213,475 1,353,781 7,201

EXPENSES Current Bal. Mar-18 5,707,680$ R E Taxes - - 39,767 41,555 44,000 234 Original Bal. Mar-18 5,707,680$ Insurance - - 90,513 81,135 81,600 434 Maturity 10Management Fee - - 60,896 59,574 61,200 326 Amortization 30Gas - - 18,116 23,282 23,282 124 Interest Rate - 4.65%Electricity - - 27,965 30,824 28,390 151 Constant 6.188%Water / Sewer / Trash - - 108,362 94,524 93,812 499 Debt Service 353,171$ Occupied Electric - - 26,271 23,181 14,985 80 Interest Only Pmt 265,407$ Courtesy Patrol - - 35,360 35,190 32,640 174

Maintenance / Repairs / Supplies - - 76,280 98,282 75,933 404

Make Ready - - 71,858 82,367 87,588 466 Advertising - - 3,719 5,787 550 3 Administration - - 25,005 23,502 18,920 101 Landscaping - - 12,070 10,232 9,072 48 Pest Control - - 16,127 6,944 5,100 27 Cable - - 31,916 16,371 - - Payroll / Taxes / Benefit - - 179,902 193,174 208,393 1,108 Replacement Reserves - - - - 57,410 305

Total Operating Expenses - - 824,127 825,924 842,875 per unit - - 4,384 4,393 4,483 per sq.ft. - - 4.66 4.67 4.77

Net Operating Income - - 395,229 387,551 510,906

Potential Debt Service - - - - 265,407 Cash-Flow Before Taxes - - 395,229 387,551 245,499

Real Estate Tax Information: Assessed Value: 354,319 Rate/$1000: 120.25 Value:Account: 147995585 Tax Year: 2018 Tax Amount: 42,607$ Tax Dist: Per Unit: 17,133$

Notes: Actual Annualized Loss-to-Lease from 02/28/2018 Rent Roll is $33,581 Vacancy from 02/28/2018 Rent Roll is 2.65%

2018 Management

BudgetPotential New Financing

3,221,082$

27-A

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RENT COMPS In order to estimate conventional market rents for Foxcroft, five apartment communities were select-ed as most competitive. Each property has been chosen due to its similarity with regard to quality, location, age, or amenities. While each property may not be directly comparable in all aspects, collectively they represent the conventional rents for Foxcroft. Rental Rates are based on market rates only and do not include any concessions or specials.

Western Oaks Apartments 7408 NW 23rd Street, Bethany 73008

173-units / 1967 Construction

Bryan Hill Apartments 7204 NW 36th Street, Bethany 73008


Jasper Gardens Apartments 2500 N. Rockwell, Bethany 73008


Apple Tree Apartments 6022 NW 23rd Street, Oklahoma City 73127



Oklahoma City, OK

Summer Oaks Apartments 5770 NW 16th Street, Oklahoma City 73127


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Rent Comps at a Glance

Western Oaks Apartments 7408 NW 23rd Street, Bethany 73008

Floor Plans & Pricing

Beds Bath Sq. Ft. Rent Rent Per Sq. Ft.

1 1 600 $550 $0.92

2 1 826 $650 $0.79

3 1 1,002 $750 $0.75


Oklahoma City, OK

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Bryan Hill Apartments 7204 NW 36th Street, Bethany 73008



1 1 725 $590 $0.81

2 1 825 $640 $0.78

2 2 925 $680 $0.74

Studio 475 $485 $1.02


Oklahoma City, OK

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Jasper Gardens Apartments 2500 N. Rockwell, Bethany 73008



1 1 850 $559 $0.65

2 2 1050 $719 $0.68

3 2 1200 $819 $0.68


Oklahoma City, OK

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Apple Tree Apartments 6022 NW 23rd Street, Oklahoma City 73127



1 1 700 $625 $0.89

3 2 1,100 $835 $0.76

2 1 950 $725 $0.76


Oklahoma City, OK

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Summer Oaks Apartments 5770 NW 16th Street, Oklahoma City 73127



1 1 836 $525 $0.62

2 1.5 1,154 $725 $0.62

2 2 1081 $625 $0.57

3 2.5 1445 $850 $0.58


Oklahoma City, OK

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Rent Comp Map


Oklahoma City, OK

Sold Comparison

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Property Address: 5700 NW 19th Street, Oklahoma City

Size and Age: 64-units, Built in 1970

Price: $2,308,756 Price Per Unit: $36,074 Price SF: $44.62

Closing Date: Oct 2017

Total Square Footage: 51,744

Financing: 80% Freddie Mac SBL

Sunrise Cove




Closing Date: Oct 2017



Oakleaf


Oklahoma City, OK




Closing Date: Feb 2018


Financing: Not disclosed

Walnut Gardens

Sold Comparison

36

The Garden

Property Address: 1601 N. MacArthur, Oklahoma City



Closing Date: Mar 2017


Financing:




Closing Date: Mar 2017


Financing;

Trinity Ridge

Property Address: 2620 N. Meridian, Oklahoma City



Closing Date: Sep 2017



The Brittany


Oklahoma City, OK

Sold Comparison

37

Highland Oaks

Property Address: 5107 N. Hammond, Oklahoma City Size and Age: 84-units, Built in 1972 Price: $3,600,000 Price Per Unit: $42,857 Closing Date: 08 / 2015 Total Square Footage: 78,912

Property Address: 2530 N. Rockwell, Oklahoma City



Closing Date: Jan 2017


Financing: Freddie Mac SBL

Jasper Gardens


Oklahoma City, OK

Sale Comp Summary

Average

Property

Price/Unit

Overall Price

No. Unit

Year Built

Sunrise Cove $36,074 $2,308,756 64 1970

Oakleaf $36,074 $3,030,243 84 1972

The Brittany $31,181 $3,430,000 110 1970

The Garden $32,916 $3,950,000 120 1972

Trinity Ridge $50,000 $2,700,000 54 1972

Jasper Gardens $37,524 $3,865,000 103 1970

Average $36,990 $30,183,999 816

Foxcroft $37,950 $7,134,600 188 1971

Walnut Gardens $37,056 $7,300,000 197 1975

Highland Oaks $42,857 $3,600,000 84 1972


Oklahoma City, OK

-Sunrise Cove & Oakleaf were purchased as a package

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39

Sale Comp Map


Oklahoma City, OK

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Click below to view Oklahoma City at a Glance

http://www.okcchamber.com/

http://issuu.com/okcchamber/docs/datasheet_2015-may?e=1518993/31729052

Click below to view Oklahoma City Chamber

Click below to view Oklahoma City Welcome Guide https://issuu.com/okcchamber/docs/2016_welcome_guide?e=1518993/35183085


Oklahoma City, OK

Oklahoma City Accolades

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Oklahoma City, OK

Oklahoma City Accolades –continued

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Oklahoma City, OK

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Mike Buhl CRRC Oklahoma City 611 24th Avenue SW, Suite 100 Norman, OK 73069 405-360-5966 [email protected]

Darla Knight CRRC Tulsa 4137 S. Harvard, Suite E Tulsa, OK 74135 918-557-5966 [email protected]


Oklahoma City, OK

OKLAHOMA REAL ESTATE COMMISSION

What You Need to Know About Broker Services

A real estate broker may work with one or both parties to a real estate transaction. The Oklahoma BrokerRelationships Law (Title 59, Oklahoma Statutes, §858-351 – 858-363) allows a real estate firm to provide brokerageservices to both parties to the transaction. This could occur when a firm has contracted with a seller to sell their propertyand a prospective buyer contacts that same firm to see the property. If the prospective buyer wants to make an offer onthe property, the firm must now provide a written notice to both the buyer and seller that the firm is now providingbrokerage services to both parties to the transaction.

Oklahoma real estate brokers have mandatory duties and responsibilities to all parties in a real estatetransaction. These duties and responsibilities shall be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option or exchange real estate. These duties and responsibilities are to:

Treat all parties with honesty and exercise reasonable skill and care.

Receive all written offers and counteroffers, reduce offers or counteroffers to a written form upon request ofany party to a transaction and present timely all written offers and counteroffers (unless specifically waived inwriting by a party).

Timely account for all money and property received by the broker.

Disclose information pertaining to the property as required by the Residential Property Condition DisclosureAct.

Comply with all requirements of The Oklahoma Real Estate License Code and all applicable statutes andrules.

Keep confidential information received from a party or prospective party confidential unless written consent isgranted by the party, the disclosure is required by law, or the information is public or becomes public as theresults of actions from a source other than the broker. Confidential information includes:

o That a party is willing to pay more or accept less than what is being offeredo That a party or prospective party is willing to agree to financing terms different from those offeredo The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or

exchanging the propertyo Any information specifically designated as confidential by the party unless such information is public.

A broker has additional duties and responsibilities only to a party for whom the broker is providing brokerageservices. These duties and responsibilities shall also be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option and exchange real estate. These duties are to:

Inform the party in writing when an offers is made that the party will be expected to pay certain costs,brokerage services costs and approximate amount of the costs.

Keep the party informed regarding the transaction.

If a broker intends to provide fewer brokerage services than those required to complete a transaction, the brokershall provide written disclosure to the party for whom the broker is providing services. The disclosure shall includea description of those steps in the transaction that the broker will not provide and state that the broker assisting the otherparty in the transaction is not required to provide assistance with these steps in any manner.

Disclosure of these duties and responsibilities is required in writing. The duties and responsibilities disclosed by thebroker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract topurchase, option or exchange real estate.

Services provided to a tenant do not automatically create a broker relationship. When a broker provides brokerageservices to a landlord under a property management agreement, the services provided to the tenant by the broker shallnot be construed as creating a broker relationship between the broker and the tenant unless otherwise agreed to inwriting; however, the broker owes to the tenant the duties of honesty and exercising reasonable skill and care.

This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

OREC BROKER SERVICES INFORMATION (11-2013)

For more information, visit www.orec.ok.gov

foxcroft marketing pkg marketing pkg.pdf · 2018-03-13 · east. the area is generally older...

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