icc & robbins school apartments - loopnet
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Prepared by:
Eric Renner, CCIMExecutive Vice President402 651 [email protected]
13340 California Street, Ste 100 Omaha, NE 68154402 697 8899omnepartners.com
Peter T. FreiAssociate Investment Broker 701 261 [email protected]
School Apartments ICC & Robbins
INVESTMENT SUMMARY
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
Opportunity
OMNE partners is pleased to present a 40-unit multi-family portfolio consisting of the ICC school apartments and the Robbins school apartments. The properties were both built in the early 1900’s as elementary schools and converted in the late 90’s by NuStyle development, one of their first projects. Both properties exhibit their original charm and character featuring original wood floors, amazing brick masonry and original chalk boards in each unit. The properties also feature modern features such as secure access, security cameras and on-premise laundry facilities.
Both properties have been managed by a professional third-party management company and are in excellent condition. However, due to the relatively low number of units, this has increased the historical operating costs relative to market. A new owner could realize substantial cost savings by self-managing or adding to an existing portfolio to achieve greater economies of scale.
LIHTC tax credits (Low Income Housing Tax Credits), through NIFA (Nebraska Investment Finance Authority) were used to finance the development of both projects, with that, each property has some rental restrictions. Depending on the number of bedrooms, there is a maximum rental rate as well as an income restriction on renters (see chart below). For example, the rental rate for a one bed room cannot exceed $843/mo. (increases yearly with inflation) and cannot be rented to an individual who makes more than 60% of AMI, or $31,500/year. Although this is an encumbrance for a new owner, current rental rates are more than 30% below the rental cap.
Investment Highlights
• Offering Price: $2,120,000• Units: 40• Price Per Unit: $53,000• Year 1 NOI: $172,000
Unit Mix/Rental Rates
Units Bedroom/Bath Avg. SF Avg Rent Rent/SF
6 1/1 755 $600 $0.79
29 2/1 859 $746 $0.86
5 3/2 1,255 $790 $0.63
LIHTC Rent/Income Ceilings
Bedrooms One Two Three
Rent $843 $1,012 $1,170
Income $31,500 $36,000 $40,500
PROPERTY SUMMARY
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
ICC Apartments
Vinton Square Shopping Center
James F Lynch Park
Castelar Elementary School
ICC APARTMENTS
Overview
Overview• Address: 2716 S 24th St. Omaha, NE 68108• Year Built: 1910• Renovated: 1998• Total SF.: 25,117 • Land area: .78 AC • # of Buildings: 1• Parking: 40• Amenities: On Premise laundry, Playground
ICC school apartment on South 24th St. was renovated in 1998 to 19 modern apartment units. The building is constructed of mostly brick and its roof was replaced in 2016. The units exhibit amazing 15-foot ceilings, original school chalk boards, and very large windows. All units are separately metered with in unit furnaces and water heater. Tenants pay electricity and gas while the landlord is responsible for water and sewer.
Unit Mix
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
Units Bedroom/Bath SF Rent Rent/SF
3 1/1 709 $600 $0.85
14 2/1 820 $715 $0.87
2 3/2 1,300 $775 $0.60
ICC APARTMENTS
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
ROBBINS SCHOOL
Overview
• Address: 4352 S 39th Ave• Year Built: 1920• Renovated: 1998• Total SF: 32,191 • Land area: .19 AC • # of Buildings: 1• Parking: 32• Amenities: On Premise laundry
Robbins school apartment was renovated in the late 90’s to 19 modern apartment units. The units exhibit amazing 15-foot ceilings, original school chalk boards, and very large windows. All units are separately metered with in unit furnaces and water heater. Tenants pay electricity and gas while the landlord is responsible for water and sewer. Unit Mix
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
Units Bedroom/Bath SF Rent Rent/SF
3 1/1 802 $600 $0.75
15 2/1 896 $775 $0.86
3 3/2 1,225 $800 $0.65
PROPERTY SUMMARY
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
Robbins School Apartments
Hitchcock Park
ROBBINS SCHOOL
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
3084 S. 40th Street
Date November 2017
Price $2,249,982
Price per Unit $53,571
Units 42
SALE COMPS
Mill Pointe Apartments810 N. 107th Ave
13340 California Street, Suite 100 , Omaha, NE 68154OMNE Partners omnepartners.com
1049 S. 28th Street
1130 S. 31st Street 2603 Woolworth Ave
Date January 2017
Price $750,000
Price per Unit $62,500
Units 12
Date May 2017
Price $624,996
Price per Unit $52,083
Units 12
Date October 2017
Price $615,000
Price per Unit $61,500
Units 10