multifamily (pat eberlin) - 2010 kootenai county market forum

8/9/2019 Multifamily (Pat Eberlin) - 2010 Kootenai County Market Forum

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u - m y

Pat Eberlin


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Howard Place Apartments

2707 North Fruitland Lane, Coeur dAlene

Built 1980

HUD Pro ert Operating at 95%+ Occupancy


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Multi-Family New Construction Permits

91MM90,000,000

100,000,000

70,000,000

80,000,000

51MM50,000,000

60,000,000

30,000,000

, ,

12MM9MM

0

10,000,000

, ,

2006 2007 2008 2009


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New Projects

The Lynn Peterson House

15 Units

75 Year Land Lease St. Vincent De Paul


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New Projects

Royal Arms II Apartments

st mate ccupancy pr 1, 2010 15 Units

750 SF & 1,140 SF $600-$850/month


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New Projects

37 Unit Apartment Complex

rea ng roun w t n - ays St. Vincent De Paul Adjacent to the Lynn Peterson House A roximatel $3.9 Million in Grants

HUD Section 202


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Current Vacancy Rates & Rents

Year End 2009Overall Vacancy Rate 10.9%

Total Apartment Units Surveyed 1,386

Average Rent Per Net Rentable SF $0.749

Vacancy Rate by # of Bedrooms

1 Bed/1 Bath 6.6%

2 Bed/1 Bath 10.9%2 Bed/2Bath 12.9%

3 Bed/2 Bath 24.8%


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Year Built Vacancy Breakdown

30

35

25

15

20

%Vacant

1bed/1bath

10

Overall

5

19751984 19851994 1995present


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Shadow Stock

The excess housing, such as failed condo projects and

distressed single family homes, which tenants can nowrent as an alternative to the traditional apartment unit.

ec s on e room a par men n s


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2009 Overview

Sales Volume Vacancy Rates Rents

New Construction Permits


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2010 Forecast & Recommendations

Static Market Conditions

Com etitive Rent Pricin Shadow Stock Effect

enant etent on c ency


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multifamily (pat eberlin) - 2010 kootenai county market forum

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