new construction attached homes orchards rowhomes
TRANSCRIPT
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Residential Rental Portfolio New Construction Attached Homes
Orchards Rowhomes
34 units, 8 4-plexes and 1 duplex
John Blom Sales Manager Ginn Realty Group 360-977-8329 [email protected]
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Table of Contents
I. Project Summary & Bulk Listing Details
II. Map & Location
III. Schools & Community
IV. Rental Management
V. Financial Information
VI. Site Plans
VII. Included Floor Plans
VIII. Included Features & Finishes
IX. Legal Description
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I. Project Summary & Portfolio Summary ________________________________________________________
The Orchards Rowhomes Portfolio consists of 34 units, 8 4-plexes and 1 duplex. We expect to have full occupancy no later than the end of August. This turn-key, new construction project is a perfect opportunity for investors. Extra thought and planning was put into the design, construction and finishing, knowing they would be long-term rentals, requiring durable and long-lasting finishes.
General Property Information___________________________________________________
Address: 10407 NE 61st Circle, Vancouver, WA 98662 (6016 NE 105th Avenue, Vancouver, WA 98662)
Location: Centrally located with easy access to I-205 and I-5 just North of SR500 in Vancouver, Washington.
Ownership: Orchards Rentals, LLC
Management Company: Ginn Property Management, LLC, which is affiliated with the Seller/Builder.
Project Status: 16 of the units have been completed and are currently leased (12 months or longer). The remaining units are anticipated to be rent ready by the end of July 2018 and are currently being marketed for rent.
Portfolio Summary (see page VII for details on individual floor plans)___________________
Units Offered for Sale: 34 Date Built: 100% Completion date is approximately July 2018 Sales Price: $9,529,392.86 Annual Net Operating Income (est.): $533,646.00 Projected Capitalization Rate (2018): 5.6% Lease type: To be 12 months or longer leases at market rate,
no rent controls.
Planned to be 100% leased by the time Construction is Complete
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II. Map & Location ________________________________________________________ Orchards Rowhomes is centrally located in Vancouver, Washington just across the Columbia River from Portland, Oregon. This ideal location benefits from the close proximity to both the Portland International Airport and downtown Portland (both only a few miles away) as well as being just blocks away from SR500 and I-205 for convenient freeway access. Orchards Community Park, Clark County YMCA, Grocery Stores and Shopping at the Vancouver Mall are all in close proximity.
Tenants of Orchards Rowhomes can enjoy the absence of both a state income tax in Washington and a sales tax in Oregon.
The Greater Portland/Vancouver metropolitan area is growing as new residents are attracted to a robust local economy and the lifestyle that the Pacific Northwest has to offer.
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III. Schools & Community Community Information_______________________________________________________
Neighborhood: Orchards
Shopping: WinCo Foods Walmart Safeway Target Westfield Shopping Center
Parks & Recreation: Orchards Community Park Clark County Family YMCA Firstenburg Community Center
School Information___________________________________________________________
School District: Evergreen School District
High School: Heritage High School 7825 NE 130th Avenue Vancouver, WA 98682
Clark County Skills Center 12200 NE 28th Street Vancouver, WA 98682
Middle School: Covington Middle School 11200 NE Rosewood Avenue Vancouver, WA 98662
Elementary School: Orchards Elementary School 11405 NE 69th Street Vancouver, WA 98662
Secondary Education: Clark College 1933 Fort Vancouver Way Vancouver, WA 98683
Washington State University Vancouver 14204 NE Salmon Creek Avenue Vancouver, WA 98686
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IV. Rental Management Monthly Management Fee*: 5% of the payable monthly gross receipts
from the premises, payable the following month for the duration of the agreement.
Set-up Fee per Unit: $50.00
Lease renewal fee: $99.00
Maintenance billed at: $59.95/hour
Property Inspection Survey prior to Lease renewal (optional):
$75.00/survey
Security Deposits (to be transferred to new owner)
Approximately 1 month rent or more based on tenant profile. (Credit, rental history, pets, etc.)
Note: Seller/Builder manages its properties internally through a related entity, Ginn Property Management.
*Ginn Property Management base fee is 6%. The 5% reflects the negotiated long-term rate of 5% that would continue with this project. The set-up fee per unit would not apply with the sale of all 34 units with tenants.
Utility Information____________________________________________________________
Tenant is Responsible for All Utilities
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V. Financial ________________________________________________________ Projected Cap Rate:
5.6% upon Construction Completion
(See pro Forma Exhibit as Separate attachment)
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VI. Overall Site Plan ________________________________________________________________________________________________________________
The Orchards Rowhomes Plat consists of 34 units. 8-Four Plex buildings and 1-Duplex building.
Orchards Rowhomes Plat/Site Plan:
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VII. Included Floorplans 4 plex: Exterior Units are 1486SF, Interior Units are 1653SF___________________________
3 Bedrooms 2 Full 1 Half Bath
Approx. 1486 sf 2 Car Garage
Exterior Units
Main Floor 1486 plan Second Floor 1486 plan
Left Exterior Unit
*Actual photos (interior/exterior) available for each plan by request. Sample photo only.
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4 plex: Exterior Units are 1486SF, Interior Units are 1653SF___________________________
3 Bedrooms 2 Full 1 Half Bath
Approx. 1486 sf 2 Car Garage
Exterior Units Main Floor Plan 1486 Second Floor Plan 1486
Right Exterior Unit
*Actual photos (interior/exterior) available for each plan by request. Sample photo only.
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4 plex: Exterior Units are 1486SF, Interior Units are 1653SF___________________________
3 Bedrooms
2 Full 1 Half Bath Approx. 1653 sf
1 Car Garage Interior Units
Main Floor 1653 Plan Second Floor 1653 Plan
Left Interior Unit
*Actual photos (interior/exterior) available for each plan by request. Sample photo only.
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4 plex: Exterior Units are 1486SF, Interior Units are 1653SF___________________________
3 Bedrooms
2 Full 1 Half Bath Approx. 1653 sf
1 Car Garage Interior Units
Main Floor 1653 Plan Second Floor 1653 Plan
Right Interior Unit
*Actual photos (interior/exterior) available for each plan by request. Sample photo only.
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Duplex: Units are 1675SF _________________________
3 Bedrooms 2 Full 1 Half Bath
Approx. 1675 sf 2 Car Garage DUPLEX Unit
Duplex - Right Side Floor Plan
Duplex - Left Side Floor Plan
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VII. Incuded Features Unit Features & Finishes (continued)
Design Criteria: Great Room Concept Floor Plans with Natural Light Walk-In Closet in the Master Bedroom Fully Wrapped Windows with Enamel Trim
Quality Exterior Features: Craftsman Front Elevation 7’-8’ Overhead Garage Steel Door w/ Garage door opener 10 Year Warranty Upgraded DuPont Tyvek Wrap (Brochure
Available upon request) 30 Year Warranty James Hardi Plank Siding & Trim Boards (Brochure available upon request) 30 Year Warranty IKO Asphalt Shingle Roof Lifetime Warranty Cascade Windows Self Lock w/ Loe-E Glass in Almond Color (Brochure available upon request) Concrete Patio (size varies per plan and lot) Galvanized Steel Gutters and Downspouts Fully Fenced Backyard Front Yard Landscaping
Plumbing: 50 Gallon Heat Pump Hot Water Heater Ice Maker connection in the Kitchen ½ Horsepower Garbage Disposal at Kitchen Sink Oil Rubbed Bronze Designer Plumbing Fixtures
Electrical: Central Air Conditioning Copper Electrical Wiring Wiring for TV and Cable in the Great Room and Master Designer Light Package in Oil Rubbed Bronze Abundant Recessed Can Lighting
Energy Efficiency: 90% Efficient Electric Furnace Residential Programmable Thermostat w/ Smart Fan Stainless Steel Frigidaire® Appliances Meets All Requirements of Current Model Energy Code
Detailed Interior Features: Ultra-Durable Luxury Vinyl Title (LVP) Flooring in Entry, Kitchen and Great Room (Brochure available upon request) Vinyl Floors in Bathrooms and Utility Room Rounded Drywall Corners Craftsman Enamel Painted Trim Package Two Panel Interior Doors Color Coordinated Slab Granite Countertops in Kitchen FHA/VA Approved Carpet Sliding Glass Door to Patio
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Unit Features & Finishes (continued)
Structural Integrity: Individual Site Inspection on each Building Site Foundation Engineered to Specific Soil Conditions Slab on Grade Flatwork in the Garage Crawl Space Finished with Vents and Vapor Barrier
Kitchen Elegance: 36” High Alder Shaker Cabinets Concealed Cabinet Hinges Polished, Stainless Steel Double Bowl (under-mount sink) Single Handle Stainless Kitchen Faucet w/ sprayer Slab Granite Countertops Full Tile Backsplash Pre-Plumbed for Ice Maker Stainless Steel Frigidaire® Electric Stainless Steel Stove Stainless Steel Frigidaire® Microwave/Hood above Stove Stainless Steel Frigidaire® Dishwasher Stainless Steel Frigidaire® Refrigerator
Bathroom Selections: Rubbed Oil Bronze Faucets & Hardware Stand Up Shower Insert with Seats Double Vanity in Master Bath Slab Granite Countertops Full Width Vanity Mirrors 36” High Vanities in Master Bath Glass Shower Doors in Master Bath
Additional Conveniences: Solid Wood Closet Shelving in all areas (no wire) Windows with Self-Lock Closing System Integrated Carbon Monoxide and Smoke Detector System Refrigerator Washer & Dryer Window Coverings – 2” Faux Wood Blinds
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VIII. Legal Description Exhibit A
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Request Additional Information __ To request additional information about this opportunity as well as other residential investment opportunities within Southwest Washington, please contact John Blom.
John Blom Ginn Realty Group 360-977-8329 [email protected] www.GinnDevelopment.com
*Information contained herein is deemed reliable but not guaranteed. Subject to change without notice. Buyer to do due diligence.