westminster station 4 plexes - loopnet€¦ · *projected 5 year fixed term (first bank) unit mix...
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INVESTMENT CONTACTS:JOE HORNSTEINSCOTT FETTERJESSICA SCHMELZERDAVID BAROCAS
WESTMINSTER STATION 4 PLEXES 4245 W. 70TH PLACE | WESTMINSTER, CO 80030
4245 W. 70TH PLACE | WESTMINSTER, CO
This confidential Offering Memorandum, has been prepared by Pinnacle Real Estate Advisors, LLC (“Pinnacle REA”) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. Pinnacle REA recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as 1415 Yosemite Street located in Denver(the “Property”) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by Pinnacle REA or its brokers.
Pinnacle REA makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. Pinnacle REA has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the Pinnacle REA and the Owner of the Property. Pinnacle Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, Pinnacle REA and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, Pinnacle REA and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. Pinnacle REA shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request.
This Offering Memorandum and the contents are intended to remain confidential except forsuch information which is in the public domain or is otherwise available to the public. By accpting this Offering Memorandum, you agree that you will hold and treat Offering Memorandm in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of Pinnacle REA. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to Pinnacle REA at your earliest convenience.
Investment Contacts:
© 2018 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable. However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.
SCOTT [email protected]
JESSICA SCHMELZERAssociate Advisor [email protected]
DisclaimerOFFERING MEMORANDUM
4245 W. 70TH PLACE | WESTMINSTER, CO
Offering SummaryPrice $700,000Down Payment (25%) $175,000Price/Unit $175,000Price/SF $185CAP Rate - Current 5.98%CAP Rate - Pro Forma 6.14%
ExecutiveSUMMARY
4245 W 70th Place is being brought to market with 7115 Stuart Street. These two four unit prop-erties, located adjacent to each other, are only blocks from the Westminster Light Station and subsequent revitalization surrounding this Trans-portation Oriented Development site. Both prop-erties feature updated mechanical systems, two bedroom units, ample off street parking and the opportunity to further improve rental income with cosmetic upgrades. The City of Westminster has additional development projects in the works with the revitalization of the downtown area at Sheri-dan and US36. These properties are poised for both short and long term growth and represent an excellent multifamily opportunity.
4245 W. 70TH PLACE | WESTMINSTER, CO
PROPERTY OVERVIEW
4245 W. 70TH PLACE | WESTMINSTER, CO
Units: 4Year Built: 1962Building Type: BrickBuilding Size: 3,778 SFLot Size: 7,058 SFZoning: R-4Roof: FlatHeat: Hot Water Baseboard
PropertyOVERVIEW
Investment Highlights:
• 4245 W. 70th Place is being sold in conjunction with 7115 Stuart Street
• Located Walking Distance From New Westminster Station Light Rail Project
• New Boiler
• Income Producing Laundry
• Great Unit Mix
• Units are in Good Condition
• Value Add Potential
Property Information
4245 W. 70TH PLACE | WESTMINSTER, CO
LOCATION OVERVIEW
4 2 4 5 W 7 0 T H P L A C E
HIDDEN LAKE
LOW
ELL BO
ULEVA
RD
FEDERAL BOULEVARD
WESTMINSTERLIGHT RAIL STATION
4245 W. 70TH PLACE | WESTMINSTER, CO
Aerial
PECO
S STREET
LOW
ELL
BO
ULE
VAR
D
SHER
IDAN
BO
ULEV
ARD
INTERSTATE
25
INTERSTATE
76
WESTMINSTER LIGHT RAIL STATION
• New Retail 50,853 SF• Dining 59,207 SF• Retail Service 40,813 SF• Grocery/Wine 10,000 SF• Marketplace 18,647 SF• Entertainment 50,341 SF• Office 125,000SF• Multifamily Residential 591 Units
The Station Area is strategically located in the northwest portion of the greater Denver metropolitan area, just a half-mile south of the US 36 and Federal Boulevard interchange. The crossroads of I-25, I-76 and US 36/I-270 are just two miles to the east, with downtown Denver a short nine-mile commute to the south.
• Main and Main location in the heart of the Westminster Mall re-development
• Immediate proximity to over 1,500 parking spaces
• Strategically located between Denver & Boulder adjacent to the future light rail station
4 2 4 5 W 7 0 T H P L A C E
WESTMINSTERLIGHT RAIL STATION
DOWNTOWN WESTMINSTER2
7
5
3
4
6
Downtown Westminster Projects
JCPenney
Public
Parking
Garage
OPENING 4Q 2018Alamo Draft House9 screen theater/restaurant
OPENING 3Q 2019Sherman Associates240 units/38k s.f. retail
Sarah: [email protected]: [email protected]
OPENING 1Q 2019GRID Collaborative/Solera Salon80k s.f. office/30k s.f. retail
OPENING 4Q 2018Ascent Westminster270 units/24k s.f. retail
2 3 4
6
OPENING 2Q 2018Central Square 1.2 acre plaza
OPENING 1Q 2019Origin Hotel/Marczyk Fine Foods125 room boutique hotel w/retail
OPENING 4Q 2018Mile High/Koelbel/LongsPeak118 units/20k s.f. retail
7
1
5
1
www.DowntownWestminster.us
88th Ave.
92nd Ave.
Sher
idan
Blvd
.
4245 W. 70TH PLACE | WESTMINSTER, CO
LOCATION OVERVIEW
Westminster is the next Urban Center of the
Colorado Front Range. It is a vibrant inclusive,
creative and well-connected City. People choose
Westminster because it is a dynamic community
with distinct neighborhoods, quality educational
opportunities and a resilient local economy that
includes: a spectrum of jobs; diverse, integrated
housing; and shopping, cultural, entertainment, and
restaurant options. It embraces the outdoors and is
one of the most sustainable cities in America.
WESTMINSTER LIGHT RAIL STATION is strategically located in the northwest portion of
the greater Denver metropolitan area, just a half-
mile south of the US 36 and Federal Boulevard
interchange.
4245 W. 70TH PLACE | WESTMINSTER, CO
LocationOVERVIEWWESTMINSTER GROWTH PLAN
Downtown Westminster is located at U.S. 36 and Sheridan Boulevard (the site of the former Westminster Mall).
The 105-acre site is currently being developed into a vibrant, mixed-use urban downtown in the heart of the city.
WESTMINSTER STATIONAddress: 3200 Westminster Station DriveCar Parking: 350 available RTD Park-n-Ride spaces; additional 250 privately managed spaces.Bike Parking: 18 racks
Planned Phase I Streets
Available for Development
Future Development Parcel
Under Letter of Intent for Development
PSA or Development Agreement
Non-City Owned Parcel
US Bank
OliveGarden
4.6 ac
1.6 ac 1.1 ac
4.6 ac
3.9 ac
1.8 ac
4.0 ac
0.73 ac
3.6 ac 2.2 ac
1.7 ac 0.6 ac
2.3 ac
1.6 ac
4.3 ac
1.7 ac
1.5 ac
3.0 ac
2.0 ac
2.1 ac
3.2 ac
2.3 ac
2.9 ac
2.9 ac
2.0 ac
1.7 ac
Future Streets
0 200 400 600 ft
Key
Block Designation
Approximate Block Area in Acres
X-##.# ac
Parcel Boundary
Potential Future Street/Alley
9/11/17
Existing Streets
A-1 B-1 C-1
D-1
D-2
D-3
D-4
D-5
D-6
C-2
B-2
C-3
C-5
C-6
C-7
B-3
B-4
B-5
B-6
A-2
A-3
A-4
A-5
Har
lan
Stre
et
89th Avenue
89th Avenue
90th Avenue
90th Avenue
Central Avenue
Central Avenue
Park Place
Sheridan Boulevard
91st Avenue
Harlan Way
92nd Avenue Wes
tmin
ster
Bo
ulev
ard
Wes
tmin
ster
Bo
ulev
ard
Eato
n St
reet
Har
lan
Stre
et
Bent
on S
tree
t
Eato
n St
reet
Benton Street
Fenton Street
Fent
on S
tree
t
92nd Avenue
88th Avenue88th Avenue
Center Park
South Park South Park
US 36/Sheridan Bus Rapid
Transit Station West
East Park
Har
lan
Stre
et
Future FasTracks Commuter Rail Station
Plan Area BoundaryB-7
DOWNTOWN WESTMINSTERSTMESTM R
Note: Development block areas and dimensions are provided for reference purposes only and shall be verified by a duly licensed land surveyor.
Additional setbacks and build-to lines apply along street frontages per the Westminster Downtown Specific Plan @ www.downtownwestminster.us
*VpD (Vehicles per Day) sources include DRCOG 2011 counts for 88th and 90th avenues and CDOT 2013 counts for Sheridan Blvd. and US 36.
Prepared by: Sarah Nurmela, City of Westminster
Central Square
West Park
Future Underpass
US 36 Bikeway
JC Penney
Brunswick Bowling
Existing ProfessionalOffice
Costco
US 36/Sheridan Bus Rapid
Transit Station East
Existing PedestrianOverpass
Lowes Plaza
Solaire Shops
16 milesto Boulder
12 milesto Denver
Future Trail
Phase I
US 36 Bikeway
Bicycle Lanes or Bicycle Path
Phase I Planned Public Parking Structure Location
p
p
p
Sherman Associates240 Multifamily Units38,000 sqft. RetailQ1 2018 - Q3 2019
Alamo Draft House9-screen theaterRestaurantQ4 2017 - Q4 2018
Grid / Solera80,000 sqft. Office30,000 sqft. RetailQ1 2018 - Q1 2019
Sherman Associates270 Multifamily Units24,000 sqft. RetailQ3 2017 - Q4 2018
Eaton Street 118 Affordable Units20,000 sqft. RetailQ1 2018 - Q1 2019
Public Parking 888 Parking SpacesBike & EV ParkingOPEN!
Origin Hotel &Marczyk Fine FoodsQ4 2017 - Q4 2018
4245 W. 70TH PLACE | WESTMINSTER, CO
FINANCIAL ANALYSIS
4245 W. 70TH PLACE | WESTMINSTER, CO
AnalysisINCOME AND EXPENSES
*Projected 5 Year Fixed Term (First Bank)
UNIT MIX AND AVERAGE RENT SCHEDULE
Unit Type Units Approx. SF Current Rent ProForma Rent
2Br/1Ba 4 887 $1,125 $1,150
Total 4 3,550 $4,500 $4,600
INVESTMENT SUMMARY
List Price $700,000
Price/Unit $175,000
Price/SF $185
PROPOSED FINANCING
Loan Amount (75%) $525,000
Down Payment (25%) $175,000
Interest Rate 4.50%
Amortization 30 years
Monthly Payment ($2,660)*
OPERATING DATA
INCOMECurrent
Rent RollProjected Year One
Gross Scheduled Income (GSI) $54,000 $55,200
Less: Vacancy (5%) ($2,700) ($2,760)
Effective Rental Income $51,300 $52,440
Laundry Income $3,600 $3,600
Effective Gross Income $54,900 $56,040
EXPENSES
Property Tax $3,473 $3,473
Property Insurance $1,775 $1,775
Gas & Electric $3,000 $3,000
Water & Sewer $1,500 $1,500
Trash $720 $720
Repairs & Maintenance $2,600 $2,600
Total Operating Expenses $13,068 $13,068
Expenses Per Unit $3,267 $3,267
FINANCIAL ANALYSIS
NET OPERATING INCOME $41,832 $42,972
Projected Debt Service* ($31,921) ($31,921)
Before Tax Cash Flow* $9,911 $11,051
CAP Rate 5.98% 6.14%
Cash-on-Cash Return* 5.66% 6.31%
Principal Reduction* $8,469 $8,469
TOTAL INVESTMENT RETURN 10.50% 11.15%
© 2018 Pinnacle Real Estate Advisors, LLC. All information contained herein has been obtained from sources we believe to be reliable.However, we accept no responsibility for its accuracy and encourage verification of all information prior to making financial decisions.
One Broadway | Suite 300A | Denver | Colorado | 80203 | 303-962-9559 | www.PinnacleREA.com
SCOTT FETTERPrincipal [email protected]
JESSICA SCHMELZERAssociate Advisor [email protected]