euless sq flyer EMAIL.indd

Euless Square
Apart me nt
E u l e s s , Te x a s
INVESTMENT
SUMMARY
• $4,350,000 Price
• $29,000 Per Unit
• Quiet Neighborhood
• Desirable Unit Mix with Comfortable
Floor Plans
• “Recognized” HEB School District
• Value Add Opportunity
H ome s
E X E C U T I V E S U M M A RY
The Property:
Address:
Euless Square Apartments
1304 Raider Drive
Euless, Texas 76040
Year Built:
1971
Number of Units: 150
Net Rentable S.F.:
126,748 sf
Average Unit Size: 845 sf
Number of Buildings: 10 residential buildings,
1 leasing office (converted unit)
C O N S T R U C T I O N F E AT U R E S
Foundation:
Exterior Walls:
Roof Structures:
Interior Walls:
Floor Coverings:
HVAC:
Electrical:
Plumbing:
Concrete slabs
Brick and stucco
Pitched composite shingles
8’ ceilings. Painted drywall over
wood studs
Wall to wall carpeting and vinyl
Central chiller system
Master metered
Central boiler system
PROPERTY HIGHLIGHTS
Euless Square is a residential community consisting of
150 units located in Euless, Texas. Located south of
Highway 183 near the intersection of Euless Blvd and
Raider Drive, Euless Square provides residents with
convenient access to large employment facilities, including Dallas Fort Worth International Airport, American Airlines Training Facility, and both the Fort Worth
and Dallas CBDs. The property was developed in
1971. The buildings are one and two story structures,
pitched roofs, with brick and stucco exteriors. Previous
ownership upgraded the cabinets in the kitchens and
baths. There is one laundry facility and two recreation
areas on the property. Euless Square has a desirable
unit mix of three comfortable floor plans, of which 21%
are one bedroom, 63% are two bedroom, and 16% are
three bedroom.
D F W A PA RT MENT MARK ET
Apartment demand was robust in the second half of
2007 pushing Dallas/Ft. Worth’s occupancy to 94.1
percent- its highest level in 6 years. The market has
seen improved demand due to property removals and
a resumption of area job growth. The region’s occupied apartment count increased by 1,000 units from
October - December, marking one of the strongest
4th Quarter performances in more than a decade. As
a result, owners are benefiting from increased occupancies and lower concessions.
While new apartment deliveries in the past year added roughly 7,200 units, property removals eliminated
some 6,700 apartments, making DFW’s net growth
only 487 units - the lowest net inventory gain in 17
years. Rent growth has also gained some momentum
in the DFW Market. Effective rates rose a notable 4
percent across the Dallas/Ft. Worth region during
2007 - the region’s strongest calendar year boost
since 2000.
*Source: MP/F Yieldstar, 4Q07
RENT COMPARABLES
AUGUSTA
Address:
Units:
Occupancy:
Age:
Average Unit Size:
Average Rent/Unit:
Rent/SF:
Utilities:
1700 Sotogrande Blvd
216
91%
1973
1005 sf
$650
$0.65
Resident Pay
DEL PRADO
Address:
Units:
Occupancy:
Age:
Average Unit Size:
Average Rent/Unit:
Rent/SF:
Utilities:
928 Del Prado Dr
132
94%
1974
994 sf
$620
$0.62
Resident Pay
PINEHURST
Address:
Units:
Occupancy:
Age:
Average Unit Size:
Average Rent/Unit:
Rent/SF:
Utilities:
1100 Sotogrande Blvd
256
93%
1975
933 sf
$596
$0.64
Resident Pay
WILSHIRE MANOR
Address:
Units:
Occupancy:
Age:
Average Unit Size:
Average Rent/Unit:
Rent/SF:
Utilities:
1450 Sagebrush
118
100%
1968
725 sf
$699
$0.96
All Bills Paid
WHISPERING RUN
Address:
Units:
Occupancy:
Age:
Average Unit Size:
Average Rent/Unit:
Rent/SF:
Utilities:
600 Bellaire Dr
108
95%
1968
977 sf
$706
$0.72
All Bills Paid
PROFORMA
U N IT MI X
Unit
Type
Pct
N.R.S.F.
Effective
Rent
Rent
PSF
Gross
Rent
32
1-1
21%
612
580
0.95
18,560
94
2-1.5
63%
874
725
0.83
68,150
24
3-2
16%
1,042
850
0.82
20,400
845
Avg
Size
126,748
N.R.S.F
$714
Rent/
Unit
$0.85
Rent/
SF
$107,110
Total
Rent
150
Units
Number of Units:
Net Rentable Area:
Avg. Unit Size:
150
126,748
845
Total
$/SF
$/Unit
M O N T H LY
Monthly Revenue
INCOME
No.
Rent Schedule
$107,110
Loss to old lease
Concessions
0.85
$714
0.76
645
-4,000
2%
-2,142
Vacancy/Turnover
7%
-7,498
Other Income
$22 /Unit/Mth
Total Revenue per Month
3,300
96,770
ANNUALIZED
Total Annual Revenue
One Bedroom
7,742
125,000
0.99
833
EXPENSES
Advertising/Promo
10,000
0.08
67
Maintenance
80,000
0.63
533
Administration
25,000
0.20
167
40,643
0.32
271
Electricity
190,000
1.50
1,267
Water/Sewer
105,000
0.83
700
65,000
0.51
433
17,000
0.13
113
71,697
0.57
478
Management Fee
3.5%
Utilities
Gas
Trash
Taxes (1)
2.41%
2,975,000
Insurance
35,000
0.28
233
764,341
6.03
5,096
37,500
0.30
250
Total Expenses
801,841
6.33
5,346
Net Operating Income
359,401
2.84
2,396
$4,350,000
$34.32
$29,000
Operating Expenses
VA L U AT I O N
Reserves
Three Bedroom
9.16
Less Expenses
Salaries
Two Bedroom
1,161,241
$250 /Unit/Yr
Notes:
(1) 2007 Assessment and Rate
Asking Price
Cap Rate
8.26%
Laundry
Maintenance Room
Raider Drive
Leasing Office
Downtown Dallas
Dallas/Ft.Worth
International Airport
American Airlines
Training Facility
Centerport
360
183
121
Harris
Methodist
Hospital
The Golf Course
at Texas Star
SS
LE
.
D
V
BL
Central Junior High School
OAD
NE R
PELI
S. PI
EU
AD
RO
E
IN
EL
RAIDER
IP
P
WAY
W.
Euless Square
A p a r t m e n t
Westdale Hills
Golf Course ARGYLE
H o m e s
THE COLONY
LEWISVILLE
121
FLOWER
MOUND
35E
PR
ESI
D
ENT
G
CARROLLTON
RGE W. BUSH TURNPIKE
EO
RICHA RDSON
190
121
ADDISON
AIRPORT
COPPELL
SOUTHLAKE
GRAPEVINE
35E
121
35W
114
CONTACT INFORMATION:
BEDFORD
190
348
114
EULESS
820
DALLAS LOVE
FIELD
183
HURST
DALLAS NORTH TOLL
WAY
161
HALTOM
CITY
FWY
ON
HN S
. JO
N B
DALLAS / FORT WORTH
INTERNATIONAL AIRPORT
COLLEYVILLE
NORTH
RICHLAND
HILLS
LYNDO
635
360
If you have any questions or desire additional information,
please contact any of these individuals:
UNIVERSITY
PARK
HIGHLAND
PARK
75
183
121
820
IRVING
Euless Square
A p a r t m e n t
35E
DALLAS
H o m e s
30
35E
360
35W
287
GRAND
PRAIRIE
ARLINGTON
FORT
WORTH
Bob Helterbran
Senior Vice President
972.774.2535
Senior Vice President
972.774.2596
mark.freeman@transwestern.net
bob.helterbran@transwestern.net
Taylor Snoddy
Philip Wiegand
Associate
972.774.2555
Analyst
214.446.4569
taylor.snoddy@transwestern.net
philip.wiegand@transwestern.net
CBD
30
30
Mark Freeman
408
20
67
820
TRANSWESTERN | Dallas
5001 Spring Valley Road, Suite 600W • Dallas, Texas 75244
972.774.2500 direct • 972.774.2526 fax
DUNCANVILLE
DE SOTO
287
www.transwestern.net
35E
MANSFIELD
35W
BURLESON
360
CEDAR
HILL
360
The information contained herein was obtained from sources believed to be reliable; however, Transwestern Commercial Services (“Broker”) or (“Transwestern”) makes no guarantees, warranties, or
representations as to the accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change in price, prior sales or lease, or withdrawal without prior notice.