PARKWOOD APARTMENTS

PARKWOOD APARTMENTS
120 EAST DAN STREET • OGDEN • UTAH • 84404
FOR SALE
PROPERTY SPECS
• Price: $2,300,000 – CAP Rate: 7.57%
• 20 Unit Apartment Community
• Year Built 1980
• Several Recent Upgrades
• 10 Year Old Roof, 30 Year Asphalt Shingles
• Washer / Dryer Hookups in Units
• HAP Contracted
• HUD Inspection Score Over 90% in October 2015
CONTACT:
OPPORTUNITY
Comprised of 15 two bedroom townhome-style
units and 5 two bedroom apartment units, the
Parkwood Apartment community provides a unique
opportunity for investors to own a HUD, Projectbased Section 8, HAP Contracted property. The
HAP contract was renewed in June 2015 for five
years. The property was built for this purpose in
1980. Well located to shopping and restaurants, it
is appealing to all tenants and will be an excellent
addition to any multifamily portfolio.
PATRICK BODNAR
pbodnar@mtnwest.com
direct 801.456.8806
View Profile
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.
PARKWOOD APARTMENTS
120 EAST DAN STREET • OGDEN • UTAH • 84404
FINANCIAL ANALYSIS
INCOME
2015
Actuals
12 Month
Budget
Apartment Rents
(Current Rent Roll)
$269,520
$284,400
$-
$(8,532)
$6,100
$6,100
$275,620
$281,968
2015
Actuals
12 Month
Budget
Property Tax
$9,222
$10,500
Property Insurance
$3,802
$4,100
Utilities
$28,354
$29,000
Repairs/Maintenance
$13,655
$15,000
Legal and Professional Fees
$3,376
$3,300
Garbage
$1,924
$2,000
$40,000
$40,000
$4,000
$4,000
$104,334
$107,900
$5,217
$5,395
38%
38%
$171,286
$174,068
FINANCING
ASSUMPTIONS
2015
Budget
12 Month
Budget
$1,725,000
$1,725,000
$575,000
$575,000
Interest Rate
4.25%
4.25%
Amortization
30
30
$(8,567)
$(8,567)
$(102,807)
$(102,807)
1.67
1.69
1st Year Principal Reduction
$29,081
$29,081
Net Cash Flow before Taxes
$68,479
$71,261
Total Return
$97,560
$100,342
2015
Actuals
12 Month
Budget
$2,300,000
$2,300,000
7.45%
7.57%
$115,000
$115,000
Cash on Cash – Year 1
11.91%
12.39%
Total Return
16.97%
17.45%
New Mortgage Loan (75%)
Down Payment (25%)
Vacancy @ 3%
Other Income (late fees/utility
reimb/repair reimb)
Gross Operating Income
EXPENSES
Management
Reserves ($200 / Unit)
Estimated Total:
Per Unit (20)
Expenses as a % of Gross
Operating Income
Net Operating Income
Monthly Debt Service
Annual Debt Service
DCR
INVESTMENT
SUMMARY
Price
Cap Rate
Price/Unit
UNIT MIX
2 Bedroom / 1 Bathroom
2 Bedroom / 1.5 Bathroom
CONTACT:
5
15
PATRICK BODNAR
pbodnar@mtnwest.com
direct 801.456.8806
View Profile
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.
PARKWOOD APARTMENTS
120 EAST DAN STREET • OGDEN • UTAH • 84404
MULTI-FAMILY SALES COMPARABLES
Camila Park Apartments
4574 South 700 East
Murray, Utah
RSF:17,464
Units:16
Riverview Townhomes
1665 South Riverside Drive
Salt Lake City, Utah
RSF:76,555
Units:61
Oakridge Apartments
1280 East 5850 South
Ogden, Utah
RSF:40,000
Units:40
RSF:14,025
Units:11
Oakwood Apartments
5515 South 2500 West
Roy, Utah
Sale Price:
$6,175,000
CAP Rate:
6.54%
Price/Unit:$101,230
Price/SF:$80.66
Closing Date:12/3/2015
RSF:35,100
Units:27
Mirador
3415 Harrison Boulevard
Ogden, Utah
Sale Price:
$2,935,000
CAP Rate:
6.75%
Price/Unit:$73,375
Price/SF:$73.38
Closing Date:3/25/2015
CAP RATE
CONTACT:
Edison Street Condominiums
2742 South Edison Street
Salt Lake City, Utah
Sale Price:
$1,750,000
CAP Rate:
4.90%
Price/Unit:$109,375
Price/SF:$100.21
Closing Date:3/9/2016
RSF:42,600
Units:62
PRICE / UNIT
Sale Price:
$1,175,000
CAP Rate:
6.51%
Price/Unit:$106,818
Price/SF:$83.78
Closing Date:2/10/2015
Sale Price:
$3,200,000
CAP Rate:
6.52%
Price/Unit:$118,519
Price/SF:$91.17
Closing Date:12/30/2014
Sale Price:
$3,200,000
CAP Rate:
6.4%
Price/Unit:$51,613
Price/SF:$75.12
Closing Date:9/15/2014
PRICE / SF
MINIMUM
4.90%
$51,613
$73.38
MAXIMUM
6.75%
$118,519
$100.21
AVERAGE
6.27%
$93,488
$84.05
PATRICK BODNAR
pbodnar@mtnwest.com
direct 801.456.8806
View Profile
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.
PARKWOOD APARTMENTS
HARRISVILLE ROAD
HARRISVILLE, UTAH
120 EAST DAN STREET • OGDEN • UTAH • 84404
ay
s/d
ar
5c
,59
13
e
an
nL
L
e
vill
rris
Ha
24,055 cars/day
e
ars
05
6
12,
ay
s/d
car
North Street
965 cars/day
965 cars/day
90
9,1
Wall Avenue 19,660 cars/day
ay
s/d
car
Sonya’s Bridal
Washington Boulevard
18,140 cars/day
ad
Ro
Prestige
Wireless
Freedom
Wireless
Mountain Vista
Dental Care
20
9,5
y
/da
rs
ca
23,850 cars/day
Anaya’s
Market
®
L IBERTY
T AX
S ERVICE
Jade Buffet
10,030 cars/day
2nd Street
8,825 cars/day
PATRICK BODNAR
Kent’s
Sports Store
29,605 cars/day
pbodnar@mtnwest.com
direct 801.456.8806
View Profile
29,275 cars/day
CONTACT:
7,160 cars/day
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
Victor’s
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while
not guaranteed has been secured from sources we believe to be reliable.
Tires