Amberly Village Townhomes

Amberly Village Townhomes

2735 North Garland Avenue, Garland, Texas

148 Units 191,808 Net Rentable Square Feet

Price: $11,200,000 Price Per Unit: $75,676

Terms: Cash to Note Price per Sq. Ft.: $58.39

 

PROPERTY INFORMATION

 

UNIT MIX

 

Year of Completion:

 

Land Area:

 

 

Zoning:

 

School District:

 

Constuction:

- Style:

- Building Exterior

1986

 

11.102 acres

13.33 units per acre

 

City of Garland PD 83-55

 

Garland ISD

 

 

Garden

Brick with wood trim

 

 

No. of Units

 

Unit Type by Floor plan

 

Size (SF)

 

Month Rent

Month Rent per SF

 

 

 

 

 

37

2 BR - 2.5 BA

1,157

$960

$0.830

37

2 BR - 2.5 BA

1,252

$995

$0.795

37

2 BR - 2.0 BA Loft

1,300

$1,015

$0.781

37

2 BR - 2.5 BA

1,475

$1,030

$0.698

 

 

 

 

 

148

 

1,296

$1,000

$0.772

- Foundation:

Reinforced concrete slab

 

Averages/Totals

- Roof

Pitched,comp shingles

 

- Total No. of Units 148

 

 

 

- Monthly Street Rent: $148,000

Mechanical Systems:

 

 

- Average Rent: $1,000

- Electric Metering:

Individual resident pays

 

- Average Rent/Sq.Ft.: $0.772

- HVAC:

Individual, roof mounted

 

- Average Unit Size: 1.296

- Hot Water:

Individual, 40 gallon

 

Current Leased (10/15/02): 92.6%

- Water/Sewer Meter:

Individual resident pays

 

Current Concessions: 1 month free amortized over a 13 month lease (on select units only)

HVAC:

 

 

 

- Heat:

Electric

 

AMENITIES

- Air Conditioning:

Electric

 

 

 

 

Community Amenities:

No. of Buildings:

30, two-story buildings

 

- Leasing Office/Club House

 

1 leasing/clubhouse

 

- Swimming Pool/Fountain/Jacuzzi/BBQ

 

 

 

- Matured Landscaping/Fully Sprinklered

Parking Spaces:

364 Total Spaces

 

- Concrete Parking

- 148 Direct Access Garage

(1/Unit)

 

 

- 148 Covered Parking

(1/Unit)

 

Unit Features:

- 68 Open Parking

 

 

- Ceiling Fans

 

 

 

 

No. of Employees:

4

 

- Mini-blinds

 

 

 

 

No. of Employee Units:

None

 

- Vaulted Ceilings

 

 

 

 

No. of Model Units:

None

 

- Sky Lights

 

 

 

 

Down Units:

None

 

- Monitored Security System

 

 

 

 

MORTGAGE INFORMATION

 

- Cable & DSL

 

 

Note Date:

 

July 20, 2000

 

- Fireplaces

Maturity Date:

August 1, 2005

 

 

Original Amount:

$8,240,000

 

- Private patios

Balance as of 9/30/02:

$8,122,853

 

 

Interest Rate:

8.55%

 

- Full size washer/dryer connections

Amortization:

30 Years

 

 

Monthly P & !:

$63,650.69

 

- Frost Free refrigerators with ice maker

Capital Reserve Escrow:

$3,157/month

 

 

Taxes & Insurance:

Escrowed monthly

 

- Self Cleaning oven/range w/ vent hood

Liability:

Non-recourse

 

 

Assumption Fee:

1.0%

 

- Stained wood cabinetry

Prepayment Penalty:

Defeasance

 

 

Lockout Period:

Expired

 

- Garbage Disposal

 

 

 

 

 

 

 

- Multi-cycle Dishwasher

 

 

 

 

PROFORMA

 

 

 

 

 

Gross Potential Rent

Economic Vacancy

Effective Rent Inc.

Other Income

Gross Revenue

Operating Expenses:

Payroll

G & A

Management Fee

Marketing/Leasing

Utilities

Contract Services

Make-ready Expenses

Repairs/Maintenance

Actual Taxes

Insurance

Replacement Reserves

Operating Expenses

 

$1,776,000

$ 124,320 (7%)

$1,651,680

$ 90,000

$1,741,680

 

$ 143,396

$ 23,697

$ 60,959

$ 34,756

$ 44,809

$ 70,147

$ 35,771

$ 26,983

$ 127,800

$ 61,077

$ 37,884

$ 667,279

 

 

Net Operating Income

Debt Service

 

Net Cash Flow

 

Cap Rate

 

$1,074,401

$ 763,808

 

$ 310,593

 

9.6%

 

THIS INFORMATION IS DERIVED FROM SOURCES DEEMED RELIABLE; HOWEVER, IT IS SUBJECT TO ERRORS, OMMISSION, PRICE CHANGES, AND/ OR WITHDRAWAL, AND NO WARRANTY IS MADE AS TO THE ACCURACY. FURTHER, NO WARRANTIES OR REPRESENTATIONS SHALL BE MADE BY MARKSMAN REALTY SERVICES, INC. AND/OR ITS AGENTS REPRESENTATIVES, OR AFFILIATES REGARDING ORAL STATEMENTS WHICH HAVE BEEN MADE IN THE DISCUSSION OF THE ABOVE PROPERTY. THIS PRESENTATION WAS SENT TO THE RECIPIENT UNDER THE ASSUMPTION THAT HE IS A BUYING PRINCIPAL. ANY POTENTIAL PURCHASER IS ADVISED THAT HE SHOULD EITHER HAVE THE ABSTRACT COVERING THE REAL ESTATE WHICH IS SUBJECT TO THE CONTRACT EXAMINED BY AN ATTORNEY OF HIS SELECITON, OR FURNISHED A POLICY OF TITLE INSURANCE

 

 

 

 

 

 

 

 

 

 

 

For a complete package, please contact

David Marks or Russell Dickson at

Marksman Realty Services, Inc. (972) 355-1053

 

Prepared by Marksman Realty Services, Inc., 3305 Long Prairie, Suite 120, Flower Mound, TX 75022, (972) 355-1053