Laapartment Bella homes Vista
La Bella Vista apartment homes
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587
3600 South Shaver, South Houston, TX 77587
APARMENTS FOR SALE Units: Avg Size: Date Built: Rentable Sq. Ft.: Acreage: Occupancy: Class:
153 855 1964/1969 130,755 5.11 79% C+
INVESTMENT HIGHLIGHTS
►
Available All Cash
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Located in the Pasadena Area of SE Houston
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Ideal for Long Term Hold
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Great Drive-by
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Close Proximity to the Houston Ship Channel, an Excellent Petrochemical Job Base
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The Property Needs Extensive Exterior Upgrades
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Area Plants are Booming
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Explosive Area Job Growth
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Blue Collar Profile
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The Ship Channel Reportedly Will Add 100,000 Jobs
Asking Price
MARKET
Physical Information Number of Units Avg Unit Size Net Rentable Area Land Area (Acres) Units per Acre Date Built Water Meter Elec Meter Roof Style Heating/Cooling
153 855 130,755 5.11 29.947 1964/1969 RUBS Indiv Flat Indiv-HVAC
Financial Information Asking Price Price Per Unit Price Per Sq. Ft. Stabilized NOI
Proposed Debt MARKET
$930,236
Current Mortgage Amortization (Months) Debt Service Monthly Interest Only Interest Rate Date Due Est Res for Repl/Unit/Yr Yield Maintenance
Est Mkt Rent (Jan-20) $119,470 $92,631 12 Mo Avg Physical Occ (May-20) 79% Est Ins per Unit per Yr $196 Property Tax Information 2019 Tax Rate/$100 2.87255 2020 Prelim Tax Assessment $8,168,626 Est 2019 Taxes $234,648 Est Future Tax Assessment $6,000,000 Est Future Taxes $172,353
MODIFIED ACTUALS
INCOME
Operating Information
PRO-FORMA
PRO-FORMA INCOME
Current Street Rent with a 10% Increase Estimated Gross Scheduled Income Estimated Loss to Lease (2% of Total Street Rent) Estimated Vacancy (2% of Total Street Rent) Estimated Concessions and Other Rental Losses (2% of Total Street Rent) Estimated Utilities Income Estimated Other Income Estimated Total Rental Income
1,577,007 1,577,007 (31,540) (31,540) (31,540) 0 25,000 1,507,386
ESTIMATED TOTAL PRO-FORMA INCOME
1,507,386
Fixed Expenses Taxes Insurance Total Fixed Expense Utilities Utilities Water/Sewer Waster Removal Internet & Phone Gas
Feb '19 thru Jan '20 Expenses
Estimated Expenses
Fixed Expenses $189,996 $1,242 per Unit $30,000 $196 per Unit
Estimated Fixed Expenses 1/20 Trailing Operating Statement
219,996
$172,353 $1,126 per Unit
2018 Tax Rate & Est Future Assessment
$30,000
Estimated
$196 per Unit
$1,438 per Unit
Utilities
Estimated Utilities
$139,129 $909 per Unit
$139,129 $909 per Unit
$ per Unit
$0
$ per Unit
$ per Unit
$0
$ per Unit
$ per Unit
$0
$ per Unit
$ per Unit
$0
$ per Unit
Total Utilities Other Expenses General & Admin & Marketing Repairs & Maintenance Labor Costs Contract Services Management Fees Total Other Expense
$125,616 / Mo
$1,111,574
Feb '19 thru Jan '20 Income
EXPENSE
$131,417 / Mo $131,417 / Mo 2% 2% 2% $ / Unit / Yr $163 / Unit / Yr
139,129
$909 per Unit
Other Expenses $6,000
$6,000
$39 per Unit
$27,184
$178 per Unit
$101,976 $667 per Unit
$101,976 $667 per Unit
$0
$39 per Unit
$62 per Unit 0.00%
$9,500 $ per Unit
$1,323 per Unit
139,129
$909 per Unit
$1,290 per Unit
Estimated Other Expenses
$27,184 $178 per Unit $9,500
202,353
$52,759
$62 per Unit 3.50%
$345 per Unit
144,660
$945 per Unit
197,419
Total Operating Expense Reserve for Replacement
503,785
$3,293 per Unit
538,900
Total Expense Net Operating Income (Actual Underwriting)
542,035 569,539
930,236
Asking Price
MARKET
MARKET
38,250
$250 per Unit $3,543 per Unit
38,250 577,150
$3,522 per Unit $250 per Unit $3,772 per Unit
NOTES: ACTUALS: Income and Expenses were calculated based on 1/20 Trailing Operating Statement. PRO FORMA: Income is Pro Forma as Noted. Taxes were calculated using 2018 Tax Rate & Est Future Assessment. Insurance is estimated. Management Fees calculated as 3.5% of Gross Income, Other expenses are Estimated for the Pro Forma. DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently
confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or change the price at anytime without notice during the marketing period.
6/10/2020
LaBellaVista
Property Overview
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587 PROPERTY INFORMATION
CURRENT MORTGAGE
1964/1969
Age:
Indiv
Debt Service
Pasadena ISD
$1.378400
Indiv-HVAC
Amortization
Harris County
$0.407130
Monthly Interest Only
Harris County Flood Control
$0.027290
Type
Port of Houston Authority
$0.010740
Elec Meter: A/C Type:
Mortgage Balance
Water:
RUBS
Wiring:
Copper Flat
Roof: Paving: Materials:
TAXING AUTHORITY Harris County Account No. 0341070110001; 0341070120001
Assumable
Harris County Hospital District
$0.165910
Asphalt
Monthly Escrow
Harris County Education Dept
$0.005000
Brick/Wood
Origination Date
San Jacinto Community College
$0.178169
Due Date
City of South Houston
$0.699907
2
# of Stories:
16
Buildings: Surface Parking: Covered Parking:
Interest Rate
Yes
Yield Maintenance
Yes
Transfer Fee
2019 Tax Rate/$100
$2.872546
Est Units/Acre:
29.95
2020 Prelim Tax Assessment
$8,168,626
Keymap:
576C
CAD Net Rentable Square Feet
126,780
COLLECTIONS Total
$1,111,574
12 Mo Avg
$92,631
9 Mo Avg
$89,849
6 Mo Avg
$88,568
3 Mo Avg
$77,303
$120,000
Feb 2019 Mar 2019
$88,476 $110,421
Apr 2019 May 2019 June 2019 July 2019 Aug 2019 Sept 2019 Oct 2019 Nov 2019 Dec 2019 Jan 2020
$104,038 $98,836 $88,752 $89,644 $106,142 $95,573 $97,782 $75,523 $75,006 $81,381
$100,000 $80,000 $60,000 $40,000 $20,000 $0
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
The La Bella Vista Apartments (formerly Villas Verde and Genoa Waterfalls), is a two story, garden-style, apartment community located in the City of South Houston, near Pasadena, in southeast Harris County, Texas. The asset was built in 1964/1969 and extensively rehabbed in the past two years. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. The owner reports that the exterior and interiors have been extensively rehabbed. The Houston apartment market is showing strong growth due to the great job growth in our area. Reserved covered parking is $35 and reserved uncovered parking is $25. The property bills the tenants for water. One bedrooms are $27, two bedrooms are $37 and three bedrooms are $47. The charge for trash is $5.
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any.
Unit Mix
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587 UNIT MIX Unit Type
Bed/Bath
No. Units
Sq Ft
Total SqFt
Market Rent
Total Rent
Rent/SF
Flat
1 Bed/1 Bath
29
665
19,285
$694
$20,135
$1.04
Flat
1 Bed/1 Bath
11
680
7,480
$695
$7,645
$1.02
Office
2 Bed/1 Bath
0
800
0
N/A
N/A
N/A
Flat
1 Bed/1 Bath
71
880
62,480
$775
$54,995
$0.88
Flat
2 Bed/1 Bath
30
900
27,000
$805
$24,150
$0.89
Flat
3 Bed/1 Bath
1
980
980
$955
$955
$0.97
Flat
3 Bed/1 Bath
11
1,230
13,530
$1,054
$11,590
$0.86 Source: Owner's Rent Roll 1/20
153 TOTALS AND AVERAGES Total Units
855 Average Sq. Ft.
130,755 Total Sq. Feet
$781 Average Rent/Unit
$119,470 Total Rent
$0.91 Average Rent/ SF
1 0
12
29 30
UNIT TYPE111 2 Bed/1 Bath
2 Bed/1 Bath
3 Bed/1 Bath
71
UNIT SIZE
11 1
1 Bed/1 Bath
1 Bed/1 Bath
2 Bed/1 Bath
1 Bed/1 Bath
#REF!
3 Bed/1 Bath
AMENITIES Self-Service Laundry Swimming Pool Window Coverings High Speed Internet A/C Heating Smoke Free Stove Refrigerator Patios/Balconies
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587
Location
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587
Rent Comparables
La Bella Vista â—? 3600 S. Shaver â—? South Houston, TX 77587 Rent Comparables (Apartment Data Services-2020) Year Built
Occ
#Units
Avg SF
Avg Rent
EWG
P/SF
1 Empire Village 1100 Burke, Pasadena
1978
97%
240
736
$714
+E
0.970
2 Copper Ridge 2216 E Harris, Pasadena
1969
96%
201
879
$744
+E
0.846
3 Cherrybrook Place 2320 Cherrybrook Lane, Pasadena
1969
93%
241
911
$855
+EWG
0.938
4 The Berkshire 8600 Theta, Houston
1975
93%
227
780
$871
+EWG
1.117
5 Parke on Burke 4747 Burke, Pasadena
1978
97%
160
692
$891
+EW
1.287
1974
95%
214
800
$825
Property Name
Totals/Averages Comps
$1.032
Resident Pays E(Electric), W(Water), G(Gas)
La Bella Vista 3600 S Shaver
1964/1969
Sub-Market Averages - Pasadena/Deer Park/La Porte Houston Market Averages
1
2
79%
153
855
$781
90%
23,254
850
$848
90%
646,286
4
3
1
2
3
5 4
882
+E
$0.91 $0.998
$1,025
$1.162
5
Sales Comparables
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587 Property Name
Date Sold
Price
Total Sq. Ft.
Price/Unit
Price/SF
Built
Units
1 Envue Square 123 Winkler Dr.
11/01/17
$9,000,000
120,830
$66,667
$74.48
1970
135
2 Evergreen 3499 Evergreen
11/01/17
$7,250,000
81,448
$68,396
$89.01
1961
106
3 Bellestone Villas 8271 Stone St.
10/10/18
$4,200,000
51,600
$70,000
$81.40
1970
60
Asking
$18,340,000
121,296
$70,000
$151.20
1972
262
$9,697,500
93,794
$68,766
$99.02
1968
141
MARKET
130,755
1964/1969
153
4 Casa Cruz 6727 Telephone Rd.
Totals/Averages Comps La Bella Vista 3600 S Shaver
1
3
2
1
2
3 4
4
Turning Basin Terminal
Gulf Equities Beichhold G.B. Bio Sciences Atofina Chemicals Port at Green Bayou Merisol
Greens Port Industrial Park
Texas Olefins Enichem Ashland Chemical Phone Poulenc Texas Eastern Advanced Aeromatics
Albemarle Ethyl BP Chemical MEMC
Houston Raceway Park KTN
Care Terminal Fornax
Bayer Corp.
Bayer Corp.
Woodhouse Terminal Booth Yard
Baytown Refinery 4,300 Employees
J. Jennings Investments Creech
Distribution Center
SNF FloMin
Cedar Crossing Industrial Park Brady Island Manchester Yard Texas Petro Chemical
Lyondell Citgo Pasadena Refinery
Global Octanes Clean Harbors Environmental Degussa Lubrizol Rohn & Haas
Distribution Center
Millennium Linde Air Products Gulbrandsen Sunoco Chemicals Azko Nobel BP Solvay Atofina Petrochemicals Metton
Barbours Cut Terminal Jindal Steel Clark Dietrich Bldg Systems Samson Controls Bailey Steel
Union Pacific Railroad
Bayport Terminal
When 180 mile State Highway 99, also known as the Grand Parkway , is complete, it will be the longest beltway in the U.S., and the third (outer) loop within Houston-The Woodlands-Sugarland metropolitan area, with Interstate 610 being the first (inner) loop, and Beltway 8(Sam Houston Tollway) being the second (middle) loop.
Houston Multifamily
MULTIFAMILY FORECAST Strong Houston Historic Multifamily Fundamentals Houston Multifamily Historic Rent & Occupancy
The multifamily market has seen strong rental rate growth in the last decade, even in time of market turmoil Source: Newmark, Knight, Frank "State of the Houston Economy", May 2020
Houston Submarket Performance and Supply During the 2015-16 Oil Crisis
Source: Newmark, Knight, Frank "State of the Houston Economy", May 2020
In the 2015-16 Oil Crisis, the submarkets that experienced the highest rent growth also had the least amount of supply
Houston Multifamily
MULTIFAMILY FORECAST Current Houston Market Supply Houston Submarket 2020 Delivery and Under Construction
Houston submarket deliveries for 2020 and current deals under construction total nearly 27,000 units with Alief, Northline, and Hwy 288 South/Pearland West leading the way in fewest total units Of the total supply, infill makes up 42% and urban makes up 56% In 2019, construction levels remained well below the average from 2014 - 2017 of over 16,500 units delivered per year In 2019, demand outpaced supply by nearly 4,000 units Houston's 2019 absorption figures showed 62% growth over 2019 absorption figures
Source: Newmark, Knight, Frank "State of the Houston Economy", May 2020
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587
Demographics
SUMMARY PROFILE 1 Mile Radius
2 Mile Radius
3 Mile Radius
2000-2010 Census, 2018 Estimates with 2023 Projections Calculated using Proportional Block Groups
POPULATION
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587 2019 Estimated Population 2024 Projected Population 2010 Census Population 2000 Census Population
19,798
73,058
144,605
21,110
76,129
150,165
18,062
71,407
140,923
16,109
62,188
121,641
1.3%
0.8%
0.8%
1.2%
0.9%
1.0%
28.7
31.4
31.3
2019 Estimated Households 2024 Projected Households 2010 Census Households 2000 Census Households
6,350
23,995
48,366
6,961
25,702
51,602
5,556
22,460
45,049
5,329
20,954
41,699
Projected Annual Growth 2019 to 2024 Historical Annual Growth 2000 to 2019
1.9%
1.4%
1.3%
1.0%
0.8%
0.8%
2019 Estimated White 2019 Estimated Black or African American 2019 Estimated Asian or Pacific Islander 2019 Estimated American Indian or Native Alaskan 2019 Estimated Other Races
64.8%
67.2%
64.5%
7.5%
5.6%
7.9%
1.5%
2.4%
3.1%
0.7%
0.8%
0.8%
25.5%
24.1%
23.8%
2019 Estimated Hispanic
78.2%
73.0%
70.1%
$53,146
$60,648
$61,460
$46,935
$52,375
$52,148
$17,050
$19,945
$20,584
21.5%
18.1%
17.3%
Projected Annual Growth 2019 to 2024 Historical Annual Growth 2000 to 2019
RACE AND ETHNICITY
HOUSEHOLDS
2019 Median Age
INCOME
Ethnicity - 1 Mile Radius
2019 Estimated Average Household Income 2019 Estimated Median Household Income 2019 Estimated Per Capita Income
White
Black
Other
Non-Hispanic
Hispanic
Hispanic
EDUCATION (AGE 25+)
Average Income Subject - 1 Mile Radius 2019 Estimated Elementary (Grade Level 0 to 8) 2019 Estimated Some High School (Grade Level 9 to 11) 2019 Estimated High School Graduate 2019 Estimated Some College 2019 Estimated Associates Degree Only 2019 Estimated Bachelors Degree Only 2019 Estimated Graduate Degree
17.0%
13.5%
13.6%
80,000
33.3%
32.6%
31.8%
70,000
14.2%
18.7%
19.4%
4.1%
5.0%
5.2%
60,000
6.8%
8.6%
8.8%
50,000
3.1%
3.5%
3.9%
$72,073
$53,146
40,000
BUSINESS
30,000
2019 Estimated Total Businesses 2019 Estimated Total Employees 2019 Estimated Employee Population per Business 2019 Estimated Residential Population per Business
634
2,184
5,843
4,128
16,900
53,119
20,000 10,000
6.5
7.7
9.1
31.2
33.5
24.7
0 Subject
Houston
La Bella Vista ● 3600 S. Shaver ● South Houston, TX 77587
Flood Plain Map
La Bella Vista PLEASE VERIFY
La Bella Vista apartment homes
D I S C L A I M E R & N O N-E N D O R S E M E N T N O T I C E Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent rolls, etc. However, we (KET Enterprises Incorporated or any of the owners or officers, directors, employees, agents or representatives of any such entities) have not verified its accuracy and make no guarantee or representation about it. It is submitted subject to the possibility of errors, omissions, change of rental or other conditions. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. We make no representations or warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such parties as to the future performance of the Property or any other matters set forth herein. You and your tax and legal advisors should verify the information and rely on his accountants or attorneys for legal and tax advice. Rates of return vary daily. No representations are made concerning environmental issues, if any. Non-Endorsement Notice: KET Enterprises Incorporated is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by KET Enterprises Incorporated or any of the owners or officers, directors, employees, agents or representatives of any such entities, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY