11 main street johnson city, ny portfolio · 11 main street johnson city, ny portfolio 11 main...

11 MAIN STREET JOHNSON CITY, NY PORTFOLIO

11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790

SCOTT [email protected]

Warren Real Estate // 830 Hanshaw Road, Ithaca, NY 14850 // 607.257.0666 // warrenhomes.com

Confidential Offering Memorandum January 24, 2019



PROPERTY INFORMATION 3

LOCATION INFORMATION 8

FINANCIAL ANALYSIS 12

ADVISOR BIOS 16

All materials and information received or derived from Warren Real Estate its directors, officers, agents,advisors, affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance withapplicable governmental requirements, developability or suitability, financial performance of the property,projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Warren Real Estate its directors, officers, agents, advisors, or affiliates makes any representationor warranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. Warren Real Estate will not investigate orverify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all informationand to conduct their own inspections and investigations including through appropriate third partyindependent professionals selected by such party. All financial data should be verified by the partyincluding by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. Warren Real Estate makes no warranties and/or representations regarding theveracity, completeness, or relevance of any financial data or assumptions. Warren Real Estate does notserve as a financial advisor to any party regarding any proposed transaction. All data and assumptionsregarding financial performance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents that may be provided toa party do not necessarily mean that rents can be established at or increased to that level. Parties mustevaluate any applicable contractual and governmental limitations as well as market conditions,vacancyfactors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed bythe party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Warren Real Estate in compliance with all applicable fair housingand equal opportunity laws.

TABLE OF CONTENTS11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790


CONTENTS CONFIDENTIALITY & DISCLAIMER

1



PROPERTY INFORMATION




OFFERING SUMMARYSale Price: $899,000

Number Of Units: 27

Cap Rate: 14.65%

NOI: $131,689

Lot Size: 0.32 Acres

Year Built: 1960

Building Size: 20,477 SF

Renovated: 2015

Zoning: 411 Apartments

Market: Binghamton, NY Multifamily.

Price / SF: $43.90

PROPERTY OVERVIEWGreat package deal ! This is 4 Buildings totaling 27 Units. NOI of $134,929 and a15% CAP ! All buildings are in very good condition and are very well managed.

PROPERTY HIGHLIGHTS• Excellent condition.

• 27 Total units.

• All buildings are on or near Main Street and very close to the SUNY bus line.

• Excellent condition.

• Very Well Managed.

• Low vacancy rate.

EXECUTIVE SUMMARY11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




PROPERTY OVERVIEW

Great package deal ! This is 4 Buildings totaling 27 Units. NOI of$134,929 and a 15% CAP ! All buildings are in very good conditionand are very well managed.

LOCATION OVERVIEW

This is a 4 property portfolio. All properties are on or very closeto Main Street.

PROPERTY DESCRIPTION11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




SALE HIGHLIGHTS• Excellent condition.• 27 Total units.• All buildings are on or near Main Street and very close to the

SUNY bus line.• Excellent condition.• Very Well Managed.• Low vacancy rate.

COMPLETE HIGHLIGHTS11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




ADDITIONAL PHOTOS11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790


2



LOCATION INFORMATION




11 Main Street Johnson City,NY Portfolio

REGIONAL MAP11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




LOCATION MAPS11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




AERIAL MAPS11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790


3



FINANCIAL ANALYSIS




INVESTMENT OVERVIEW 11 MAIN STREET JOHNSON CITY PORTFOLIO (4 ASSETS)

Price $899,000

Price per Unit $33,296

GRM 18.9

CAP Rate 14.7%

Cash-on-Cash Return (yr 1) 14.65 %

Total Return (yr 1) $131,689

Debt Coverage Ratio -

OPERATING DATA 11 MAIN STREET JOHNSON CITY PORTFOLIO (4 ASSETS)

Gross Scheduled Income $211,140

Other Income $0

Total Scheduled Income $211,140

Vacancy Cost $10,557

Gross Income $200,583

Operating Expenses $65,653

Net Operating Income $131,689

Pre-Tax Cash Flow $131,689

FINANCING DATA 11 MAIN STREET JOHNSON CITY PORTFOLIO (4 ASSETS)

Down Payment $899,000

Loan Amount -

Debt Service -

Debt Service Monthly -

Principal Reduction (yr 1) -

FINANCIAL SUMMARY11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




INCOME SUMMARY 11 MAIN STREET JOHNSON CITY PORTFOLIO (4 ASSETS)

Gross Income $200,583

EXPENSE SUMMARY 11 MAIN STREET JOHNSON CITY PORTFOLIO (4 ASSETS)

Management $10,557Electric and Gas $4,032Water/Sewer $13,225Garbage $1,000Real Estate Taxes $19,934Insurance $7,098Snow Removal and Grounds $1,125Regular Maintenance and Repair $8,681Gross Expenses $65,653

Net Operating Income $131,689

INCOME & EXPENSES11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790




POPULATION 1 MILE 2 MILES 3 MILESTotal population 18,623 49,266 84,598Median age 36.4 38.6 37.0Median age (Male) 32.1 35.2 34.0Median age (Female) 41.7 41.8 39.9

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILESTotal households 8,477 22,261 35,564# of persons per HH 2.2 2.2 2.4Average HH income $42,255 $47,344 $47,126Average house value $100,162 $109,330 $104,579

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORT11 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790


4



ADVISOR BIOS




830 Hanshaw RoadIthaca, NY 14850T [email protected]

PROFESSIONAL BACKGROUND

Scott Began his career in Financial Services in 1986 with equitable LifeInsurance Company of NY, now AXA. He then worked for Columbian Mutual LifeInsurance Company for 13 years, working his way through the ranks andeventually became Second Vice President of Agency Development. During thattime Scott was charged with management responsibilities for 3 sales divisionsand approximately 16,000 agents. Scott then was one of the founding partnersof an Independent Marketing Organization, Niche Market Insurers. Niche MarketInsurers started from scratch and grew to have a nationwide footprint andapproximately 7,000 agents in 50 States. Scott began in the commercial realestate field with Pyramid Brokerage Company/Cushman and Wakefield and isnow with Warren Real Estate serving Binghamton, Ithaca, Elmira, Corning andWatkins Glen.

EDUCATION

Bachelor of Science, Industrial Engineering - State University of New York atBinghamton 1985.

MEMBERSHIPS & AFFILIATIONS

CCIMNYSCAR

SCOTT WARREN

ADVISOR BIO & CONTACT 111 MAIN STREET JOHNSON CITY, NY PORTFOLIO // 11 MAIN STREET JOHNSON CITY, NY PORTFOLIO, JOHNSON CITY, NY 13790


11 main street johnson city, ny portfolio · 11 main street johnson city, ny portfolio 11 main...

Documents