1411 s corona st, colorado springs omnexus-cr.com/.../06/...colorado-springs-om-6.19.18.pdf ·...

OFFERING MEMORANDUM1411 S CORONA STCOLORADO SPRINGS, CO 80905

For More Information Contact

ADAM RIDDLECo-Founder/Principal

303.257.7627 | [email protected] |

ROBERT GRAYInvestment Advisor


Property Overview

Property Photos

Maps

Financials

Sold Comparables

Location Overview

Demographics

The Nexus People

TABLE OFCONTENTS

CSEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]


| | 303.257.7627 | [email protected]

ROBERT GRAYInvestment Advisor | 713.857.3054 | [email protected]

PROPERTYOVERVIEW

PROPERTY OVERVIEWProperty Name: The Elms Apartments

Address: 1411 S Corona St

Colorado Springs, CO

Units: 11

Building SF: 8,265 SF

Parking: 11 Spaces

Land: 0.17 Sq-Ft

Zoning: C5

Year Built: 1964

Year Renovated: 2016

SYSTEMSGas/Elec Meters: Master/Separate Meters Water: MasterTrash: CO TrashRoof: FlatHeating: BoilerCooling: Walls Units

Purchase Price

Per Unit

Price Per SF

$1,050,000

$95,455

$127

INVESTMENT SUMMARY

9% Cash-on-cash Year 1

Value Add Opportunity

9 of the units are large 2 bedroom units

INVESTMENT HIGHLIGHTS

SEAN HOLAMON Investment Advisor | 806.789.9799 | [email protected]

Located near IvyWild Redevelopment area

New nearby restaurants and retail including Starbucks, Sprouts, Chick-Fil-A

Conveniently located near I-25



| 303.257.7627 | [email protected]

PROPERTYPHOTOS


Located near IvyWild Redevelopment area

New nearby restaurants and retail including Starbucks, Sprouts, Chick-Fil-A

Conveniently located near I-25




PROPERTYPHOTOS





PROPERTYPHOTOS

JASON KOCHCo-Founder/Principal | 303.918.8909 | [email protected]




COLORADO SPRINGS SUBMARKET





PROPERTYAERIAL


S CO

RON

A AV

E




Purchase Price:

Units:

Price Per Unit:

Total SF:

Price Per SF:

T12 Cap Rate:

Year 1 Cap Rate:

Year 1 Cash Flows:

5 Year IRR:

$1,050,000

11

$95,455

8,265

$127

6.51%

7.37%

$45,902

33.15%

INVESTMENT SUMMARY

Loan to Value:

Loan Amount:

Loan Term:

Interest Rate:

Interest Only Period:

Amortization:

75.00%

$787,500

30

4.25%

None

30 Years

DEBT SUMMARY

INVESTMENTSUMMARY





RENT ROLLANALYSIS

Unit Type

1 bed, 1 bath

2 bed, 1 bath

Total / Average

Unit Amount

3

8

11

Unit SF

600

800

745

Current Ave. Rent

$687

$794

$765

Current Rent / SF

$1.14

$0.99

$1.03

Market Rent

$725

$861

$824

Market Rent / SF

$1.21

$1.08

$1.11

UNIT SUMMARY:

$650$600

$500

$400

$300

$200

$100

$0Earlier Jan-19Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Later

LOSS TO LEASE BURN-OFF

1 Bed 2 Bed

Net Loss to Lease Gain to Lease

LEASE EXPIRATION SCHEDULE

4

3

2

1

0Earlier Jan-19Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Later

# of

Uni

ts





FINANCIALS

REVENUE

Gross Potential Revenue

Vacancy

Rental Revenue

Expense Reimbursements

Other Residential Income

Effective Gross Revneue

EXPENSES

Repairs and Maintenance

Utilities

Insurance

Real Estate Taxes

Property Management

Admin and Other

Total Expenses

Expenses Per Unit

Net Operating Income

Cap Rate

Debt Service - Yr 1

Total Cash Flow

Cash on Cash Return

T12 Annualized

$99,540

($4,977)

$94,563

$9,500

$2,220

$106,283

($8,800)

($9,900)

($6,180)

($1,980)

($9,034)

($2,000)

($37,894)

($3,445)

$68,389

6.51%

($31,450)

$36,939

14.07%

Year 1

$108,780

($5,439)

$103,341

$9,405

$2,500

$115,246

($8,800)

($9,900)

($6,180)

($1,980)

($9,034)

($2,000)

($37,894)

($3,445)

$77,352

7.37%

($31,450)

$45,902

17.49%

Year 2

$112,043

($5,602)

$106,441

$9,687

$2,575

$118,703

($9,064)

($10,197)

($6,365)

($2,039)

($9,305)

($2,060)

($39,031)

($3,548)

$79,673

7.59%

($43,684)

$35,989

13.71%

Year 3

$115,405

($5,770)

$109,634

$9,978

$2,652

$122,264

($9,336)

($10,503)

($6,556)

($2,101)

($9,584)

($2,122)

($40,202)

($3,655)

$82,063

7.82%

($43,684)

$38,379

14.62%INC

OM

E

ST

AT

EM

EN

T





SOLDCOMPARABLES

Address

1411 S Corona St

425 Prairie Rd

2609 E Dale St

319-321 E Brookside St

# Comp

SUBJECTPROPERTY

1

2

3

Averages

Units

11

6

16

34

Building SF

8,265

4,262

12,800

16,392

Sale Price

$1,050,000

$559,900

$1,550,000

$2,400,000

$1,389,975

Price Per Unit

$95,455

$93,317

$96,875

$70,588

$89,059

Price Per Foot

$127

$131

$121

$146

$131

Cap Rate

7.37%

7.11%

7.20%

7.16%

7.23%

1

2

3





COLORADO SPRINGS NOTABLE RANKINGS

#2 BEST PLACE TO LIVE(U.S. NEWS & WORLD REPORT, 2018)

#1 Mountain City

(MONEY MAGAZINE, 2016)

3rd Best Cityfor Livability

(U.S. NEWS & WORLD REPORT, 2016)

Top 5 Rent growthmarket in the U.S.

(AXIOMETRICS)

National Hub for Cybersecurity-ROOT9B - #1 security Company

in the world (U.S. NEWS & WORLD REPORT, 2016)

10% Increasein Median Home

Prices Y-O-Y (NATIONAL ASSOCIATION OF REALTORS, 2018)




COLORADO SPRINGS

The 186-square mile city of Colorado Springs is located near the base of one of the most famous American mountains, Pikes Peak, and 61 miles south of Denver. With an estimated population of 456,568, Colorado Springs is the most populous city in El Paso County and it is estimated that the population will increase 58.6% by 2050.

Colorado Springs consistently receives high rankings such as •#1 Best Big City in "Best Places to Live" by Money magazine •#1 Outside Magazine's list of America's Best Cities •#2 on U.S. News list of most desirable cities.Along with many trails and parks, major attractions include:

•Pikes Peak•Garden of the Gods Park•The Broadmoor Seven Falls•Cave Of The Winds Mountain•Cheyenne Mountain Heritage Center•Cheyenne Mountain Zoo•Colorado Springs Fine Arts Center•Colorado Springs Pioneers•Peterson Air and Space Museum•United States Air Force Academy.

Colorado Springs is also home to the Colorado Springs Olympic Training Center and the headquarters of the United States Olympic Committee. In addition, a number of United States national federations for individual Olympic sports have their headquarters in Colorado Springs. *Some information sourced from https://www.visitcos.com/about-cvb/about-colorado-springs/.





BROADMOOR HOTEL

The Broadmoor in Colorado Springs is known for being a member of the Historic Hotels of America of the National Trust for Historic Preservation, as well as the longest-running consecutive winner of both the AAA Five-Diamond and Forbes Five-Star awards. The property originally started as a dairy farm, was turned into a casino in 1891, and became a hotel in 1918. Blending European elegance and Western hospitality, The Broadmoor has been the destination of a long list of presidents, statesmen, foreign dignitaries, sports stars, and celebrities. The Broadmoor is not only the premier attraction for the Springs, but draws consistent visitors nationwide.

The Broadmoor continues to offer impeccable service, distinctive amenities, and endless opportunities to explore the picturesque mountains, streams, and canyons that have inspired generations. The hotel offers over 185,000 square feet of meeting space and 779 rooms including suites, cottages, and cabins. Fine dining includes 18 award-winning restaurants and lounges, including the Five Diamond Penrose Room. The Forbes Five-Star Spa at The Broadmoor offers luxurious spa services. The Broadmoor features three of Colorado’s championship golf courses and is also ranked among the Top 10 tennis resorts in the United States. Additionally, there are 26 specialty shops located across from the resort. Nearby activities include fly fishing, horseback riding, waterfall treks, and ziplining adventures. .




MANITOU SPRINGS

Manitou Springs is a small town located at the base of Pike’s Peak, just 15 minutes west of Colorado Springs with about six miles from one downtown to the other. “Manitou” is a Native American word meaning “great spirit.” The Ute, Cheyenne and other Native Americans considered this area sacred for its healing springs and clean mountain air. Manitou Springs features eight naturally carbonated mineral spring fountains, which are free to use. Health and wellness continues to be a draw for residents and visitors who come to the area for its unparalleled quality of life and holistic, spiritually uplifting charm. Additionally, with Colorado Springs banning recreational marijuana stores, Manitou Springs has emerged as the closest option for those in Colorado Springs to purchase marijuana.

Manitou Springs is a vibrant artisan community with art, music, theater, and sidewalk sculpture displays. The Historic District is lined with unique art galleries, one of a kind gift shops, and trading posts with handcrafted Native American treasures. It is also home to dozens of artists and art galleries.

Manitou Springs is known for its proximately to Pikes Peak. The Manitou and Pikes Peak Cog Railway take travelers to the top of Pikes Peak with an elevation of 14,115 feet. For those that prefer to walk, there are a variety of hiking trails leading to spectacular views at the top, with the 13-mile Barr Trail serving as one of the most popular routes. The area also features the famous Garden of the Gods Park and The Incline, a popular hiking train that gains over 2,000 feet of elevation in less than 1 mile. The Cave of the Winds, Miramont Castle, and Cliff Dwellings Museum are also popular destinations. Additionally, the North Pole and Santa’s Workshop, Cheyenne Mountain Zoo, Seven Falls, Dinosaur Resource Center, Colorado Wolf and Wildlife Center, and the Air Force Academy are all a short drive away. *some information sourced from https://manitousprings.org/





U.S. OLYMPIC MUSEUM

The U.S. Olympic Museum will be located where many Olympic and Paralympic dreams begin – at 6,035 feet above sea level, in the shadow of Pikes Peak – just a few blocks away from the United States Olympic Committee headquarters in Colorado Springs. This will be the first full-fledged Olympic museum in the United States and will be developed on 1.7 acres of land in Colorado Springs’ Southwest Downtown Urban Renewal District, creating a stunning gateway to Downtown Colorado Springs and America the Beautiful Park. It is set to open in 2018 and has an estimated cost of roughly $75 million.

The Olympic Training Center draws about 130,000 visitors a year. Museum officials are expecting their 60,000-square-foot showcase to eventually draw up to 350,000 a year, with more than half the visitors coming from outside the state.

The 60,000-square-foot building will embody the forward-looking values of Team USA, with 20,000 square feet of highly interactive exhibit space, a state-of-the-art theater, gift shop, café, and broadcast studio.





2017 Summary

Population

Households

Families

Average Household Size

Owner Occupied Housing Units

Renter Occupied Housing Units

Median Age

Median Household Income

Average Household Income

2022 Summary

Population

Households

Families

Average Household Size

Owner Occupied Housing Units

Renter Occupied Housing Units

Median Age

Median Household Income

Average Household Income

1 Mile

14,342

6,609

2,895

1.91

3,269

3,340

37.5

$49,089

$71,103

1 Mile

14,684

6,801

2,934

1.90

3,321

3,480

37.9

$55,385

$81,541

3 Miles

96,775

44,720

22,000

2.09

21,342

23,378

40.3

$42,593

$58,878

3 Miles

100,709

46,672

22,678

2.08

22,063

24,609

40.9

$46,763

$67,116

5 Miles

410,580

163,751

89,359

2.46

74,792

88,959

34.1

$51,406

$77,543

5 Miles

259,064

114,078

61,994

2.22

54,613

59,465

38.2

$52,193

$74,639

5 MILES

3 MILES

1 MILE


DEMOGRAPHICS




THE NEXUSPEOPLE


Not your average brokers.As a team, we might not appear as your typical brokerage - and that’s by design. Even though we’ve been in the industry for more

than two decades, we are as enthusiastic, energetic and collaborative as when we first started. At Nexus, there is no internal competition because our purpose is aligned. This reduces internal competition and makes us more productive on a per

broker/agent basis. We love coming to work everyday because we love helping our clients achieve their goals. You might find us in jeans instead of slacks, outside meeting people instead of in our office. We do things differently because we are different.



JASON KOCH Co-FounderPrincipal 303.918.8909 [email protected]

ADAM [email protected]

KIM ROYSales & Operations [email protected]

AUSTIN SMITH Investment Advisor303.868.9096 [email protected]

ROBERT GRAYTInvestment Advisor713.857.3054 [email protected] Springs Office

WALLIS HUTCHENS Office Manager 828.850.9033 [email protected]

SEAN HOLAMON InvestmentAdvisor806.789.9799 [email protected]

KEVIN [email protected]

SHANNON LACKEYExecutive Assistant/Transaction Coordinator 707.332.5907 [email protected]

1411 S CORONA STCOLORADO SPRINGS, CO 80905




For More Information Contact

ROBERT GRAY Investment Advisor

1411 s corona st, colorado springs omnexus-cr.com/.../06/...colorado-springs-om-6.19.18.pdf ·...

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