Generational Multi-Family Asset · 2019. 11. 11. · Ketring Park Apartments represents the opportunity to acquire a truly exceptional asset that is atypical from the majority of

Generational Multi-Family Asset

E x c l u s i v e l y L i s t e d b y K o l d i n g C o mme r c i a l B r o k e r a g e & I n v e s t m e n t s , I n c .

5907 S Gallup St. Littleton, CO 80120

www.koldingcommercial.com

Ketring Park Apartments Excellent Suburban Infill location

Multiple desirable property characteristics and unit amenities Great Neighborhood Amenities

Excellent construction and floor plans Short walk to Bus stops convenience retail

Below market rents

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Ketring Park Apartments

Private Balconies & Patios


5907 S. Gallup St. Littleton, CO 80120

East Side along Gallup St.


Unit amenities include: microwaves, dishwashers and full size laundry closets



Ketring Park Apartments 5907 S. Gallup St. Littleton, CO 80210


Each unit is equipped with a gas burning fireplace Laundry rooms are conveniently located adjacent kitchens in 2 BR units


Offering Summary

Price $7,200,000 Units 30 Unit Mix and Sizes 15 (2 Bedroom + 2 Bath) 975 Square feet 15 (1 Bedroom + 1 Bath) 750 Square feet Square Footage 25,560 Site Area .828 Acres Year Built 1996 Zoning R-5, City of Littleton Parking 42 Asphalt Paved Spaces

Property & Neighboring Amenities

Attractive 3 story walk up construction Private balconies and patios with storage lockers for each unit New roof and exterior paint completed in 2015 Full size laundry, microwaves, dishwashers, & gas fire places. Individual 40 gallon residential hot water tanks in each unit Units are Individually metered for gas and electric One block from Bemis Library and Gallup Park & Gardens 4 blocks from Sterne Park Short walk to bus stops along W. Littleton Blvd.



Demographic Overview

Miles Households Population Median Income 1 Mile 6,877 15,429 $44,475 3 Miles 37,894 89,832 $60,737 5 Miles 265,160 109,241 $68,184

Offering Summary

Ketring Park Apartments represents the opportunity to acquire a truly exceptional asset that is atypical from the majority of metro Denver’s multi-family properties. The Ketring Park Apartments are above average rental units nestled in a quiet residential neighborhood. This asset provides the comforts most typically found in the larger institutional grade assets that are commonly missing at the smaller apartment properties throughout the metro area, such as gas forced air heating and central air conditioning, gas fireplaces, dishwashers, microwaves, full size laundry equipment, nicely sized closet space, pri-vate balconies/patios and secure storage directly outside each unit. Still owned by the original developer/builder since construction in 1996, the property stands out in the Littleton and South Denver metro market area. The property is situated about 4 blocks South of Littleton Boulevard and across the street, West, of Ketring Park and the Littleton Museum. The immediate neighborhood consists of a number of other apartment rental communities as well as being surrounded by single family residential homes to the South and East. Retail and convenience services and ac-cess to public transportation are located along Littleton Boulevard to the North and the charms of downtown Littleton are just 1 mile to the West. This asset represents a great opportunity for a discerning Buyer that values both quality of construction and location and un-derstands the continued strength of the Littleton rental market for the coming years. These are above average units that will command above average rents for a new own-er.


While the information contained in this brochure has been collected from sources we believe reliable, Kolding Commercial Broker-age & Investments makes no warranty or representation concerning the content of this brochure. It is the responsibility of any prospective buyer to confirm the accuracy and completeness of the information contained herein. Financial returns are for examples only, individual returns will vary.






In place Income –Expense Analysis Total In place Rental Income $448,200 Vacancy/Credit Loss (3%) Additional Income $4,036 Effective Rental Income $438,790 Operating Expenses Property Taxes Insurance Utilities/Trash Maintenance/repairs/supplies Sewer Landscaping/Snow removal Legal/Professional Fees Management Total Expenses $4.02/SF&$3,429/Unit Projected Net Income $335,929

In-place Rent Roll Summary # of Units Type SF Rate/SF Monthly Rent 15 2 Bedroom / 2 Bath 975 $1.37 $1,340 15 1 Bedroom / 1 Bath 750 $1.53 $1,150* * One of the 1Bedroom / 1 Bath units is used for Airbnb rentals which require a minimum of 5 night stay. This unit averages $1,500/month in rental income.




2020 Forecasted Income –Expense Analysis Total Rental Income $465,000 Vacancy/Credit Loss (3%) Additional Income $4,036 Effective Rental Income $455,086 Operating Expenses Property Taxes Insurance Utilities/Trash Maintenance/repairs/supplies Sewer Landscaping/Snow Removal Legal/Professional Fees Management Total Expenses $4.29/SF&$3,657/Unit Projected Net Income $345,376

Rent Roll at 2020 Re-Rents # of Units Type SF Rate/SF Monthly Rent 15 2 Bedroom / 2 Bath 975 $1.48 $1,407 15 1 Bedroom / 1 Bath 750 $1.63 $1,222* * One of the 1Bedroom / 1 Bath units is used for Airbnb rentals which require a minimum of 5 night stay. This unit averages $1,500/month in rental income.

5907 S. Gallup St. Littleton, CO



Debt Summary Loan to Value 65% Loan Amount $4,680,000 Interest Rate 3.65% Loan Terms 10 Yr. Fixed, 30 Year Amortization

In Place

2019 Projected

2020 Projected

2021 Projected

2022 Projected

2023 Rental Income $448,200 $465,000 $483,650 $501,350 $515,270 Vacancy ($13,446) ($13,950) ($14,510) ($17,547) ($20,611) Additional Income $4,036 $4,036 $4,036 $4,036 $4,036 Effective Gross Income $438,790 $455,086 $473,176 $487,839 $498,695 Operating Expenses Property Taxes ($13,168) ($18,875) ($18,875) ($26,400) ($26,400) Insurance ($15,237) ($15,237) ($15,500) ($15,500) ($16,000) Management ($30,715) ($31,857) ($33,122) ($34,149) ($34,910) Landscaping/Snow Removal ($6,500) ($6,500) ($6,600) ($6,600) ($6,700) Maintenance/Repairs ($19,300) ($19,300) ($19,850) ($19,850) ($20,445) Utilities & Trash ($9,960) ($9,960 (10,260) ($10,260) ($10,570) Sewer ($6,981) ($6,981) ($7,050) ($7,050) ($7,150) Legal & Professional ($1,000) ($1,100) ($1,150) ($1,200) ($1,250) Total Expenses ($102,861) ($109,710) ($112,407) ($121,009) ($123,425) Expense Per Unit ($3,429) ($3,657) ($3,747) ($4,034) ($4,114)

Net Income $335,929 $345,376 $360,769 $366,830 $375,270 Cap Rate 4.67% 4.80% 5.01% 5.10% 5.21%

Projected Cash flows

Reserves for replacement ($7,500) ($7,500) ($7,500) ($7,500)

Debt Service * ($256,909) ($256,909) ($256,909) ($256,909)

Cash Flow $80,967 $96,360 $102,421 $110,861

Cash on Cash 3.21% 3.82% 4.06% 4.40%

5907 S. Gallup St. Littleton, CO 80120 Ketring Park Apartments


Ketring Park Apartments Location Map




Market Rent Comparable Properties

Property Size

Year Built

Unit Type Unit Size Market Rent Rent Per SF

Weston Ridge 5967 S. Gallup St

Et al. 194 Units

1963- 1972

1 Bed / 1 Bath 2 Bed / 1 Bath

650 SF

850-950 SF

$995

$1,175-$1,275

$1.53

$1.34-$1.50

SaraMax 1111 W. Ida Ave

22 Units

1960

2 Bed / 1 Bath

725 SF

$1,195

$1.65

Regency Apartments 5758 S. Gallup St.

23 Units

1961

2 Bed / 1 Bath

900 SF

$1,175

$1.31

The New Yorker 5655 S. Bannock St.

25 Units

1959

2 Bed / 1 Bath

765 SF

$1,250

$1.63

1 2

3

4

5 SilverCliff Apartments 5109 S. Delaware St.

312 Units

1989


727 SF 920 SF

$1,175-$1,415 $1,295-$1,855

$1.62-$1.95 $1.41-$2.05

6

Tiburon Apartments 700 W. Belleview Ave

83 Units

2000

1 Bed / 1 Bath

719 SF

$1,000

$1.39

8

Sycamore Hills 5955 S. Sycamore St.

50 Units

1984/ 1994


675 SF 900 SF

$900

$1,200

$1.33 $1.33

1 Bed Range/ Average

2 Bed Range/

Average

675-740 SF 702 SF

725-950 SF

859 SF

$900-$1,415 $1,100

$1,175-$1,855

$1,300

$1.31-$1.95 $1.56

$1.31-$2.05

$1.53

7

The Station 2100 W. Berry St.

97 Units

1985

1 Bed / 1 Bath

740 SF

$1,125

$1.52




Market Rent Comparable Properties

2

3

4

5 6

7 7 8

5907 S. Gallup St. Littleton, CO 80120 Ketring Park Apartments


Market Rent Comparable Properties Map

Documents

Generational Multi-Family Asset · 2019. 11. 11. · Ketring Park Apartments represents the opportunity to acquire a truly exceptional asset that is atypical from the majority of