New RL Lofts Flyer 5.15.18 · 2018. 5. 15. · *Paid membership The information contained herein is fr om sources we deem accurate and reliable, however, it is submitted without representation

INVESTMENT SALE | MIXED-USE MULTIFAMILY APTS. & RETAIL

RL LOFTS

WILMINGTON, NEW HANOVER COUNTY, NC UPDATED MAY 15, 2018

capefearcommercial.com

Presented By: Cape Fear Commercial 1051 Military Cutoff Rd | Suite 200 Wilmington, NC 28405 (p) 910.344.1000 (f) 910.344.1020

The information contained herein is from sources we deem accurate and reliable, however, it is submitted without representation or warranty and Cape Fear Commercial assumes no liability for errors and omissions of any kind.

RL LOFTS Wilmington, NC

Presented By: Cape Fear Commercial 1051 Military Cutoff Rd | Suite 200 Wilmington, NC 28405 (p) 910.344.1000 (f) 910.344.1020


The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Cape Fear Commercial and should not be made available to any other person or entity without the writ-ten consent of Cape Fear Commercial. This Marketing Brochure has been prepared to provide summary, un-verified information to prospective purchasers, and to establish only a preliminary level of interest in the sub-ject property. The information contained herein is not a substitute for a thorough due diligence investigation. Cape Fear Commercial has not made any investiga-tion, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the

DISCLAIMER

PAUL S. LOUKAS, CCIM Senior Vice President

p. 910.344.1008

m. 910.540.5045 [email protected]

Location:

RL Lofts 109 Pier Master Point Wilmington, NC 28412

Parcel ID: R07000-006-081-000

Land: +/-13,983 Sq. Ft.

Building: +/-23,308 Sq. Ft., consisting of +/-8,872 Sq. Ft. of commercial 18 apartment units

Year Built: 2016

Apartment Unit Mix:

Studio - 2 Units 1 BR / 1 BA - 10 Units 2 BR / 2 BA - 4 Units 3 BR / 2 BA - 2 Unit

NOI: $339,099 (proforma) $292,531(T-12, prior to stabilization)

Cap Rate: 6.80% (proforma) 5.86% (T-12, prior to stabilization)

Seller: RL MXU I, LLC

Price: $4,990,000

RiverLights Amenities:

Pool / Clubhouse with gym* River boardwalk and pier Open space w/ hammocks, firepits, and grills *Paid membership


For more information, please contact:

Paul Loukas 910.344.1008 (direct) 910.540.5045 (mobile) [email protected] capefearcommercial.com


INVESTMENT SUMMARY

RL Lofts is a newly constructed, 3-story mixed-use building consisting of +/-8,872 Sq. Ft. of ground level commercial and 18 apartment units above (the “Property”), which is located adjacent to the Cape Fear River in the new RiverLights master planned community. RiverLights is 500+ acre master planned community being developed by Newland Communities. The development will ultimately consist of over 2k homes along with commercial.


FINANCIALS




PROFORMA % of Rev

Gross Potential Rent (Retail) $195,180

Vacancy $0

Net Rental Income (Retail) $195,180 42.42%

Gross Potential Rent (Apartments) $269,579

Vacancy 6.00% -$16,175

Concessions $0

Net Rental Income (Apartments) $253,405 54.52%

Net Rental Income (All) $448,585 Utility Reimbursement - Retail $14,250

Pet Income - Apartments $2,000

Total Revenues $464,835 100.00%

Electricity $3,300 0.71%

Water & Sewer $15,000 3.23%

Trash incl. in POA Repairs and Maintenance $10,200 2.19%

Landscaping incl. in POA RiverLights POA Dues $32,000 6.88%

Management Fee 6.00% $27,890 6.00%

Real Estate Taxes $14,345 3.09%

Insurance $23,000 4.95%

Total Operating Expenses $125,735 27.05%

Net Operating Income $339,099 72.95%


APARTMENT UNIT MIX




Unit Type Unit # Floor # of Units Unit Size (Sq. Ft.)

Current Unit Rent

Current Rent Per Sq. Ft.

Studio 205 2nd 1 465 $1,025 $2.20 Studio 305 3rd 1 465 $900 $1.94

Studio - Total 2 930 $1,925 Studio - Average 465 $962.50

1 BR / 1 BA 201 2nd 1 701 $989 $1.41 1 BR / 1 BA 202 2nd 1 818 $1,350 $1.65 1 BR / 1 BA 203 2nd 1 818 $1,110 $1.36 1 BR / 1 BA 204 2nd 1 929 $1,244 $1.34 1 BR / 1 BA 206 2nd 1 751 $949 $1.26 1 BR / 1 BA 301 3rd 1 701 $1,175 $1.68 1 BR / 1 BA 302 3rd 1 818 $1,104 $1.35 1 BR / 1 BA 303 3rd 1 818 $1,104 $1.35 1 BR / 1 BA 304 3rd 1 929 $1,269 $1.37 1 BR / 1 BA 306 3rd 1 751 $969 $1.29

1 BR / 1 BA - Total 10 8,034 $11,263 1 BR / 1 BA - Average 803 $1,126.30 $1.40

2 BR / 2 BA 207 2nd 1 989 $1,200 $1.21 2 BR / 2 BA 208 2nd 1 1,174 $1,550 $1.32 2 BR / 2 BA 307 3rd 1 989 $1,278 $1.29 2 BR / 2 BA 308 3rd 1 1,174 $1,350 $1.15

2BR / 2 BA - Total 4 4,326 $5,378 2BR / 2 BA - Average 1,082 $1,344.50 $1.24

3 BR / 2 BA 209 2nd 1 1,573 $2,024 $1.29 3 BR / 2 BA 309 3rd 1 1,573 $1,875 $1.19

3 BR / 2 BA - Total 2 3,146 $3,899 3 BR / 2 BA - Average 1,573 $1,949.48 $1.24

TOTAL 18 16,436 $20,540 $1.25


PROPERTY PHOTOS





FLOOR PLANS




Multifamily Plan - 2nd Floor

Multifamily Plan - 3rd Floor


FLOOR PLANS




RL Lofts has 1, 2, and 3-bedroom units as well as lofts with nine dif-ferent floorplans ranging from 465 to 1,573 Sq. Ft.

PLAN B - 1 Bedroom (818 Sq. Ft.)

PLAN A - 1 Bedroom (701 Sq. Ft.)

PLAN C - 1 Bedroom (818 Sq. Ft.)


FLOOR PLANS




PLAN D - 1 Bedroom (929 Sq. Ft.)

PLAN F - 1 Bedroom (751 Sq. Ft.) PLAN G - 2 Bedroom (989 Sq. Ft.)

PLAN E - Studio (465 Sq. Ft.)


FLOOR PLANS




PLAN J - 3 Bedroom (1,573 Sq. Ft.)

PLAN H - 2 Bedroom (1,174 Sq. Ft.)

BUILDING I

H-1


RIVERLIGHTS COMMUNITY




J-1

Ember Park

The Boardwalk at RiverLights

LakeHouse & Pool

BUILDING I

H-1


RIVERLIGHTS COMMUNITY




J-1

Live Oak Commons

Smoke on the Water

3 miles of waterfront path

BUILDING I

H-1


AERIAL VIEW




J-1

E-3





LOCATION MAP

Cape Fear Commercial is a boutique commercial real estate firm based in Wilmington, North Carolina. We specialize in providing targeted brokerage, property & facilities management, and development services.

For over 15 years, our team of elite professionals has helped owners, users, developers and investors successfully navigate the real estate market. We are consistently recognized as an industry leader for the unique perspective we bring to every project.

1051 MILITARY CUTOFF ROAD | STE. 200 | WILMINGTON, NC 28405 p. 910.344.1000 | f. 910.344.1020 www.capefearcommercial.com

Documents

New RL Lofts Flyer 5.15.18 · 2018. 5. 15. · *Paid membership The information contained herein is fr om sources we deem accurate and reliable, however, it is submitted without representation