OFFERING MEMORANDUM · Operations Manager 720.738.1948 [email protected] 1720 S Bellaire St. Suite 701 Denver, CO 80222 ... charming feel while also giving an entry level rent amount

1671 Washington Street Denver, CO 80203

INVESTMENT CONTACTS:Kevin Calame Matt Lewallen Principal Principal 720.738.1939 720.738.1940 [email protected] [email protected]

Joe Hornstein Scott Fetter Principal Prinicipal 720.738.1944 720.738.1945 [email protected] [email protected]

OFFERING MEMORANDUM

1671 WASHINGTON

INVESTMENT CONTACTS:

Kevin Calame Principal 720.738.1939 [email protected]

Matt Lewallen Principal 720.738.1940 [email protected]

Dan Hawthorne Advisor 720.738.1941 [email protected]

Jack Sherman Advisor 720.738.1942 [email protected]

Hunter Schaefer Advisor 720.738.1943 [email protected]

Kaila Dee Operations Manager 720.738.1948 [email protected]

1720 S Bellaire St. Suite 701 Denver, CO 80222 720.738.1949 • aqyre.com

� AREA OVERVIEW

� EXECUTIVE SUMMARY

� PROPERTY OVERVIEW

� AERIAL

� FINANCIAL ANALYSIS

�MARKET OVERVIEW






Joe Hornstein Principal 720.738.1944 [email protected]

Scott Fetter Principal 720.738.1945 [email protected]

AREA OVERVIEW

AREA OVERVIEWDenver is one of the fastest-growing cities in the U.S., with a highly educated workforce, and it is becoming a magnet for talented professionals who are seeking dynamic careers outside of the typical financial centers. The quest for work-life balance has made Colorado a hot destination for professionals and companies in search of talent.

#3 IN THE UNITED STATES For Percentage of Adult Population With Full-Time Employment.

- Gallup

#1 IN NATION For Business And Careers. - Forbes

#1 IN NATIONFor Economic & Job Growth.

- AreaDevelopment

EXECUTIVE SUMMARY

OFFERING SUMMARY:

Address: 1671 Washington Street

Building Size: 6,731 SF

Units: 23

Price: $3,675,000

Price/Unit: $159,783

Price/SF: $546

Year Built: 1905

Parking: 0

EXECUTIVE SUMMARY

AQYRE Real Estate Advisors is pleased to announce they have been retained as the exclusive marketing advisor for 1671 Washington Street. Qualified investors have the opportunity to acquire this 23-unit multifamily property located in Downtown Denver. The property was built in 1905, and is composed of 22 studios & one 1-bedroom apartment. The property is located in the highly desired Uptown Denver area.

1671 Washington Street offers an investor a true turn-key investment. The location is walking distance to the Downtown Denver Central Business District offering tenants a convenient location. With smaller unit sizes and fully renovated, the property offers a charming feel while also giving an entry level rent amount. Due to these characteristics, this property will continue to perform well making this a solid multifamily investment.

PROPERTY FEATURES:• Amazing location in Downtown Denver

with walkability score of 95

• Highly renovated interior and exterior

• 21/23 units renovated

• Large, open laundry room and multiple outdoor patios

• Professionally managed - turnkey asset

• ProForma rents are already being achieved

OFFERING SUMMARY:

Address: 1671 Washington St

Building Size: 6,731 SF

Units: 23

Price: $3,675,000

Price/Unit: $159,783

Price/SF: $546

Year Built: 1905

Parking: 0

EXECUTIVE SUMMARY:

AQYRE Real Estate Advisors is pleased to announce they have been retained as the exclusive marketing advisor for 1671 Washington Street. Qualified investors have the opportunity to acquire this 23-unit multifamily property located in Downtown Denver. The property was built in 1905, and is composed of 22 studios & one 1-bedroom apartment. The property is located in the highly desired Uptown Denver area.

1671 Washington Street offers an investor a true turn-key investment. The location is walking distance to the Downtown Denver Central Business District offering tenants a convenient location. With smaller unit sizes and fully renovated, the property offers a charming feel while also giving an entry level rent amount. Due to these characteristics, this property will continue to perform well making this a solid multifamily investment.

PROPERTY FEATURES:

• Amazing location in Downtown Denver with walkability score of 95

• Highly renovated interior and exterior

• Large, open laundry room and multiple outdoor patios

• Professionally managed - turnkey asset

• ProForma rents are already being achieved

PROPERTY OVERVIEW

PROPERTY DESCRIPTION

Total Units 23

Year Built 1905

Zoning C-MS-5

Building GSF 6,731

Land SF 3,134

Building Type Brick/Block

Roof Flat

HVAC Boiler

INVESTMENT SUMMARY

Price $3,675,000

Price/Unit $159,783

Price/SF $546

FINANCING**

Loan Amount $2,866,500

Down Payment $808,500

Interest 3.37%

Amortization 30 Years

PROPERTY OVERVIEW

1671 Washington StreetDenver, CO 80203

*Loan quoted by CBRECraig [email protected]


Total Units 23

Year Built 1905

Zoning C-MS-5

Building GSF 6,731

Land SF 3,134


Roof Flat

HVAC Boiler

INVESTMENT SUMMARY

Price $3,675,000

Price/Unit $159,783

Price/SF $546

FINANCING**


Down Payment $808,500

Interest 3.37%


PROPERTY OVERVIEW



PROPERTY OVERVIEW




Total Units 23

Year Built 1905

Zoning C-MS-5

Building GSF 6731

Land SF 3134


Roof Flat

HVAC Boiler

INVESTMENT SUMMARY

Price $3,675,000

Price/Unit $159,783

Price/SF $546

PROPOSED FINANCING


Down Payment $1,102,500

Interest Rate 3.45%


1671 Washington Street

AERIAL

FINANCIAL ANALYSIS

UNIT TYPE NO. OF UNITS APPROX. SFCURRENT/MARKET RENT

MONTHLY INCOME

PROFORMA RENT

PROFORMA MONTHLY RENT

PROFORMA RENT/SF

Studio 22 180 $886 $19,488 $945 $20,790 $5.25

1Bd/1Ba 1 260 $1,200 $1,200 $1,200 $1,200 $4.62

TOTALS 23 Units 6,731 $20,688 $21,990

FINANCIAL ANALYSIS // UNIT MIXFINANCIAL ANALYSIS // UNIT MIX

UNIT TYPE NO. OF UNITS APPROX. SFCURRENT/MARKET RENT

MONTHLY INCOME

PROFORMA RENT

PROFORMA MONTHLY RENT

PROFORMA RENT/SF

Studio 22 180 $905 $19,910 $945 $20,790 $5.25

1Bd/1Ba 1 260 $1,145 $1,145 $1,195 $1,195 $4.60

TOTALS 23 Units 6,731 $21,055 $21,985

FINANCIAL ANALYSIS // CURRENT AND YEAR ONE PROJECTIONS

EXPENSES CURRENT PROFORMA

Property Tax $13,264 $13,264

Insurance $7,841 $7,841

Gas/Electric $10,805 $10,805

Water/Sewer $10,021 $10,021

Trash $488 $1,140

Lawn/Snow $1,575 $1,575

Telephone $3,686 $3,686

Management $12,182 $15,354

Repairs/Maint. $23,329 $14,950

Admin/Payroll $16,115 $5,118

Total Operating Expenses $99,306 $83,754

Expenses/Unit $4,318 $3,641

NET OPERATING INCOME $164,361 $190,715

INCOME CURRENT PROFORMA

Gross Scheduled Rent $252,684 $263,820

Less: Vacancy 3% ($7,581) ($7,915)

Gross Rental Income $245,103 $255,905

Late Fee Income $450 $450

Utility Income $13,800 $13,800

Laundry $2,208 $2,208

Pet Fee $1,240 $1,240

Misc./Other $865 $865

Total Other Income $18,563 $18,563

EFFECTIVE GROSS INCOME $263,667 $274,469

FINANCIAL ANALYSIS CURRENT PROFORMA

Net Operating Income $164,361 $190,715

Projected Debt Service ($88,752) ($137,760)

Before Tax Cash Flow $75,610* $52,955

CAP Rate 4.5% 5.2%

Cash-on-Cash Return 6.9%* 4.8%

*Current is based on interest only loan quoted by CBRE

INCOME CURRENT PROFORMA

Gross Scheduled Rent $257,460 $269,160

Less: Vacancy 3% ($7,724) ($8,075)

Gross Rental Income $2499,773366 $226611,008855

Late Fee Income $300 $-

Utility Income $13,920 $13,920

Laundry $2,034 $2,034

Pet Fee $1,440 $1,440

Misc./Other $887 $-

Total Other Income $18,581 $177,339944

EFFECTIVE GROSS INCOME $26688,331177 $2788,447799

FINANCIAL ANALYSIS // CURRENT AND YEAR ONE PROJECTIONS

EXPENSES CURRENT PROFORMA

Property Tax $13,264 $13,264

Insurance $7,841 $7,841

Gas/Electric $12,624 $12,624

Water/Sewer $10,025 $10,025

Trash $440 $1,140

Lawn/Snow $1,415 $1,415

Telephone $1,717 $1,717

Management $8,953 $15,665

Repairs/Maint. $17,203 $14,950

Admin/Payroll $16,544 $5,119

Total Operating Expenses $900,002255 $833,886622

Expenses/Unit $3,914 $3,646

NET OPERATING INCOME $17788,229922 $19944,661177

FINANCIAL ANALYSIS CURRENT PROFORMA

Net Operating Income $17788,229922 $19944,661177

Projected Debt Service ($96,602) ($151,977)

Before Tax Cash Flow $81,690* $42,640

CAP Rate 4.9% 5.3%

Cash-on-Cash Return 10.1%* 5.3%

*Current is based on interest only loan quoted by CBRE

MARKET OVERVIEW

1778 Gilpin Street Denver, CO 80218

Price $4,000,000

SF 10,326

Price/SF $387

Price/Unit $166,667

Year Built 1963

Unit Mix 18 - Studio 16 - 1Bd

Last Rennovations 15 Years

1010 E 13th Avenue Denver, CO 80218

Price $8,200,000

SF 22,892

Price/SF $387

Price/Unit $232,353

Year Built 1904

Unit Mix13 - Studio 25 - 1Bd 7 - 2Bd

Last Rennovations 10+ Years

1224-1232 E 13th Avenue Denver, CO 80218

Price $3,650,000

SF 11,043

Price/SF $358

Price/Unit $182,222

Year Built 1906

Unit Mix 18 - 1Bd

Last Rennovations 5+ Years

1258 Marion Street Denver, CO 80218

Price $2,650,000

SF 7,345

Price/SF $361

Price/Unit $220,833

Year Built 1960

Unit Mix 2 - Studio 10 - 1Bd

Last Rennovations Recent

1020 Lincoln Street Denver, CO 80203

Price $3,950,000

SF 10,204

Price/SF $387

Price/Unit $232,353

Year Built 1931

Unit Mix 17 - 1Bd

Last Rennovations Recent

1671 Washington Street Denver, CO 80203

Price $3,675,000

Number of Units 23

Year Built 1905

Zoning C-MS-5

Building Size 6,731 SF

Unit Mix22 - Studio

1 - Bd/1Ba

MARKET ANALYSIS // COMPARABLE SALES

290 S Humbolt Street Denver, CO 80203

Price $3,200,000

SF 7,295

Price/SF $439

Price/Unit $266,667

Year Built 1929

Unit Mix 12 - 1Bd

Last Rennovations N/A

SUBJECT PROPERTY

#2#1

#6#5#4#3

Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to AQYRE Real Estate Advisors at your earliest convenience.

DISCLOSURE AND CONFIDENTIALITY AGREEMENT

This confidential Offering Memorandum, has been prepared by AQYRE Real Estate Advisors, LLC (AQYRE Real Estate Advisors) for use by a limited number of qualified parties. This Offering Memorandum has been provided to you at your request based upon your assurances that you are a knowledgeable and sophisticated investor in commercial real estate projects and developments. AQYRE Real Estate Advisors recommends you, as a potential buyer/investor, should perform your own independent examination and inspection of the property described herein as 1671 Washington Street, Denver, CO 80203 (the “Property”) and of all of the information provided herein related to the Property. By accepting this Offering Memorandum, you acknowledge and agree that you shall rely solely upon your own examination and investigation of the Property and you shall not rely on any statements made in this Offering Memorandum or upon any other materials, statements or information provided by AQYRE Real Estate Advisors or its brokers.

AQYRE Real Estate Advisors makes no guarantee, warranty or representation about the completeness or accuracy of the information set forth in this Offering Memorandum. You are responsible to independently verify its accuracy and completeness. AQYRE Real Estate Advisors has prepared the information concerning the Property based upon assumptions relating to the general economy, its knowledge of other similar properties in the market, and on other market assumptions including factors beyond the control of the AQYRE Real Estate Advisors and the Owner of the Property. AQYRE Real Estate Advisors make no representation or warranty as to either the accuracy or completeness of the information contained herein, and the information set forth in this Offering Memorandum in not intended to be a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be accurate, AQYRE Real Estate Advisors and the Property Owner disclaim any responsibility or liability for any inaccuracies. Further, AQYRE Real Estate Advisors and the Property Owner disclaim any and all liability for any express or implied representations and warranties contained in, or for any omissions from, the Offering Memorandum and for any other written or oral communication transmitted or made available to you. AQYRE Real Estate Advisors shall make available to you, as a qualified prospective investor, additional information concerning the Property and an opportunity to inspect the Property upon written request.

This Offering Memorandum and the contents are intended to remain confidential except for such information which is in the public domain or is otherwise available to the public. By accepting this Offering Memorandum, you agree that you will hold and treat Offering Memorandum in the strictest confidence, that you will not photocopy or duplicate it, or distribute it. You agree you will not disclose this Offering Memorandum or its contents to any other person or entity, except to outside advisors retained by you and from whom you have obtained an agreement of confidentiality, without the prior written authorization of AQYRE Real Estate Advisors. You agree that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property. If you determine you have no interest in the property, kindly return the Offering Memorandum to AQYRE Real Estate Advisors at your earliest convenience.






Joe Hornstein Principal 720.738.1944 [email protected]

Scott Fetter Principal 720.738.1945 [email protected]

Documents

OFFERING MEMORANDUM · Operations Manager 720.738.1948 [email protected] 1720 S Bellaire St. Suite 701 Denver, CO 80222 ... charming feel while also giving an entry level rent amount