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Queen's Gate Apartment Portfolio
2430 Pruitt StreetCharlotte, NC 28208
CONFIDENTIAL PROPERTY EVALUATION
MINUTES FROM PROPOSED LIGHT RAIL EXPANSION STATION
Robert GrierBroker(704) 900-7600Lic: NC 309487 SC [email protected]
Queen's Gate Apartment PortfolioCONTENTS
Exclusively Marketed by:
Robert GrierBroker(704) 900-7600Lic: NC 309487 SC [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions,change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of theproperty. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
01 Executive Summary Investment Summary 5
Unit Mix Summary 7
Location Summary 8
02 Property Description Property Features 10
Aerial Map 11
03 Sale Comps Sale Comparables 13
Sale Comparables Summary 19
Sale Comparables Charts 21
Sale Comparables Map 22
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from
Providence Commercial and it should not be made available to any other person or entity without the written consent of Providence Commercial.
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient
further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return
this offering memorandum to Providence Commercial. This offering memorandum has been prepared to provide summary, unverified financial and physical information to
prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. Providence Commercial has not made any investigation, 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, PCBs or asbestos, the compliance with local, state and federal regulations,
the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy
of the subject property.
The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Providence Commercial has not verified, and will not
verify, any of the information contained herein, nor has Providence Commercial conducted any investigation regarding these matters and makes no warranty or
representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
Queen's Gate Apartment Portfolio Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONTACT PROVIDENCE COMMERCIAL FOR MORE DETAILS.
Copyright © 2020 CREOP, LLC. All Rights Reserved.
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Executive Summary
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Unit Mix Summary
Location Summary
Queen's Gate Apartment Portfolio Investment Summary | 05
OFFERING SUMMARY
ADDRESS 2430 Pruitt StreetCharlotte NC 28208
COUNTY Mecklenburg
MARKET Charlotte
SUBMARKET Westerly Hills
BUILDING SF 27,870 SF
LAND SF 80,630
NUMBER OF UNITS 28
YEAR BUILT 1969
YEAR RENOVATED 2020
APN 061-022-03, 061-025-09,061-022-20
OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARY
OFFERING PRICE $2,735,000
PRICE PSF $98.13
PRICE PER UNIT $97,679
OCCUPANCY 100.00 %
NOI (CURRENT) $170,966
NOI (Pro Forma) $204,635
CAP RATE (CURRENT) 6.25 %
CAP RATE (Pro Forma) 7.48 %
GRM (CURRENT) 9.12
GRM (Pro Forma) 7.51
PROPOSED FINANCING
Hypo-5-year-20% down
LOAN TYPE Amortized
DOWN PAYMENT $547,000
LOAN AMOUNT $2,188,000
INTEREST RATE 4.00 %
LOAN TERMS 5
ANNUAL DEBT SERVICE $125,351
LOAN TO VALUE 80 %
AMORTIZATION PERIOD 30 Years
On projected Light Rail “Silver Line” expansion withminutes walk to projected Ashley or Morris Fieldproposed stationsSituated in an Opportunity Zone & Qualified CensusTractOffice conversion to Studio apartment generatingan additional $650 per month rental unitLocation, Location, Location less than a 10 minutedrive to all major Interstate thoroughfaresValue Add Opportunity to increase rent premiumsto align with market rentals24 units over 1,000 sf, where in a Covid-19 era morespace is extremely desirableOver a quarter million in Capital Improvements inthe past 4 years6.25% CAP on in place income and trailing expensesfrom July 1, 2019-June 30, 2020 with a 0% VacancyOpportunity to increase rent premiums $250-300per month in 6 of the Townhome unitsOpportunity to submeter the Water & Sewer saving5% of annual expenses by billing back to tenants
Interior upgrades to increase rents
100% Occupancy
Queen's Gate Apartment Portfolio Investment Summary |06
Visit: http://OZ-Apts.com to learn more about Queen's Gate. For videos visit: http://Videos.OZ-Apts.com
28 Unit Multi-Family Opportunity Zone portfolio on projected Light Rail “Silver Line” expansion with minutes walk to projected Ashley or Morris Field proposed stations.
Potentially 29 Unit, conversion of the office which is already zoned for an additional Multi-Family unit.
HIGHLIGHTS:
•Opportunity Zone (OZ) & Qualified Census Tract (QCT)
•Walking Distance from proposed Silver Line Light Rail
•5-minute walk to Walmart Super Center and CVS
•Office Conversion already zoned for 1 additional Multi-Family unit
PROPERTY DESCRIPTION
SITE
28-unit multi-family garden property located at 2432 Pruitt Street,2401-2425 Deherradora Avenue, & 3541 Blessing Street inCharlotte, North Carolina. The property consists of two
2-story apartment buildings, two single-family residential homes,a triplex, and a duplex. Twenty-one of the units are located in thetwo apartment buildings built in 1969. The improvements wereconstructed in 1948, 1956, & 1969 and are situated on a 1.851-acresite.
PARKING
Asphalt Paved Surface Parking
UTILITIES
City Water & Sewer, Duke Energy Electric
CONSTRUCTION
Garden Style Townhome style brick and wood on all but one ofthe single-family home sites which is a wood style siding.
Queen's Gate Apartment Portfolio Unit Mix Summary | 07
Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent
PSFMarket Income
2 bd + 1.5 ba 21 1,000 $700 - $975 $0.84 $17,588 $1,000 - $1,150 $1.08 $22,575
2 bd + 1 ba 3 843 $750 - $980 $1.03 $2,595 $985 - $1,055 $1.21 $3,060
3 bd + 1 ba 3 1,037 $950 - $1,100 $0.99 $3,075 $1,125 - $1,350 $1.19 $3,713
2 bd + 1 ba 1 730 $950 - $995 $1.33 $973 $1,000 - $1,200 $1.51 $1,100
Totals/Averages 28 978 $925 $0.89 $24,230 $1,108 $1.25 $30,448
Queen's Gate Apartment Portfolio Location Summary | 08
Location Overview• Conveniently located off of the proposed Light Rail “Silver
Line” expansion along Wilkinson Blvd., behind the recentlypurchased Park-N-Shop property that is being redeveloped.
• 3 Miles, 6-minute drive to the passenger terminals atCharlotte Douglas International Airport(CLT), great for"Gig" economy drivers of Uber & Lyft
• 3 Miles, 8-minute drive to Bank of America Stadium inuptown Charlotte
• 5 Miles, 8-minute drive to the 1.2 million-square-footAmazon Distribution Center on the corner of WilkinsonBlvd. & Tuckaseegee Rd.
Interstate Crossroads• I-85 is a 5-minute drive
• I-77 is a 5-minute drive
• I-277 the ring road around the City Center of Charlotte is a5-minute drive
• I-485 the 67+ mile ring road encircling Charlotte is an 8-minute drive from Queen's Gate
Opportunity Zone - OZ• Queen's Gate lies in Westerly Hills one of only two
Opportunity Zones(OZs) in the city limits of Charlotte, NC
• New projects in and around the Westerly Hillsneighborhood/submarket are already experiencing therising tide with development dollars invested
• Single Family Homes adjacent to Queen's Gate are startingto see rapid appreciation. (2401 Pruitt St. & 3500 BlessingSt. with sales in 2020).
Qualified Census Tract (QCT)• Queen's Gate is located in a HUD Qualified Census
Tract(QCT).
Regional Map
Locator Map
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Property Description
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Additional Maps
Queen's Gate Apartment Portfolio Property Features | 10
PROPERTY FEATURES
NUMBER OF UNITS 28
BUILDING SF 27,870
LAND SF 80,630
LAND ACRES 1.851
YEAR BUILT 1969
YEAR RENOVATED 2020
# OF PARCELS 3
ZONING TYPE R-22MF & R-8
BUILDING CLASS C
NUMBER OF STORIES 1 & 2
NUMBER OF BUILDINGS 6
NUMBER OF PARKING SPACES 53
PARKING RATIO 1.90
FEES & DEPOSITS
APPLICATION FEE $40.00
SECURITY DEPOSIT 1 x Monthly Rent
PET FEE $200.00
MECHANICAL
HVAC Pad Mounted HVAC Units
UTILITIES
WATER Management Paid
TRASH Management Paid
ELECTRIC Individual Units
CONSTRUCTION
FOUNDATION Reinforced Concrete
FRAMING Wood
EXTERIOR Brick Veneer & Wood
PARKING SURFACE Asphalt & Gravel
ROOF Asphalt Shingle
STYLE Townhome, Duplex, Triplex, SFH
Queen's Gate Apartment Portfolio Aerial Map | 11
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Sale Comparables Summary
Sale Comparables Charts
Sale Comparables Map
Queen's Gate Apartment Portfolio Sale Comparables | 13
1
Greenwood VillageTownhomes
101 Ramblelake RoadCharlotte, NC 28273
TOTAL UNITS 24
YEAR BUILT 1970
SALE PRICE $3,300,000
PRICE/UNIT $137,500
PRICE/SF $122.04
CAP RATE 6.50 %
BUILDING SF 27,040
CLOSING DATE 12/12/2019
DAYS ON MARKET 170
DISTANCE 8.9 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
2
Edge Townhomes4265 Honduras DriveCharlotte, NC 28206
TOTAL UNITS 44
YEAR BUILT 1973
SALE PRICE $4,400,000
PRICE/UNIT $100,000
PRICE/SF $55.00
BUILDING SF 80,000
CLOSING DATE 10/30/2019
DISTANCE 9.2 miles
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
Queen's Gate Apartment Portfolio Sale Comparables | 14
3
Colonial Place Apartments1307 Springmont LaneCharlotte, NC 28208
TOTAL UNITS 136
YEAR BUILT 1974
SALE PRICE $12,965,902
PRICE/UNIT $95,338
PRICE/SF $90.89
BUILDING SF 142,662
CLOSING DATE 2/28/2020
DISTANCE 3.8 miles
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
4
Brookridge Apartments9023 E W T Harris BlvdCharlotte, NC 28227
TOTAL UNITS 150
YEAR BUILT 1976
SALE PRICE $14,876,859
PRICE/UNIT $99,179
PRICE/SF $106.26
CAP RATE 5.00 %
BUILDING SF 140,000
CLOSING DATE 5/5/2020
DISTANCE 11.3 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
Queen's Gate Apartment Portfolio Sale Comparables | 15
5
Northcross Townhomes1801 Griers Grove RoadCharlotte, NC 28216
TOTAL UNITS 99
YEAR BUILT 1972
SALE PRICE $9,000,000
PRICE/UNIT $90,909
PRICE/SF $53.49
CAP RATE 4.18 %
BUILDING SF 168,248
CLOSING DATE 9/5/2019
DISTANCE 5.8 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
6
Woodland Park Apartments2205 Kilborne DriveCharlotte, NC 28205
TOTAL UNITS 128
YEAR BUILT 1971
SALE PRICE $10,400,000
PRICE/UNIT $81,250
PRICE/SF $96.96
CAP RATE 3.17 %
BUILDING SF 107,264
CLOSING DATE 2/18/2020
DAYS ON MARKET 213
DISTANCE 10.0 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
Queen's Gate Apartment Portfolio Sale Comparables | 16
7
The Woodlands Apartments6401 Woodbend DriveCharlotte, NC 28212
TOTAL UNITS 128
YEAR BUILT 1982
SALE PRICE $12,250,000
PRICE/UNIT $95,703
PRICE/SF $118.51
BUILDING SF 103,363
CLOSING DATE 8/21/2020
DISTANCE 10.7 miles
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
8
The Pines on Wendover628 N Wendover RoadCharlotte, ND 28211
TOTAL UNITS 44
YEAR BUILT 1985
SALE PRICE $4,400,000
PRICE/UNIT $100,000
PRICE/SF $71.20
CAP RATE 4.65 %
BUILDING SF 61,800
CLOSING DATE 7/12/2019
DISTANCE 8.7 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
Queen's Gate Apartment Portfolio Sale Comparables | 17
9
Four One Five Flats415 W 10th StreetCharlotte, NC 28202
TOTAL UNITS 30
YEAR BUILT 1985
SALE PRICE $4,100,000
PRICE/UNIT $136,667
PRICE/SF $146.07
CAP RATE 4.27 %
BUILDING SF 28,068
CLOSING DATE 10/14/2019
DISTANCE 4.1 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
10
Duplex 3900 Winfield Drive3900 Winfield DriveCharlotte, NC 28205
TOTAL UNITS 2
YEAR BUILT 1956
SALE PRICE $209,000
PRICE/UNIT $104,500
PRICE/SF $151.89
BUILDING SF 1,376
CLOSING DATE 1/10/2019
DAYS ON MARKET 143
DISTANCE 8.9 miles
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
Queen's Gate Apartment Portfolio Sale Comparables | 18
11
Georgetowne Woods1701 E. Hudson BlvdGastonia, NC 28054
TOTAL UNITS 140
YEAR BUILT 1973
SALE PRICE $13,000,000
PRICE/UNIT $92,857
PRICE/SF $84.87
CAP RATE 5.50 %
BUILDING SF 153,180
CLOSING DATE 12/19/2019
DISTANCE 19.0 miles
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
S
Queen's Gate ApartmentPortfolio
2430 Pruitt StreetCharlotte, NC 28208
TOTAL UNITS 28
YEAR BUILT 1969
ASKING PRICE $2,735,000
PRICE/UNIT $97,679
PRICE/SF $98.13
CAP RATE 6.25 %
GRM 9.12
OCCUPANCY 100.00 %
BUILDING SF 27,870
LAND SF 80,630
Cap Rate Range 3.17 % - 6.50 %
LOW HIGH
Price/Unit Range $81,250 - $137,500
LOW HIGH
Price S/F $53 - $152
LOW HIGH
Queen's Gate Apartment Portfolio Sale Comparables Summary | 19
PROPERTY Units Built Sale Price Price/Unit PSF Cap Rate Close Date DISTANCE (mi)
1 101 Ramblelake RoadCharlotte, NC 28273 24 1970 $3,300,000 $137,500 $122.04 6.50% 12/12/2019 8.90
2 4265 Honduras DriveCharlotte, NC 28206 44 1973 $4,400,000 $100,000 $55.00 10/30/2019 9.20
3 1307 Springmont LaneCharlotte, NC 28208 136 1974 $12,965,902 $95,338 $90.89 2/28/2020 3.80
4 9023 E W T Harris BlvdCharlotte, NC 28227 150 1976 $14,876,859 $99,179 $106.26 5.00% 5/5/2020 11.30
5 1801 Griers Grove RoadCharlotte, NC 28216 99 1972 $9,000,000 $90,909 $53.49 4.18% 9/5/2019 5.80
6 2205 Kilborne DriveCharlotte, NC 28205 128 1971 $10,400,000 $81,250 $96.96 3.17% 2/18/2020 10.00
7 6401 Woodbend DriveCharlotte, NC 28212 128 1982 $12,250,000 $95,703 $118.51 8/21/2020 10.70
8 628 N Wendover RoadCharlotte, ND 28211 44 1985 $4,400,000 $100,000 $71.20 4.65% 7/12/2019 8.70
Queen's Gate Apartment Portfolio Sale Comparables Summary | 20
PROPERTY Units Built Sale Price Price/Unit PSF Cap Rate Close Date DISTANCE (mi)
9 415 W 10th StreetCharlotte, NC 28202 30 1985 $4,100,000 $136,667 $146.07 4.27% 10/14/2019 4.10
10 3900 Winfield DriveCharlotte, NC 28205 2 1956 $209,000 $104,500 $151.89 1/10/2019 8.90
11 1701 E. Hudson BlvdGastonia, NC 28054 140 1973 $13,000,000 $92,857 $84.87 5.50% 12/19/2019 19.00
AVERAGES 84 1974 $8,081,978 $103,082 $99.74 4.75%
SUBJECT 28 1969 $2,735,000 $97,679 $98.13 6.25%
Queen's Gate Apartment Portfolio Sale Comparables Charts | 21
Queen's Gate Apartment Portfolio Sale Comparables Map | 22
# Property Name Address City
S Queen's Gate Apartment Portfolio 2430 Pruitt Street Charlotte
1 Greenwood Village Townhomes 101 Ramblelake Road Charlotte
2 Edge Townhomes 4265 Honduras Drive Charlotte
3 Colonial Place Apartments 1307 Springmont Lane Charlotte
4 Brookridge Apartments 9023 E W T Harris Blvd Charlotte
5 Northcross Townhomes 1801 Griers Grove Road Charlotte
6 Woodland Park Apartments 2205 Kilborne Drive Charlotte
7 The Woodlands Apartments 6401 Woodbend Drive Charlotte
8 The Pines on Wendover 628 N Wendover Road Charlotte
9 Four One Five Flats 415 W 10th Street Charlotte
10 Duplex 3900 Winfield Drive 3900 Winfield Drive Charlotte
11 Georgetowne Woods 1701 E. Hudson Blvd Gastonia
Queen's Gate Apartment Portfolio
Exclusively Marketed by:
Robert GrierBroker(704) 900-7600Lic: NC 309487 SC [email protected]
