INVESTMENT OPPORTUNITY
450 Grove StreetBoise, Idaho
For additional Information, please contact:
121 N. 9th Street, Suite 402 | Phone: 208 343 9300 | Fax: 208 426 0456
Moe Therrien, MAIAssociate Broker
(208) 859 7935
David McDonald, CCIMBroker
(208) 720 2000
CW Moore ApartmentsDowntown boise
condominium conversion
Investment Overview
Idaho Commercial Brokerage is pleased to offer for sale the CW Moore Apartments, a one-of-a- kind investment opportunity in Boise, Idaho. CW Moore consists of 47 one bedroom, one bath units, each with high ceilings (vaulted in upper level units), fireplaces, and a balcony overlooking the city or the Boise foothills. The community boasts two common patio lounge areas in the main courtyard, a secure under-building parking garage, and easy access to the quaint adjacent CW Moore Plaza. Located in a quiet corner of the heart of downtown, the project is minutes on foot from shopping, restaurants, employment, city and state government, the city and state legal core, entertainment, city parks, the Boise River, Greenbelt, and everything downtown Boise has to offer, as well as minutes from the Interstate and the greater Treasure Valley, CW Moore offers the best of all worlds.
As an investment, CW Moore represents a rare find in the Boise and Idaho markets. Throughout its lifetime as an apart-ment complex the property has taken advantage of its unique position in the market and consistently maintained strong occupancy and rents at the high end of the market. Coupled with attractive financing, the property has and will continue to prove a steady investment with reliable cash flow. The true opportunity for an investor, however, will be unlocked converting the property to condominiums. In spite of the current situation in the residential real estate market, demand
for downtown housing remains strong. While there are downtown condominium projects in various stages of completion, none combine the location, amenities, and more importantly the affordable price that CW Moore Condominiums will offer. With minimal (or extensive) renovation and property upgrades an investor can sell the individual units at a substantial profit.
View for northern units at CW Moore
Unit view over CW Moore Plaza
CW Moore apartments from CW Moore Plaza
Location. Opportunity. CW Moore.
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Property Highlights
• 47 Units: - 35, 1 bedroom/1 bath units at 704 sf - 8, 1 bedroom/1 bath units at 715 sf
- 4, 1 bedroom/1 bath units at 735 sf
• Located in a quiet corner of the heart of downtown Boise.
• Irreplaceable location - walking distance to shopping, services, entertainment, employment, Boise State University, city parks, Boise River, Greenbelt, and Intestate 84 and 184.
• All units contain fireplaces and decks with mountain or city views.
• Secure, concrete under-building parking garage
• Spacious units with high ceilings, vaulted in top floor units.
Community Highl ights
Investment Highl ightsOffering Price: $ 4,500,000
Price/Unit: $ 95,745
Price/SF GLA: $ 135.14
Projected Conversion Profit: $ 2,016,760Interim Proforma NOI: $ 278,089
Apartment Cap Rate: 6.2%
Sale Terms: Cash out and assume existing financing; OR cash with buyer incurring pre-payment fees to current mortgage.
Loan Balance: $2,545,000 (approx.) - % Interest Rate 5.59% - Monthly P&I: $ 14,910
Condominium Conversion
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Broker estimates:
Condominium Pricing:
Top Floor and End Units - 24 at $179,000: $ 4,296,000 Mid-Level and Interior Units - 23 at 159,000 $ 3,657,000
Projected Gross Sellout: $ 7,953,000
Estimated Sellout Expenses:
Marketing/Sales Commissions (7%): $ 556,710
Closing Costs (1%): $ 79,530
Property Upgrade Allowance
Interior: $ 470,000
Exterior: $ 250,000
Legal/Engineering: $ 30,000
Carrying Costs (primarily offset by rental income): $ 50,000
Total Conversion Costs: $ 1,436,240 (Cost/unit): ($ 30,558)
Net Sellout Price: $ 6,516,760
Purchase Cost: $4,500,000
PROFIT: $2,016,760
Interim Apartment Operation Proforma
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Property Expenses Broker Proforma
Professional Management (5%) $ 21,900
On-Site Management: $ 16,000
Admin-Legal: $ 5,000
Maintenance: $ 31,200
Turnover: $ 9,400
Utilities: $ 18,000
Advertising-Promo: $ 5,000
Real Estate Taxes: $ 44,000
Insurance: $ 9,000
Capital Replacements (n/a - part of conversion costs): N/A
Total Expenses: $ 159,500 (per unit:) ($3,394)
NET OPERATING INCOME : $278,089
Estimated Property IncomeTyPe/AVG RenT Annual Income
24 - 4th floor and end units, 1 bedroom/1 bath at $815/mo $ 234,720
23 - 2nd and 3rd floor interior units, 1 bedroom/1 bath at $775/mo $ 213,900
Total Scheduled Rent $ 448,620
Additional Misc. Income - $250/unit $ 12,000
Total Potential Income $ 460,620
Less Vacancy at 5% ($ 23,031)
Effective Gross Income: $ 437,589
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Property Information
Property OverviewProject: Garden apartment complex, platted and recorded for condominiums, located in downtown Boise, Idaho. Building Mix: One, 4-story building - 3 living floors, 1
parking level.Unit Count: 47 Units: Size and Mix - 35, 1 bedroom/1 bath units at 705 sf - 8, 1 bedroom/1 bath units at 714 sf - 4, 1 bedroom/1 bath units at 735 sfGross Living Area: 33,300 sfSite Size: .419 acresYear Built: 1998
Project Ex t er ior Descr ipt ionFoundation/Floor: Main level block concrete and steel; wood-frame construction on floors 2-4. Each floor has gypcrete overlay for sound control.Roof: Gable roof.Siding: Wood siding with brick accents. Windows: Double-pane; vinyl clad.Stairs/Elevator: Central elevator access; cement step
stairwells on building ends.On-Site Parking: 47 spaces in secure parking garage
beneath the building; additional street-front parking also available.
Community FeaturesCommunity contains two common area patios in the central courtyard, an on-site management and leasing office, and amenities available with a downtown location.
Property Information
U ni t Inter ior Descr ipt ionFloor Finishes: Carpeting in main room and bedrooms;
sheet vinyl in kitchen and bathroom.
Ceiling Height 9’ ceiling height on second and third Finishes: levels; vaulted ceiling in top level main rooms.
Window Coverings: Horizontal mini blinds throughout.
Doors: Hollow-core, wood doors.
Lighting: Florescent lighting in kitchen; Incandescent fixtures throughout units
Balcony: All units have balconies with cityscape or mountain views.
Storage: Ample throughout units.
HVAC: Ducted forced warm air; central ducted air conditioning. Fire suppression: Sprinklers in garage and individual units.
Cable TV/Internet: Available to all units.
Uti l i ty Informat ion : Water: United Water of Idaho
Sewer: City of Boise
Gas: Intermountain Gas, individually metered.
Electric: Idaho Power
Cable/Phone: Qwest
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Site Map and Floor Plans
Site Map
1 bedroom, 1 bathfloor plan 1
1 bedroom, 1 bathfloor plan 2
1 bedroom, 1 bathfloor plan 3
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Area Maps
1 - state Capital2 - ada County Courthouse3 - Basque Block/ Dining4 - Qwest arena5 - Boise Convention Centre6 - the Grove7 - Us Bank Building8 - Wells Fargo Building9 - key Bank Building 10 - 8th street - Dining11 - idaho Power Corporation12 - Banner Bank Building
DOwnTOwn BOISE
All information herein has been obtained from sources believed to be reliable but is subject to verification by Buyer and/or Buyer’s representation.
Boise and Cw Moore Area Information
Boise, Idaho - The capital and largest city in the state, Boise is the hub of commerce, banking and government in Idaho and the third largest city in the northwest United States. Located along the Boise River and nestled against the foothills of the Rocky Mountains, the city offers many outdoor activities to residents, from skiing at the many nearby mountains (including world famous Sun Valley) to biking on the Boise River Greenbelt, from boating at nearby reservoirs to hiking in the foothills. The Boise area has it all - desert, rivers, mountains and lakes for hiking, camping, kayaking, river rafting, hunting and fishing. Coupled with the perks of large cities - including a diverse arts and entertainment scene and a new regional airport with service to many major US cities - while maintaining a small down feel and charm, Boise has much to offer.
Many large regional, national and international companies are headquartered or have major operations in Boise including Simplot Corporation, Boise Corporation, the Washington Division of the URS Corporation (formerly Washington Group International), Micron Technology, Hewlett-Packard and Idaho Power (IdaCorp) to name a few.
Boise and the surrounding valley has experienced significant growth over the last decade due in large part to its high quality of life, low cost of living, and other natural draws. It is annually ranked among fastest growing cities in the U.S. and has consistently been named by Forbes, Kiplinger, US News & World Report, USA Today and others to be among the best places to live, work, and do business in the nation.
Downtown Boise - The heart of the capital city, downtown Boise is one of the most diverse, vibrant, and fun downtown areas in the northwest United States. Feel like dining out? Choose from dozens of casual or fine dining restaurants, all within the span of a few blocks. In the mood for culture? Take in a performance of the Boise Philharmonic orchestra, opera from Opera Idaho, ballet by Ballet Idaho, or one of the many musicals, plays or
entertainment acts that come to town at the nearby Morrison Center. Art? Try the Boise Art Museum or First Thursday at many downtown art galleries. Looking for something with a little more energy? Live music can always be found at venues such as Qwest Arena, Taco Bell Arena, or the Knitting Factory, in downtown bars and pubs, and at free outdoor concerts on the Grove during the summer. Sports? Cheer on the city’s league champion ice hockey team, the Idaho Steelheads, or the college football Fiesta Bowl Champion Boise State Broncos at nearby Boise State University. Or simply relax in nearby Julia Davis, Ann Morrison, and Kathryn Albertson parks, at one of the many coffee shops, or at the Boise Public Library. Take in the annual Twilight Criterium race, the weekly Farmers Market, and much more. Whatever you’re looking for, you can find it downtown.
Idaho State Capital Building
Statues and Fountains on the Grove
At BoDo in downtown Boise.
Confidentiality Agreement
To receive a financial information packet for the property, please complete, sign, and return this form to the address below.
This Confidential Agreement (“Agreement”) is made and agreed to by Idaho Commercial Brokerage of Idaho (herein referred to as “Broker”), exclusive broker for the Seller, and ________________________(“Purchaser”), and/or __________________________ (“Agent” for Purchaser) regarding the property known as the CW Moore Apartments, located at 450 Grove Street, Boise, Idaho. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the owner.
PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, some of which is highly confidential, only to those potential purchasers who sign the Agreement.
THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
1. Purchaser and/or Agent will not disclose, permit to disclosure of, disseminate or transfer, any information obtained hereunder (“Information”) to any other person or entity.
2. If Purchaser and/or Agent is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it.
3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser and/or Agent understand all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker.
4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property and it shall not at any time, or in any manner, be used for any other purpose.
5. Purchaser and/or Agent shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants.
6. Purchaser acknowledges that is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that is not working with any other broker or agent other than the Brokers and/or Agents named below in connection with the Property.
7. Neither Broker nor Owner make any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser and/or Agent assumes full and complete responsibility for reconfirmation and verification of all information received and expressly waives all right of recourse against Owner and Broker with respect to the same.
8. The persons signing on behalf of Purchaser and/or Agent represents that they have the authority to bind the party for whom they sign.
9. This Agreement shall be governed and constructed in accordance with the laws of the State of Idaho.
Confidentiality Agreement cont.
10. ___________________________represents Purchaser. Seller is represented by Idaho Commercial Brokerage, specifically Maurice Therrien and David McDonald. Purchaser indemnifies Broker and Owner against any commission claims by brokers/agents other than stated above.
11. Term: The Agreement shall be effective for 12 months from signature of Purchaser.
PURCHASER:Name: _________________________ Signature: _______________________
Address: _______________________ Phone: __________________________
_______________________________ Fax: ____________________________
_______________________________ Email: ___________________________
Date: __________________________
BUYER’S AGENT:
Name: _________________________ Signature: _______________________
Address: _______________________ Phone: __________________________
_______________________________ Fax: ____________________________
_______________________________ Email: ___________________________
Date: __________________________
Please Return To: Moe, David or Darin at: Idaho Commercial Brokerage 121 N. 9th Street, Suite 402, Boise, Idaho 83702
Phone: (208) 343-9300 Fax: (208) 426-0456
CONSULT YOUR ADVISORS - This document has legal consequences. No representation or recommendation is made by Broker as to the legal or tax consequences of this Agreement or the transaction(s) which it contemplates. These are questions for your attorney and financial advisors.