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24956
243 E. St. George Blvd. Suite 200St George, Utah 84770(435) 628.1609 | naiexcel.com
Offered By:
NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPAL. NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE TO BE IMPLIED. THE INFORMATION PORTRAYED ON THE MAP, WHILE NOT GUARANTEED, HAS BEEN SECURED FROM SOURCES DEEMED RELIABLE. CONSULT A SURVEYOR FOR PRECISE BOUNDARIES.
FOR
SALE | M
ULTIFA
MILY
Jon Walter, MBA, CCIMdirect: email:
Neil Walter, CFA, MBAdirect: email:
141 N. 200 W.St. George, UT 84770
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 2
03 The Offering
04 Location
05 Financial Summary
10 Demographics & Tourism
12 Multifamily Market Report
Content
FOR MORE INFORMATIONhttps://helloarti.com/VIEW/24956
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 3
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The OfferingOFFERING PRICE $2,395,000
PRICE PER UNIT $99,792
ADDRESS141 N. 200 W.
St. George UT, 84770
YEAR BUILT 1985
NUMBER OF UNITS 24
LAND SIZE | ACRES .48±
NET RENTABLE SF 11,858±
AVERAGE UNIT SIZE | SQFT 428 ±
MARKET RENT23 — 1 bed 1 bath | $800 month1 — 2 bed 1 bath | $800 month
PRO FORMA CAP RATE 6.5%
PARCEL # SG-502-A
ZONING C-4
PARKING SPACES 40
OFFERING TERMS
SALE PRICE
$2,395,000
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 4
St. George Boulevard
300
W.
200
W.
Tabernacle Street
200 N. ST. GEORGE CATHOLIC CHURCH
SITE
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Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 5
Financial AnalysisOPERATING INCOME 2017 Per Unit **Pro Forma Current Rent Roll Per Unit
GPRI/ Economic Rent 230,400 230,400
Vacancy Loss -28,821 -3,500
Bad Debt/Other -1,190 -1,300
Net Rental Income 200,389 8,350 225,700 9,410
Other Income* 13,875 578 14,600 610
Effective Gross Income (EGI) 214,264 8,928 240,300 10,010
FORCASTED EXPENSES 2017 Per Unit **Pro Forma Current Rent Roll Per Unit
Management 22,487 937 23,700 990
Legal & Professional Fees 1,350 56 1,500 60
Repairs & Maintenance 8,564 357 9,000 380
Utilities 29,931 1,247 31,500 1,310
Insurance 3,180 133 3,400 140
Other 7,166 299 7,600 320
Property Tax (Actual) 6,884 287 7,300 310
Total Expenses 79,562 3,315 84,000 3,500
NET OPERATING INCOME 2017 Per Unit Per Unit
NOI 134,702 5,613 156,679 6,530
CAP Rate 5.6% 6.5%
*Forfeited security deposits, internet fee, laundry income, late payment fee, pet fee
**Assumes a 5% increase in other Revenue and Expenses
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 6
FOR
SALE | M
ULTIFA
MILY
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 7
FOR
SALE | M
ULTIFA
MILY
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 8
FOR
SALE | M
ULTIFA
MILY
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 9
FOR
SALE | M
ULTIFA
MILY
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM NAI Excel | naiexcel.comOffered By: 10
Demographics
SITE
1 Mile 3 Mile 5 Mile
Population 7,138 48,428 85,307
Median Age 29.8 31.0 31.8Average HouseholdSize
2.58 2.78 2.93
Total Businesses 899 3,115 3,926
Total Employees 7,998 33,874 41,864Average Household Income
$53,182 $65,766 $73,685Median Household Income
$38,197 $49,118 $54,418
Per Capita Income $20,481 $23,719 $25,193
NAI Excel | naiexcel.comOffered By: 11
Area Information
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM
FROM ST. GEORGE
Salt Lake City, Utah 303 MILES
Las Vegas, Nevada 123 MILES
Los Angeles, California 387 MILES
San Deigo, California 449 MILES
Denver, Colorado 631 MILES
Phoenix, Arizona 417 MILES
VIEW MARKET STATISTICS FOR OFFICE,
RETAIL, INDUSTRIAL & MULTIFAMILY AT
https://excelcres.com/market-research/
2016 2011 2007 Distance
Zion National Park 4,317,028 2,847,403 2,679,181 46.5 MILES
Bryce Canyon National Park 2,365,110 1,285,492 1,012,563 141 MILES
Canyonlands National Park 776,218 435,908 417,560 347 MILES
Capitol Reef National Park 1,064,904 662,661 554,907 209 MILES
Arches National Park 1,585,718 1,014,405 860,181 335 MILES
Grand Canyon National Park 1,064,904 662,661 554,907 146 MILES
Regional Parks VisitationDistance to Major Cities
Population/Economy• Washington County — 155,602• St George — 76,817• Median Income of $49,498• Cost of Living Index of 102• Unemployment Rate of 3.6%• Median house value of $234,800
Days of Sunshine• St. George — 300 days a year• United States — 205 days a year
Sporting Events• 42 major sports events bring approx. 62,000
participants & 116,000 out of town visitors — bringingapprox. $78 million to the economy (The Spectrum)
• Ironman 70.3 St. George — 2,500 triathletes• St. George Marathon — 7,800 runners• Huntsman Senior Games — 11,000 competitors• NJCAA Softball Championship tournament — 16
teams from around the nation
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NAI Excel | naiexcel.comOffered By: 12
We are at an inflection point in the multifamily market. Vacancy rates remain below 1% while asking lease rates rose 6.6% in 2017 following a 7.2% increase in 2016. With over 500 units coming to market, multifamily developers are banking on absorbing units at rates that are higher than current market rents. The addition of these anticipated deliveries in 2018 will push lease rates even higher.
The County recently reported that even with the anticipated deliveries, the market is underserved by nearly 3,000 affordable units. If the projects under construction see strong absorption at pro-forma lease rates, expect other developers to enter the market. This is particularly the case where Las Vegas and the Wasatch Front have seen substantial completions, rising vacancies, and a maturing multifamily market.
Student housing at Dixie State University moved through the cycle in two years, beginning with extremely tight demand resulting in a spike in new construction and higher rental rates. At this point, additional new student housing supply must carefully justify absorption to be feasible.
MultifamilyWASHINGTON COUNTY
Vacancy
1 Bed 1 Bath
2 Bed 1 Bath
2 Bad 2 Bath
3 Bed 2 Bath
Average
Q1’11
1.6%
3.4%
15.5%
4.0%
8.1%
Q4’17
0.0%
2.8%
0.3%
0.0%
0.8%
Rent/SF
1 Bed 1 Bath
2 Bed 1 Bath
2 Bad 2 Bath
3 Bed 2 Bath
Average
Q1’11
$0.87
$0.64
$0.68
$0.65
$0.69
Q4’17
$1.16
$0.80
$0.92
$0.93
$0.92
Rent
1 Bed 1 Bath
2 Bed 1 Bath
2 Bad 2 Bath
3 Bed 2 Bath
Average
Q1’11
$558
$633
$690
$838
$661
Q4’17
$749
$790
$939
$1,200
$887
Multifamily ProjectsNAME
Crimson Cliffs – Rocky Vista Student Housing
The Vintage at Tabernacle – Student Housing
The Retreat at Sky Mountain
Grayhawk Apartments
605 Place – Student Housings
City View Apartments
Legacy Ridge Apartments
Joule Plaza
DSU Student Housing Phase II
Riverwalk Village
ESTBEDS/UNITS
324
256
84
244
400
100
164
55
STATUS
Q4 2017
Q4 2017
UC
UC
UC
UC
UC
Proposed
Proposed
Proposed
Base Inventory, Project info, Construction, Vacancy, and Lease Rates courtesy of NAI Excel.
Apartments stated in units. Student housing stated in beds.
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM
NAI Excel | naiexcel.comOffered By: 13
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%
10.0%
Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17
Apartment Vacancy
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
$1.20
Q4'10 Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17
Average 1Bed1Bath2Bed1Bath 2Bad2Bath3Bed2Bath
Average Month Rent/SF
Average 1 Bed 1 Bath 2 Bed 1 Bath
2 Bed 2 Bath 3 Bed 2 Bath
0
100
200
300
400
500
600
700
Q4'10 Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Forecast 2018
Multifamily Units Student Housing Beds
Multifamily Units Student Housing Beds
Completion in Beds/Units
Neil Walter, CFA, MBA | Jon Walter, MBA, CCIM
FOR
SALE | M
ULTIFA
MILY
14
243 E. St. George Blvd. Suite 200St George, Utah 84770(435) 628.1609 | naiexcel.com
Offered By:
NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPAL. NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE TO BE IMPLIED. THE INFORMATION PORTRAYED ON THE MAP, WHILE NOT GUARANTEED, HAS BEEN SECURED FROM SOURCES DEEMED RELIABLE. CONSULT A SURVEYOR FOR PRECISE BOUNDARIES.
Jon Walter, MBA, CCIMdirect: email:
Neil Walter, CFA, MBAdirect: email:
FOR
SALE | M
ULTIFA
MILY
VIEW MARKET STATISTICS FOR OFFICE,
RETAIL, INDUSTRIAL & MULTIFAMILY AT
https://excelcres.com/market-research/
FOR MORE INFORMATIONhttps://helloarti.com/VIEW/24956
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