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Value-AddMULTIFAMILYINVESTMENTOPPORTUNITY

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Contessa Townhomes 9526 Contessa Drive, San Antonio, TX 78216

Welcome

Highlights

Individually metered electricity

RUBS in place for water/gas/trash

All new roofs - Replaced last year

New asphalt and striping entire parking lot

Covered parking for every unit

Additional Storage at covered parking

Laundry Center on site

W/D connections in 4 BR Floor Plan

All New Boilers (2)

Large Closets

Quiet courtyards, mature landscaping

No delinquency, No housing tenants

Copper wiring

Excellent Hwy Access (Int Hwy 410 and US-281)

Contessa Townhomes offer tenants a two-story townhome style way of life conveniently located close proximity to US-281 and IH-410 major San Antonio highways. Tenants enjoy quiet, comfortable living minutes from major retail and employment hubs.

All units are townhome style with upstairs bedrooms and downstairs living quarters boasting new vinyl faux wood plank flooring. Tenants enjoy huge floor plans over 1,200 square feet for spacious living and abundant closet space.

A new owner will enjoy a very well maintained asset strategically positioned for significant value-add appreciation potential in the Castle Hills submarket of San Antonio.

$1,500,00020 Units

Built in 1965

Submarket evidences

several assets with proven

significant rent growth

through value-add

upgrades

San Antonio Economics

Ranked Top 20 Performing Large Cities by Milken Institute Report

Population: 1.5 million

Area Median Income: $47,863

Area & Investment Highlights

Balanced Economy: The public and private economic engines that fuel San Antonio, TX include military, health care, biotech, oil, and financial sector make this MSA less vulnerable to economic downturns and lends to consistent, organic growth.

Abundant Nearby Retail: Contessa Townhomes are minutes from North Star Mall and Park North Plaza boasting all major retailers (Target, Best Buy, Macy’s, Saks Fifth Avenue) with countless restaurants and entertainment including Cheesecake Factory and Alamo Drafthouse.

Family and Schools: Excellent school district and Contessa sits adjacent to brand new campus for BASIS San Antonio Primary - North Central Campus charter school for grades K-5.

Trailing 6 Month Year OneFeb 2018 Pro Forma

GROSS POTENTIAL RENT $182,130 $198,000 $9,900Less: Gain/(Loss to Lease) 0 (5,940) 3.00%GROSS SCHEDULED RENT $182,130 $192,060 $9,603Physical Vacancy (36,982) (9,603) 5.00%Concessions/Bad Debt 0 0 0.00%TOTAL RENTAL INCOME $145,148 $182,457 $9,123Laundry Income 1,610 1,750 $88Utility Income (Water and Trash) 13,396 13,396 $56Late Fees/App Fees/Pet Fees 4,463 4,500 $225TOTAL OTHER INCOME $19,469 $19,646 $982EFFECTIVE GROSS INCOME $164,617 $202,103 $8,421EXPENSES ANNUALIZED Pro Forma PER UNITProfessional Management 7,086 7,000 3.5%Payroll 9,360 9,360 468Contract (Security/Pest/Landscape) 4,348 4,400 220Repairs & Maintenance 17,709 7,000 350General & Administrative 3,354 2,000 100Advertising Expense 3,036 3,000 150TOTAL CONTROLLABLE $44,893 $32,760 $1,638Real Estate Taxes 30,037 30,037 1,502Insurance 8,107 6,500 325Utilities 25,606 25,606 1,280TOTAL NON-CONTROLLABLE $63,750 $62,143 $3,107Capital Reserves 0 5,000 250TOTAL EXPENSES $108,643 $99,903 $4,995

NET OPERATING INCOME $55,974 $102,200 $5,110

NOTES:  Pro Forma GPR based on current asking market rents by floor plan                CapEx spend for Trailing 12 month not included  in Actual NOI : $13,536                  CapEx = A/C, Fridge, Toilet, and Floor Replacement, Exterior Plumbing, and Pavement Resurfacing                 Proven T12 RUBS system in place for water and trash = avg $60 per occupied unit per month                Property Taxes pulled from BCAD 2017 appraisal ; mill rate 2.67% ($1,125,000 tax appraisal)              SALES PRICE: $1,500,000

RETURN ON INVESTMENT Annual Debt Service at 80% LTV 5 yr term / 30 yr AM @ 4.85% rate  $75,987

Cash‐on‐cash Return: 8.74%Pro Forma Cap Rate: 6.81%

Cap Rate on T‐12: 3.73%

Contessa Townhomes Pro FormaINCOME PER UNIT

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as the the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for inaccuracies.

Unit  No. of Size Total  Market MarketType Units Sq Ft Sq Ft Rent Rent/SF Occupancy

One Bed / One Bath 3 850            2,550         $700 $0.82 100%Two Bed / One Bath 15 1,200         18,000       $800 $0.67 100%Four Bed / Three Bath 2 1,400         2,800         $1,200 $0.86 100%

TOTAL: 20 23,350     

Average : 1,168        $825 $0.71 100%

Year No. of Avg Market MarketProperty Built Units SF Rent Rent/SF OccupancyContessa Townhomes 1968 20 1,168 $825 $0.71 100%Escondido Village 1969 389 947 $826 $0.87 97%North Star 1975 24 770 $668 $0.87 96%Oasis 1968 85 973 $848 $0.87 92%View Point 1965 100 820 $690 $0.84 99%Casa Luna 1965 132 678 $706 $1.04 97%Alamo 1968 42 760 $672 $0.88 99%Sahara Street 1965 37 1,072 $1,027 $0.96 92%Totals/Wtg. AVG 1968 116 860 $769 $0.90 96%Total Units Surveyed 809

Contessa Townhomes Unit Mix

Submarket Rent Comparable AnalysisMarch 2018

San Antonio

Local Employement Drivers:

San Antonio Airport: Located minutes from the property, this is one of the largest employment drivers in the MSA with over 100,000+ related jobs and economic output circa $5 billion

South Texas Medical Center: This northwest San Antonio campus consists of 900 acres of medical related facilities employing over 56,000 medical professionals, students, and staff

USAA Headquarters: A Texas based Fortune 500 company, USAA is the largest private corporation in San Antonio employing over 17,000 with headquarter campus minutes from Contessa Townhomes.

Property Highlights:

Value-add potential through continued interior upgrades

Significant rent growth for very large floor plans

Highly sought after north central location, Castle Hills

Wood frame / attractive brick and siding exterior

Excellent historic occupancy, currently 100%

Parking: 35 surface spaces ; 22 covered spaces

All new pavement and striping

All new roofs

Agent Contacts: Reynold Toepfer(512) 422-5384Reynold@acrmultifamily.com

David Kanne(512) 804-9100David@acrmultifamily.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the

information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

© ACR Multi-family 2015

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