briarcrest apartments

MULTIFAMILY INVESTMENT PROPERTY
FOR SALE
506 N. ROGERS ROAD
IRVING, TEXAS 75061
BRIARCREST APARTMENTS
51 Unit Apartment Complex
$1,299,999 | $24,490 Per Unit
8.30% Cap Rate Actual Numbers
NWC OF W. IRVING BOULEVARD AND N. ROGERS ROAD
IRVING, TEXAS
BRIAN HANIE
MULTI-FAMILY SPECIALIST
Henry S. Miller Brokerage, LLC
972.386.1467 Direct
[email protected]
BRIARCREST APARTMENTS
OVERVIEW
The Briarcrest Apartments were built in 1964 and
represent a well located stable asset. The
property consists of one building on 1.20 acres
and 51 units. Foundations are concrete pier and
biem with pitched composition roofs and the
structure is wood frame with brick veneer.
There is a recently constructed swimming pool
on-site but no fireplaces, exercise room or
covered parking. Parking lot is asphalt and
appears to have excellent drainage.
PROPERTY/UNIT AMENITIES
Laundry Center On Site

Swimming Pool/Recently
Added


Cable TV Ready


Dishwashers

Electric Stove/Oven

Perimeter Fencing: ¼ Wood Slat

Pitched Composition Roofs


The property’s HVAC is a two pipe chiller system.
The electric is on a master system and the gas
and water are on master – boilers.

Double Door, Frost Free
Refrigerator
Bathroom Vanity with Cabinet
Master metered for electricity
with a two pipe chiller; Master
gas boiler for hot water and
heat
Wood Frame & Brick Exterior
INVESTMENT SUMMARY
PRICE
DOWN
PAYMENT
PRICE
PER UNIT
PRICE
PER SF
LAND PER SF
$1,299,999
RENT PER SF
$8.12/SF
EXPENSE PER SF
$4.30/SF
$455,000 (35%)
$25,490/Unit
$26.26/SF
$24.94/SF
NET
RENTABLE SF
49,500
LAND SIZE
1.20 Acres
UNITS/ACRE
42.63
CAP RATE
8.30%
CASH ON
CASH RETURN
11.07%
PROFORMA
CAP RATE
12.40%
RETURN ON
INVESTMENT
22.76%
AMORT:
30 YEARS
RATE:
5.5%
FINANCING SUMMARY
PROPOSED FINANCING
INVESTMENT HIGHLIGHTS
LOAN AMOUNT:
$844,999

PREMIUM LOCATION

96% plus HISTORICAL OCCUPANCY

MASTER METERED FOR
ELECTRICITY
# UNITS
BD/BATH
AVG SF
CURRENT RENT
RENT
INCREASED RENT
RENT

MANY CAPITAL IMPROVEMENTS
45
1/1
780
$645
$29,025
$658
$29,606

ALL CASH/NEW LOAN TRANSACTION
6
2/2
912
$745
$4,470
$760
$4,559
UNIT MIX
51
40,572
SALES PRICE $1,299,999
51 UNITS
IRVING, TEXAS
OPERATING DATA
INCOME
ANNUAL
Rent
MONTHLY
$401,940
Utility Reimbursement
$409,979
$34,164.90
$0
$0
$0
$0.00
$600
$7,560
$630.00
$180
$15
$189
$15.75
15%
$60,291
$5,024
$40,998
$3,416.49
7%
$28,096
$2,341
$8,200
$683.30
$320,933
$26,744
$368,530
$30,710.86
Laundry
Credit Loss
$33,495
MONTHLY
$7,200
Miscellaneous
minus: Vacancy Factor
PROPOSED
Total Effective Income:
EXPENSES
CURRENT
MONTHLY
PROPOSED
MONTHLY
Taxes
$11,989
$999
$11,989
$999.09
Utilities
$117,300
$9,775
$117,300
$9,775.00
Insurance
$11,730
$978
$7,650
$637.50
Contract Services
$23,700
$1,975
$21,000
$1,750.00
Onsite Payroll
$6,000
$500
$6,000
$500.00
Administrative
$8,650
$721
$8,650
$720.83
Marketing
$5,100
$425
$5,100
$425.00
$600
$50
$1,200
$100.00
$20,942
$1,745
$21,374
$1,781.15
$6,981
$582
$7,125
$593.72
$212,992
$17,749
$207,387
$17,282.29
Misc.
Management Fee
5 % of gross
Maintenance
Total Expenses:
SUMMARY
CURRENT
Net Operating Income
MONTHLY
PROPOSED
MONTHLY
$107,941
$8,995
$161,143
$13,428.57
Proposed Annual Debt Service
$57,574
$4,798
$57,574
$4,797.81
Scheduled Net Income
$50,367
$4,197
$103,569
$8,630.76
Return on Investment
Cap Rate @
$5,000,000
$24,490/UNIT
11.07%
22.76%
8.30%
12.40%
$26.26/SF
49,500 SF
IRVING, TEXAS
IRVING
CONVENTION
CENTER @
LAS COLINAS
THE
IRVING
MALL
OLD
COWBOYS
STADIUM
BAYLOR
MEDICAL CENTER
IRVING
IRVING
HIGH
SCHOOL
BRIARCREST
APARTMENTS
LONE
STAR
PARK
LOCATION
The property is centrally located between downtown Dallas and downtown Fort Worth, in Dallas County, which is
located in northeast Texas; approximately 15 minutes from downtown Dallas and 20 minutes from downtown Fort
Worth. Convenient location on Irving Boulevard with access to major thoroughfares. Excellent visibility along Irving
Boulevard across from stoplight.
IRVING, TEXAS | The City of Irving is an international business center with a commitment to growth—and the
friendliness of a small town. Located at the center of the Dallas/Fort Worth Metroplex, Irving is a city of more than
200,000 that boasts a business community of more than 10,000 companies—including the headquarters of five Fortune
500 companies.
DEMOGRAPHICS
RADIUS
1 MILE
3 MILE
5 MILE
2011 ESTIMATED POPULATION
2011 ESTIMATED HOUSEHOLDS
2011 ESTIMATED TOTAL HOUSING UNITS
2011 ESTIMATED RENTER OCCUPIED %
2011 ESTIMATED AVG HHI
21,045
6,366
6,969
42.6%
$48,802
130,048
43,366
47,611
42.5%
$56,608
206,460
74,312
82,280
51.2%
$58,997
AUSTIN | DALLAS-FORT WORTH | EL PASO | HOUSTON | SAN ANTONIO
Providence Towers West | 5001 Spring Valley Rd #1100 | Dallas TX 75244 | 972.419.4000 | www.henrysmiller.com
The above information is from sources believed to be reliable, but Henry S. Miller Brokerage, LLC has not verified the accuracy of the information. Henry S. Miller Brokerage, LLC makes no guarantee, warranty or representation as to the information, and assumes no
responsibility for any error, omission or inaccuracy. The information is subject to the possibility of errors, omissions, changes of condition, including price or rental, or withdrawal without notice. Any projections, assumptions or estimates are for illustrative purposes only.
Recipients should conduct their own investigation.