A Division of FFSC, Inc.
13033 Pond Springs Road, Suite 105 ~ Austin, Texas 78729
512.335.8333 ~ Fax: 512.335.8554 ~ [email protected]
APARTMENTS
223 Rainbow Drive
San Antonio, TX
Marketed Exclusively By:
The PREMAS Group, Inc.
Doug De Vine
Phone: 512-335-8333
Fax: 512-335-8554
E-mail: [email protected]
Although The PREMAS Group, Inc has used reasonable care in obtaining data and making estimates and projections based upon that
data, this material is submitted without representation warranty. Generally a substantial portion of information must be obtained from
other than The PREMAS Group, Inc. actual knowledge and not all sources can be absolutely confirmed Moreover, all information is
subject to changes by the owner as to price or terms sale or lease, to withdrawal of the property from the market and to other events
beyond control of The PREMAS Group, Inc. No representation is made as to the value of this possible invert and The PREMAS
Group, Inc. urges that you consult your business, tax and legal advisors before g a final determination.
Professional
Real Estate
Evaluation
Marketing
&
Acquisition
Specialist
BROCHURE OUTLINE:
Property Information ……………. Page 1-2
Location Map ………...…………. Page 3
Aerial ……….……………………. Page 4
Floor Plans ……….……………... Page 5-6
Pricing …………….……………. Page 7
Demographics Map …………….. Page 8
Demographics Chart…………….. Page 9
Ownership Analysis ……………. Pages 10
Disclaimer, Release & Confidentiality Agreement
Information on Brokerage Services
PROPERTY INFORMATION:
Development Overview:
Each entry to this affordable apartment development is
private with mature landscaping throughout the quiet community
setting. Each unit has ceiling fans with lights, large walking closets,
frost-free refrigerators and mini-blinds. The development is in
walking distance from a newly constructed retail center that
includes a Super Wal-Mart store.
Location:
Whispering Heights Apartments is located at 223 Rainbow Drive in
Northeast San Antonio inside the 410-Loop just north of Austin
Highway near the new Wal-Mart Superstore on Austin Highway.
Parcel ID:
08695-011-0190
Land Area: 2.233 +/- Acres/97,269+/-SF
Zoning:
R-3 Multifamily
Number Of Buildings:
8
Number Of Stories:
2
Number Of Units:
56
Unit Mix:
24-Plan-A-1-BR-1-BA @ 500 SQ/FT
32-Plan-B-1-BR-1-BA @ 550 SQ/FT
Type Construction:
Frame construction, Slab foundation with a Flat built-up roof and
mansard fronts.
Date Of Construction:
1973 & 1974
Gross Building Area:
28,944 +/- SF
Occupancy:
75%
Page 1
Utilities:
CPS electricity, water and wastewater. There is gas in the south
three buildings for water heaters only. There is also gas is in the
house that is used as the management office.
There are gas water heaters for every four units. The north three
buildings and center back buildings each have electric water
heaters. These are located in the closets of the two downstairs units.
The electric units have been replaced in the last five years.
A private utility billing service which is the complexes utility billing
service, bills each tenant their proportionate share of the gas and
electricity each month. Included in that bill are the common area
gas and electricity charges also proportioned to the tenants. The
management office has a gas water heater that also was used for
the laundry.
Page 2
LOCATION MAP:
223 RAINBOW DRIVE
NORTH
Page 3
AERIAL:
223 RAINBOW DRIVE
AUSTIN HWY
WAL-MART
Page 4
Floor Plan
A
For More Information Contact:
Doug DeVine
512.335.8333
No warranty or representation, express or implied, is made to the information contained herein, and same is
submitted subject to errors, omissions, change of price, rental, or other conditions, and withdrawal without notice.
Page 5
Floor Plan B
For More Information Contact:
Doug DeVine
512.335.8333
No warranty or representation, express or implied, is made to the information contained herein, and same is
submitted subject to errors, omissions, change of price, rental, or other conditions, and withdrawal without notice.
Page 6
PRICING:
$1,220,000
$ 21,786 PER UNIT
$
42.15 PER SQ/FT
II 3355
W
W
eett
m
m
oorr
ee
RRdd
cto
ctorr
nne
nector
Conne
281 Co
Con
Eisenhauer
Eisenhauer Rd
Rd
Bassse
Bas
ee Rd
Rd
iintt
M
M
aarr
yyss
ss
cee
Acc
1100
II 44
Pl
Corta
Corta Pl
W
Summit Ave
WSummit
SSt
Ave
WHildebrand
Hildebrand Ave
W
Rdd
inn
iin
eegguu
S
S
d
l
ld
Old
O
Terrell Hills
Terrell
Hills city
city
m
Fm
7788
city
Kirby
Kirby city
oster
oster Rd
Olmos
Olmos Park
Park city
city
city
Windcrest
Windcrest city
Mo
Mo
tgom
Mon
ntgo
ntgo
er
mer
me
mer
R
Ritittitim
maann
Rd
II 3355
410
II 410
410
Fresno
Fresno
Dr
Crestway Dr
Crestway
Rd
Rittiman Rd
Rittiman
Hwy
Austin Hwy
Austin
Alamo
Alamo Heights
Heights city
city
Brroo
B
aaddw
waayy
SStt
San Pedro
San
Pedro Ave
Ave
EEBBaa
sssse
Rdd
R
II 10(US
10(US Hwy
87)
Hwy 87)
NE
410
NE Loop
Loop 410
USS
U
Hw
wyy
228811
San Pedro
Pedro Ave
San
NE Loo
Lo
Loo
op
pp 410
410
41
0
Rdd
ll R
Beeititee
in B
rrin
P
Peerr
II 44110
II 3355(
5(I(II 441100
0))) II 335
5(I(I 44110
100))
Castle
Castle Hills
Hills city
city
acc
kss
oonn
KKee
lllelle
err
RRdd
ghh
ttTT
eerr
erss
RRdd
S
Sta
tate
te H
Hw
wyy 53
5377(M
(McAlli
llist
stte
llis
eerr
hhiill
lll SS
ell
mm
aa
RRdd
For More Information Contact:
Doug DeVine
512.335.8333
No warranty or representation, express or implied, is made to the information contained herein, and same is
submitted subject to errors, omissions, change of price, rental, or other conditions, and withdrawal without notice.
Page 7
DEMOGRAPHICS MAP:
1, 3 & 5 MILE RADIUS
(DEMOGRAPHIC CHART ON FOLLOWING PAGE)
Page 8
DEMOGRAPHICS CHARTS:
Page 9
FINANCIAL PERFORMA:
INCOME:
POTENTIAL RENTAL INCOME:
(32-A-Units @ $395 & 24-B @ $405)
MISCELLANEOUS INCOME:
LESS 5% VACANCY FACTOR:
$268,320
$1,600
<$13,416>
ADJUSTED GROSS INCOME:
$256,504
EXPENSES:
MANAGEMENT FEE (8%)
$20,520
ADVERTISING
$13,200
MAINTENANCE
UNIT REPAIRS
$9,000
$1,500
CONTRACT SERVICES:
$4,500
UTILITIES COMMON AREA:
$3,600
INSURANCE:
12,700
OFFICE EXPENSES:
PROPERTY TAXES:
SUB TOTAL:
NET OPERATING INCOME:
CAP RATE @ $1,120,000
$4,000
$15,000
$84,020
$172,484
15.40%
No warranty or representation, express or implied, is made to the information contained herein, and same is
submitted subject to errors, omissions, change of price, rental, or other conditions, and withdrawal without notice.
Page 10
A Division of FFSC, Inc.
13033 Pond Springs Road • Suite 105 - Austin, Texas 78729
512-335-8333 • Fax: 512-335-8554 • email: [email protected]
DISCLAIMER, RELEASE, INDEMNITY & CONFIDENTIALITY
AGREEMENT
As material inducement and an essential condition to The PREMAS Group, Inc. providing you
the accompanying information and by use of the information you and your clients for yourselves
and anyone holding or claiming by, through, or under you, agree to the following:
(1) The information contained herein or communicated to you verbally or otherwise by The PREMAS
Group, Inc. or from any other source is provided as an accommodation to you and your client in
order to facilitate your examination of the property described herein. The PREMAS Group, Inc.
does not guarantee the completeness or accuracy of the information of the information contained
herein or otherwise supplied to you and expressly disclaims any duty, warranty, or representation,
express or implied, related to this or any other information or the property described herein. It is
your responsibility to independently confirm the accuracy and completeness of this and any other
information and determine the suitability of the property.
(2) The PREMAS Group, Inc. represents the Seller and shall have no duty to you or anyone
claiming, by through, or under you to make any inspection or disclosure. You and your clients must
perform whatever tests and investigations are necessary to determine the suitability and condition of
the property. You and your clients, for yourselves and anyone claiming or holding by, through, or
under you, agree to release, indemnify, hold harmless, and defend The PREMAS Group, Inc. and
its representatives from any claim, liability, or loss which may occur directly or indirectly from any
failure to disclose any information or your use of this and any other information or the property
whether or not such loss, cost, or damage may result in whole or in part from any theory of strict
liability or the negligence of The PREMAS Group, Inc. or their representatives.
(3) You and your clients agree to hold all information concerning the property confidential and use it
solely in connection with your independent evaluation of the purchase of the property and not for
any other reason. If any information is used by you or anyone gaining information from you for any
other purpose, then you, for yourself and anyone holding by, through, or under you, agree to
indemnify The PREMAS Group, Inc., the Seller, and their successors and assigns for any and all
losses, costs, and damages, which result directly or indirectly from, such prohibited use, including
without limitation legal costs, consequential damages, and lost profits.
(4) This information may not be duplicated or redistributed without the written consent of The
PREMAS Group, Inc. The original and copies, excerpts, summaries, or other information derived
here from must be returned upon request by The PREMAS Group, Inc.
If any of the foregoing terms and conditions is not unconditionally satisfactory to you, then: return
this information to The PREMAS Group, Inc., without duplicating, copying, or in any other
manner using any portion thereof. This agreement shall survive the return of the information and
shall be binding upon our permitted successors and assigns. The declaration that any portion of this
agreement is void or is unenforceable shall not affect the other provisions hereof.
Professional
Real Estate
Evaluation
Marketing
&
Acquisition
Specialist
INFORMATION ON BROKERAGE RELATIONSHIPS
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker
represents. If you are a prospective seller of landlord (owner) or a prospective buyer or tenant (buyer), you should know
that the broker who lists the property for sale or lease is the owner's agent. A Broker who acts as a subagent represents
the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker
may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a
property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to
treat you honestly.
IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an
agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting
an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or
subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer
should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must
disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an
agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist
the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a
buyer's agent anything the owner would not want the buyer to know, because a buyer's agent must disclose to the buyer
any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the
broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the
transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or
underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly
and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) Shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price
unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the
price submitted in a written offer unless authorized in writing to do so by the buyer; and may not disclose any
confidential information or any information that -a party specifically instructs the broker in writing not to disclose unless
authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court
order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting as
on Intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and
associated with the broker to communicate with and carry out instructions of one party and another person who is
licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly
establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will
be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a
broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and
responsibilities of the broker, you should resolve those questions before proceeding.
TEXAS LAW REQUIRES THAT ALL REAL ESTATE LICENSEE'S PRESENT THIS INFORMATION TO
PROSPECTIVE SELLERS, LANDLORDS, BUYERS OR TENANTS.
ACKNOWLEDGMENT: Please acknowledge your receipt of this information for Broker's records:
SELLER/LANDLORD:
BUYER/TENANT:
By:
By:
Title:
Title:
Dated:
Dated: