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APARTME
T I N VE ST M E NT O P P O R T U NIT Y
CW MOORE APARTMENTS
450 GROVE STREET,
BOISE, IDAHO
FOR ADDITIONAL INFORMATION,
PLEASE CONTACT:
David McDonald, CCIM
Broker
(208) 720-2000
Moe Therrien
Associate Broker
(208) 859-7935
121 North 9th Street, Suite 402
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Boise, ID 83702
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(208)343-9300
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PRICING......................................................................................................... 3
PROFORMA................................................................................................... 4
PROPERTY OVERVIEW................................................................................ 5
PROPERTY HIGHLIGHTS............................................................................. 6
CONDOMINIUM CONVERSION ESTIMATES.......................................... 8
INVESTMENT OVERVIEW.......................................................................... 9
PHOTOS........................................................................................................10
FLOOR PLANS..............................................................................................13
SITE PLAN....................................................................................................14
AERIAL MAP................................................................................................15
STREET MAP...............................................................................................16
LOCATION OVERVIEW................................................................................18
BROKER BIOGRAPHIES.............................................................................20
121 North 9th Street, Suite 402
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Boise, ID 83702
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(208)343-9300
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RICING
CW MOORE APARTMENTS
450 GROVE STREET / BOISE, IDAHO
OFFERING PRICE
$ 5,750,000
NUMBER OF UNITS 47
PRICE PER UNIT
$ 122,340
PRICE PER SQ FT GLA
$ 172.50
PROFORMA NOI 315,400
PROFORMA CAP RATE 5.5%
PURCHASE TERMS
Cash out and assume existing financing; or cash with buyer incurring
prepayment fees to current mortgage
CONTINGENCY
Acceptance of offer by seller will be contingent on securing suitable
exchange property.
LOAN BALANCE (12/2014)
$ 2,681,500
•Interest Rate4.38%
• Monthly P&I
$ 13,988
• 10 Year, May 2012
All information herein has been obtained from sources believed to be reliable but is subject to verification by buyer.
This offering is subject to price change, corrections, errors, omissions, prior sales and/or withdrawal.
121 North 9th Street, Suite 402
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Boise, ID 83702
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(208)343-9300
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P ROFORM
ESTIMATED PROPERTY INCOME
PROJECTED ANNUAL INCOME
43 UNFURNISHED UNITS: 1 Bed/1 Bath, Average $902 / Month Rent
$ 465,600
4 CORPORATE SUITES: 1 Bed/1 Bath, Average $1,203 / Month Rent
$ 57,720
TOTAL SCHEDULED RENT (Actual, January 2015)
$ 523,320
ADDITIONAL MISC. INCOME ($250 per Unit)
$ 11,750
TOTAL POTENTIAL INCOME
$535,070
LESS VACANCY, 5%
< $26,166 >
EFFECTIVE GROSS INCOME, 2014
$507,927
$508,904
EXPENSE SUMMARY, 2014
2014
STABILIZED BROKER PROFORMA
PROFESSIONAL MANAGEMENT $25,277
$25,500
ON-SITE MANAGEMENT
$16,430
$16,500
ADMINISTRATION / LEGAL
$3,120
$3,000
MAINTENANCE / TURNOVER
$46,765
$45,000
UTILITIES
$17,015
$17,000
ADVERTISING & PROMO / MISC
$ 2,138
$ 2,500
REAL ESTATE TAXES & INSURANCE
$ 68,990
$ 69,900
TOTAL EXPENSES: PROJECT
$179,734
$179,400
$ 3,824
$3,817
OPERATING INCOME
$328,193
$329,504
CAPITAL REPLACEMENTS
$ 14,948
$14,100 (300/unit)
NET OPERATING INCOME
$313,245
Per Unit
121 North 9th Street, Suite 402
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Boise, ID 83702
$315,404
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(208)343-9300
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OVERVIEW
CW MOORE APARTMENTS
450 GROVE STREET / BOISE, IDAHO
Garden apartment complex located in downtown Boise, Idaho.
The condominium plat has been completed but is not recorded.
SITE
.419 Acres
GROSS LIVING AREA
33,300 Square Feet
YEAR BUILT1998
1 BEDROOM / 1 BATH UNITS 47
35 UNITS at 704 SQ FT
8 UNITS at 715 SQ FT
4 UNITS at 735 SQ FT
ONE 4-STORY BUILDING
• Ground Level: Parking
• Levels 2-4: Living
CONSTRUCTION
• Gable roof
• Main Level: block concrete & steel
• Floors 2-4: wood frame construction
• Gypcrete overlay for sound control
• Wood siding with brick accents
• Double-pane, vinyl clad windows
• Central elevator
• Cement step stairwells on building ends
ON-SITE PARKING
• 47 Spaces in secure, under-building parking garage
• Additional on-street parking available
COMMUNITY FEATURES
• Central courtyard with two common patio areas
• On-site management and leasing office
121 North 9th Street, Suite 402
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Boise, ID 83702
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(208)343-9300
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HIGHLIGHTS
CW MOORE APARTMENTS
450 GROVE STREET / BOISE, IDAHO
UNIT INTERIORS
CEILING
9’ ceiling height on 2nd & 3rd levels
Vaulted ceilings on top level main rooms
FLOORING
Carpeting in main room & bedrooms
Sheet vinyl in kitchen & bathrooms
WINDOW COVERINGS
Horizontal mini-blinds throughout
DOORS
Hollow-core, wood
LIGHTING
Incandescent fixtures throughout
Florescent in kitchens
BALCONY
All units have balconies with cityscape or mountain views
STORAGE
Ample storage 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
UTILITIES
WATER
United Water of Idaho
SEWER
City of Boise
GAS
Inter-mountain Gas, individually metered
ELECTRIC
Idaho Power
CABLE / PHONE
Qwest
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HIGHLIGHTS
CW MOORE APARTMENTS
450 GROVE STREET / BOISE, IDAHO
47 UNITS
1 Bedroom/1 Bath
• 35: 704 SQ FT
• 8: 715 SQ FT
• 4: 735 SQ FT
AMENITIES
• Spacious units with high ceilings / Top units are vaulted
• All units have fireplaces and decks with mountain or city views
• Secure, under-building parking garage
LOCATION
• Quite corner in the heart of downtown Boise
• Walking distance to shopping, dining, entertainment, services, employment, Boise State University, city parks, Boise River and Greenbelt.
121 North 9th Street, Suite 402
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Boise, ID 83702
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I U M C O N V E R S I O N B R O K E R E S T I M AT E S
CW MOORE APARTMENTS
450 GROVE STREET / BOISE, IDAHO
CONDOMINIUM PRICING
Top Floor & End Units, 24 at $189,000
Mid-Level & Interior Units, 23 at $179,000
$ 4,536,000
$ 4,117,000
PROJECTED GROSS SELL-OUT
$8,653,000
ESTIMATED SELL-OUT EXPENSES
Marketing & Sales Commissions (7%)
Closing Costs (1%)
Property Upgrade Allowance: Interior
Exterior
Legal & Engineering
Carrying Costs (primarily offset by rental income)
$ 606,000
$ 86,500
$ 470,000
$ 250,000
$ 30,000
$50,000
TOTAL CONVERSION COSTS
$1,492,500
NET SELLOUT PRICE
$7,160,500
Purchase Cost
$ 5,750,000
PROFIT
$1,410,500
121 North 9th Street, Suite 402
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NV ES TM
T O VE RVI E W
CW MOORE APARTMENTS
450 GROVE STREET / BOISE, IDAHO
Location. Opportunity. CW Moore.
CW Moore Apartments is 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 the upper level units), fireplaces along
with a balcony overlooking the city or the Boise foothills. The property
boasts two common patio lounge areas in the main courtyard, a secure
under-building parking garage and easy access to the adjacent CW
Moore Plaza. This corner property is located on a quite block in the
heart of downtown Boise. This prime location is only minutes on foot
from shopping, restaurants, employment, city and state government,
entertainment, city parks, the city and state legal core, the Boise River
and Greenbelt as well as everything downtown Boise has to offer. Only a
short driving distance, just minutes, from the Interstate and the greater
Treasure Valley, CW Moore Apartments offer 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 apartment complex, the
property has taken advantage of its unique position in the market by
consistently maintaining strong occupancy with 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 the investor may be may be the conversion of the property
to condominiums. Demand for downtown housing is strong. While there
are other downtown condominium projects, none combine the location,
amenities and affordable price that CW Moore Condominiums could
offer. With only moderate property upgrades, a substantial profit will
be realized.
121 North 9th Street, Suite 402
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Boise, ID 83702
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(208)343-9300
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121 North 9th Street, Suite 402
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FLOOR PLAN 1
121 North 9th Street, Suite 402
FLOOR PLAN 2
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FLOOR PLAN 3
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1.IDAHO STATE CAPITOL
2.BASQUE BLOCK & DINING
3.ADA COUNTY COURTHOUSE
4.BOISE STATE UNIVERSITY
5.QUEST ARENA
6.BOISE CONVENTION CENTER
7. THE GROVE
8.8TH ST, DINING/ENTERTAINMENT
9.ST LUKE’S HOSPITAL
10.BOISE ART MUSEUM
11. JUMP, JACK’S URBAN MEETING PLACE
12.ANN MORRISON PARK
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CW MOORE APARTMENTS
450 GROVE STREET
BOISE, IDAHO
121 North 9th Street, Suite 402
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Sun Valley
Nampa
Twin Falls
121 North 9th Street, Suite 402
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LOCATION
O VE RVI E W
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. The high
quality of life offered is due to its unique combination of small town charm in
an exciting, contemporary urban setting.
The downtown area is easily accessible from the Boise Greenbelt with more
than 30 miles of non-motorized, paved trail along the Boise River, connecting
city parks, neighborhoods and Boise State University to the downtown core.
Dining options include more than 80 choices offering everything from
casual counter and food truck options to wine bars and fine dining - there is
something to satisfy, everyone.
Cultural attractions and organizations include more than a dozen art galleries,
public art installations, Ballet Idaho, Basque Museum & Cultural Center, Boise
Art Museum, Boise Contemporary Theater, Boise Philharmonic, Discovery
Center of Idaho, Esther Simplot Performing Arts Academy, Idaho Anne Frank
Human Rights Memorial, Idaho Black History Museum, Idaho Dance Theatre
Inc., Idaho State Historical Museum, Oinkari Basque Dancers, Opera Idaho,
The Cabin Literary Center, Boise Creative Center, CenturyLink Arena and Movie
Theaters including the historic Egyptian Theatre.
Live music options abound and are available in many downtown venues
from intimate lounge music to large national tours and free outdoor summer
concerts on the Grove.
Sport fans can cheer-on the Idaho Steelheads, the city’s league champion
hockey team or college football team favorite, The Boise State Broncos at the
nearby Boise State University campus.
Downtown Boise offers something for everyone. Its’ unique urban lifestyle
offers an exceptional value for both work and play.
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LOCATION
O VE RVI E W
BOISE, IDAHO
ADA COUNTY
Ada County Population (2014)
426,236
Boise Population (2013)
214,237
The capital and largest city in the state and the third largest city in the
northwest United States. Boise is the hub of commerce, banking and
government in Idaho. Located along the Boise River and nestled against the
foothills of the Rocky Mountains, Boise offers many outdoor activities. Winter
sports are highlighted by skiing at the many nearby ski resorts including world
famous Sun Valley. Summer offers biking and hiking along the Boise River and
extensive trails just minutes from downtown. The Boise area has it all - desert,
rivers, lakes and mountains for hiking, camping, water sports, hunting and
fishing. The city celebrates a diverse art, culture and entertainment community
as well as world class educational opportunities. Boise offers the amenities of
larger cities while maintaining a small town lifestyle.
Many large regional, national and international companies are
headquartered or house major operations in Boise. A few such companies
are: Simplot Corporation, Boise Corporation, the Washington division of
the URS Corporation (formerly Washington Group International), Micron
Technology (the region’s largest private, locally based and publicly traded
employer), WinCo Foods, Clearwater Analytics, Hewlet-Packard, Boise
Cascade, and Idaho Power (IdaCorp).
Boise and the surrounding valley has experienced significant growth over
the last decade due in large part to its high quality of life and low cost of
living. It is annually ranked among the fastest growing cities in the U.S. and
has consistently been named by Forbes, Kiplinger, US News & World Report,
USA Today and other news outlets to be one of the best places to live, work
and do business in the nation. In 2014, Time magazine listed Boise as #1 for
“Getting it Right” in an article called,“Solutions for America”.
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REAL ESTATE PRACTICES
Hard work, perseverance and integrity have made David McDonald a leader in
the commercial Investment field. David specializes in consulting and brokerage
of investment properties including apartments, industrial, office and retail.
WORK HISTORY
In a career spanning more than 19 years of real state experience in Idaho, David
has established himself as a powerful force in the real estate community having
successfully completed over 500 transactions. He is continually ranked among
the top 1% of agents in Idaho for total sales production and was ranked number
one in sales at his previous brokerage firm, Thornton Oliver Keller Commercial.
DAVID MCDONALD
Broker, CCIM
[email protected]
(208) 720-2000
In November 2002, David founded Idaho Commercial Brokerage with the simple
mission of providing superior representation and investment advising services
to his clients. With uncompromising integrity, concise market knowledge and
extensive experience, David continues to be a leader in his field.
Between 2006 and 2010, David developed over 50 million dollars of residential
vacation property in the Sun Valley area.
Growing with the changing demands of the market, David has built strong
business relationships within the banking community. He has created one of
the most comprehensive approaches to developing business and creative loan
solutions in the currently ever-changing financial markets.
PROFESSIONAL ACCREDITATION
• CCIM designation
• Vice President of the Boise Chapter of the Commercial Investment
Real Estate Institute from 2001-2003
• Member of the National Association of Realtors and the
Commercial Investment Real Estate Institute (CCIM)
PERSONAL
David is a life-long Idaho resident. He grew-up in the Wood River Valley and
moved to Boise in1991. He has been married to his wife Rain for 21 years and
they have three children, Gavin (18), Makena (14) and Savanna (5).
David spends much of his free-time in the Sawtooth Valley where he and his
family raise organic Angus cattle on the Salmon River. When he’s not in the
mountains, he’s flying over them. In 2006 David earned his pilot’s license and
now spends time in the air flying his Scout in the back county of Idaho and the
beaches of Mexico.
121 North 9th Street, Suite 402
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WORK HISTORY
Licensed Broker for 26 years
Commercial Real Estate Appraiser for 36 years
• Idaho Commercial Brokerage, LLC (2005): Seller/Buyer Representation –
Investment Real Estate Brokerage. Apartments, Offices, Retail, Warehouses and Land.
• MSA Realty (1999-2004) - Sole Owner, Broker with two agents, Seller/Buyer Representation, Investment Real Estate Brokerage. Apartments, Office,
Retail, Residential Condominiums and Land.
MAURICE (MOE) THERRIEN
Associate Broker
Principal
MAI
[email protected]
(208) 859-7935
• Mountain States Appraisal & Consulting, Inc. (1977-present) - Managing partner, MAI designation 1982. Commercial Real Estate Appraiser –
Apartments, Office, Retail, Warehouse, Land and Special Use.
• Ada Real Estate Surveys (1987-present) Ada County Apartment Surveys, Occupancy and Rent Tracking
PROFESSIONAL DESIGNATIONS
1990-present: Licensed Real Estate Broker, State of Idaho
1990-present: Realtor – Idaho Association of Realtors
1982-present: Member of the Appraisal Institute (MAI)
1992-present: Idaho Certified Real Estate Appraiser (#GGA-8)
PERSONAL BACKGROUND
• Boise resident since 1977
• Married to wife Roxy / 2 children, Marc 32 and Michael 29
• Washington State University – Bachelors of Arts Degree, Business
Administration- 1977 Summa Cum Laude
• Raised in Colfax, Washington
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