THE FRASER APARTMENTS

$2,160,000 | 12 Units

6.5% Cap | 14.3% Total Return 19.2% IRR | Renov. 2020/2021

1705 30th St ^reet

Greeley, Colorado

$2,160,000 | 12 UNITS | 6.5% CAP RATE

THE FRASER APARTMENTS

OFFERING OVERVIEW

Fraser Apartments | Greeley, Colorado

12 Units | +/- 11,703 SF | Built 1971 | Renovated 2020/2021

LC Real Estate Group is pleased to present the opportunity to purchase The Fraser Apartments in Greeley Colorado. The Fraser Apartments is a well-positioned asset with proximity to the Greeley Mall, University Square grocery retail center, and is less than 1.5 miles from the University of Northern Colorado.

• Excellent unit mix of Ten 2 Bedroom, 1 Bathroom units, One Two Bedroom, 1 1/2 Bath unit, and One 1 Bedroom, 1 Bathroom Unit

• Recently interior and exterior renovations improves leasabilty and ability to increase rents along with lower ongoing property maintenance expense

• Interior renovations include solid surface flooring upgrades of tile and luxury vinyl throughout most living areas, updated kitchen counters, new carpet and paint, new light and plumbing fixtures, and newer appliances

• HVAC upgrades include updated boiler system and new mini-split HVAC system providing heating and cooling to each unit through tenants electricity bill

• Exterior renovations include new roof, newly painted balconies with structural reinforcement and new railing, and new paint on the main building and carport

• The recently repaved parking lot provides 26 off street parking spaces, and the corner lot allows for plenty of street parking for guests.

• Maintenance of the property is minimal with the recent updates to the boiler system, new mini-splits, recent roof repairs and simple landscaping all supported with the on-site maintenance garage.

• Security of the building is exceptional with key card access to interior hallways/

stairways, interior unit entrances, and no recent reported incidents

$2,160,000 | 6.5% Cap Rate | 14.3% Total Return | 19.2% Leveraged IRR

FINANCIAL HIGHLIGHTS

Financial Highlights

• Lease rollover upside with several units below $1,200 with new leasing at $1,275 to $1,295 after renovations were recently completed

• Additional income can be generated by leasing back eleven (11) car port spaces (not modeled)

• Low ongoing capital and maintenance expense due to substantial capital investment in units Ten Year Cash Flow Return Summary

Pro forma cash flow assumes existing in-place leases roll over to market rent in year two of pro forma while market rent stays flat through year two. Overall average income growth of approx. 3.0% over 10 years. Upside from anticipated above market rent growth according to a range of 3% to 6% over the next several years (CoStar Analytics). Rental rate growth driven by low anticipated market vacancy rates of 2-3% (CoStar Analytics). Market vacancy goes from in-place fully leased status 0% (current) to 3.0% in year two to 5.0% in year four.

A new credit union loan at 3.75% fixed for five years is assumed at 75% loan-to-value with a 30 year amortization.

Capitalization (Cap) Rate

• 6.5% Current Annualized Cap Rate Cash on Cash Return

• 8.9% Year 1 Return on Equity

• 10.4% 5 Year Average

• 12.8% 10 Year Average Total Return

• 14.3% Year 1

• 19.2% 10 Year Average

Internal Rate of Return (IRR)

• 19.6% Leveraged 5 Year

• 19.2% Leveraged 10 Year Equity Multiple

• 2.17X 5 Year

• 3.95X 10 Year

Pg. 3 Copyright © 2021 | LC Real Estate Group, LLC

THE FRASER APARTMENTS

1705 30TH STREET GREELEY, CO 80631

AREA MAP

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17TH AVENUE

US HIGHWAY 34

FRASER APARTMENTS

GREELEY MALL GREELEY MALL

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AERIAL OVERVIEW

30TH STREET

N

AERIAL OVERVIEW

FRASER APARTMENTS

17TH AVENUE 30TH STREET

US HIGHWAY 34 DOWNTOWN GREELEY DOWNTOWN GREELEY

29TH STREET ROAD

PROPER TY OVERVIEW

THE FRASER APARTMENTS

1705 30TH STREET GREELEY, CO 80631 DRIVING DIRECTIONS

From I-25, Exit 257 (US-34 E) toward Greeley. After 15.25 mi, turn right onto 17th Ave. In .2 mi the property will be on your right at the intersection of 17th Ave. and 30th St.

Property Address...1705 30th Street, Greeley, CO. 80631 Building Square Footage...+/- 11,703 SF (Assessor) Stories...3 Year of Construction...1971 Exterior...Frame, Masonry Veneer, (Painted 2021) Roof...Rubber Membrane, Asphalt Shingle (2021) Heating...Individually Metered, Electric Mini-Split HVAC (2020) Deactivated Master Metered, Gas Hot Water Baseboard Heating System Cooling...Individually Metered, Electric Mini-Split HVAC (2020) Hot Water...Master Metered, Gas Boiler System (Original) Water...Master Metered Common Area...Interior Corridors, Common Area Electric, No HVAC Acres...0.531 Acres (23,130 SF) Parking Spaces...26 Total 11 Car Port 19 Parking Lot Off Street Parking on 30th Street & 17th Avenue PROPERTY OVERVIEW

Units...12 Net Rentable Square Footage...Est. +/- 10,607 SF Average Unit Size...+/- 884 SF Unit Types...Ten (10) 2 Bed, 1 Bath, +/- 884 SF One (1) 2 Bed, 1.5 Bath, 1,043 SF One (1) 1 Bed, 1 Bath, +/- 724 SF UNIT MIX

Copyright © 2021 | LC Real Estate Group, LLC Pg. 7 Unit Appliances...Refrigerator, Dishwasher, Over The Range Microwave, and Disposal Unit Amenities...Balconies on Eight (8) Units, Individual Unit Electric Mini-Split Heating and Cooling System, and Blinds Unit Finishes...Luxury vinyl or tile flooring in common areas, newer/updated carpet, hard surface kitchen counters, updated/newer appliances, updated lighting, updated bathroom vanities, updated/newer painted walls and white trim Common Area Amenities...Coin Operated On-Site Laundry Facility (No Maintenance Contract), Internal Stairways & Corridors, Secured Access Entry System, Seven (7) Unassigned Car Port Parking Spaces, Outdoor Grass Area for Pets, and Garage & Maintenance Shop AMENITIES

PROPER TY OVERVIEW

THE FRASER APARTMENTS

1705 30TH STREET GREELEY, CO 80631 Tenant Pays...Individually Metered Electricity Landlord Pays...Gas Hot Water Heat, Common Area Electricity, Water, Sewer, and Trash Water... City of Greeley Sanitary Sewer...City of Greeley Storm Sewer...City of Greeley Gas...Xcel Energy Electricity...Xcel Energy

COMMUNITY RESOURCES

School District...Greeley-Evans School District 6 Elementary School...Centennial Elementary School (K-5th Grade) Middle School ...Prairie Heights Middle School High School...Greeley West High School Police Department...Greeley Police Department | 970-350-9605 Fire Department...Greeley Fire Department | 970-350-9500 County...Weld Legal...GR 12780-M PT TRACT B FRASER 1ST ANNEX BEG NE COR TRACT B S89D32’W (RECORDED S89D39’W) 149.86’ S0D38’E 74.68’ S89D23’E 39.88’ S0D43’W 102.41’

TO N LN 30 ST S89D30’E 130.59’ M/L TO E LN TRACT B N05D32’W 180.27’ TO BEG Parcel...096119200028 Account Number... R3761386 Description...Multiple Unit; Apartment w/ 9+ Units PROPERTY TAXES

UTILITIES

Pet Deposit...Refundable deposit rolled into unit deposit Pet Rent...$50/Month Laundry Income...Coin based common area laundry with no service contract Internet... $30/month (Two units) Parking Income...Car Ports (No Charge) OTHER INCOME

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SITE PHOTOS

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UNIT PHOTOS | 2 BED | 1.5 BA TH

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UNIT PHOTOS | 1BED | 1 BA TH

VIDEO TOUR

THE FRASER APARTMENTS

1705 30TH STREET GREELEY, CO 80631

VIDEO TOUR | 2 BED | 1.5 BATH (CLICK TO PLAY)

FINANCIAL ST A TEMENTS

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THE FRASER APARTMENTS

1705 30th Street 12 Units, 11,703 SF

Current

Annualized (1) Pro Forma

Market (2) Income

Potential Market Rent $ 178,800 $ 178,800

Loss-To-Lease $ (5,766) $ -

Gross Potential Rent $ 173,034 $ 178,800

Vacany Allowance $ - 0.0% (3) $ (5,364)3.00%

Effective Rental Revenue $ 173,034 $ 173,436

Other Revenue $ 13,520 $ 13,520

Utility Reimbursement $ - $ -

Pet Rent $ 3,600 (4) $ 3,600 (4)

Late Fee Income $ 1,700 $ 1,700

Internet $ 720 (5) $ 720 (5)

Application Fees $ - $ -

Turnover Revenue $ 3,500 $ 3,500

Laundry Income $ 4,000 (6) $ 4,000 (6)

Effective Gross Revenue $ 186,554 $ 186,956

Operating Expenses

Property Tax $ 8,998 (7) $ 8,998 $ 750

Insurance $ 7,504 (8) $ 7,504 $ 625

Utilities $ 8,000 $ 8,000 $ 667

Gas - Master Meter $ 1,850 (9) $ 1,850

Gas - Units/Vacancy $ 150 $ 150

Electric - Master Meter $ 800 (10)(17) $ 800 (10)(17)

Electric - Units/Vacancy $ 200 (10)(17) $ 200 (10)(17)

Water and Sewer - Master Meter $ 5,000 (10) $ 5,000 (10)

Water and Sewer - Units/Vacancy $ - $ -

Contract Services $ 5,340 $ 5,340

Trash $ 1,440 (10)(11) $ 1,440 (10)(11)

Internet $ 600 (12) $ 600 (12)

Cleaning $ 1,500 (13) $ 1,500 (13)

Landscaping & Groundskeeping $ 1,200 (14) $ 1,200 (14)

Snow Removal & Supplies $ 600 (10) $ 600 (10)

Repairs & Maintenance $ 7,500 $ 625 $ 7,500 $ 625

Repairs & Maintenance $ 4,000 (15) $ 4,000

Turnover Expense $ 3,500 $ 3,500

General & Admin $ 285 $ 24 $ 285 $ 24

Leasing & Marketing (Background Check) $ 240 (10) $ 240

Boiler Inspection $ 45 (9) $ 45

Management Fee $ 9,328 5.00% (16) $ 9,348 5.00%

Total Operating Expenses $ 46,955 25.2% $ 46,975 25.1%

$/Unit $ 3,913 $ 3,915

$/SF $ 4.01 $ 4.01

Net Operating Income $ 139,599 $ 139,981

Price $ 2,160,000 6.5% $ 2,160,000 6.5%

Per Unit $180,000 $180,000

Per SF $185 $185

Financials_9-14-21_final_CJFormat.xlsx 1705 30th St (2) 9/17/2021 7:04 AM

Copyright © 2021 | LC Real Estate Group, LLC

Corresponding footnotes included on following page for reference

FINANCIAL ST A TEMENTS

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THE FRASER APARTMENTS

Footnotes

15) Broker estimate based on 2019 expenses without additional capital improvements 16) Management Fee 6.5% of Potential Gross Revenue

17) Broker estimated electricity for building and common areas 14) Broker estimated $60 per mowing service, 20 times per year

5) Internet for security system approximately $50/month. Internet service provided to two tenants for combined income of $55/month.

6) Year-to-date annualized laundry income collected may reflect some 2020 income in 2021. Proforma broker estimate is lower.

7) 2020 Property Taxes Payable 2021.

8) Current year insurance policy is $625.33/month.

9) Gas for hot water heater with conversion to mini-split HVAC system. Boiler reduced to one unit for building.

10) Broker estimate

11) Monthly base trash service contract of $120/month with Gallegos Sanitation 12) Internet for security system approximately $50/month.

13) Broker estimated monthly cleaning of $150/month

2) Pro forma stabalized rent roll upon lease rollover to market rent for all units upon exterior rennovation for all units 3) General Vacancy of three percent (3.0%)

4) Pet rent of $50/month, assumed for average of 50.0% of tenants 1) Current annualized rent roll as of August 2021

Copyright © 2021 | LC Real Estate Group, LLC

THE FRASER APARTMENTS

Greeley, Colorado

Exclusively Marketed For Sale By

LCRealEstateGroup.com

1712 Topaz Drive, Loveland, CO 80537

Rico Devlin

Partner | Broker Associate 970.413.1182

[email protected] Wayne Lewis

Senior Partner | Senior Broker 970.440.3250

[email protected]