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REGENCY ESTATES2067 East St | Galway, NYOFFERING MEMORANDUM
Regency EstatesCONTENTS
Exclusively Marketed by:
Steven [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 5 Location Summary 6
02 Property Description Aerial Map 8
03 Rent Roll Rent Roll Details 10
04 Financial Analysis Income & Expense Analysis 12 Multiyear Cash Flow Assumptions 13 Cash Flow Analysis 14
05 Demographics Demographics 17 Demographic Charts 19
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from IRE Investment and it shouldnot be made available to any other person or entity without the written consent of IRE Investment. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees thatrecipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to IRE Investment.This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest inthe subject property. The information contained herein is not a substitute for a thorough due diligence investigation. IRE Investment has not made any investigation, and makes no warranty or representation withrespect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presenceor absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition orbusiness prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, IRE Investment has not verified, and will not verify, any of the informationcontained herein, nor has IRE Investment conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness ofthe information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses ofinvestigating the subject property.
Regency Estates Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT IRE INVESTMENT FOR MORE DETAILS.Copyright © 2020 CREOP, LLC. All Rights Reserved.
Regency Estates | Executive Sum
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Executive Summary
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Investment Summary
Location Summary
Regency Estates Investment Summary | 05
OFFERING SUMMARYADDRESS 2067 East St
Galway NY 12074COUNTY SaratogaNUMBER OF UNITS 20
FINANCIAL SUMMARYOFFERING PRICE $429,000PRICE PER UNIT $21,450OCCUPANCY 60.00 %NOI (CURRENT) $47,953NOI (Pro Forma) $49,930CAP RATE (CURRENT) 11.18 %CAP RATE (Pro Forma) 11.64 %GRM (CURRENT) 3.72GRM (Pro Forma) 3.61
PROPOSED FINANCINGLOAN TYPE Fully AmortizedDOWN PAYMENT $171,600LOAN AMOUNT $257,400INTEREST RATE 5.00 %ANNUAL DEBT SERVICE $20,387LOAN TO VALUE 60 %AMORTIZATION PERIOD 20 Years
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 472 2,389 6,4282019 Median HH Income $77,419 $79,195 $79,1892019 Average HH Income $90,586 $94,833 $95,014
*Located 15 miles outside of Saratoga Springs.
*20 unit MHP, with major upside.
*Stick built home in park is on separate deed and could be sold separatelyfrom park.
*16.5 acres +/-
*Well water and septic.
*Plow truck and back hoe come with sale.
Regency Estates Location Summary | 06
Regency Estates | Property D
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Property Description
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Aerial Map
Parcel Map
Regency Estates Aerial Map | 08
Regency Estates | R
ent Roll
Rent Roll
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Rent Roll Details
Lot Rent
Lot 2 $0
Lot 3 $0
Lot 4 $0
Lot 5 $0
Lot 6 $0
Lot 7 $0
Lot 8 $825
Lot 9 $0
Lot 10 $400
Lot 11 $650
Lot 12 $800
Lot 13 $350
Lot 14 $0
Lot 15 $0
Lot 17 $800
Lot 18 $336
Lot 19 $750
Lot 21 $0
Lot 22 $405
Lot 23 $425
Tenant Owned
Tenant Owned
Vacant Lot
Vacant Lot
Vacant Lot
Vacant Lot
Vacant Lot
Vacant Lot
Vacant Lot
Vacant Lot
Park Owned
Tenant Owned
Park Owned
Tenant Owned
Park Owned
Park Owned Home- Vacant
Regency Estates - Galway, NY - Rent Roll
Park Owned house - Vacant
Notes:
Park Owned
Tenant Owned
Park Owned
Regency Estates Rent Roll Details | 10
Regency Estates | Financial A
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Financial Analysis
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Income & Expense
Multiyear Cash Flow Assumptions
Multiyear Cash Flow Projections
Regency Estates Income & Expense Analysis | 12
INCOME CURRENT PRO FORMAGross Potential Income $115,320 $118,780
Less: General Vacancy $45,960 $47,339
Effective Gross Income $69,360 $71,441
Less: Expenses $21,407 $21,511
Net Operating Income $47,953 $49,930
Principal Reduction $7,517 $7,517
Total Return 20.4 % $35,083 21.6 % $37,060
EXPENSES CURRENT PRO FORMA
Real Estate Taxes $362 $7,238 $362 $7,238
Insurance $75 $1,500 $75 $1,500
Management Fee $173 $3,468 $179 $3,572
Septic $60 $1,200 $60 $1,200
Repairs & Maintenance $225 $4,500 $225 $4,500
Water $19 $381 $19 $381
Landscaping $25 $500 $25 $500
Snow $35 $700 $35 $700
Utilities $79 $1,570 $79 $1,570
Road Repair $18 $350 $18 $350
Total Operating Expense $1,070 $21,407 $1,076 $21,511
Annual Debt Service $1,019 $20,387 $1,019 $20,387
% of EGI 30.86 % 30.11 %
Per Unit Per Unit
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
Regency Estates Multiyear Cash Flow Assumptions | 13
GLOBALSale Price $429,000
EXPENSESReal Estate Taxes 1.03 %Insurance 1.03 %Septic 1.03 %Repairs & Maintenance 1.03 %Water 1.03 %Landscaping 1.03 %Snow 1.03 %Utilities 1.03 %Road Repair 1.03 %
PROPOSED FINANCINGLoan Type Fully AmortizedDown Payment $171,600Loan Amount $257,400Interest Rate 5.00 %Annual Debt Service $20,387Loan to Value 60 %Amortization Period 20 Years
Regency Estates Cash Flow Analysis | 14
CASH FLOWCalendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Gross Potential RevenueGross Rental Income $115,320 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780Gross Potential Income $115,320 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780General Vacancy $45,960 $47,339 $0 $0 $0 $0 $0 $0 $0 $0Effective Gross Income $69,360 $71,441 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780 $118,780Operating ExpensesReal Estate Taxes $7,238 $7,238 $7,313 $7,388 $7,464 $7,541 $7,619 $7,697 $7,776 $7,856Insurance $1,500 $1,500 $1,515 $1,531 $1,547 $1,563 $1,579 $1,595 $1,612 $1,628Management Fee $3,468 $3,572 $5,939 $5,939 $5,939 $5,939 $5,939 $5,939 $5,939 $5,939Septic $1,200 $1,200 $1,212 $1,225 $1,237 $1,250 $1,263 $1,276 $1,289 $1,303Repairs & Maintenance $4,500 $4,500 $4,546 $4,593 $4,640 $4,688 $4,737 $4,785 $4,835 $4,884Water $381 $381 $385 $389 $393 $397 $401 $405 $409 $414Landscaping $500 $500 $505 $510 $516 $521 $526 $532 $537 $543Snow $700 $700 $707 $714 $722 $729 $737 $744 $752 $760Utilities $1,570 $1,570 $1,586 $1,603 $1,619 $1,636 $1,653 $1,670 $1,687 $1,704Road Repair $350 $350 $354 $357 $361 $365 $368 $372 $376 $380Total Operating Expense $21,407 $21,511 $24,063 $24,249 $24,438 $24,629 $24,821 $25,016 $25,212 $25,411Net Operating Income $47,953 $49,930 $94,717 $94,531 $94,342 $94,151 $93,959 $93,764 $93,568 $93,369Annual Debt Service $20,387 $20,387 $20,387 $20,387 $20,387 $20,387 $20,387 $20,387 $20,387 $20,387Cash Flow $27,566 $29,543 $74,331 $74,144 $73,955 $73,765 $73,572 $73,378 $73,181 $72,983
Effective Gross Income vs Operating Expenses Cash Flow
Regency Estates Cash Flow Analysis | 15
Calendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Financial MetricsCash on Cash Return b/t 16.06 % 17.22 % 43.32 % 43.21 % 43.10 % 42.99 % 42.87 % 42.76 % 42.65 % 42.53 %CAP Rate 11.18 % 11.64 % 22.08 % 22.04 % 21.99 % 21.95 % 21.90 % 21.86 % 21.81 % 21.76 %Debt Coverage Ratio 2.35 2.45 4.65 4.64 4.63 4.62 4.61 4.60 4.59 4.58Operating Expense Ratio 30.86 % 30.11 % 20.25 % 20.41 % 20.57 % 20.73 % 20.89 % 21.06 % 21.22 % 21.39 %Gross Multiplier (GRM) 3.72 3.61 3.61 3.61 3.61 3.61 3.61 3.61 3.61 3.61Loan to Value 60.01 % 58.22 % 56.34 % 54.38 % 52.29 % 50.12 % 47.81 % 45.41 % 42.86 % 40.19 %Breakeven Ratio 60.26 % 58.65 % 37.42 % 37.58 % 37.74 % 37.90 % 38.06 % 38.22 % 38.39 % 38.56 %Price / Unit $21,450 $21,450 $21,450 $21,450 $21,450 $21,450 $21,450 $21,450 $21,450 $21,450
Regency Estates | D
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Demographics
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Demographic Details
Demographic Charts
Regency Estates Demographics | 17
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 446 2,315 5,940
2010 Population 447 2,294 6,203
2019 Population 472 2,389 6,428
2024 Population 486 2,443 6,538
2019 African American 2 9 36
2019 American Indian 1 8 15
2019 Asian 3 11 26
2019 Hispanic 8 49 165
2019 Other Race 1 8 47
2019 White 461 2,330 6,225
2019 Multiracial 4 21 76
2019-2024: Population: Growth Rate 2.95 % 2.25 % 1.70 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 19 94 207
$15,000-$24,999 7 39 110
$25,000-$34,999 14 60 156
$35,000-$49,999 21 112 296
$50,000-$74,999 29 155 401
$75,000-$99,999 24 136 407
$100,000-$149,999 48 241 575
$150,000-$199,999 15 81 207
$200,000 or greater 9 60 158
Median HH Income $77,419 $79,195 $79,189
Average HH Income $90,586 $94,833 $95,014
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 180 1,360 2,802
2010 Total Households 174 934 2,421
2019 Total Households 185 979 2,518
2024 Total Households 191 1,003 2,565
2019 Average Household Size 2.55 2.44 2.55
2000 Owner Occupied Housing 143 767 1,956
2000 Renter Occupied Housing 23 128 290
2019 Owner Occupied Housing 164 863 2,238
2019 Renter Occupied Housing 22 117 280
2019 Vacant Housing 21 534 666
2019 Total Housing 206 1,513 3,184
2024 Owner Occupied Housing 169 884 2,281
2024 Renter Occupied Housing 22 119 284
2024 Vacant Housing 22 542 687
2024 Total Housing 213 1,545 3,252
2019-2024: Households: Growth Rate 3.20 % 2.45 % 1.85 %
Source: esri
Regency Estates Demographics | 18
2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2019 Population Age 30-34 25 119 321
2019 Population Age 35-39 23 115 341
2019 Population Age 40-44 30 149 406
2019 Population Age 45-49 35 175 470
2019 Population Age 50-54 40 202 535
2019 Population Age 55-59 45 225 597
2019 Population Age 60-64 42 210 535
2019 Population Age 65-69 40 201 485
2019 Population Age 70-74 24 136 356
2019 Population Age 75-79 14 78 202
2019 Population Age 80-84 10 51 128
2019 Population Age 85+ 10 49 123
2019 Population Age 18+ 390 1,974 5,226
2019 Median Age 48 49 47
2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $75,000 $78,230 $77,703
Average Household Income 25-34 $84,641 $88,787 $91,630
Median Household Income 35-44 $101,090 $104,059 $101,170
Average Household Income 35-44 $107,418 $109,430 $110,290
Median Household Income 45-54 $96,836 $100,000 $95,990
Average Household Income 45-54 $106,176 $111,250 $109,610
Median Household Income 55-64 $79,149 $84,952 $85,504
Average Household Income 55-64 $97,909 $104,462 $104,072
Median Household Income 65-74 $61,835 $61,796 $62,963
Average Household Income 65-74 $81,022 $83,799 $84,077
Average Household Income 75+ $53,791 $57,015 $55,464
2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2024 Population Age 30-34 28 139 359
2024 Population Age 35-39 24 122 356
2024 Population Age 40-44 32 153 416
2024 Population Age 45-49 32 159 435
2024 Population Age 50-54 38 188 493
2024 Population Age 55-59 41 207 545
2024 Population Age 60-64 43 218 578
2024 Population Age 65-69 44 216 531
2024 Population Age 70-74 28 154 397
2024 Population Age 75-79 21 117 302
2024 Population Age 80-84 13 67 169
2024 Population Age 85+ 11 54 134
2024 Population Age 18+ 405 2,038 5,384
2024 Median Age 49 50 49
2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $100,000 $87,866 $87,148
Average Household Income 25-34 $98,444 $102,970 $104,643
Median Household Income 35-44 $110,725 $108,770 $106,463
Average Household Income 35-44 $121,124 $124,153 $123,784
Median Household Income 45-54 $105,496 $107,428 $104,190
Average Household Income 45-54 $120,821 $125,344 $123,298
Median Household Income 55-64 $91,268 $97,371 $95,502
Average Household Income 55-64 $113,892 $120,465 $119,583
Median Household Income 65-74 $70,690 $68,711 $70,726
Average Household Income 65-74 $90,818 $96,576 $96,010
Average Household Income 75+ $62,351 $66,930 $64,021
Regency Estates Demographic Charts | 19
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
Regency Estates Demographic Charts | 20
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
