24 UNITS // RECENT RENOVATIONS - 1249 NORTH LBJ DRIVE | SAN MARCOS, TEXAS 78666 DANIEL ELAM - Muskin Commercial
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24 UNITS // RECENT RENOVATIONS
1249 NORTH LBJ DRIVE | SAN MARCOS, TE X AS 78666
DANIEL ELAM ELLEN MUSKIN VIEW SHOWN BY
512.343.2700 x4 512.343.2700 x3 PROPERTY APPOINTMENT ONLY
WEBSITE: WITH LISTING AGENTS
daniel@muskincommercial.com ellenm@muskincommercial.com
AERIAL VIEW THE MONARCH
Downtown San Marcos (The Square) | 1.0 ± Miles
Interstate Highway 35 | 1.9 ± Miles
Old Main (TSU) | 0.7 ± Miles
Texas State University | 0.4 ± Miles
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INVESTMENT OVERVIEW THE MONARCH
SALIENT FACTS
The Monarch Apartments
Price: $2,400,000
A 24-Unit Multifamily Property Located in Beautiful San Marcos, TX
Cap Rate: 6.22%
Terms: All Cash / Third-Party Financed
Ideally located, The Monarch Apartments offers residents easy access to all parts of the San Marcos and is less
than half a mile to Texas State University (current enrollment: 38,000 ± students) and just minutes to The Square # of Units: 24 Total
(downtown), and the San Marcos River (a very popular urban water recreation center). San Marcos is a suburban
community roughly 18 ± miles south of Austin, and 33 ± miles north of San Antonio. Year Built: 1974 (Renovated 2018/2019)
The Monarch Apartments are poised to benefit from stabilizing operations after an extensive remodel. All 24 units Total NRSF: 14,912 ± (HCAD)
have recently been improved with approximately $20,000 per unit spent to make this complex stand out and stand Land Area: 0.7516 ± ACRES (HCAD)
the test of time. The tenant base is diverse with a student population of about 50%.
Exterior: Stone, HardiePlank and Wood
Roofs: Pitched Composition Shingle
HVAC: Individual Central Air
Water Heater: 1 Central (Gas)
Laundry Rooms: 2 On-Site (4W & 4D Total)
Parking: 33 ± Surface Spaces
Unit Mix Breakdown:
2 Bed
1 Bath
San Marcos 25%
Outlet Malls 1 Bed 50%
1 Bath
A key Amazon Fulfillment Center Texas supermarket chain H-E-B The San Marcos Premium Outlets 25%
for the Central Texas region is Grocery Stores also has a large and Tanger Factory Outlet Center
located on E. McCarty Ln. in San regional distribution center in San combined include 240 ± stores, sit
Marcos. The 855,000 ± SF facility Marcos. The 639,648 ± SF facility on over 200 ± acres, and feature 2 Bed
opened in 2016 and employs opened in 200 and employs about over 1,000,000 SF of retail space. 2 Bath
about of 2,200 ± people. 750 ± people.
INVESTMENT OVERVIEW THE MONARCH
INVESTMENT HIGHLIGHTS
Æ Recent Renovations (2019) include Interior
and Exterior Improvements
Æ All Two-Story Garden Style Walk-ups
Æ Walking Distance (0.4 ± miles) to Texas State
University (Texas’s 5th Largest University), and
Property Character
related Restaurants, Businesses, and Entertainment
The Monarch unit mix allocation is evenly split between twelve (12) one-bedroom / one-bath units and
Æ Only 18 ± Miles South of Austin twelve (12) two-bedroom and one or two bath units. Interiors feature new wood-look plank flooring, gran-
ite or stone countertops, black appliances (most units), multi-colored glass tile backsplashes, espresso
Æ Just Minutes to the Popular San Marcos River colored designer cabinetry, brushed nickel hardware, above counter vessel sinks, 12x24 ceramic tile
shower surrounds, and two-tone paint colors. The Monarch’s recent interior upgrades complement its well
laid-out floor plans.
Æ 1 ± Miles to The Square (Downtown San Marcos)
The Monarch tenants enjoy the benefit of common area amenity improvements including a revitalized
Æ 5 ± Miles to San Marcos Premium Outlets and Tanger central courtyard with fresh landscaping (and new irrigation system) surrounding a built-in KitchenAid
Factory Outlet (Largest in the U.S.) island grill, picnic table, and multiple stone benches. There are two (2) on-site laundry facilities with a
total of four (4) commercial washers and four (4) commercial dryers that accept payment via coin, card,
or phone app. All units enjoy high-speed internet, cable TV, and phone provided by Grande Communica-
Æ Turnkey Opportunity in Excellent Location tion. There are 24 detached storage closets at the property which are included for each unit. The asphalt
parking area was recently re-paved and re-striped with new bollards installed. For a full list of other
cosmetic and sustaining improvements, please contact the broker.
AUSTIN
is the Best Place to
Live in the U.S.
- U.S. News & World Report —
Only 18 ± miles south of Austin, San Marcos is part of the Austin-Round Rock MSA
PROPERTY DETAILS THE MONARCH INTERIOR FEATURES Updated Kitchen Cabinets, Granite or Stone Countertops, New Appliances (majority black), Vessel Sinks, Garbage Disposals, Mosaic Glass Tile Backsplashes, Built-in Vent Hoods Ceiling Fans and Upgraded Light Fixtures Throughout the Units 12x24 Ceramic Tile Shower Surrounds, Brushed Nickel Hardware, and Upgraded Bathroom Vanities Kitchens Include Pass-through Dining Bars, Goose Neck Faucets, Modern Cabinet Pulls, and Double Stainless Sinks, Twenty-Four Covered Storage Closets Outside Units Providing Extra Storage Space for Residents COMMUNITY FEATURES Spacious Courtyard with Stainless KitchenAid Built-in Grill, Picnic Table, and Multiple Limestone Benches Upstairs and Downstairs Laundry Facilities, each with 2 Washers and 2 Dryers 33 ± On-premises Parking Spaces Pet Station and Bike Rack Renovation Added: Rain Gutters, Mailboxes, HVAC Metal Fence Protectors, and Improved Railings Exterior Features Native Stone and HaridieBoard Siding Walking Distance to Texas State Campus (0.4 ± miles)
FINANCIAL ANALYSIS THE MONARCH
UNIT MIX
Unit Total Market Monthly Annual
Units Type SF± SF± Rent Mkt. Rent Mkt. Rent
12 1 Bed / 1 Bath 522± 6,264± $850 $10,200 $122,400
6 2 Bed / 1 Bath 696± 4,176± $1,050 $6,300 $75,600
6 2 Bed / 2 Bath 744± 4,464± $1,200 $7,200 $86,400
24 621± 14,904± $988 $23,700 $284,400
NOTE: Square footage varies somewhat between Rent Roll and HCAD tax records.
INCOME Current Rent Roll Trailing - 12 from
Pro Forma Annualized September 2020
Scheduled Market Rent $284,400 $243,780 $238,226
Less: Loss to Lease 0.50% ($1,422) — —
Less: Vacancy 4.00% ($11,376) — —
Less: Concessions 1.00% ($2,844) — —
Net Rental Income $268,758 $243,780 $238,226
Plus: Fee Income $2,500 $2,160 $2,160
Plus: Laundry Income $1,500 — —
Plus: RUBS Income $10,000 $8,740 $8,740
Plus: Other Income $5,000 $3,549 $3,549
Total Operating Income (EGI) $287,758 $258,229 $252,675
EXPENSES T-12 Expenses from
Per Unit September 2020
Administrative (incl. Cable & Internet) $417 $10,000 $11,441 $11,441
Advertising & Promotion $333 $8,000 $8,040 $8,040
Repairs & Maintenance $450 $10,800 $8,586 $8,586
Management Fee 8.00% $959 $23,021 $20,531 $20,531
Utilities $792 $19,000 $17,332 $17,332
Contracted Services (incl. Trash) $417 $10,000 $15,580 $15,580
Real Estate Taxes 85% of ask price 2.3515% $1,999 $47,971 $15,881 $15,881
Insurance $400 $9,600 $14,962 $14,962
Total Expenses $138,391 $112,353 $112,353
Per Unit: $5,766 $4,681 $4,681
Per SF: $9.29 $7.54 $7.54
Net Operating Income $149,367 $145,876 $140,322
FLOOR PLANS THE MONARCH
1 Bed / 1 Bath 2 Bed / 1 Bath 2 Bed / 2 Bath
— — —
± ± ±
INVESTMENT LOCATION THE MONARCH
San Marcos, TX
"THERE HAS BEEN AN 'EXPLOSION' IN
ECONOMIC ACTIVITY IN SAN MARCOS."
— AUSTIN BUSINESS JOURNAL (2020)
“GREATER SAN MARCOS, TEXAS IS BUILDING
THE FUTURE OF MANUFACTURING”
— INDUSTRY TODAY (2017)
“ONE OF AMERICA’S BEST SMALL CITIES TO
MOVE TO BEFORE THEY GET TOO POPULAR”
— THRILLIST (2018)
“The Square”
“ONE OF THE BEST PLACES TO RETIRE”
— FORBES (2018) Downtown San Marcos
Photos Credit: Andy Heatwole | San Marcos Photos
INVESTMENT LOCATION THE MONARCH
San Marcos, TX First Class Education Opportunity
Notable Amenities and Attractions
SAN MARCOS SAN MARCOS
PARKS & RIVER OUTLET MALLS
The San Marcos River is an urban water- Known as the gateway to the Texas Hill
way running through the City of San Marcos, Country, San Marcos Premium Outlets
providing a relaxing atmosphere, gorgeous and Tanger Factory Outlet Center are
scenery, and popular water activities like conveniently located within a short
swimming, snorkeling, and tubing (floating) drive from Austin, San Antonio and
the river. The San Marcos river is fed by the New Braunfels and is ideally situated
natural San Marcos Springs, which maintain at Exit 200 off of IH-35 in San Marcos.
a constant 72-degree water temperature.
With more than 240 stores, sitting on over
Floating the river is a popular water activity 200 ± acres and over 1,000,000 square feet
attracting people from all around Central combined, the San Marcos Outlets are
Texas. There are many tube rental services the largest outlet centers in the U.S. and
that offer drop-in points in the central part are a top tourist destination and major The Monarch is conveniently located less than one-half mile from
of the city with all day river shuttle rides local employer (3,100 ± employees). the Texas State University campus.
returning people back to their point of entry.
Some of the premium retail stores Texas State University San Marcos is the state’s fifth largest public
A few of the notable parks along the include: Armani, Burberry, Coach, university. The University is experiencing a period of rapid growth
San Marcos River include: Sewell Elizabeth Arden, Gucci, Johnston & and now boasts over 38,000 students.
Park, Bicentennial Park, Rio Vista Murphy, Marc Jacobs, Michael Kors,
Since opening in 1903, the Texas State University has grown from
Park, and William & Eleanor Park. Prada, Steve Madden, and Versace.
a two-year teacher trainingAustin
institution into a challenging
Community university
College (ACC) Hays
with 99 undergraduate, 99 Campus
masters isand 14 doctoral
about programs.
9.5 ± miles north and with
a current enrollment of 1,700 ±.
Photos Credit: Andy Heatwole | San Marcos Photos
INVESTMENT LOCATION THE MONARCH
San Marcos, TX
“The River”
A popular local attraction,
The San Marcos River runs through the
city and offers many water recreation
opportunities like swimming, snorkeling,
canoeing, tubing (floating), and kayaking.INVESTMENT LOCATION THE MONARCH
San Marcos, TX
Major Employers
Greater San Marcos Area
Public & Private Sector Employees ±
San Marcos Outlets Texas State University 3,730
OUTDOORS FOOD / RESTAURANTS NIGHTLIFE Hays County ISD 3,430
Amazon Fulfillment 2,200
n San Marcos River n H-E-B Grocery Store n Treff's Tavern
n San Marcos Lions Club Tube Rentals n Don Japanese Kitchen n Louie's Beer Garden Premium Outlets 1,600
n Spring Lake n Grins Restaurant n Daq Beach Bar
n Spring Lake Preserve n Quick Fix Cuisine n Zelick's Icehouse Tanger Outlets 1,540
n Sewell Park n Dos Gatos Kolache Bakery n Louie's Beer Garden
San Marcos ISD 1,400
n Bicentennial Park n Pie Society n The Marc
n Rio Vista Park n Italian Garden n Railyard Bar & Grill Dripping Springs ISD 930
n William & Eleanor Crook Park n Chipotle n Taproom
n Stokes Park n CRAFThouse Kitchen & Tap n Black Rabbit Saloon Hays County Offices 885
n Blanco Shoals n Alvin Ord's Sandwich Shop n Shade Rooftop Patio Bar
H-E-B Distribution Center 750
n Purgatory Creek Natural Area n Cafe on the Square n Harper's
n San Marcos Skate Park n Root Cellar Cafe n Veranda Rooftop Bar & Patio Lockhart ISD 730
CHRISTUS Santa Rosa Hospital 675
SPORTS & ENT. EASY ACCESS RETAIL / SHOPPING
Ascension Seton - Hays Hospital 610
n Bobcat Stadium (TX State University) n Interstate U.S. Highway 35 n Premium Outlets (733,000 ± SF)
n Bobcat Ballpark (TX State University) n Interstate 10 n Tanger Outlets (400,000 ± SF) CFAN (Aviation) 600
n Strahan Arena (TX State University) n Texas State Highway 130 n Nelson Shopping Center
One Support 450
n Gary Softball Complex n U.S. Route 80 n Springtown Center
n EVO Entertainment Springtown n Aquarena Springs Drive n Sanmar Plaza Thermon, Inc. 345
n EVO Cinemas Starplex 12 n University Drive n The Square
n Wonderworld Cave & Adv. Park n E. Hopkins Street n Stonecreek Crossing Epic Piping 305
n Glade Outdoor Theatre n LBJ Drive n Walmart SupercenterInformation About Brokerage Services TYPES OF REAL ESTATE LICENSE HOLDERS: y A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. y A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Texas law requires all real estate y Put the interests of the client above all others, including the broker’s own interests; licensees to give the following y Inform the client of any material information about the property or transaction received by the broker; information about brokerage y Answer the client’s questions and present any offer to or counter-offer from the client; and services to prospective buyers, y Treat all parties to a real estate transaction honestly and fairly. tenants, sellers and landlords. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: y Must treat all parties to the transaction impartially and fairly; y May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. y Must not, unless specifically authorized in writing to do so by the party, disclose: - that the owner will accept a price less than the written asking price; - that the buyer/tenant will pay a price greater than the price submitted in a written offer; and - any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: y The broker’s duties and responsibilities to you, and your obligations under the representation agreement. y Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records. Muskin Commercial, LLC 9000275 ellenm@muskincommercial.com (512) 343-2700 Licensed Broker / Broker Firm Name or Primary Assumed Business Name License No. Email Phone Ellen Muskin 334236 ellenm@muskincommercial.com (512) 343-2700 Designated Broker of Firm License No. Email Phone Ellen Muskin 334236 ellenm@muskincommercial.com (512) 343-2700 Licensed Supervisor of Sales Agent / Associate License No. Email Phone Daniel Elam 616676 daniel@muskincommercial.com (512) 343-2700 Sales Agent / Associate’s Name License No. Email Phone Regulated by the Texas Real Estate Commission Buyer / Tenant / Seller / Landlord Initials Date Information available at www.trec.texas.gov
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ELLEN MUSKIN
512.343.2700 x3
DANIEL ELAM
512.343.2700 x4
San Antonio St Hedwig Leesville Bebe
10 Miles
183
ellenm@muskincommercial.com daniel@muskincommercial.com Disclaimer: Information shown on this map is
Columbia Heights compiled from numerous sources and may not
Hondo Castroville be complete or accurate. Muskin Commercial,
87
LLC provides this map without any warranty of
Sabinal any kind whatsoever, either express or implied.
4601 Spicewood Springs Road
Building 4, Suite 101 Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty Nixon Smiley
or representation about the content. While this
Austin, TX 78759 WWW.MUSKINCOMMERCIAL.COM information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers
Lytle Stockdale
Somersetconfirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current
should independently
or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid. 87
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