OFFERING MEMORANDUM - Levy Retail Group
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
OFFERING MEMORANDUM
TABLE OF CONTENTS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, TX, TX Ennis
Confidentiality & Disclaimer Contents
The information contained in the following Marketing Brochure is proprietary and strictly PROPERTY INFORMATION 3
confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap
and should not be made available to any other person or entity without the written consent of LOCATION INFORMATION 7
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified FINANCIAL ANALYSIS 13
information to prospective purchasers, and to establish only a preliminary level of interest in the
subject property. The information contained herein is not a substitute for a thorough due SALE COMPARABLES 20
diligence investigation. Marcus & Millichap has not made any investigation, and makes no
RENT COMPARABLES 27
warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the DEMOGRAPHICS 32
property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant’s plans or intentions to continue its occupancy of the subject property. The information
contained in this Marketing Brochure has been obtained from sources we believe to be reliable;
however, Marcus & Millichap has not verified, and will not verify, any of the information contained
herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein.
Non-Endorsement Notice
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or
lessee identified in this marketing package. The presence of any corporation’s logo or name is not
intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation
of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS
2
Section 1 PROPERTY INFORMATION
PROPERTY INFORMATION | EXECUTIVE SUMMARY
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
OFFERING SUMMARY PROPERTY OVERVIEW
Sale Price: $5,590,000 Marcus & Millichap is pleased to offer the opportunity to acquire Ennis Crossroads, a stabilized 64,842-square foot, multi-tenant
retail center in the Dallas-Fort Worth suburb of Ennis, Texas.
Cap Rate: 8.62% MAJOR TENANTS
• Bealls
NOI: $481,872
• Hibbett Sports
Lot Size: 5.21 Acres • Aaron's
Year Built: 1979 DEMOGRAPHICS
1 MILE 3 MILES 5 MILES
Year Renovated: 2005
Total Households 1,895 6,784 7,702
Building Size: 64,842
Total Population 5,866 20,435 23,058
Price / SF: $86.21 Average HH Income $49,166 $60,555 $62,994
4
PROPERTY INFORMATION | PROPERTY DESCRIPTION
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
PROPERTY OVERVIEW
Ennis Crossroads is a stabilized 64,842-square foot, multi-tenant retail center in the Dallas-Fort Worth suburb of
Ennis, Texas. Anchored by Bealls department store, the center has a complementary mix of credit and local tenants,
including Hibbett Sports, Aaron's, Grand China Buffet, Picasso Dental, Advance America, Little Caesar’s Pizza,
Rodney D. Young Insurance, Star Nails, Victory Therapy, Cross Fit, and Ennis Bible Church. The center is 100
percent occupied, and 69 percent of the gross leasable area has triple-net leases. Originally constructed in 1979,
the building has significant renovations in 2005 and had a new roof installed in 2013.
LOCATION OVERVIEW
The subject property is located at the southwest quadrant of Interstate 45 and State Highway 34 (Ennis Avenue),
two major thoroughfares in the city. The property has multiple ingress and egress points from both roads, providing
easy access. Traffic counts are approximately 37,600 vehicles per day on Interstate 45 and approximately 16,670
vehicles per day on Ennis Avenue. Walmart Supercenter is directly across the highway, and numerous other
national and regional tenants are in the neighboring area, including Dollar Tree, Taco Cabana, IHOP, Braum’s, Jack in
the Box, Dairy Queen, Starbucks, Golden Chick, Whataburger, Denny’s, Waffle House, Sally Beauty, Tractor Supply
Co., McDonald’s, QuikTrip, and many others.
The population within five miles of the property is 23,000. Additionally, the city of Ennis serves a retail trade area
population of over 40,000. Just south of the property lies an industrial park off of Interstate 45. The city of Ennis is
home to more than 40 industrial companies, including distribution centers for CVS Pharmacy, PetSmart, Lowe’s
Home Improvement, Sterilite, JTEKT Automotive, Sherwin-Williams, Fastenal, Schirm, Leggett & Platt, among
others. The city is located 30 minutes south of Downtown Dallas off Interstate 45, and hosts more than 700,000
tourists annually at the Texas Motorplex, Lake Bardwell, and various festivals.
5
PROPERTY INFORMATION | COMPLETE HIGHLIGHTS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SALE HIGHLIGHTS
• 64,842-Square Foot Multi-Tenant Shopping Center
• 100% Occupied | 69% of the Gross Leasable Area has Triple-Net Leases
• Anchored by Bealls Department Store | Rent to Sales Ratio is 4.5%
• Hibbett Sports Reports Strong Sales | Rent to Sales Ratio is 6.5%
• Complementary Mix of Credit and Local Tenants
• New Roof Installed in 2013 | Over Four Years Remain on the Warranty
• Situated on 5.2 Acres with a Concrete Parking Lot
• Priced at $86 per Square Foot | Well Below Replacement Cost
• Located at the Southwest Quadrant of Interstate 45 and State Highway 34 (Ennis
Avenue) in a Retail Trade Area | Traffic Counts on I-45 are Approximately 37,600
Vehicles per Day and 16,670 Vehicles per Day on Ennis Avenue
• Multiple Ingress and Egress Points Allow Easy Access to the Property
• Across the Highway from Walmart Supercenter
• The City of Ennis is 30 Minutes South of Downtown Dallas
• Serves a Retail Trade Area Population of 40,000
• Ennis is Home to more than 40 Industrial or Industrial Service Companies, Including
Distribution Centers for CVS Pharmacy, PetSmart, Lowe's Home Improvement,
Sterilite, JTEKT Automotive, and Sherwin-Williams Manufacturing Plan
• The City Welcomes more than 700,000 Tourists Every Year to Such Attractions as
Texas Motorplex (500,000 Annual Attendance), Lake Bardwell (150,200 Annual
Attendance), and Festival Attendance (100,000+ Attendance)
6
Section 2 LOCATION INFORMATION
LOCATION INFORMATION | REGIONAL MAP
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, TX, TX Ennis
ENNIS CROSSROADS
8
LOCATION INFORMATION | LOCATION MAPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
9
LOCATION INFORMATION | AERIAL MAPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
10LOCATION INFORMATION | AERIAL MAPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
11LOCATION INFORMATION | AERIAL MAPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
12Section 3 FINANCIAL ANALYSIS
FINANCIAL ANALYSIS | FINANCIAL SUMMARY
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
INVESTMENT OVERVIEW CURRENT
Price $5,590,000
Price per SF $86.21
CAP Rate 8.62 %
Total Return (yr 1) $481,872
OPERATING DATA CURRENT
Gross Income $647,472
Operating Expenses $165,600
Net Operating Income $481,872
FINANCING DATA CURRENT
Down Payment $5,590,000
Loan Type All Cash
14FINANCIAL ANALYSIS | INCOME & EXPENSES
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
INCOME SUMMARY CURRENT PER SF
Base Rent $522,288 $8.05
Real Estate Taxes Reimbursements $51,900 $0.80
Insurance Reimbursements $12,710 $0.20
Common Area Maintenance Reimbursements $39,897 $0.62
Management Fee Reimbursements $20,677 $0.32
Gross Income $647,472 $9.99
EXPENSE SUMMARY CURRENT PER SF
Real Estate Taxes $61,058 $0.94
Insurance $18,763 $0.29
Utilities $15,554 $0.24
Repairs & Maintenance $9,957 $0.15
Contract Cleaning $13,899 $0.21
Landscaping $8,676 $0.13
Alarm Monitoring $2,596 $0.04
Exterminating $489 $0.01
Management Fee $34,608 $0.53
Gross Expenses $165,600 $2.55
Net Operating Income $481,872 $7.43
*Current Base Rent is based on the future base rent of $522,288 as of 7/01/19. Current actual rent is $519,729. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.
15FINANCIAL ANALYSIS | RENT ROLL
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
TENANT UNIT UNIT % OF LEASE LEASE ANNUAL ESC PRICE LEASE
NAME NUMBER SIZE (SF) GLA START END RENT DATE PER YEAR TYPE OPTION
Grand China Buffet Yes 7,000 10.8 9/20/05 8/31/25 $96,250 $13.75 NNN None
9/1/2020 $14.50
Hibbett Sports 4,800 7.4 7/21/05 7/31/22 $46,080 $9.60 NNN (2) 5-Yr ($10.37/$11.20)
Bealls 18,052 27.84 10/30/03 1/31/21 $94,773 $5.25 NNN (1) 5-Yr @ $5.25
Ennis Family Dentistry (1) Yes 2,499 3.85 2/26/16 4/30/26 $47,481 $19.00 NNN (2) 5-Yr @ Mkt
3/1/2021 $21.00
Advance America 1,249 1.93 5/24/04 5/31/20 $24,720 $19.79 NNN None
Star Nails 1,400 2.16 7/01/12 6/30/22 $28,547 $20.39 NNN None
Victory Therapy Yes 1,509 2.33 5/01/06 MTM $30,180 $20.00 NNN None
Little Caesar's Pizza Yes 1,500 2.31 3/01/10 7/31/20 $27,000 $18.00 NNN (2) 5-Yr @ Mkt
Rodney D. Young Insurance 1,249 1.93 3/19/08 5/31/22 $22,098 $17.69 NNN None
Aaron's Rent 5,584 8.61 12/20/04 12/31/20 $69,242 $12.40 NNN None
Cross Fit (2) 8,000 12.34 7/01/17 6/30/22 $13,200 $1.65 Gross
Ennis Bible Church 12,000 18.51 7/01/09 5/31/20 $22,718 $1.89 Gross None
Totals/Averages 64,842 $522,289 $8.05
(1) Tenant has a Right of First Refusal on the adjacent space.
(2) Pending lease renewals.
*Current Base Rent is based on the future base rent of $522,288 as of 7/01/19. Current actual rent is $519,729. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.
16FINANCIAL ANALYSIS | SITE PLAN
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
17FINANCIAL ANALYSIS | TENANT INFORMATION
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
Company: Aaron's
Founded: 1955
Tenant Credit: National
Locations: 1,800+
Website: www.aarons.com
Lease-to-own retailer of furniture, electronics and
Line of Business:
appliances
Company: Bealls
Founded: 1923
Tenant Credit: National
Locations: 850+
Website: www.stage.com
Line of Business: American department store
Company: Hibbett Sports
Founded: 1945
Tenant Credit: National
Locations: 1,080+
Website: www.hibbettsports.com
Line of Business: Sporting goods retailer
18FINANCIAL ANALYSIS | TENANT INFORMATION
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
Company: Little Caesars Pizza
Founded: 1959
Tenant Credit: National
Locations: 5,400+
Website: www.littlecaesars.com
Line of Business: American restaurant chain specializing in pizza
Company: Advance America Cash Advance
Founded: 1997
Tenant Credit: National
Locations: 2,500+
Website: www.advanceamerica.net
Line of Business: Largest provider of non-bank cash advance services
19Section 4 SALE COMPARABLES
SALE COMPARABLES | SALE COMPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY
201 S I-45 & 1011 E Ennis Avenue | Ennis, TX 75119
Sale Price: $5,590,000 Lot Size: 5.21 AC
Year Built: 1979 Building SF: 64,842 SF
Price PSF: $86.21 Cap: 8.62%
NOI: $481,872
GRAND PRAIRIE PLAZA
1
2205 Interstate 20 West | Grand Prairie, TX 75052
Sale Price: $3,825,000 Lot Size: 1.16 AC 1
Year Built: 2003 Building SF: 15,033 SF
Price PSF: $254.44 CAP: 7%
Closed: 09/01/2017 Occupancy: 100%
Cato, Active Dental, T-Mobile, Metro PCS, Check 'N Go
CREEK CROSSING SHOPPING CENTER
2
1919 Faithon P Lucas Sr Blvd | Mesquite, TX 75181
Sale Price: $5,950,000 Lot Size: 8.15 AC 2
Year Built: 2000 Building SF: 70,079 SF
Price PSF: $84.90 CAP: 7.1%
Closed: 09/30/2016 Occupancy: 80%
Kroger, Cross Creek Animal Clinic, Ivy Cleaners, Dental One
21SALE COMPARABLES | SALE COMPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBLETT CORNERS
3
5900-5912 South Cooper | Arlington, TX 76017
Sale Price: $12,800,000 Lot Size: 0 AC 3
Year Built: 1999 Building SF: 87,900 SF
Price PSF: $145.62 CAP: 7.29%
Closed: 05/15/2017 Occupancy: 94%
Stein Mart, Dollar Tree, Cato, Plato's Closet, CiCi's Pizza
PIONEER PARKWAY
4
2540 East Pioneer Parkway | Arlington, TX 76010
Sale Price: $8,700,000 Lot Size: 9.47 AC 4
Year Built: 1993 Building SF: 105,832 SF
Price PSF: $82.21 CAP: 7.53%
Closed: 10/01/2018 Occupancy: 100%
Dollar Tree, Floor & Decor, Autotech
PARK VISTA RETAIL
5
5040 North Tarrant Parkway | Fort Worth, TX 76244
Sale Price: $3,150,000 Lot Size: 1.77 AC 5
Year Built: 2003 Building SF: 16,760 SF
Price PSF: $187.95 CAP: 7.71%
Closed: 10/01/2018 Occupancy: 87.5%
Donuts, Galactic Games, Ginger Root, Jet's Pizza, Lifetime Dentistry, Velvet
Box, Lux Nail Spa
22SALE COMPARABLES | SALE COMPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
LIBERTY PLAZA
6
1307 West Main Street | Gun Barrel City, TX 75156
Sale Price: $2,453,627 Lot Size: 1.33 AC 6
Year Built: 2003 Building SF: 15,581 SF
Price PSF: $157.48 CAP: 7.72%
Closed: 07/27/2017 Occupancy: 88%
Cato, Sherwin-Williams, Check 'N Go, The UPS Store, H&R Block
GUN BARREL CITY PLAZA
7
1110-1116 West Main Street | Gun Barrel City, TX 75156
Sale Price: $5,400,000 Lot Size: 5.59 AC 7
Year Built: 1981 Building SF: 48,403 SF
Price PSF: $111.56 CAP: 7.78%
Closed: 11/28/2018 Occupancy: 100%
Shoe Dept, Dollar Tree, Pet Sense, Sally Beauty, Factory Connection, Dentist,
Verizon
MEADOWBROOK EAST
8
6605-6719 Meadowbrook Drive | Fort Worth, TX 76112
Sale Price: $2,825,000 Lot Size: 5.346 AC 8
Year Built: 1960 Building SF: 49,151 SF
Price PSF: $57.48 CAP: 7.84%
Closed: 12/19/2017 Occupancy: 75%
Family Dollar, AutoZone, The Dock Bookshop, Kingdom Ministry, Metro PCS,
Papa John's Pizza
23SALE COMPARABLES | SALE COMPS SUMMARY
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP SALE DATE
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue $5,590,000 64,842 SF $86.21 8.62% -
Ennis, TX 75119
SALE COMPS PRICE BLDG SF PRICE/SF CAP SALE DATE
1 Grand Prairie Plaza
2205 Interstate 20 West $3,825,000 15,033 SF $254.44 7.0% 2017-09-01
Grand Prairie, TX 75052
2 Creek Crossing Shopping Center
1919 Faithon P Lucas Sr Blvd $5,950,000 70,079 SF $84.90 7.1% 2016-09-30
Mesquite, TX 75181
3 Sublett Corners
5900-5912 South Cooper $12,800,000 87,900 SF $145.62 7.29% 2017-05-15
Arlington, TX 76017
4 Pioneer Parkway
2540 East Pioneer Parkway $8,700,000 105,832 SF $82.21 7.53% 2018-10-01
Arlington, TX 76010
5 Park Vista Retail
5040 North Tarrant Parkway $3,150,000 16,760 SF $187.95 7.71% 2018-10-01
Fort Worth, TX 76244
6 Liberty Plaza
1307 West Main Street $2,453,627 15,581 SF $157.48 7.72% 2017-07-27
Gun Barrel City, TX 75156
24SALE COMPARABLES | SALE COMPS SUMMARY
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP SALE DATE
7 Gun Barrel City Plaza
1110-1116 West Main Street $5,400,000 48,403 SF $111.56 7.78% 2018-11-28
Gun Barrel City, TX 75156
8 Meadowbrook East
6605-6719 Meadowbrook Drive $2,825,000 49,151 SF $57.48 7.84% 2017-12-19
Fort Worth, TX 76112
PRICE BLDG SF PRICE/SF CAP SALE DATE
Totals/Averages $5,637,953 51,092 SF $110.35 7.5%
25SALE COMPARABLES | SALE COMPS MAP
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY
201 S I-45 & 1011 E Ennis Avenue | Ennis, TX 75119
GRAND PRAIRIE PLAZA CREEK CROSSING SHOPPING SUBLETT CORNERS PIONEER PARKWAY
1 2205 Interstate 20 West 2 CENTER 3 5900-5912 South Cooper 4 2540 East Pioneer Parkway
Grand Prairie, TX 75052 1919 Faithon P Lucas Sr Blvd Arlington, TX 76017 Arlington, TX 76010
Mesquite, TX 75181
PARK VISTA RETAIL LIBERTY PLAZA GUN BARREL CITY PLAZA MEADOWBROOK EAST
5 5040 North Tarrant Parkway 6 1307 West Main Street 7 1110-1116 West Main Street 8 6605-6719 Meadowbrook Drive
Fort Worth, TX 76244 Gun Barrel City, TX 75156 Gun Barrel City, TX 75156 Fort Worth, TX 76112
26Section 5 RENT COMPARABLES
RENT COMPARABLES | RENT COMPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY
201 S I-45 & 1011 E Ennis Avenue | Ennis, TX 75119
Lease Rate: $8.05 SF/YR Lease Type: NNN
Space Size: 0 SF Year Built: 1979
Lot Size: 5.21 AC
ENNIS RETAIL
1
2203 West Ennis Avenue | Ennis, TX 75119
Lease Rate: $10.00 SF Lease Type: NNN 1
Space Size: 6,500 SF Year Built: 1998
Bldg Size: 12,765 SF Lot Size: 1.28 AC
Occupancy: 50%
TitleMax, Edward Jones, Donut Palace, Furniture & Mattress Outlet
WESTGATE SHOPPING CENTER
2
1205-1501 Ennis Avenue W | Ennis, TX 75119
Lease Rate: $12.00 SF Lease Type: NNN 2
Space Size: 8,400 SF Year Built: 1975
Bldg Size: 68,280 SF Lot Size: 5.55 AC
Occupancy: 88%
Dirt Cheap, Sherwin-Williams, Factory Connection, Tanning Salon
28RENT COMPARABLES | RENT COMPS
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
ENNIS PLAZA
3
1012 Ennis Avenue | Ennis, TX 75119
Lease Rate: $19.00 SF Lease Type: NNN 3
Space Size: 7,896 SF Year Built: 2002
Bldg Size: 18,867 SF Lot Size: 3.43 AC
Occupancy: 58%
Cato, Wingstop, Cricket Wireless, Papa John's, GameStop, Pro Cuts
29RENT COMPARABLES | RENT COMPS SUMMARY
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue $8.05 SF/yr (NNN) 0 SF 64,842 SF 100.0%
Ennis, TX 75119
RENT COMPS PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
1 Ennis Retail
2203 West Ennis Avenue $10.00 6,500 SF 12,765 SF 50%
Ennis, TX 75119
2 Westgate Shopping Center
1205-1501 Ennis Avenue W $12.00 8,400 SF 68,280 SF 88%
Ennis, TX 75119
3 Ennis Plaza
1012 Ennis Avenue $19.00 7,896 SF 18,867 SF 58%
Ennis, TX 75119
PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Totals/Averages $13.67 7,599 SF 33,304 SF 65.33%
30RENT COMPARABLES | RENT COMPS MAP
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
SUBJECT PROPERTY
201 S I-45 & 1011 E Ennis Avenue | Ennis, TX 75119
ENNIS RETAIL WESTGATE SHOPPING CENTER ENNIS PLAZA
1 2203 West Ennis Avenue 2 1205-1501 Ennis Avenue W 3 1012 Ennis Avenue
Ennis, TX 75119 Ennis, TX 75119 Ennis, TX 75119
31Section 6 DEMOGRAPHICS
DEMOGRAPHICS | DEMOGRAPHICS MAP & REPORT
Ennis Crossroads
201 S I-45 & 1011 E Ennis Avenue, Ennis, TX 75119
POPULATION 1 MILE 3 MILES 5 MILES
Total population 5,866 20,435 23,058
Median age 29.8 33.4 34.4
Median age (Male) 25.6 29.6 31.1
Median age (Female) 33.7 36.5 37.0
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 1,895 6,784 7,702
# of persons per HH 3.0 2.9 2.9
Average HH income $49,166 $60,555 $62,994
Average house value $108,520 $122,916 $132,911
RACE 1 MILE 2 MILES 3 MILES
Total Population - White 4,636 16,781 19,220
% White 79.0% 82.1% 83.4%
Total Population - Black 1,016 2,930 3,051
% Black 17.3% 14.3% 13.2%
Total Population - Asian 34 137 145
% Asian 0.6% 0.7% 0.6%
Total Population - Hawaiian 18 60 62
% Hawaiian 0.3% 0.3% 0.3%
Total Population - American Indian 73 227 248
% American Indian 1.2% 1.1% 1.1%
Total Population - Other
% Other 0.0% 0.0% 0.0%
33INFORMATION ABOUT BROKERAGE SERVICES
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. 11-2-2015
TYPES OF REAL ESTATE LICENSE HOLDERS:
• A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.
• 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):
• Put the interests of the client above all others, including the broker’s own interests;
• Inform the client of any material information about the property or transaction received by the broker;
• Answer the client’s questions and present any offer to or counter-offer from the client; and
• Treat all parties to a real estate transaction honestly and fairly.
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:
• Must treat all parties to the transaction impartially and fairly;
• 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.
• 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:
• The broker’s duties and responsibilities to you, and your obligations under the representation agreement.
• 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.
Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/Associate License No. Email Phone
Sales Agent/Associate’s Name License No. Email Phone
Buyer/Tenant/Seller/Landlord Initials Date
Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov
IABS 1-0You can also read
