OUR
PREFERRED
LENDER
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Ridge Mortgage
Services
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ADDITIONAL
LINKS |
City of Manhattan |
Fort Riley
US Military Post
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Kansas State
University
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Manhattan
Christian College
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Barton
Community College
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Cloud County Community College
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Colbert Hills
Golf Course
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PRECONSTRUCTION
4 PLEXES IN LEE MILL HEIGHTS (MANHATTAN,
KS)
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GROUND FLOOR OPPORTUNITY
With the real estate markets in Southern
California, Florida, Las Vegas struggling,
Manhattan, Kansas is trying to keep up with
the high housing demand now and for the
next four years. If you are an investor
and concerned about the current state of
the real estate market there is not a better
ground floor opportunity than this one.
PROBLEM:
MAJOR 20,000-troop expansion of
Ft. Riley Military Base (now upgraded to
a training hub) is creating a SEVERE housing
deficit = HIGH HOUSING DEMAND = APPRECIATION.
-This will cause the growth rate to jump
from an annual 1% to 26%-32% annually.
-Job growth expected over the next 6 years
18,000 – 23,000 new jobs.
Where else is this
happening in the US?
The city of Manhattan is scrambling to
build the infrastructure to handle the arrival
of troops into the Fort Riley.
Housing demand will be on the West side
of Manhattan and will continue well beyond
2012.
Development addresses this issue directly:
Lee Mill Heights 4-PLEX development is
located on the West end of Manhattan near
Ft. Riley also near Kansas State University.
Key Points:
• 20,000 Troops will be relocated
here now and into 2012 + 20,000 Civilian
Workers to follow
• Demand far exceeds the supply –
MAJOR shortage of affordable housing
• Annual growth rate of 1% will JUMP
to 26% TO 32%
• Conveniently located near Fort Riley
Military base, KState University, and Downtown
• Over the next 5 years Pentagon is
pouring $2 Billion into Fort Riley’s
expansion
• Annual appreciation reaching 10%
- should continue because of short/long
term growth
• Little to NO VACANCY - Tenants are
waiting to move in
• Rent Ready for tenants to move in
(GE Refrigerator, GE Range, GE Dishwasher,
GE Microhood)
• Early Stage Development - only Twelve
(12) Four-Plexes left
• 200 Acres land for Commercial Development
- Wal-Mart, Target, Lowes, Home Depot, etc.
• Up to 20% Walk-In-Equity (appraisals
available)
• Closings costs paid (up to 2% of
selling price)
• Military tenants (lowered risk)
& Student tenants (lowered risk)
• New Elementary School being built
within walking distance from development
• Great for families already moving
to Fort Riley/Manhattan, Kansas
• Excellent financing terms available
We are offering Preconstruction 4 PLEXES
(2 STORY, 4 UNITS) located in Lee Mill Heights
(zip code 66503) of Manhattan, Kansas. This
new development is in a prime location to
Fort Riley US Military Base and 1 mile from
Kansas State University. With its close
proximity to Fort Riley US Military Base
and Kansas State University these units
will be in high demand.
The Lee Mill Heights development is situated
conveniently between Ft. Riley and Kansas
State University, Manhattan airport and
Colbert Golf Course. A very desirable location
for any type of tenant (Military, Student,
Employee).
Excellent On-site Property Management in
place at 5%/month (industry norm is 10%-12%/month)
The location of this development, Lee Mill
Heights is situated at the west end of Manhattan
near the main roads (Anderson Ave. &
Ft. Riley Blvd) from Fort Riley & Manhattan
Regional Airport that lead directly into
Manhattan (see map above).
With the still increasingly high demand
for rental housing (read the report in Additional
Info & Links section) in the area the
risk has been drasticallly reduced for investors
while still having great upside potential.
The timing and positive conditions surrounding
this investment couldn't be better and improves
well into and beyond 2012.
Conservatively appraised at $606,000 as
of January, 2007
Bulk Sale of initial 10 Four Plexes sold
at $650,000 per building
Investors have the option of purchasing
an entire 4 PLEX building OR Half Side of
a 4 PLEX building.
PURCHASE
OPTION 1: FULL
4-PLEX BUILDING |
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PURCHASE
OPTION 2: HALF
4-PLEX BUILDING |
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PRICE:
$492,000 (FULL 4-PLEX)
2% Closing Costs
Paid
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PRICE:
$246,000 PER SIDE (A or B)
2% Closing Costs
Paid
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Construction to begin March 2008 will
be completed in time to handle the influx
of tenants due to the expansion of the troops
(20,000+ into 2012 with 21,000+ arriving
July '08!) in Fort Riley.
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Each Unit has (1) ONE 12' x 21' Single Car
Garage (Total 4 Single Car Garages)
| GENERAL
DETAILS |
| LOT
SIZE |
6000 SQ. FT |
| SQUARE FOOTAGE |
Approx. 5400
SQ. FT |
| BEDROOMS |
10 |
| BATHROOMS |
8 |
| AGE OF HOME |
2008 (Construction
from March 2008) |
| ADDITIONAL
OPTIONS: (additional costs apply) |
ADDITIONAL
BATHROOMS
ADD
$10,000 to Total |
3 Bedroom
units have 1.5 baths. Upgrade to 2.5
bathrooms for both.
$10,000 for both 3 BDRM units. |
GRANITE
COUNTERTOPS
ADD
$6000 to Total |
Granite Countertops
can be installed for all units.
$6000 for all 4 units. |
9
FOOT CEILINGS
ADD
$5,000 to Total |
Units
are built with 8 FT ceilings.
$5,000 for 9 FOOT ceilings in all units.
Excellent incentive for tenants. |
WALKOUT
BASEMENTS
ADD
$30,000 to Total |
14-16 FOUR PLEXES have
walk out basements.
$30,000 for basements in all 4 units. |
| MONTHLY RENTAL
INCOME |
| 2 BDRM/1.5BA |
Approx. $975-$1150 |
| 3 BDRM/1.5BA |
Approx. $1200-$1400 |
| MONTHLY TOTAL: |
$4350-$5100 |
| MONTHLY EXPENSES
(ENTIRE 4 PLEX) |
| PROPERTY TAXES |
Approx. $650
for entire building |
| HOMEOWNERS INSURANCE |
Approx. $130
for entire building |
| HOA FEES |
Approx. $300
for entire building
Pool, lawn care, snow, trash, etc. |
LEE MILL HEIGHTS Development PHASE II of V~VI
has a total of 52 buildings.
These units will be adjoining an active residential
development where construction for $500K+
homes are being constructed.
A new Elementary school is being built next
to this development attracting a lot of families
to the area.
CONSTRUCTION:
Construction done under For Sale By Developer,
LLC. who is partnering with Schultz Construction,
Inc. who is developing the land and McElvain
Construction, Inc. who will be constructing
the 4 PLEXES. Both have over 18 years of experience.
SPECS: LeeMillHeights4PlexSpecs.rtf
(Open with Explorer/MS Word - .rtf File Rich
Text Format)
APPRAISAL: VALUED AT $606,000
Total Appraised Value: $606,000 (as
of 01/2007) - Please see Comparison
Section below
9 other appraisers have looked at the appraisal and there have been no issues.
(2) TWO - 2 BEDROOM/1.5 BATH (1259 SQ FT)
- Appraised at $143,000
(2) TWO - 3 BEDROOM/1.5 BATH (1415 SQ FT)
- Appraised at $160,000
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2% CLOSING COSTS PAID (APPOXIMATELY
$10,000)
ADDITIONS INCLUDED FOR EACH UNIT:
GE Refrigerator, GE Range, GE Dishwasher,
GE Micro hood, Built-in Microwave, Garage
Door Opener, Washer and Dryer, Fireplace
Each unit is rent ready for your potential
tenants to move in or yourself to live in.
You can live in one of the units while renting
the other 3 units out.
Community Pool, Playground, near transit,
convenient location for military, student,
general, etc.
PROPERTY MANAGEMENT:
Excellent On-site Property Management in place
at about 5%/month (industry norm is 10%-12%/month).
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A group of 20 townhomes have been listed
as a bulk purchase. These properties are
1.7 miles away from the Lee Mill Heights
site and provide a useful comparison. A
brief summary of the available data below:
| Lee
Mill Heights Phase II |
Four
Winds Town Homes |
| 4
units |
20 units bulk purchase |
| 2
and 3 bedrooms |
3 bedrooms |
| $123K/unit
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$140K/unit |
| 1337
sq ft (avg per unit) |
1588 sq ft |
| $92/sq
ft (plus $4 CCWB incentives) |
$88/sq ft (40% sq ft is
below grade) |
| Appraised
$143K - $160K (1/9/07) |
Appraised $167K |
| Appraised
$113/sqft |
Appraised $105/sqft |
| Rent
estimate for calculations |
Rent actual (100% occupied) |
| $1300/month
3 bedrooms |
$1325/month
(avg) 3 bedrooms |
| $1000/month
2 bedrooms |
$1250 - $1400/m
range |
| Pool
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No Pool |
The property manager for the Four Winds
town Homes reported that the rental demand
was high, with three or four people coming
in each day to inquire about available units.
As leases come up for renewal the rental
rates are being increased by $50 per month.
The property manager commented that some military
families are fearful of buying a home due
to the fact that they come from a rental culture
and expect to be stationed in the area for
approximately four years.
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Location of development is here.
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Manhattan is located
in Northeastern Kansas (Zip Code:
66503) |
Lee Mill Heights is located near to
Fort Riley, Kansas State University
and
Colbert Golf Course
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As you can see the development is about 1 mile to
Kansas State University, 1.5 miles to Colbert
Golf Course, near the heart of Manhattan
and very close proximity to Fort Riley (less
than 4-5 miles). It is in a prime location
for Ft. Riley Military families/tenants.
Manhattan,
Kansas is nicknamed “Little Apple”
after New York City’s “Big Apple”
Manhattan in 1977. It has a population of
49,000 (soon to double due to Ft. Riley expansion),
is a classic college town with a zoo, a mall,
21 parks, and a 9 mile recreation trail that
circles the city.
48% of Manhattan residents age 25 and older
have a bachelor's or advanced college degree.
The city's funding for their library system
is higher then the national average.
Manhattan is also noted as one of the Top
Ten Places to Retire Young (Money Magazine,
April 2007). Rated on a healthy economy, low
unemployment and long term job growth.
Kansas
State University: 4 PLEX Properties are
located 1.5 miles away from University and
there is growing demand for student housing.
This investment is perfect for ongoing housing
demand from student tenants. K-State has more
than 23,000 from all 50 states and more than
90 countries. Kansas State University is Ranked
#5 on the Princeton Review's Best Value Universities.
Fort
Riley: Fort Riley United States Army Post
expects an influx of 20,000+ troops/personnel/dependents
(already started now and will continue well
into 2012).
Upgraded Ft. Riley to a training hub for troops
coming in. This investment is also perfect
for those who are moving to Fort Riley.
PLEASE READ THIS REPORT to
get a better idea of how serious the impact
of this expansion really is: Stategic
Action plan and Growth Impact Assessment Report:
This study
outlines that the growth rate from 2006-2012
will increase from usual 1% annual growth
to 26%-32% due to the expansion of military
personnel and their dependents during this
period of time.
Colbert
Golf Course is the largest Public Golf
Course in the State of Kansas - 7,525 yds
(golf courses average about 6500 yds) from
back tees and co-designed by PGA Pro Jim Colbert.
It is located approximately 1.5 miles Northwest
of Lee Heights Development. About 30% of the
people who play there come in from out of
state!
There are also 2 community colleges in Manhattan
(Barton
Community College & Cloud
County Community College for those who
want to pursue continuing education.
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Opportunity that unexpectedly went Platinum
- This investment was intially created for
the intention of meeting the rising student
housing and local community demand. With the
announcement of the expansion of 20,000+ troops/dependents
to relocate to Fort Riley (right next to this
development) this project has gone platinum.
There was no better timing and investors will
find that they are in the right place at the
right time.
From an investor point of view it beats investing
in:
-Higher risk fixer uppers (need up front fix-up
costs)
-Older homes (little equity hoping for future
appreciation)
In this case you are starting with
property in a market with high housing demand
(and growing) with great upside potential.
Lowered Risk - With
the expansion of Fort Riley starting soon
it is very likely that your 4 PLEX (located
in very close proximity to Ft. Riley) will
already be rented and/or have potential tenants
on a waiting list before completion and as
soon as property management is in place advertising
availability.
Excellent Investor Incentives
- 2% of the closing costs covered and the
units are all rent ready so you or your tenants
can move right in.
Great potential - These units will
be adjoining a very active residential development
where construction for $500,000+ homes are
being constructed. This west side Manhattan
location has great appeal in the market. It
is close to shopping, restaurants, Kansas
State University and Fort Riley as well.
Excellent incentive for families
- New Elementary school being built within
walking distance from development creating
more of a family oriented community.
Additional incentive for tenants
- Project Improvements will include a 20ft
by 40ft inground pool with dressing rooms.
Job Growth - Job growth over
the next 6 years is expected to increase by
18,000 jobs (possibly 23,000 jobs under alternative
growth scenario - please see
report) The area will see a major decrease
in unemployment during the expansion period.
People are moving into this city to fill the
jobs needed before the actual troops arrive.
Strong & Stable growth in housing
- Appreciation now: Approx. 6%-7% in this
area (Manhattan's average may be different).
Appreciation will continue to increase during
this expansion period as sales of homes continue
to rise in this area (projected to move to
10%). Stable long term appreciation with immediate
strong, upward potential due to Ft. Riley
expansion. Housing growth will follow job
growth as the number of jobs available increase.
Military Tenants - Military
tenants make excellent/stable tenants which
further reduce the risk of your investment.
These types of tenants are more likely to
be renters than home owners due to the fact
that military families move on average every
4 years.
If there is any non-payment of rent or any
issues, it can be reported to the Military
Tenant's Commanding Officer (CO) who will
in turn dock their pay or reprimand the Military
tenant. They have VERY, VERY, VERY STRICT
guidelines/policies and many Military tenants
are very careful of being excellent citizens
(as well as their children) in their community.
Fort Riley families/military personnel and
dependents will be seeking the majority of
housing within the surrounding area nearby
starting with the west side of Manhattan.
As housing fills up they will have to move
further in.
Student Tenants
- Student tenants make great long term/stable
tenants. Rent payment are usually guaranteed
by their parents. Students may stay tenants
for about 2-4 years until graduation reducing
the amount of vacancies investors may normally
have.
The expansion will not only affect Manhattan
but it will create a ripple effect to boost
all business in and around the cities surrounding
it and throughout parts of the State of Kansas.
These 4 PLEXES are literally in the center
of the where the growth starts. Due to the
expansion of Fort Riley, it has DRAMATICALLY
reduced the risk of the investment for mid-term
and long term investors.
DEMAND, DEMAND, DEMAND for housing
- Every article, report, link points to high
demand in housing, job growth, setting the
infrastructure in place for the population
to double within the next 4 years and beyond.
When you have such a huge influx of people/families
arriving to a city that is just recently trying
to prepare to handle it you are going to have
HIGH DEMAND. Manhattan is just starting to
heat up while the rest of the nation's housing
market is cooling down.
Due to Lee Mill Heights closer proximity to
Fort Riley these units will be in more demand
than other housing situated further into Manhattan.
With a new elementary school being built within
walking distance of THIS DEVELOPMENT families
will be already on the waiting list to move
the new units before they are built. The entire
community will be more family oriented.
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It is difficult to grasp the entire scope
of how much potential this investment offers.
The info and links below may help you realize
how dramatic Fort Riley's influx of troops
and their families will impact Manhattan and
the area surrounding it (not only city level
but statewide).
PLEASE READ THIS REPORT to
get a better idea of how serious the impact
of this expansion really is: Stategic
Action plan and Growth Impact Assessment Report:
This study outlines that the growth rate from
2006-2012 will increase from usual 1% annual
growth to 26%-32% due to the expansion of
military personnel and their dependents during
this period of time.
Fort
Riley The August edition of the Fort
Riley Community Update states that
3000 troops will be deployed from the
base in the coming month, but that large
numbers of troops will return to Fort
Riley next summer.
The report goes on to say: 'But our
astute observers report - our local
schools are still filling up, and all
the housing under $140K is being bought
up very quickly. What's going on? Well,
the truth is that a good portion of
Families will remain on Fort Riley even
after the soldiers deploy. The last
time we checked, about 70% of our Families
choose to remain on Fort Riley when
their Soldier deploys.
When community and Fort Riley support
is perceived being strong, more Families
choose to stay right here. Our leaders
certainly want that, because we can
take better care of Families when they
are here.' In his address to Congress
on Friday, President Bush announced
that reductions in US troop levels in
Iraq would start seven months sooner
than scheduled, with 5700 forces to
be home by Christmas instead of in the
spring.
Earlier in the week it was announced
that four brigades (at least 21,500
troops) will return by July 2008. These
facts support the prediction of a significant
increase in the demand for housing in
the Fort Riley area next summer. |
Downtown
Redevelopment Project (.pdf file): Major
overhaul estimated at $194 Million
USA
Today article on how the influx of returning
troops is positively major economic growth:
http://www.usatoday.com/news/nation/2007-05-07-fort-benning_N.htm?csp=34
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LEE
MILL HEIGHTS 4 PLEX DEVELOPMENT
PHOTOS (updated 6/26/08) |
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FICO SCORE
680+ Median (we will try to work with those
who have lower scores on a case by case basis)
PREQUALIFICATION
Required but you may use any lender you wish
1. Complete PURCHASE AGREEMENT after PREQUALIFICATION
| REQUIRED
DEPOSIT (TOTAL DEPOSIT of 6% to be held
in Escrow) |
| INITIAL
DEPOSIT |
$10,000 |
| ADDITIONAL
DEPOSIT |
$20,000 (at
time of construction) |
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NOTE: The bank requires
that all buyers have an additional $20,000
deposited in escrow (which is the ADDITIONAL
DEPOSIT) when actual construction of
your chosen 4 PLEX building begins.
It will be returned upon closing on
said investment or can be applied to
your down payment, closing costs. This
is to secure the completion of the investment
until closing. |
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2. Send in your completed PURCHASE AGREEMENT
with INITIAL DEPOSIT
3. You will be contacted at the time of
construction to send in your ADDITIONAL
DEPOSIT
4. When near completion contact property
manager to begin advertising availability
5. Close on the property when construction
is complete
Our preferred lender is Select Mortgage.
Select Mortgage can offer 100% financing
programs and excellent rates for 5% or 10%
down financing.
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1. Write down any additional questions or
details you need answers to. We understand
that not all questions have been answered
and you may need more details.
2. Contact us directly via phone or email
to discuss this investment. We have the actual
appraisals we can send to you for you to look
over as well.
We are opening dialog to see if this investment
does work for you. If this investment does
work for you and you can qualify then congratulations!
If not we thank you for your time and interest
(we may have other investments available in
the future and will keep you updated).
Our philosophy is to create an incredible
product/opportunity that is so much better
than the norm and it will sell itself. We
only strive for a WIN-WIN situation for everyone.
We will provide information to you to help
you decide if this investment is a good fit
for you. We wholeheartedly believe that this
one of the best investments for any investor,
short term or long term.
3. Contact us and get a property under contract,
complete purchase agreement and send in with
your deposit*
*No properties will be held for anyone until
deposit is received. All properties are
placed under contract on a first come first
serve basis.
4. If you have additional questions please
email or call anytime. We are here to assist
you.
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For Sale By
Developer, LLC
6800 College Blvd.
Ste 200
Leawood, KS 66211
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PHONE:
(913)226-1101
FAX:
(913)390-5208
EMAIL: sales@fs-bd.com
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Kurt Hackman
Managing Member
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Frank Lee
Marketing Executive |
Please email us if possible and provide
your contact info. Sometimes messages left
on voice mail are not clear so please repeat
your info twice if possible or email us
with your information.
If you reach voice mail please leave a message
with name & phone number & preferred
time to call. We look forward to speaking
to you.
If you are interested in coming out to Manhattan,
Kansas to take a look of the development
please let us know. We will arrange to give
you a tour of the Lee Mill Heights Development
and the surrounding area of Manhattan. You
will be surprised at the rate of growth
happening all around.
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We extensively research and locate emerging markets that have high housing demand in the near term
and long term. With that knowledge we create a quality product/construction
with our partners and have great property management in place
setup for the investor. We choose a price point that will be a
WIN-WIN for everyone and will move quickly. Once an entire project
is sold we will continue onto our next project/strategy.
Our goal is a long-term relationship with our investors. They will
see that we offer an excellent investment each and every time.
There will only be a few projects annually so please take the time to
do your due diligence and understand the details of each project
so you can make your decision to invest quickly. Our investment
opportunities go very fast once investors understand what we are
offering.
Investors that have invested in our offerings will be highly satisfied and
continue to invest in our future projects.
WHAT DO WE NOT WANT TO DO?
We absolutely do not believe in saturating the housing market in any area (this would be self defeating for us and the investor both in the short term and long term). Our projects only alleviate a miniscule
amount of the housing demand, which adds security to your
investment (making it easy to rent out).
We understand that Property Management is
a MAJOR KEY to any long-term Real Estate investor.
Without excellent property management the
investment begins to deteriorate. We want
our chosen property managers to strictly qualify
potential tenants to avoid potential future
problems for both the property manager and
investor. They must communicate well with
our investors and build a strong, long term
relationship.
If it's a quality product and the investor takes the time to learn its details they
will find it to be a great opportunity and the product will
speak for itself.
We are not here for a one time sale but instead
we look to create a long term business relationship
with our clientele and continue offer excellent
future investment opportunities. You will
find great value in working with us.
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