0.17 Acres in Brenham, TX - $182,500
EXECUTIVE SUMMARY
Coldwell Banker Commercial Southwest Partners has been retained as the exclusive advisor for the sale of 1102 Walnut Bend in Brenham, Texas.
Cul-de-sac one story in Brenham City limits.
It features upgraded hardware, custom cabinets, master bath and carpet; high ceilings and custom features; granite counters; very energy efficient; separate shower and walk in closet; custom landscaping; sprinkler systems; and 8’ privacy fence.
Built in 2007 in a very affluent area of Brenham it is a tremendous opportunity for an astute investor or for a new family home.
The seller is an investment company working with us to restructure their real estate holdings.
Priced at $182,500, only 4.65% above tax value, we expect the property to sell fast!
PROPERTY WEBSITE
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HIGHLIGHTS
(1) Easy US 290 access only 1.5 mi. to US 290 and TX 36 and 2.1 mi. to US 290 and FM 577/Gun & Rod Road.
(2) Within 1 mi. to several schools including Brenham Christian Academy and 5 mi. to all other schools including Blinn College.
(3) Brenham ISD is in top 6% of all 85 regional school systems with several schools ranked very high compared to all peers.
(4) Superior Houston access only 54 mi. to Katy; 61 mi. to Interstate 10 and Houston Beltway; and 71 mi. to downtown Houston.
(5) Excellent regional proximity: 85 mi. to Austin, 115 mi. to Waco and 148 mi. to San Antonio.
(6) 3.91% to 7.21% pro-forma cap rate based on $7,136 to $13,148 net operating income generating a positive cash flow under both models.
(7) Unmatched demographics at 1-mile radius outperforming Brenham and affluent Washington County in most categories including very high housing values, incomes, growth rates, education and other areas combined with very low unemployment and poverty levels.
(8) Washington County demographics compare favorably to adjacent Counties (including urban Counties in most categories including very high household incomes, home values, % of single family detached homes and other areas.
(9) Washington County outperforms the 7 largest (by population) Counties in most key growth indicators including after tax income, household income, $100K+ household incomes and $250K+ household incomes.
PROPERTY
This gem of a home is a spacious one story floor plan (Christina floor plan). It features satin nickel hardware and designer carpet upgrades throughout the home. High ceilings accentuate the living and dining area.
The kitchen has granite counters, Kent Moore Cabinets and a walk- in pantry. Custom master bath includes a large garden tub, separate shower and walk in closet.
The property benefits from custom landscaping including sprinkler systems and an 8’ privacy fence.
(1) HVAC SF. 1,654 SF HVAC as per Washington County Appraisal District (WCAD).
(2) Year built. 2007 as per WCAD.
(3) Subdivision. Walnut Bend.
(4) Configuration. 3 bedrooms, 2 baths with great room concept.
(5) Energy efficiency. Low e double pane windows. Rheem 14 Seer single-unit, HVAC system.
(6) Energy star certified? Yes.
(7) Garage. 2 car garage with 390 SF per WCAD.
(8) Open porch. 27 SF per WCAD.
(9) Concrete patio. 129 SF per WCAD.
(10) Lot size. 7,342 SF (0.1685 acres) per WCAD.
(11) In City Limits? Yes.
(12) School district. Brenham ISD.
LOCATION
(1) Easy US 290 access. 1.5 mi. to US 290 and TX 36 and suburban services. 2.1 mi. to US 290 and FM 577/Gun & Rod Road for commuting to and from Houston.
(2) Within 1 mile to several schools including Brenham Christian Academy. Brenham ISD Elementary, Middle School Junior High and Brenham Christian Academy are within 1 mile.
(3) Within 5 miles to all other local schools. All other Brenham ISD schools and Blinn College are within 5 miles.
(4) Easy Houston access. 54 mi. to Katy; 61 mi. to Interstate 10 and Houston Beltway; 62 mi. to US 290 and I 610; 70 mi. to Bellaire; 71 mi. to downtown Houston; 76 mi. to Sugar Land; and 91 mi. to Pearland.
(5) Superior airport access. 38 mi. to Easterwood Field in College Station (“CLL”) with Continental commuter service to IAH; 76 mi. to Houston Intercontinental (“IAH”); 82 mi. to Houston Hobby (“HOU”); and 86 mi. to Austin Bergstrom International (“AUS”).
(6) One county removed from the Houston and Austin CBSAs. These CBSAs have some of the best economies in the US.
(7) Excellent regional proximity. 85 mi. to Austin at I 35 & US 290, 115 mi. to Waco and 148 mi. to San Antonio at I 10 and I 410 Loop.
SCHOOL COMPARISIONS
We utilize GreatSchools for comparative analysis of school districts and schools across geographic areas.
(1) Brenham ISD in top 6% of all regional school systems. We define the region as greater Austin, Houston and College Station. It includes 85 systems. Twenty systems scored as high as Brenham: Bellaire, Bryan, Carmine, Cedar Park, College Station, Deer Park, Dripping Spring, Fayetteville, Franklin, Georgetown, Hockley, Iola, Katy, Klein, Lago Vista, Leander, Oak Hill, Pearland, Sugar Land and Thorndale. Five systems scored higher: Bellville, Friendswood, Mumford, Wallis and Round Top.
(2) Brenham Elementary School (grades PK-4). GreatSchools Rating of 7 out of 10.
(3) Brenham Middle School (grades 5-6). GreatSchools Rating of 7 out of 10.
(4) Brenham Junior High School (grades 7-8). Among the few public middle schools to receive a distinguished GreatSchools Rating of 9 out of 10.
(5) Brenham High School (grades 9-12). Among the few public high schools to receive a distinguished GreatSchools Rating of 8 out of 10. Parent reviews give an average rating of 5 out of 5 stars.
PRO-FORMA
(1) Two pro-forma models. We utilize two models: “prudent passive investor” and “owner managed traditional”.
(2) Prudent passive investor model defined.
a. Investor profile. Not actively involved with the property.
b. Assumptions. Higher expenses and lower occupancy.
c. Financial impact. Lower cash flow and lower cap rate.
(3) Owner managed traditional model defined.
a. Investor profile. Actively managing the property.
b. Assumptions. Lower expenses and higher occupancy.
c. Financial impact. Higher cash flow and higher cap rate.
(4) Model differences.
a. Management fee: 6% compared to 0%
b. Vacancy and credit losses: 10% compared to 0%
c. Capital reserve: 20% compared to 0%
(5) First year pro-forma financial projections.
a. Net operating income: $7,136 compared to $13,148
b. Cash flow: $64 compared to $6,076
c. Cap rate: 3.91% compared to 7.20%
(6) Additional information. All assumptions and projections are defined in the pro-forma PDF sets on the property website and are available on request.
BRENHAM MUNICIPAL AIRPORT
(1) FAA identifier. 11R.
(2) Runways. 2 (Runway 16 and Runway 34).
(3) Runway displaced threshold length. 4,896’.
(4) Jet capable. Yes depending on runway requirements.
(5) Fixed base operator. Southern Flyer.
(6) Nationally known Diner. The Southern Flyer Diner is a “destination” in and of itself. Aviators with their friends and families frequently “fly in” just for lunch.
MICRO MARKET DEMOGRAPHICS & ECONOMETRICS
(1) Micro market defined. We define the micro market as a 1, 3 and 5-mile radius, the City, zip code and County. As appropriate, we provide benchmarks to the Houston CBSA, Texas and the US.
(2) Benchmarks. Including the Houston CBSA, Texas and the US comparisons, there are 9 benchmarks.
(3) Indicators.
a. Estimated 2009 population. 13,712 in Brenham and 32,708 in County.
b. High % of County Population. 15.4% at 1-mile, 48.1% at 3-miles and 41.9% in Brenham.
c. Lowest unemployment. 4.0% at 1-mile compared to 7.2% in Brenham, 6.4% in County and 9.5% in Texas.
d. Lowest poverty. 6.3% at 1-mile compared to 12.8% in Brenham, 9.8% in County and 12.0% in Texas.
e. Very high annual economic growth. 5.5% at 1-mile radius, 4.4% in Brenham and 5.3% in County.
f. Very high consumer spending per person. $19,800 at 1-mile radius leading all Benchmarks other than US.
g. High % $100K+ household incomes. 13.7% at 1-mile, 7.0% in Brenham, 9.2% in County and 13.4% in Texas.
h. Highest % $250K+ 2009 household incomes. 2.5% at 1-mile is #1 of all Benchmarks predicted to double in 4 years.
i. Highest % private employees. 87% at 1-mile is #1 of all Benchmarks.
j. Lowest % residences valued under $20K. 2.7% ranks lowest of all Benchmarks.
k. Very lowest % residences valued $20-$59.9K. 15.7% ranks next to lowest of all Benchmarks.
l. Very high % residences valued $200-$299.9K. 9.1% at 1-mile, 3.8% in Brenham and 9.5% in County.
m. Very high % residences valued $400-$499.9K. 0.96% at 1-mile, 0.40% in Brenham and 0.62% in County.
n. Very low % households under $15K income. 17.7% at 1-mile, 25.2% in Brenham and 21.6% in County.
o. Highest % households with $75-$99.9K income. 11.1% is # 1 compared to all Benchmarks.
p. Very high % households with $100-$149.9K income. 5.0% at 1-mile, 3.6% in Brenham and 4.8% in County.
q. Very high % households with $150-$249.9K income. 2.08% at 1-mile, 1.71% in Brenham and 1.83% in County.
r. Highest % bachelor’s degree highest attained. 18.1% is #1 compared to all Benchmarks.
s. Highest % master’s degree highest attained. 6.9% is #1 compared to all Benchmarks.
t. Very high % doctorate degree highest attained. 0.7% at 1-mile, 0.4% in Brenham and 0.4% in County.
u. Lowest % blue collar employees. 20.1% is lowest of all Benchmarks.
v. Highest % white collar employees. 63.6% is # 1 of all Benchmarks.
w. Very high % population growth. 1.1% at 1-mile, 0.3% in Brenham and 1.1% in County.
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MACRO MARKET DEMOGRAPHICS & ECONOMETRICS
(1) Macro market defined. Washington County and all adjacent Counties: Austin, Brazos, Burleson, Fayette, Grimes and Waller.
(2) Urban Counties. Waller next to Harris County (Houston area) and Brazos including Bryan-College Station are urban.
(3) Benchmarks. Including the Houston CBSA, Texas and the US, there are 10 benchmarks.
(4) Key indicators.
a. Very high % $500K+ households. 0.21% ranks # 2 compared to all adjacent Counties.
b. Very high average home values. $112,531 ranks # 1 compared to adjacent rural Counties.
c. Very high % single family detached residences. 73.5% ranks # 2 compared to all Benchmarks.
d. Very high % residences valued $200-$299K. 9.5% ranks # 2 compared to all Benchmarks.
e. Very high % residences valued $500-$749K. 1.5% ranks # 2 compared to all Benchmarks.
f. Very high % residences valued 750K+. 0.9% ranks # 2 compared to all Benchmarks.
g. Highest % employees in finance segment. 9% ranks # 1 compared to all Benchmarks.
COUNTY COMPARED TO 7 LARGEST TEXAS COUNTIES
(1) 7 largest Texas Counties defined. “Largest” is based on population. The largest Counties are: Harris, Dallas, Tarrant, Bexar, Travis, Collin and El Paso. Together, they include 50.45% of the State population but are only 2.7% of the 255 Counties.
(2) Benchmarks. Including the Houston CBSA, Texas and the US comparisons, there are 11 benchmarks.
(3) Fundamental indicators.
a. High % $200K-$299K home values. 7.3% ranks # 3.
b. High % $300K-$399K home values. 3.2% ranks # 3.
c. Very high % $750K+ home values. 0.9% ranks tied for # 2.
d. Very high % married/living together. 58.6% ranks # 2.
e. Lowest % divorced at 8.5%.
(4) Growth indicators.
a. Highest % after tax household income growth at 2.4%.
b. Highest % household income growth at 2.5%.
c. Highest % $100K+ households growth at 26.9%.
d. Highest % $150K+ households growth at 31.0%.
e. Highest % $250K+ households growth at 26.2%.
GRAPHIC ANALYSIS
All analysis is based on defined and published sources. There are 1,420 underlying Nielson Claritas reports and 53 PDF sets. All reports and PDF sets are available online or on request.
TAXES
2008 reported taxes are $3,011.98. Consult your tax advisor regarding your expected taxes.
DIRECTIONS
From the US 290 and TX 36 interchange in Brenham, it is 1.5 mi.
(1) Travel north on SR 36 Business, South Day Street for 0.5 miles to the first red light.
(2) Turn right (east) on Stone ST for 0.8 mi.
(3) Turn right (south) on Walnut ST for 0.1 mi.
(4) Turn left (east) into the Walnut Bend subdivision on Walnut Bend.
(5) The home is on your right with a CBC sign.
From US 290 and FM 577 (Gun & Road RD) in Brenham, it is 2.1 mi.
(1) Travel north on FM 577 (Gun & Rod RD) for 1.2 mi.
(2) Turn left (west) on Stone ST for 0.8 mi.
(3) Turn right (south) on Walnut ST for 0.1 mi.
(4) Turn left (east) into the Walnut Bend subdivision on Walnut Bend.
(5) The home is on your right with a CBC sign.
3% BUYER BROKER COMMISSION
A buyer broker MUST be disclosed with the buyer’s first communication with CBC for the buyer broker to be eligible for the buyer broker commission. A buyer broker does NOT have to accompany their buyer to any showings.
CONTACT INFORMATION
Call Tootie Lyons, Partner, President of Ranch & Country Properties Division and Listing Team Leader at 1.979.277.2694 or call 1.979.421.9996 to set up an appointment, request additional information or answer any questions.
DISCLOSURES & COPYRIGHTS
Coldwell Banker Commercial Southwest Partners is a wholly owned franchise of Alexander Tiffany Southwest, LLC. Analysis is preliminary, based on proprietary systems and models, is time sensitive and based on assumptions-stated and unstated. Graphics are only renderings. Measurements are only estimates. No warranties are expressed or implied. All content is protected by copyright laws, is only for prospects or legal representatives, and should not replace buyers own due diligence and analysis. Any other use is prohibited.
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