PINEWOOD APARTMENTS, RV & MOBILE HOME PARK - 22767 Highway 67 Perla, Arkansas 72104
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Offering Memorandum
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
22767 Highway 67 • Perla, Arkansas 72104
1
NON-ENDORSEMENT AND DISCLAIMER NOTICE
Confidentiality and Disclaimer
The information contained in the following Marketing Brochure is proprietary and strictly 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 Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
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
diligence investigation. Marcus & Millichap has not made any investigation, and makes no 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 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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.
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
Perla, AR
ACT ID Z0040623
2
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01
Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03
Sales Comparables
Rent Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
3
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
INVESTMENT
OVERVIEW
4
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
OFFERING SUMMARY
EXECUTIVE SUMMARY
VITAL DATA
2018 YEAR 1
MAJOR EMPLOYERS
Total Price $650,000 CAP Rate 12.54% 8.79%
Real Estate Price $650,000 GRM 4.73 4.73
Net Operating EMPLOYER # OF EMPLOYEES
Down Payment 100% / $650,000 $81,520 $57,160
Income
Net Cash Flow After Hsc Medical Center 250
Home Inventory Price $0 12.54% / $81,520 8.79% / $57,160
Debt Service UPS 165
Loan Type All Cash Total Return 12.54% / $81,520 0.00% / $57,160
Pactiv LLC 160
Total Spaces 36
Anthony Timberlands Inc 150
Price/Space $18,056
Sears Roebuck & Co 139
Spaces/Acre 4.00
Longmeadow Nursing Center 122
Vacant Spaces 5
Ouachita Vctnal Technical Schl 100
Year Built / Renovated 1993
Walmart 100
Lot Size 10 Acre(s)
McDonalds 94
Types of Ownership Fee Simple
County of Hot Spring 91
Arbor Oaks Nursing & Rehab Ctr 90
G Site M State Mltary Training 90
DEMOGRAPHICS
SPACE MIX
NO. OF SPACES SPACE TYPE LOT RENT POH RENT
1-Miles 3-Miles 5-Miles
5 Single Wide $140 $0
2017 Estimate Pop 3,404 11,457 16,141
13 Rental $370 $0
2010 Census Pop 3,360 11,320 15,568
18 RV $330 $0
2017 Estimate HH 1,397 4,672 5,765
36 $11,450 $0
2010 Census HH 1,392 4,690 5,800
Median HH Income $35,688 $34,078 $35,749
Per Capita Income $19,807 $19,315 $17,879
Average HH Income $48,026 $46,658 $47,993
#5
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
OFFERING SUMMARY
INVESTMENT OVERVIEW
Pinewood Apartments, RV and Mobile Home Park is a value add opportunity located in the town of Perla, Arkansas, 30 minutes southeast of Hot Springs and 45 minutes
southwest of Little Rock, Arkansas. The park is situated on approximately 10.047 acres with a density of 11.66 sites per acre on the occupied three acres. There are an
additional seven acres that can be developed to add more RV or mobile home sites. There are currently four POH with two currently vacant. The POH and apartments
combined with the RV rental space generated $117,975 of gross income in 2018. The POH's are included in the sales price, but the income is not underwritten into the
NOI or CAP rate.
The property is priced at $18,056 per site at a CAP rate of 12.54 percent with a current expense load of 32.3 percent ($1,079 per site). The POH income and expenses
have not been underwritten into the NOI.
INVESTMENT HIGHLIGHTS
All City Services. Sub Metered Gas and Electric for POH and Apartments.
Income from POH Is Not Underwritten into the NOI or CAP Rate.
Property Comes with an Additional Seven Acres to Expand the RV or Mobile Home
Spaces.
POH Included in the Sales Price.
6
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
OFFERING SUMMARY
PROPERTY SUMMARY
THE OFFERING
Property Pinewood Apartments, RV & Mobile Home Park
Price $650,000
Property Address 22767 Highway 67, Perla, AR
SITE DESCRIPTION
Number of Spaces 36
Vacant Spaces 5
Vacant Homes -1
Year Built/Renovated 1993
Lot Size 10 Acre(s)
Type of Ownership Fee Simple
Spaces/Acre 4.00
7
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
REGIONAL MAP
8
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
LOCAL MAP
9
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
AERIAL PHOTO
10PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
PROPERTY PHOTO
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
11PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
FINANCIAL
ANALYSIS
12PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
FINANCIAL ANALYSIS
RENT ROLL SUMMARY
13PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
FINANCIAL ANALYSIS
RENT ROLL DETAIL
14PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
FINANCIAL ANALYSIS
OPERATING STATEMENT
15PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
FINANCIAL ANALYSIS
NOTES
16PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
FINANCIAL ANALYSIS
PRICING DETAIL
17PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
ACQUISITION FINANCING
MARCUS & MILLICHAP CAPITAL CORPORATION WHY MMCC?
CAPABILITIES Optimum financing solutions
to enhance value
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and Our ability to enhance
terms. buyer pool by expanding
finance options
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of Our ability to enhance
financing options. seller control
• Through buyer
Our dedicated, knowledgeable experts understand the challenges of financing
qualification support
and work tirelessly to resolve all potential issues to the benefit of our clients.
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
Closed 1,707 National platform $5.63 billion Access to
set of debt/equity sources
debt and equity operating total national more capital
financings within the firm’s volume in 2017 sources than and presenting a tightly
in 2017 brokerage any other firm underwritten credit file
offices in the industry
18PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
MARKET
COMPARABLES
19PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
SALES COMPARABLES MAP
PINEWOOD APARTMENTS, RV & MOBILE
HOME PARK
(SUBJECT)
1 Bayshore Mobile Home
Park
2 Harrison Village Camp
Ground & RV
3 Mill Pond Mobile Home
Park and RV Village
SALES COMPARABLES
20PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES
Average Cap Rate Average GRM
14 5.00
13 4.50
11 4.00
10 3.50
8 3.00
7 2.50
6 2.00
4 1.50
3 1.00
1 0.50
Avg. 0.00% Avg. .00
0 0.00
Pinewood Bayshore Harrison Mill Pond Pinewood Bayshore Harrison Mill Pond
Apartments, Mobile Village Mobile Home Apartments, Mobile Village Mobile Home
RV & Mobile Home Park Camp Ground Park and RV & Mobile Home Park Camp Ground Park and
Home Park & RV RV Village Home Park & RV RV Village
Average Price Per Space
$20,000
Avg. $17,303
$18,000
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Pinewood Bayshore Harrison Mill Pond
Apartments, Mobile Village Mobile Home
RV & Mobile Home Park Camp Ground Park and
Home Park & RV RV Village
21PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
PINEWOOD APARTMENTS, RV & MOBILE BAYSHORE MOBILE HOME PARK HARRISON VILLAGE CAMP GROUND & RV
HOME PARK 215 Highway 290, Hot Springs, AR, 71913 2364 Highway 65 South, Harrison, AR, 72601
22767 Highway 67, Perla, AR, 72104
1 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
Offering Price $650,000 Close of Escrow 7/1/2016 Close of Escrow 4/27/2018
No. of Spaces 36 Days On Market 30 Days On Market 85
Price/Space $18,056 Sales Price $1,030,000 Sales Price $450,000
CAP Rate 12.54% No. of Spaces 66 Year Built 1978
GRM 4.73 Price/Space $15,606
Year Built 1993 Year Built 1983
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
NOTES
As per the listing broker, the buyer purchased 215 Highway 290, Hot
Springs, AR 71913 from the seller for $1,030,000 on May 1, 2016. It was
an investment purchase. The mobile home park is 35,000 square feet.
There were no sale conditions. It was on the market for 30 days and
under contract for 2 months. It has 66 rental units.
22PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
MILL POND MOBILE HOME PARK AND RV
VILLAGE
6600 Central Avenue, Hot Springs, AR, 71913
3
rentpropertyname1 rentpropertyname1 rentpropertyname1
Close of Escrow 11/30/2018
Days On Market 321
Sales Price $950,000
No. of Spaces 50
Price/Space $19,000
Year Built 1984
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
23PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
8 RENT COMPARABLES MAP
PINEWOOD APARTMENTS, RV & MOBILE
HOME PARK
(SUBJECT)
1 JCMJ Properties
2 Country Living Mobile Home
Park
4
7
8
9
10
11
12
13
14
15
16
17
18
20
24PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
RENT COMPARABLES
AVERAGE OCCUPANCY
100
90
80
Avg. 75.00%
70
60
50
40
30
20
10
0
Pinewood JCMJ Country
Apartments, Properties Living
RV & Mobile Mobile
Home Park Home Park
25PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
RENT COMPARABLES
AVERAGE RENT
Single Wide
$300
$270
Avg. $230
$240
$210
$180
$150
$120
$90
$60
$30
$0
Pinewood JCMJ Country
Apartments, Properties Living
RV & Mobile Mobile
Home Park Home Park
Rental RV
$400 $400
$360 $360
$320 $320
$280 $280
$240 $240
$200 $200
$160 $160
$120 $120
$80 $80
$40 $40
Avg. $ Avg. $
$0 $0
Pinewood JCMJ Country Pinewood JCMJ Country
Apartments, Properties Living Apartments, Properties Living
RV & Mobile Mobile RV & Mobile Mobile
Home Park Home Park Home Park Home Park
26PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
RENT COMPARABLES
MARKETING TEAM
PINEWOOD APARTMENTS, RV & MOBILE JCMJ PROPERTIES COUNTRY LIVING MOBILE HOME PARK
HOME PARK
rentpropertyname1 131 Illinois Street, Hot Springs, AR, 71901 13700 Chicot Road, Mabelvale, AR, 72103
22767 Highway 67, Perla, AR, 72104
rentpropertyaddress1
1 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
Space Type # Spaces Rent Monthly Income Space Type # Spaces Rent Monthly Income Space Type # Spaces Rent Monthly Income
Single Wide 5 $140 $700 Single-Wide 19 $230 $4,370 22 $225 $4,950
Rental 13 $370 $4,810 Total/Wtd. Avg. 19 $230 $4,370 Total/Wtd. Avg. 22 $225 $4,950
RV 18 $330 $5,940
Total/Wtd. Avg. 36 $318 $11,450
NOTES NOTES
19 Pads with 18 park owned homes. 9 acres of land with 10 occupied trailers and room for at least 10 more.
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
Zoned commercial or residential because its outside of the city limits
Great investment opportunity
27PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
MARKET
OVERVIEW
28PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
MARKET OVERVIEW
LITTLE ROCK
OVERVIEW
Little Rock is situated in central Arkansas and is the state’s capital city
and cultural and economic center. The region is known as a hub for
government jobs, yet it also boasts a sizable medical services sector.
METRO HIGHLIGHTS
The metro is composed of six counties and its population is expected to
DIVERSE ECONOMY
swell by 42,000 people in the next five years, with Pulaski and Faulkner The local employment base is diversifying. Twenty-five employers maintain
counties epicenters of the growth. payrolls that exceed 1,000 people.
CULTURAL CENTER
Little Rock is a cultural and performing arts hub, housing the Arkansas Arts
Center, the Arkansas Repertory Theatre and the Symphony Orchestra.
HIGHER EDUCATION
The University of Arkansas-Little Rock and the University of Central Arkansas in
Conway support the metro’s education sector, with a combined payroll of 2,800
employees and individual enrollments of around 11,500 students.
ECONOMY
Government jobs are widespread in the metro, totaling more than 75,000. State and local positions
are most prevalent, with the region also host to Little Rock Air Force Base.
Skippy Foods manufactures all the world’s Skippy Peanut Butter at its Little Rock Port facility. The
port is home to 50 existing manufacturers.
Little Rock is home to a number of national and multi-national headquarters including Dilliard’s, the
William J. Clinton Foundation, the American Taekwondo Association and bike manufacturer Orbea.
The University of Arkansas for Medical Sciences leads the metro’s medical field. Baptist Health and
Arkansas Children’s Hospital represent additional healthcare employers.
DEMOGRAPHICS
2017 2017 2017 2017 MEDIAN
POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME:
742K 295K 36.6 $50,000
Growth Growth U.S. Median: U.S. Median:
2017-2022*: 2017-2022*:
5.6% 6.8% 37.8 $56,300
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
1PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
DEMOGRAPHICS
MARKETING TEAM
Created on January 2019
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2022 Projection 2017 Estimate
Total Population 3,419 11,427 16,202 $250,000 or More 0.95% 0.79% 0.71%
2017 Estimate $200,000 - $249,999 0.32% 0.42% 0.40%
Total Population 3,404 11,457 16,141 $150,000 - $199,999 0.15% 0.29% 0.62%
2010 Census $125,000 - $149,999 2.59% 1.92% 2.03%
Total Population 3,360 11,320 15,568 $100,000 - $124,999 7.16% 5.88% 5.66%
2000 Census $75,000 - $99,999 6.27% 6.32% 7.19%
Total Population 3,274 11,425 14,699 $50,000 - $74,999 14.96% 15.97% 17.28%
Daytime Population $35,000 - $49,999 18.76% 17.30% 17.15%
2017 Estimate 2,364 10,928 12,839 $25,000 - $34,999 11.91% 14.27% 14.06%
HOUSEHOLDS 1 Miles 3 Miles 5 Miles $15,000 - $24,999 15.99% 15.50% 15.40%
2022 Projection Under $15,000 20.93% 21.34% 19.50%
Total Households 1,413 4,696 5,807 Average Household Income $48,026 $46,658 $47,993
2017 Estimate Median Household Income $35,688 $34,078 $35,749
Total Households 1,397 4,672 5,765 Per Capita Income $19,807 $19,315 $17,879
Average (Mean) Household Size 2.37 2.41 2.44
2010 Census
Total Households 1,392 4,690 5,800
2000 Census
Total Households 1,381 4,753 5,845
Source: © 2018 Experian
30PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
DEMOGRAPHICS
MARKETING TEAM
Created on January 2019
POPULATION PROFILE 1 Miles 3 Miles 5 Miles POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population by Age Population 25+ by Education Level
0 to 4 Years 7.08% 6.87% 5.86% 2017 Estimate Population Age 25+ 2,301 7,830 11,132
5 to 14 Years 13.23% 12.66% 11.82% Elementary (0-8) 4.03% 4.74% 4.43%
15 to 17 Years 3.71% 3.88% 4.46% Some High School (9-11) 13.36% 12.28% 12.84%
18 to 19 Years 2.13% 2.22% 2.31% High School Graduate (12) 37.86% 36.32% 38.70%
20 to 24 Years 6.26% 6.01% 6.58% Some College (13-15) 23.14% 22.45% 21.85%
25 to 29 Years 7.25% 6.57% 7.07% Associate Degree Only 6.44% 9.31% 8.47%
30 to 34 Years 7.05% 6.32% 6.59% Bachelors Degree Only 9.76% 9.08% 8.12%
35 to 39 Years 6.28% 5.97% 6.06% Graduate Degree 4.25% 3.91% 3.78%
40 to 49 Years 11.12% 10.95% 12.07%
50 to 59 Years 13.01% 13.22% 13.47%
60 to 64 Years 5.74% 6.58% 6.39%
65 to 69 Years 4.76% 5.59% 5.60%
70 to 74 Years 4.03% 4.41% 4.18%
75 to 79 Years 3.05% 3.08% 2.81%
80 to 84 Years 2.69% 2.75% 2.41%
Age 85+ 2.62% 2.92% 2.33%
Median Age 37.57 39.56 39.38
Source: © 2018 Experian
31PROPERTY NAME
PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
DEMOGRAPHICS
MARKETING TEAM
Population Race and Ethnicity
In 2018, the population in your selected geography is 3,404. The The current year racial makeup of your selected area is as follows:
population has changed by 3.97% since 2000. It is estimated that the 66.06% White, 26.03% Black, 0.12% Native American and 0.49%
population in your area will be 3,419.00 five years from now, which Asian/Pacific Islander. Compare these to US averages which are:
represents a change of 0.44% from the current year. The current 70.42% White, 12.85% Black, 0.19% Native American and 5.53%
population is 46.59% male and 53.41% female. The median age of Asian/Pacific Islander. People of Hispanic origin are counted
the population in your area is 37.57, compare this to the US average independently of race.
which is 37.83. The population density in your area is 1,083.19 people
per square mile. People of Hispanic origin make up 5.72% of the current year
population in your selected area. Compare this to the US average of
17.88%.
Households Housing
There are currently 1,397 households in your selected geography. The The median housing value in your area was $64,766 in 2018, compare
number of households has changed by 1.16% since 2000. It is this to the US average of $193,953. In 2000, there were 903 owner
estimated that the number of households in your area will be 1,413 occupied housing units in your area and there were 478 renter
five years from now, which represents a change of 1.15% from the occupied housing units in your area. The median rent at the time was
current year. The average household size in your area is 2.37 persons. $303.
Income Employment
In 2018, the median household income for your selected geography is In 2018, there are 830 employees in your selected area, this is also
$35,688, compare this to the US average which is currently $56,286. known as the daytime population. The 2000 Census revealed that
The median household income for your area has changed by 30.15% 41.54% of employees are employed in white-collar occupations in
since 2000. It is estimated that the median household income in your this geography, and 57.40% are employed in blue-collar occupations.
area will be $38,940 five years from now, which represents a change In 2018, unemployment in this area is 5.04%. In 2000, the average
of 9.11% from the current year. time traveled to work was 25.00 minutes.
The current year per capita income in your area is $19,807, compare
this to the US average, which is $30,982. The current year average
household income in your area is $48,026, compare this to the US
average which is $81,217.
Source: © 2018 Experian
32PINEWOOD APARTMENTS, RV & MOBILE HOME PARK
8 DEMOGRAPHICS
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.
Marcus & Millichap 9002994 tim.speck@marcusmillichap.com 972-755-5200
Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone
Tim A. Speck 432723 tim.speck@marcusmillichap.com 872-755-5200
Designated Broker of Firm License No. Email Phone
Ford Noe 709695 ford.noe@marcusmillichap.com 713-452-4200
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
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