Upload
others
View
23
Download
0
Embed Size (px)
Citation preview
Offering MemorandumOffering Memorandum
2222--Unit Apartment Investment OpportunityUnit Apartment Investment Opportunity2222--Unit Apartment Investment OpportunityUnit Apartment Investment Opportunity1032 Elliot Street • Woodland, CA 956951032 Elliot Street • Woodland, CA 95695
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C EN O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe 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 andshould 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, unverifiedshould 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, unverifiedinformation 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 duediligence 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, thefuture 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 orasbestos, 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 anytenant'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 bereliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding thesematters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures toverify 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.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 NoticeMarcus & 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 orname 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.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
1032 ELLIOT STREETWoodland, CAACT ID Z0030318
2
1032 ELLIOT STREET • WOODLAND, CA• WOODLAND, CA 95695
EXECUTIVE SUMMARY OFFERING SUMMARYEXECUTIVE SUMMARY
MAJOR EMPLOYERS
VITAL DATAPrice $2,250,000 CURRENT YEAR 1Down Payment 35% / $787,500 CAP Rate 5.63% 7.76%Loan Amount $1,462,500 GRM 11.91 9.41
Loan Type Proposed New Net Operating Income $126,608 $174,675
Net Cash Flow EMPLOYER # OF EMPLOYEES
Olam Spices and Vegetables 800
Sutter Medical Center 641
Target 577
Walmart 572
Jla Home 550
Interest Rate / Amortization 4.25% / 30 Years
Net Cash Flow After Debt Service
5.11% / $40,273 11.22% / $88,339
Price/Unit $102,273 Total Return 8.24% / $64,928 14.48% / $114,064
Price/SF $236.69
Number of Units 22 Jla Home 550
Travis Credit Union 500
Sutter Health 485
Contadina Foods 400
Walgreens 360
Monsanto 350
UNIT MIX
Number of Units 22
Rentable Square Feet 9,506
Year Built 1965Lot Size 0.49 acre(s)
Public Works Department 275
County of Yolo 259
DEMOGRAPHICS
UNIT MIX
NUMBEROF UNITS UNIT TYPE APPROX.
SQUARE FEET
21 1 Bed / 1 Bath 436
1 Studio 350
22 Total 9,506
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 16,850 59,860 61,609
2010 Census Pop 15,759 55,980 57,597
2017 Estimate HH 5,490 19,849 20,454
2010 Census HH 5,239 18,901 19,471
22 Total 9,506
Median HH Income $44,747 $57,995 $58,264
Per Capita Income $20,791 $25,810 $26,015
Average HH Income $62,385 $76,794 $77,295
#4
1032 ELLIOT STREET • WOODLAND, CA• WOODLAND, CA 95695
OFFERING SUMMARYINVESTMENT OVERVIEW
Marcus & Millichap is pleased to market for sale a 22-unit apartment investment opportunity in Woodland,
California. The building is over 9,500 square and feet sits quietly on approximately half of an acre on a low
INVESTMENT OVERVIEW
traffic street yet conveniently located to all major locations in Woodland.
There are added-value opportunities with excess land at the south end of the lot. Six of the units have large
private balconies hidden behind a tree lined path next to the parking area.
Rare Opportunity to Invest Under 30 Units
All Tenants are on Month-to-Month Basis
Rare Opportunity to Invest Under 30 Units
All Tenants are on Month-to-Month Basis
INVESTMENT HIGHLIGHTS
All Tenants are on Month-to-Month Basis
Pro Forma Rents Achievable at 7.76% Cap Rate
Close to All Major Locations
Priced to Sell !!!
All Tenants are on Month-to-Month Basis
Pro Forma Rents Achievable at 7.76% Cap Rate
Close to All Major Locations
Priced to Sell !!! Priced to Sell !!! Priced to Sell !!!
5
FINANCIAL ANALYSIS
1032 ELLIOT STREET • WOODLAND, CA• WOODLAND, CA 95695
RENT ROLL SUMMARYRENT ROLL SUMMARY
US Post Office – 0.4 Mile Nugget Markets – 1.0 Mile Grocery Outlet – 0.9 MileUS Post Office – 0.4 Mile Nugget Markets – 1.0 Mile Grocery Outlet – 0.9 Mile
9
Woodland Opera House – 0.5 Mile Superior Court of CA – 0.4 Mile Wells Fargo Bank – 0.6 Mile
FINANCIAL ANALYSIS
1032 ELLIOT STREET • WOODLAND, CA• WOODLAND, CA 95695
RENT ROLL DETAIL*RENT ROLL DETAIL*
*All rents on a month-to-month basis. Large balconies existing for units 3 through 8. Newest lease renting at $795 per month.
11
*All rents on a month-to-month basis. Large balconies existing for units 3 through 8. Newest lease renting at $795 per month.
FINANCIAL ANALYSIS
1032 ELLIOT STREET • WOODLAND, CA• WOODLAND, CA 95695
OPERATING STATEMENTOPERATING STATEMENT
*Management Expenses: Current manager is paid for free rent only to manage the property.
12
FINANCIAL ANALYSIS
1032 ELLIOT STREET • WOODLAND, CA• WOODLAND, CA 95695
PRICING DETAILPRICING DETAIL
13
1032 ELLIOT STREET
SALES COMPARABLES MAP
1032 ELLIOT STREET(SUBJECT)
Redwood Manor Apartments
The Barcelona Apartments
Woodland Ave Apartments
1
2
3 Woodland Ave Apartments
Redwood South Apartments
Gum Avenue
3
4
5
SALES COMPARABLES
ON MARKET COMPARABLES
15
ON MARKET COMPARABLES
PROPERTY NAME
MARKETING TEAM
1032 ELLIOT STREET
SALES COMPARABLES
SALES COMPARABLES ON MARKET COMPARABLES
1032 ELLIOT STREET1032 Elliot Street, Woodland, CA, 95695
REDWOOD MANOR APARTMENTS132 5th St, Woodland, CA, 95695
THE BARCELONA APARTMENTS422 North St., Woodland, CA, 95695
1032 Elliot Street, Woodland, CA, 956951 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
Offering Price: $2,250,000
Price/Unit: $102,273
Price/SF: $236.69
Total No. of Units: 22
Year Built: 1965
Close Of Escrow: 12/4/2018
Sales Price: $1,152,000
Price/Unit: $96,000
Price/SF: $171.43
Total No. of Units: 12
Close Of Escrow: 12/4/2018
Sales Price: $960,000
Price/Unit: $96,000
Price/SF: $192.00
Total No. of Units: 10
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
Year Built: 1979 Year Built: 1968
16
PROPERTY NAME
MARKETING TEAM
1032 ELLIOT STREET
SALES COMPARABLES
SALES COMPARABLES ON MARKET COMPARABLES
WOODLAND AVE APARTMENTS15 Woodland Ave, Woodland, CA, 95695
REDWOOD SOUTH APARTMENTS613 2nd St, Woodland, CA, 95695
GUM AVENUE1103-1107 Gum Ave, Woodland, CA, 95776
3 4 5
rentpropertyname1 rentpropertyname1 rentpropertyname1
Close Of Escrow: 5/30/2019
Sales Price: $2,800,000
Price/Unit: $140,000
Price/SF: $165.68
Total No. of Units: 20
On Market
List Price: $2,600,000
Price/Unit: $130,000
Price/SF: $225.73
Total No. of Units: 20
On Market
List Price: $850,000
Price/Unit: $170,000
Price/SF: $177.56
Total No. of Units: 5
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
Year Built: 1988 Year Built: 1965 Year Built: 1975
17
8
1032 ELLIOT STREET
RENT COMPARABLES MAP
1032 ELLIOT STREET(SUBJECT)
College Street Apartments
Woodland Manor Apartments
1
2
338 North Street
Elliot Crossing Apartments
The Barcelona Apartments
Carol Apartments
44
3
5
6 Carol Apartments
7
8
9
6
11
12
13
10
14
15
16
13
20
17
18
20
18
PROPERTY NAME1032 ELLIOT STREET
RENT COMPARABLES
AVERAGE RENT - MULTIFAMILY
$2,000
2 BedroomAvg. $888
$900
Studios
Avg. $1,023
$1,000
$1,200
$1,400
$1,600
$1,800
$450
$540
$630
$720
$810
$0
$200
$400
$600
$800
1032 Elliot College Woodland 338 North Elliot The Carol$0
$90
$180
$270
$360
1032 Elliot College Woodland 338 North Elliot The Carol1032 ElliotStreet
CollegeStreet
Apartments
WoodlandManor
Apartments
338 NorthStreet
ElliotCrossing
Apartments
TheBarcelona
Apartments
CarolApartments
1032 ElliotStreet
CollegeStreet
Apartments
WoodlandManor
Apartments
338 NorthStreet
ElliotCrossing
Apartments
TheBarcelona
Apartments
CarolApartments
$1,800
$2,000
1 Bedroom
Avg. $966
$1,000
$1,200
$1,400
$1,600
$1,800
$0
$200
$400
$600
$800
1032 Elliot College Woodland 338 North Elliot The Carol
19
1032 ElliotStreet
CollegeStreet
Apartments
WoodlandManor
Apartments
338 NorthStreet
ElliotCrossing
Apartments
TheBarcelona
Apartments
CarolApartments
PROPERTY NAME
MARKETING TEAM
1032 ELLIOT STREET
RENT COMPARABLES
rentpropertyname1rentpropertyaddress1
1032 ELLIOT STREET1032 Elliot Street, Woodland, CA, 95695
1
COLLEGE STREET APARTMENTS428 Elliot Street, Woodland, CA, 95695
2
WOODLAND MANOR APARTMENTS127 Main Street, Woodland, CA, 95695
rentpropertyaddress1 1 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SFUnit Type Units SF Rent Rent/SF
1 Bed 1 Bath 21 436 $752 $1.72
Studio 1 350 $650 $1.86
Total/Avg. 22 432 $747 $1.73
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 26 436 $995 $2.28
Total/Avg. 26 436 $995 $2.28
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 32 325 $875 $2.69
1 Bdr 1 Bath 18 480 $1,000 $2.08
Total/Avg. 50 381 $920 $2.42
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
YEAR BUILT: 1965 YEAR BUILT: 1966 YEAR BUILT: 1940
20
PROPERTY NAME
MARKETING TEAM
1032 ELLIOT STREET
RENT COMPARABLES
3
338 NORTH STREET338 North Street, Woodland, CA, 95695
4
ELLIOT CROSSING APARTMENTS33 W Elliot Street, Woodland, CA, 95695
5
THE BARCELONA APARTMENTS422 North Street, Woodland, CA, 95695
3 4 5
rentpropertyname1 rentpropertyname1 rentpropertyname1
Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SFUnit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 21 600 $950 $1.58
Total/Avg. 21 600 $950 $1.58
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 12 420 $900 $2.14
1 Bdr 1 Bath 86 570 $1,020 $1.79
2 Bdr 1 Bath 18 910 $1,195 $1.31
Total/Avg. 116 607 $1,035 $1.70
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 10 428 $850 $1.99
Total/Avg. 10 428 $850 $1.99
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
YEAR BUILT: 1966 YEAR BUILT: 1973 YEAR BUILT: 1968
21
PROPERTY NAME
MARKETING TEAM
1032 ELLIOT STREET
RENT COMPARABLES
6
CAROL APARTMENTS539 College Street, Woodland, CA, 95695
6
rentpropertyname1 rentpropertyname1 rentpropertyname1
Unit Type Units SF Rent Rent/SFUnit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 9 550 $925 $1.68
Total/Avg. 9 550 $925 $1.68
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
YEAR BUILT: 1966
22