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505-511 WALNUT AVENUE, SANTA CRUZ, CAOFFERING MEMORANDUM
Exclusively listed with:Tracy WarrColdwell Banker Brokers of the Valley
Property Overview 3Property Photos 4Map 5Aerial Map 6Tax Map 7Financials 8Rent Roll 9Recently Sold 10Currently For Sale 11Demographics 12Contact Information 13Confidentiality Statement 14
TABLE OF CONTENTS
PROPERTY OVERVIEW
This unique residential complex consists of two separate buildings nestled in the heart of downtown Santa Cruz. Within walking distance of numerous charming restaurants and shops, the Santa Cruz Wharf and the world-famous Santa Cruz Boardwalk, this property offers the best of urban living in a relaxed and friendly community. The five rentable units have a history of high occupancy rates and and generate a solid and consistent revenue stream and return on investment. On the market for the first time in over 30 years, the property presents an opportunity for the investor that wants to own a little bit of history in a thriving and diversified community.
505-511 Walnut Street, Santa CruzYr. Built: 1926Lot Size: 10,062 sq. ft.# of Units: 5Gross Ann. Inc.: $140,988Est. Net Ann. Inc.: $125,988Price $2.1M
PROPERTY PHOTOS
MAPS AND AERIALS
AERIAL VIEW
TAX MAP
FINANCIALS
Fiscal 2017Gross Income:
Rent 120,525.00 99.79%Late Fees 225.00 0.21%
120,775.00 100%Expenses:
Maintenance 1,405.45 1.16%Plumbing 1,895.25 1.57%Gardening 1,140.00 0.94%Appliance Replacement 113.86 0.94%Mgmt. Comm. 7,246.50 6.00%Cleaning 200.00 0.17%Utilities 3,366.00 2.79%Gas/Electric 1,020.00 0.84%Pest Control 465.00 0.39%Legal/Accounting 145.00 0.12%
Total Expense 18,017.06 14.92%
Net Income 102,757.94 85.08%
RENT ROLL
1,950.003,500.002,500.002,500.002,500.00
Vacant2,950.001,938.00Vacant1,861.00
12,950.00
360
240
6,749.00
Vacant2,000.001,600.00Vacant1,475.00
5,075.00
6,749.0064
6,749.00
64
3,763.00
36
Vacant07/22/1505/01/16Vacant07/01/99
05/01/18
RECENTLY SOLD/IN CONTRACT
217 Berry, Santa CruzYr. Built: 1975# of Units: Lot Size: 17,990Gross Ann. Inc.: $195,936Est. Net Ann. Inc.: $156,875Price: $3.5MStatus: Contingent
208 1st Street, Santa CruzYr. Built: 1918# of Units: 5Lot Size: .12 Ac.Gross Ann. Inc.: $113,652 Est. Net Ann. Inc.: $66,344Price: $2.2MStatus: Contingent
914 Mission, Santa CruzYr. Built: 1906# of Units: 5Lot Size: .12 Ac.Gross Ann. Inc.: $149,400 Est. Net Ann. Inc.: $113,718Price: $2.2MStatus: Contingent
123 Pearl Street, Santa CruzYr. Built: 1959# of Units: 9Lot Size: 8581Gross Ann. Inc.: $157,519Est. Net Ann. Inc.: $108,754Price: $2.475MStatus: Sold (12/1/17)
2651 Fresno Street, Santa CruzYr. Built: 1970# of Units: 8Lot Size: 29,882Gross Ann. Inc.: Est. Net Ann. Inc.:Price: $3.5MStatus: Sold (2/10/18)
404 High Street, Santa CruzYr. Built: 1968# of Units: 6Lot Size: 24,045Gross Ann. Inc.: $202,200Est. Net Ann. Inc.: $134,742Price: $3.1MStatus: Sold (1/13/18)
CURRENTLY FOR SALE
419 Lincoln Street, Santa CruzYr. Built: 1910Lot Size: 8712# of Units: 6Gross Ann. Inc.: $90,198Est. Net Ann. Inc.: $53,743Price: $1.495M
313 Raymond Street, Santa CruzYr. Built: 1898Lot Size: 3179# of Units: 5Gross Ann. Inc.: $93,793Est. Net Ann. Inc.: $68,168Price: $1.2M
132 Campbell Street, Santa CruzYr. Built: 1906Lot Size: 17555 sq. ft.# of Units: 7Gross Ann. Inc.: $115,092Est. Net Ann. Inc.: $98,859Price $2.0M
DEMOGRAPHICS
Population in 2014: 63,364 (100% urban, 0% rural).
Population change since 2000: +16.1%
Zip codes: 95064.
Estimated median household income in 2016: $69,178 (it was $50,605 in 2000)
Estimated per capita income in 2016: $35,140 (it was $25,758 in 2000)
Santa Cruz city income, earnings, and wages data
Estimated median house or condo value in 2016: $819,859 (it was $397,100 in 2000)
Mean prices in 2016: All housing units: $871,233; Detached houses: $956,945;
Townhouses or other attached units: $563,729; In 2-unit structures: $304,826;
In 3-to-4-unit structures: $956,656; In 5-or-more-unit structures: $830,541; Mobile homes: $96,140
Median gross rent in 2016: $1,695.
Read more: http://www.city-data.com/city/Santa-Cruz-California.html#ixzz5FzFfQpXf
Data courtesy of www.city-data.com
http://www.city-data.com/zips/95064.htmlhttp://www.city-data.com/income/income-Santa-Cruz-California.htmlhttp://www.city-data.com/city/Santa-Cruz-California.html
CONTACT INFORMATION
This property is exclusively offered by:
Tracy Warr
Coldwell Banker Brokers of the Valley1775 Lincoln AvenueNapa, CA 94559(707) 258-5200 (Office)(707) 287-1994 (Mobile)[email protected]
DISCLOSURE STATEMENT
This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by Coldwell Banker Brokers of the Valley or by the seller.
The projections and pro forma budget contained herein represent the best estimates on assumptions considered reasonable under the circumstances. No representations, warranties, express or implied, are made that actual results will conform to such projections.
This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without express written consent.
Interested buyers should be aware that the seller is selling the Property in “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing.
The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer.
Prospective buyers shall be responsible for their own costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.