The West end villas rd Street

Transcription

1 The West end villas C o mm e r c i a l

2 Property Summary 25 Units 8 Studios 13 One Bedroom Apartments 2 Two Bedroom/1 Bath Apartments 2 Two Bedroom/2 Bath Apartments 36 Parking Spaces Year Built: 1985 * Building Size: Approx. 18,674 sq. ft. ** Lot Size: Approx. 16,496 sq. ft. * Zoning: 21 Res, Multiple Residential * Parcel # * GRM: 12.9 Cap Rate: 4.7% $/Sq. Ft: $278 (corner of 3rd and Hayes Streets) * per MetroScan ** per Previous Owner Offered at $5,195,000 The West End Villas apartments are very well located in downtown San Rafael. This well kept property has an excellent unit mix. There are 2 two bedroom/2 bath apartments, 2 two bedroom/1 bath apartments, 13 one bedrooms and 8 studios. A majority of the units in the building have been extensively renovated. There are 36 parking spaces, 29 covered and 7 open. The building has a coin operated common laundry area as well. The apartments are well laid out and have dishwashers, microwaves, ceiling fans, electric ranges, baseboard heaters and ample closet space. Most of the apartments have good natural light. The units are separately metered for electricity. This property is very well located in desirable Marin close to downtown San Rafael restaurants and shops and has easy freeway access.

3 Income & ExpenseS Scheduled Gross Rents (See attached Rent Roll) Laundry Income Total Gross Scheduled Income Less Estimated 2% Vacancy Adjusted Scheduled Gross Annual Income $400,020 3,516 $403,536 (8,071) $395,465 Estimated Expenses: Property Taxes ( Basic Tax Rate: 1.000% of $5,195,000) Special Assessments & School Bonds Insurance PG&E Water & Sewer Garbage Janitorial Services Tests, Inspections and Certifications Repairs, Supplies and Maintenance Landscaping Resident Manager ($1,250 per month, see Rent Roll notes) Management Fees (Estimated at 4% of Adj. Gross Income) $51,950 24,280 4,636 10,218 3,689 6,399 2, ,418 3,600 15,000 15,819 Estimated Annual Expenses Estimated Net Operating Income (149,359) $246,106 Note: The above expenses and vacancy factor are estimates only, based partly on Seller s past expenses and partly on industry standards. Leasing commissions have not been included. All prospective Buyers are advised to review the Due Diligence package including but not limited to the historical income and expense information provided by the Owner. All prospective buyers should determine their own numbers for all expenses and the vacancy factor.

4 rent ROLL Unit # Type Scheduled Rent Move-In Date Bedroom $1, /24/ Bedroom $1, /23/ Bedroom $1, /15/ Bedroom $1, /20/ Bedroom 1 $1, /1/ Bedroom $1, /1/ Bedroom/2 Baths $1, /10/ Studio $1, /15/ Studio $1, /5/ Bedroom/1 Bath $1, /1/ Studio $1, /10/ Studio $1, /1/ Bedroom $1, /16/ Bedroom $1, /25/ Bedroom $1, /1/ Bedroom $1, /9/ Bedroom $1, /1/ Bedroom $1, /15/ Bedroom/2 Baths $1, /1/ Studio 2 $ /1/ Studio $1, /6/ Bedroom/1 Bath $1, /21/ Studio $1, /20/ Studio $1, /20/ Bedroom $1, /1/2010 STAL01 Parking Included 5/21/2011 STAL02 3 Parking 3 $ N/A STAL03 Parking Included 6/1/2010 STAL04 Parking Included 6/1/2010 STAL05 Parking Included 6/1/2010 STAL06 Parking Included 6/1/ The stated rent for the Resident Manager s unit is the Seller s estimate of market rent. Resident manager currently pays $300 per month for rent. The remaining $1,250 per month is the Resident Manager s compensation. All prospective buyers should use their own estimate of market rent. 2 Unit was rented at below market rate. Unit can be delivered vacant at Close of Escrow. 3 Vacant parking space. The stated rent for the vacant parking space is the Seller s estimate of market rent. All prospective buyers should use their own estimate of market rent.

5 rent ROLL (Cont.) Unit # Type Scheduled Rent Move-In Date STAL07 Parking Included 6/1/2010 STAL08 Parking Included 6/1/2010 STAL09 Parking Included 6/1/2010 STAL10 Parking Included 6/1/2010 STAL11 Parking Included 6/1/2010 STAL12 Parking Included 6/1/2010 STAL13 Parking Included 6/1/2010 STAL14 Parking Included 6/1/2010 STAL15 Parking Included 6/1/2010 STAL16 3 Parking 3 $ N/A STAL17 3 Parking 3 $ N/A STAL18 3 Parking 3 $ N/A STAL19 Parking Included 6/1/2010 STAL20 3 Parking 3 $ N/A STAL21 Parking Included 6/1/2010 STAL22 Parking Included 6/1/2010 STAL23 Parking Included 6/1/2010 STAL24 Parking Included 6/1/2010 STAL25 3 Parking 3 $ N/A STAL26 3 Parking 3 $ N/A STAL27 Parking Included 06/1/2010 STAL28 3 Parking 3 $ N/A STAL29 Parking Included 6/1/2010 STAL30 Parking Included 6/1/2010 STAL31 3 Parking 3 $ N/A STAL32 3 Parking 3 $ N/A STAL33 Parking Included 6/1/2010 STAL34 Parking Included 6/1/2010 STAL35 3 Parking 3 $ N/A STAL36 Parking Included 6/1/2010 Total Monthly: $33, Total Annually: $400, Vacant parking space. The stated rent for the vacant parking space is the Seller s estimate of market rent. All prospective buyers should use their own estimate of market rent.

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