1400 Edgewood Way Oxnard, CA 93030

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Deirdre Sherman
5 years ago
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1 1400 Edgewood Way Oxnard, CA For Sale 22 Unit Apartment Complex Recently Renovated. Excellent!

property overview Property Summary First time on the market in years! Fantastic opportunity to acquire an asset of this size located in the Fremont North neighborhood.

45 GRM $131,292 NOI $148,864 PPU $239/SF Land More than $10,000 of renovations have been made to each of the units (with exception to one) which include granite counters, tile

The property has key access security doors for extra privacy and beautiful new landscaping in the interior courtyard.

2 property overview Property Summary First time on the market in years! Fantastic opportunity to acquire an asset of this size located in the Fremont North neighborhood. Built in 1964, this 2-story property has an excellent unit mix of (10) studios, (10) 1BD/1BA and (2) 2BD/1BA apartments. NEW PRICE $3,275, % CAP GRM $131,292 NOI $148,864 PPU $239/SF Land More than $10,000 of renovations have been made to each of the units (with exception to one) which include granite counters, tile floors, new fixtures, new lighting, and new bathrooms with tile showers. The property has key access security doors for extra privacy and beautiful new landscaping in the interior courtyard. A common laundry room and on-site carport parking are also available for tenants. Security cameras provide additional peace of mind for tenants. Contact Listing Agents for further details. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

property overview Property Highlights More than $10,000 of renovations have been made to all units except one including granite counters, tile floors, new fixtures, new lighting, new bathrooms with

3 property overview Property Highlights More than $10,000 of renovations have been made to all units except one including granite counters, tile floors, new fixtures, new lighting, new bathrooms with tile showers. Key-access security doors for extra privacy. Security cameras provide additional peace of mind. Beautiful new landscaping in interior courtyard. Common laundry room and on-site carport parking. $2,800 of Section 1 work has been completed. Property Specifics Units 22 Lot Size Building Size Parking (10) Studios, (10) 1bd/1ba, (2) 2bd/1ba ±13,697 SF ±10,642 SF On-site APN Zoning R-4 Year Built 1964 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

5 interior photos

6 income analysis Executive Summary # Units: 22 Price: $3,275,000 Price/Unit: $148,864 NOI: $131,292 GRM: CAP Rate: 4.01% Lot Size: 13,697 SF Price/Lot SF: $239/SF Building Size: 10,642 SF Zoning R-4 APN Year Built 1964 Calculations Current Market EOI: $263,076 $306,784 Annual Exp.: $131,292 $133,969 NOI: $131,292 $172,815 GRM: CAP Rate: 4.01% 5.28% & Rent Schedules Current Rent Market Rent # Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income 10 Studios 381 $925-$1,000 $9,975 $1,025 $10, /1 508 $508-$1,100 $10,108 $1,300 $13, /1 635 $1,187-$1,225 $2,412 $1,500 $3,000 Monthly Rental Income: $22,495 $26,250 Monthly Laundry Income: Act. $106 $106 Potential Gross Monthly Income: $22,601 $26,356 Potential Gross Annual Income: $271,212 $316,272 Less: Vacancy & Collection Loss: 3% $8,136 % Rent Upside $9,488 Effective Gross Economic Income: $263, % $306,784 Annual Expenses Current Current % GOI Market % GOI Market Real Estate Taxes: 1.19% $38, % 12.7% $38,973 Advertising: Act $ % 0.2% $571 Insurance: Act $6, % 2.1% $6,516 Utilities: Act. $33, % 11.0% $33,896 Electric $1,364 $1,364 Water/Sewer/Trash $14,304 $14,304 Gas $10,040 $10,040 Cable $8,188 $8,188 Maint/Repairs: Est. $750/Unit $16, % 5.4% $16,500 Grounds: Act. $ % 0.2% $763 Off-site Management: 5% $13, % 5.0% $15,339 On-site Management: Act. $13, % 4.3% $13,264 Pest Control: Act. $ % 0.2% $477 Legal & Accounting: Est. $ % 0.3% $900 Reserves: Est. $250/Unit $5, % 1.8% $5,500 Internet Act. $1, % 0.4% $1,270 Annual Expenses Per Unit $5,990 $6,089 Annual Expenses $131, % 43.7% $133,969 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

comparable apartment sales 1 6 4 Subject Property 9 8 3 7 5 2 Property Address Date Sale Price # of Units Price Per Unit CAP Rate 1 2 3 4 5 6 7 8 9 10 1400 Edgewood Way Subject $3,275,000 22 (10)

2/28/2014 $940,000 6 (6) 2bd/1ba $156,667 4.50% 400 N G St. 6/28/2016 $1,550,000 10 (4) 1bd/1ba; (6) 2bd/1ba $155,000 5.20% 1400 Azalea St. 1/6/2017 $2,050,000 13 (8) 1bd/1ba; (5) 2bd/1ba $157,692 3.

7 comparable apartment sales Subject Property Property Address Date Sale Price # of Units Price Per Unit CAP Rate Edgewood Way Subject $3,275, (10) Studios; (10) 1bd/1ba; (2) 2bd/1ba $148, % Ivywood Dr. 11/2/2016 $5,000, (16) Studios; (17) 1bd/1ba; (1) 2bd/1ba $147, % 712 S. G St. 2/28/2014 $940,000 6 (6) 2bd/1ba $156, % 400 N G St. 6/28/2016 $1,550, (4) 1bd/1ba; (6) 2bd/1ba $155, % 1400 Azalea St. 1/6/2017 $2,050, (8) 1bd/1ba; (5) 2bd/1ba $157, % 5230 Driftwood St. 5/10/2016 $2,525, (2) 1bd/1ba; (8) 2bd/1ba $252, % Mariposa St. 3/25/2016 $2,900, (5) 3bd/1.75ba; (10) 2bd/1.5ba $193, % 540 Cuesta Del Mar 1/2/2017 $2,600, (10) 1bd/1ba; (2) 2bd/1ba; (2) 3bd/1ba $185, % 680 Evergreen Ln. 9/1/2016 $7,000, (22) 1bd/1ba; (18) 2bd/1ba; (1) 2bd/2ba $170, % 1340 Edgewood Way 5/3/17 $3,100, (1) Studio; (6) 1bd/1ba; (2) 2bd/1ba; (9) 2bd/2ba $177, % Del Norte St. 6/30/17 $5,300, (26) 1bd/1ba; (1) 2bd/1.5ba $196, %

cap & PPU graphs Price Per Unit Actual Cap Rate

from the owner of the property or from other sources

8 cap & PPU graphs Price Per Unit Actual Cap Rate $300, $250, $200, $150, $100, $50, $ The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

comparable properties Subject Property 1 Property APN Year Built Lot Size 1400 Edgewood Way 200-0-352-035 1964 22 13,697 SF Oxnard, 93030 $3,275,000 4.

the end of a one way street near a few medical offices, easy access to Ventura Blvd., shopping, restaurants and schools.

24% $177,778 Unit Type Studios 1 1 Bedroom, 1 Bathroom 6 2 Bedroom, 1 Bathroom 2 2 Bedroom, 2 Bathroom 9 Building Amenities: Some garage parking, upgrades including tile flooring, granite kitchen and

9 comparable properties Subject Property 1 Property APN Year Built Lot Size 1400 Edgewood Way ,697 SF Oxnard, $3,275, % $148,864 Unit Type Studios 10 1 Bedroom, 1 Bathroom 10 2 Bedroom, 1 Bathroom 2 Building Amenities: Common laundry room, on-site covered parking, security building, security cameras, located at the end of a one way street near a few medical offices, easy access to Ventura Blvd., shopping, restaurants and schools. Property APN Year Built Lot Size Building Size Proximity to Subject Property Sold 1340 Edgewood Way ,718 SF 13,648 SF Next door 5/3/2017 Oxnard, $3,100, % $177,778 Unit Type Studios 1 1 Bedroom, 1 Bathroom 6 2 Bedroom, 1 Bathroom 2 2 Bedroom, 2 Bathroom 9 Building Amenities: Some garage parking, upgrades including tile flooring, granite kitchen and bathroom counter tops, new asphalt in front and back, and some landscaping have been made. Tenants pay their own electricity while landlord provides gas, trash, sewer and water. There are 4 separate house gas meters. 2 Property APN Year Built Lot Size Building Size Proximity to Subject Property Sold Ivywood Dr ,645 SF 9,668 SF 0.4 miles 11/2/2016 Oxnard, CA $5,000, % $147,059 Unit Type Studios 16 1 Bedroom, 1 Bathroom 17 2 Bedroom, 1 Bathroom 1 Building Amenities: Featuring balconies, air conditioning, ceiling fans, on-site laundry, patio, pool and spa, wheel chair accessible rooms. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

comparable properties cont. 3 Property APN Year Built Lot Size Bldg. Size Proximity to Subject Property Sold 712 S. G St. 202-0-152-475 1972 6 7,000 SF 5,134 SF 1.

50% $156,667 *Off-Market Deal 2 Bedroom, 1 Bathroom 6 Building Amenities: Featuring 6 covered parking spaces, 3 two-car garages, on-site laundry and storage units.

52% $157,692 5 1 Bedroom, 1 Bathroom 8 2 Bedroom, 1 Bathroom 5 Building Amenities: On-site parking, common laundry room, 1/2 of the roof replaced in 2015, Thrugood Marshall Elementary School, Fremont

10 comparable properties cont. 3 Property APN Year Built Lot Size Bldg. Size Proximity to Subject Property Sold 712 S. G St ,000 SF 5,134 SF 1.6 miles 8/15/2016 Oxnard, Sale Price Approx. Cap Rate PPU $940, % $156,667 *Off-Market Deal 2 Bedroom, 1 Bathroom 6 Building Amenities: Featuring 6 covered parking spaces, 3 two-car garages, on-site laundry and storage units. 4 Property APN Year Built Lot Size Proximity to Subject Property Sold 1400 Azalea Street ,098 SF 8 miles 1/6/2017 Oxnard, $2,050, % $157, Bedroom, 1 Bathroom 8 2 Bedroom, 1 Bathroom 5 Building Amenities: On-site parking, common laundry room, 1/2 of the roof replaced in 2015, Thrugood Marshall Elementary School, Fremont Intermediate and Rio Mesa High School are nearby. Property APN Year Built Lot Size Proximity to Subject Property Sold 540 Cuesta Del Mar ,700 SF 5.6 miles 1/2/2017 Oxnard, $2,600, % $185,714 1 Bedrooom, 1 Bathroom 10 2 Bedrooom, 1 Bathroom 2 3 Bedrooom, 1 Bathroom 2 Building Amenities: On-site parking, extensively upgraded in 2015, approximately $265,000 in capital expenditures. Located near Art Hycox Elementary and in the South Winds neighborhood, close to Port Hueneme. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

comparable properties cont. 6 Property APN Year Built Lot Size Building Size Proximity to Subject Property Sold 400 N.

20% $155,000 1 Bedroom, 1 Bathroom 4 2 Bedroom, 2 Bathroom 6 Building Amenities: On-site washer/dryer, on-site parking, newer roof, on a large lot.

Close to shopping and restaurants such as Mariscos Mexican Seafood, Valentinas Café and Blossom Tea house. 7 Property APN Year Built Lot Size Bldg.

11 comparable properties cont. 6 Property APN Year Built Lot Size Building Size Proximity to Subject Property Sold 400 N. G Street ,166 SF 4 miles 6/28/2016 Oxnard, $1,550, % $155,000 1 Bedroom, 1 Bathroom 4 2 Bedroom, 2 Bathroom 6 Building Amenities: On-site washer/dryer, on-site parking, newer roof, on a large lot. Nearby schools include Santa Clara Elementary, Curreen Elementary and Fremont Intermediate School. Close to shopping and restaurants such as Mariscos Mexican Seafood, Valentinas Café and Blossom Tea house. 7 Property APN Year Built Lot Size Bldg. Size Proximity to Subject Property Sold 5230 Driftwood Street ,381 SF 9,146 SF 5 miles 5/10/16 Oxnard, $2,525, % $252,500 1 Bedroom, 1 Bathroom 1 2 Bedroom, 1.5 Bathroom 15 2 Bedroom, 1 Bathroom 4 8 Building Amenities: On-site washer/dryer, on-site parking, private balconies/patios. Near Vons, Starbucks, Coffee Bean and Tea Leaf, subway, Shores Restaurant, and with very close proximity to the beach. Property APN Year Built Lot Size Proximity to Subject Property Sold Mariposa St ,300 SF 5 Miles 3/25/2016 Oxnard, $2,900, % $193,333 3 Bedrooms, 1.75 Bathroom 5 2 Bedroom, 1.5 Bathroom 10 Building Amenities: Close to the naval base along with schools, parks, shopping and freeways. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

comparable properties cont. 9 Property APN Year Built Lot Size Bldg. Size Proximity to Subject Property Sold 680 Evergreen Ln 207-0-144-355 1962 41 43,550 SF 30,650 SF 4.

66% $170,732 1 Bedroom, 1 Bathroom 2 Bedroom, 1 Bathroom 2 Bedroom, 2 Bathroom Building Amenities: 22 18 1 Property is located near Richard Bard Elementary School, Dewar Park and Port Hueneme Beach.

12 comparable properties cont. 9 Property APN Year Built Lot Size Bldg. Size Proximity to Subject Property Sold 680 Evergreen Ln ,550 SF 30,650 SF 4.2 miles 9/1/2016 Port Hueneme, $7,000, % $170,732 1 Bedroom, 1 Bathroom 2 Bedroom, 1 Bathroom 2 Bedroom, 2 Bathroom Building Amenities: Property is located near Richard Bard Elementary School, Dewar Park and Port Hueneme Beach. 10 Property APN Year Built Lot Size Bldg. Size Sold Monte Vista II ,977 SF 16,061 SF 6/30/ Del Norte St. Ventura, $5,300, % $240,909 1 Bedroom, 1 Bathroom LG 1 Bedroom, 1 Bathroom 2 Bedroom, 1.5 Bathroom Townhouse Building Amenities: The property offers a common swimming pool, lush landscaping, a picnic area with barbecues, an on-site laundry room, and off-street covered parking. Units have newer kitchens and baths, wood flooring, and many of the units have private patios/balconies. The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

13 Property Address Date Price Per Unit rent comparables 1400 Edgewood Way Subject (10) Studios (10) 1bd/1ba (2) 2bd/1ba $1,025 Market $1,300 Market $1,500 Market 2444 Alvarado St. 3/14/2017 2bd/1ba $1, Gina Dr. 4/27/2017 Studio 1bd/1ba 2bd/1ba $1250 $1,350 $1, Janet Dr. 5/3/2017 1bd/1ba 2bd/1ba $1350 $ South B St. 5/3/2017 1bd/1ba $1, W. Gonzales Rd 5/3/2017 1bd/1ba 2bd/1ba $1420 $ Montevina Cir 5/4/2017 1bd/1ba $1,866

14 rent comparables cont. Property Address Date Price Per Unit 301 W. Vineyard Ave. 5/3/2017 Studio 1bd/1ba $1370 $ Edgewood Way 5/4/2017 Studio 1bd/1ba 2bd/1ba $960 $1200 $ Edgewood Way 3/16/2017 2bd/1ba $1, C. St. 5/4/2017 1bd/1ba $1, Ivywood Dr 3/17/2017 Studio $1, Cuesta Del Mar Dr. 5/3/2017 Studio $1, S. C St 3/20/2017 Studio $1,025

15 1400 Edgewood Way Oxnard, CA Nearby Shopping & Amenities

Sixty miles northwest of Los Angeles, is the casual, seaside city of Oxnard where oceanfront recreation, seasonal festivals, sweet strawberries, exceptional weather, and miles of uncrowded beaches

Oxnard s Mandalay Bay offers wonderful dining and leisure options while the Channel Islands National Park and Channel Islands National Marine Sanctuary a 90 minute boat trip from Oxnard s harbor is

16 Sixty miles northwest of Los Angeles, is the casual, seaside city of Oxnard where oceanfront recreation, seasonal festivals, sweet strawberries, exceptional weather, and miles of uncrowded beaches can be enjoyed by both residents and tourists. The area is excellent for outdoor enthusiasts with exceptional surf spots, coastal bike paths, hiking, kart racing and whale watching. Oxnard s Mandalay Bay offers wonderful dining and leisure options while the Channel Islands National Park and Channel Islands National Marine Sanctuary a 90 minute boat trip from Oxnard s harbor is one of the top attractions in the region. The largest employer in Oxnard is the United States Navy with over 17,000 employees and Port Hueneme generates over $1.1 billion in economic activity within a fiscal year. Many other well-established employers are located within a short drive from Portofino, including, Morgan Stanley, Verizon California, Haas Automation, Fidelity National Title Insurance Co., DeVry University and the Hampshire Group. Over the last three years, Oxnard s median household income has increased by 7.3% market overview Oxnard, California

Located midway between Santa Barbara and Malibu along the Pacific

Casitas, a revitalized downtown, Mission San Buenaventura, the Ventura

Ocean, Point Mugu, and the Channel Islands.

and endless water recreation, golfing, hiking, and a rich history with

market overview Ventura, California More than 7,000 prime government

and scientists reside in Greater Ventura.

17 Located midway between Santa Barbara and Malibu along the Pacific Ocean, the city of Ventura is acclaimed for its coastal character and livability. Residents and visitors enjoy miles of beaches, diverse parks, Lake Casitas, a revitalized downtown, Mission San Buenaventura, the Ventura Pier, and a wonderful harbor featuring the Channel Islands National Parks Museum. It boasts a backdrop of foothills and scenic vistas of the Pacific Ocean, Point Mugu, and the Channel Islands. With its warm Mediterranean climate, Ventura offers surfing, sailing and endless water recreation, golfing, hiking, and a rich history with proximity to both Los Angeles and Santa Barbara. market overview Ventura, California More than 7,000 prime government contractors, engineers, acquisition professionals, military operators and scientists reside in Greater Ventura. Some of the most innovative corporations in the world are headquartered within the county, including, Amgen, Haas Automation, Teledyne Technology and Semtech. The area is dedicated to job growth particulary in the fields of defense, energy and aerospace technology. 5 Best Beach Towns in the West!

Ventura Ave. Ventura, CA 93001

1240 1266 Ventura Ave. Ventura, CA 93001 For Sale 39-Unit Mixed-Use Asset More than 1/2 acre with excellent frontage and two parking lots. Offered at $3,200,000. property brief Offered at $3,200,000 CAP: