51 N STATE STREET, UKIAH, CA TRAVELER S MOBILE HOME PARK & APARTMENTS

Transcription

1 32 51 N STATE STREET, UKIAH, CA TRAVELER S MOBILE HOME PARK & APARTMENTS

2 TRAVELER S MOBILE HOME PARK & APARTMENTS N STATE STREET, UKIAH, CA Andrew Whinery First Vice President Investments Direct: Andrew.Whinery@marcusmillichap.com License: CA John Garrett Senior Associate Direct: John.Garrett@marcusmillichap.com License: CA OFFICES NATIONWIDE AND THROUGHOUT CANADA

3 FINANCIAL ANALYSIS

4 PRICING DETAIL PRICING SUMMARY Price $1,825,000 Cap Rate 6.00% Number of Spaces 24 Price per Space $76,042 Net Operating Income $109,521 Lot Size 2.13 Acres F i n a n c i a l A n a l y s i s Occupancy 100% 2

5 INCOME & EXPENSES INCOME Gross Rents (100% Occupied) $225,300 Utility Reimbursement $21,600 Gross Potential Income $246,900 Vacancy (5%) $12,345 Effective Gross Income $234,555 EXPENSES Real Estate Taxes $22,639 Insurance $3,080 Management Fees $11,265 Repairs & Maintenance $7,000 Water $12,000 Sewer $24,000 PG&E $32,400 Garbage $4,800 Licenses, Permits, & Office $3,000 Reserves $4,850 Total Expenses $125,034 Net Operating Income $109,521 F i n a n c i a l A n a l y s i s Total Return (%) 6.00% 3

6 RENT ROLL SUMMARY TRAVELER S UNIT BD/BA STATUS MONTHLY RENT UTILITY CHARGES Mobile Home Spaces Space 1 N/A Occupied $600 $100 Space 2 N/A Occupied $600 $100 Space 3 N/A Occupied $600 $100 Space 4 N/A Occupied $600 $100 Space 5 N/A Occupied $600 $100 Space 6 N/A Occupied $600 $100 Space 7 N/A Occupied $600 $100 Space 8 N/A Occupied $600 $100 Space 9 N/A Occupied $600 $100 Space 10 N/A Occupied $600 $100 Space 11 N/A Occupied $600 $100 F i n a n c i a l A n a l y s i s Space 12 N/A Occupied $600 $100 Space 13 N/A Occupied $600 $100 Space 14 N/A Occupied $600 $100 4

7 RENT ROLL SUMMARY CONT. UNIT BD/BA STATUS MONTHLY RENT UTILITY CHARGES Apartment Units Unit 100 3/1 Occupied On-Site MGR $850 (discounted from $1400) Unit 101 2/1 Occupied $1,000 Unit 102 2/1 Occupied $1,000 Unit 103 1/1 Occupied $825 Unit 104 0/1 Occupied $800 Unit 105 2/1 Occupied $1,050 Unit 106 2/1 Occupied $1,050 Unit 107 2/1 Occupied $1,050 Unit 108 2/1 Occupied $1,050 Unit 109 2/1 Occupied $1,300 $100 $100 $100 $100 F i n a n c i a l A n a l y s i s Commercial Storage Occupied $400 TOTALS 25 $18,775 $1,800 PHYSICAL OCCUPANCY 100% 5

8 SUMMARY

9 PROPERTY DETAILS The Offering Property Address 3251 N State Street, Ukiah, CA Mobile Home Spaces Water Tenants Reimburse Landlord Type of Park All Ages Electric Paid By Tenant-Direct Billing Rental Agreement Month to Month Gas Paid by Tenant-Direct Billing Unit Breakdown 14 Mobile Home Spaces, 10 Apartment Units, 1 Commercial Storage Sewer Tenants Reimburse Landlord Rent Raise History $50-$100 in June 2018 Trash Included in the Rent Rent Control None Assessors Parcel Number Number of Units 24 Apartment Units (6 of the 10 Units) Vacant Apartments 0 Water Included in the Rent Vacant Spaces 0 Vacant Mobile Homes 0 Number of Occupied Park Owned Homes 0 Electric Gas Sewer Included in the Rent Included in the Rent Included in the Rent S u m m a r y Year Built N/A Trash Included in the Rent Lot Size 2.13 Acres Cable TV Paid By Tenant-Direct Billing Type of Ownership Water/Sewer Parking Resident Off Street Parking Guest Parking Landscaping Fee Simple Both Serviced by the City Paved Yes Yes Mature 7

10 INVESTMENT HIGHLIGHTS Stabilized Property - 100% OCCUPIED California WINE COUNTRY Location Management IN PLACE Many Recent Renovations and Capital Improvements Two Hour Drive from SAN FRANCISCO S u m m a r y Ukiah is the County Seat and LARGEST CITY of Mendocino County, California Serviced by City Water & Sewer NON-RENT CONTROL Property 8

11 PARCEL MAP S u m m a r y 9

12 FLOOR PLANS S u m m a r y 10

13 RECENT INTERIOR APARTMENT RENOVATIONS S u m m a r y 11

14 PROPERTY PHOTOS S u m m a r y 12

15 Lake Mendocino S u m m a r y Mendocino College San Francisco - 2 hours away Key Traveler s Mobile Home Park & Apartments 13

16 REGIONAL MAP S u m m a r y TRAVELER S MOBILE HOME PARK & APARTMENTS 14

17 LOCAL MAP TRAVELER S MOBILE HOME PARK & APARTMENTS S u m m a r y 15

18 SALES COMPARABLES

19 SALE COMPARABLES TRAVELER S MOBILE HOME PARK & APTS 3251 N State Street, Ukiah, CA CREST APARTMENTS & MOBILE HOME PARK 2200 S State Street, Ukiah, CA S a l e s C o m p a r a b l e s Asking Price $1,825,000 No. of Units 24 Price/Units $76,041 Cap Rate 6.00% Sales Price $1,750,000 No. of Units 41 Price/Unit $42,623 Cap Rate 6.00% Year Built N/A Close of Escrow 05/02/

20 SALE COMPARABLES 2 SIERRA SUNSET VILLA APARTMENTS 505 Capps Ln, Ukiah, California MARLENE VILLAGE TOWNHOUSES 865 S Orchard Ave, Ukiah, CA S a l e s C o m p a r a b l e s Sales Price $7,400,000 No. of Units 68 Price/Unit $108,824 Cap Rate 5.19% Year Built 1985 Close of Escrow 07/25/2018 Sales Price $5,350,000 No. of Units 94 Price/Unit $167,188 Cap Rate 5.40% Year Built 1996 Close of Escrow 12/12/

21 SALE COMPARABLES 4 CANADIAN VILLAGE APARTMENTS 2280 S State Street, Ukiah, CA S DORA STREET APARTMENTS 2100 S Dora Street, Ukiah, CA S a l e s C o m p a r a b l e s Sales Price $635,000 No. of Units 9 Price/Unit $70,556 Cap Rate 5.90% Year Built 1950 Close of Escrow 07/20/2018 Sales Price $740,000 No. of Units 6 Price/Unit $123,333 Cap Rate 5.68% Year Built 1975 Close of Escrow 11/27/

22 OPERATING STATEMENT Average Cap Rate Average Price Per Unit 8.0 $220, $200, Avg. 5.63% $180, $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $76,041 $108,824 $167,188 $70,556 $123,333 $102,505 S a l e s C o m p a r a b l e s 0.8 $40,000 $42, $20,000 Traveler s Crest Sierra Sunset Marlene Canadian Village S Dora St Travelor s Crest Sierra Sunset Marlene Canadian Village S Dora St Key Sales Comparables Subject Property Sales Comps Avg 20

23 S a l e s C o m p a r a b l e s CREST SIERRA SUNSET MARLENE CANADIAN VILLAGE S DORA STREET TRAVELER S MOBILE HOME PARK & APARTMENTS 21

24 APARTMENT RENT COMPARABLES

25 RENT COMPARABLES TRAVELER S MOBILE HOME PARK & APTS 3251 N State Street, Ukiah, CA UNIT TYPE UNITS SF RENT 1 UNIT TYPE SIERRA SUNSET VILLAGE 505 Capps Ln, Ukiah, CA UNITS SF RENT R e n t C o m p a r a b l e s 0 Bdr 1 Bath 1 N/A $800 1 Bdr 1 Bath $775 1 Bdr 1 Bath 1 N/A $825 2 Bdr 1 Bath 7 N/A $1,000-$1,300 3 Bdr 1 Bath 1 N/A $1,400 2 Bdr 1 Bath $1.100-$1,275 Total/Avg $1,188 Total/Avg. 10 $1,115 23

26 RENT COMPARABLES 2 THE VILLAS 175 Laws Ave, Ukiah, CA UNIT TYPE UNITS SF RENT 3 UNIT TYPE UKIAH GREEN 1164 Mulberry St, Ukiah, CA UNITS SF RENT R e n t C o m p a r a b l e s 2 Bdr 1.5 Bath $1,225 Total/Avg $1,225 1 Bdr 1 Bath $888 2 Bdr 1 Bath $1,004 Total/Avg $923 24

27 RENT COMPARABLES 4 MARLENE VILLAGE TOWNHOMES 865 S Orchard Ave, Ukiah, CA UNIT TYPE UNITS SF RENT 5 UNIT TYPE ALDERWOOD APARTMENTS 1450 S State St, Ukiah, CA UNITS SF RENT R e n t C o m p a r a b l e s 2 Bdr 2 Bath 32 1,200 $1,585 2 Bdr 1 Bath $950 Total/Avg. 32 1,200 $1,585 Total/Avg $950 25

28 MOBILE HOME RENT COMPARABLES

29 RENT COMPARABLES TRAVELER S MOBILE HOME PARK & APTS 3251 N State Street, Ukiah, CA UKIAH MOBILE HOME & RV COMMUNITY 4951 N State Street, Ukiah, CA # OF SPACES CURRENT LOT RENT # OF SPACES CURRENT LOT RENT 1 R e n t C o m p a r a b l e s 14 $ $500 27

30 RENT COMPARABLES 2 RANCHO DEL REY MHP 660 Leslie Street, Ukiah, CA # OF SPACES CURRENT LOT RENT 3 MANOR OAKS MHP 700 E Gobbi Street, Ukiah, CA # OF SPACES CURRENT LOT RENT R e n t C o m p a r a b l e s 96 $ $638 28

31 1 2 3 S a l e s C o m p a r a b l e s UKIAH MH & RV RANCHO DEL REY MANOR OAKS TRAVELER S MOBILE HOME PARK & APARTMENTS 29

32 UKIAH OVERVIEW

33 DEMOGRAPHICS POPULATION In 2017, the population in your selected geography is 29,097. The population has changed by 2.82% since It is estimated that the population in your area will be 29,446 five years from now, which represents a change of 1.20% from the current year. The current population is 48.78% male and 51.22% female. The median age of the population in your area is 38.2, compare this to the Entire US average which is The population density in your area is people per square mile. HOUSEHOLDS There are currently 10,771 households in your selected geography. The number of households has changed by 3.17% since It is estimated that the number of households in your area will be 11,023 five years from now, which represents a change of 2.34% from the current year. The average household size in your area is 2.58 persons. RACE & ETHNICITY INCOME In 2017, the median household income for your selected geography is $47,157, compare this to the entire US average which is currently $56,286. The median household income for your area has changed by 30.18% since It is estimated that the median household income in your area will be $52,647 five years from now, which represents a change of 11.64% from the current year. The current year per capita income in your area is $24,270, compare this to the Entire US average, which is $30,982. The current year average household income in your area is $63,909, compare this to the entire US average which is $81,217. The current year racial makeup of your selected area is as follows: 67.89% White, 1.08% Black, 0.25% Native American and 3.66% Asian/Pacific Islander. Compare these to entire US averages which are: 70.42% White, 12.85% Black, 0.19% Native American and 5.53% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 32.42% of the current year population in your selected area. Compare this to the entire US average of 17.88%. EMPLOYMENT U k i a h O v e r v i e w HOUSING In 2000, there were 5,938 owner occupied housing units in your area and there were 4,502 renter occupied housing units in your area. The median rent at the time was $512. In 2017, there are 16,011 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 55.98% of employees are employed in white-collar occupations in this geography, and 43.79% are employed in blue-collar occupations. In 2017, unemployment in this area is 5.63%. In 2000, the average time traveled to work was 17.6 minutes. 31

34 DEMOGRAPHICS POPULATION HOUSEHOLDS EMPLOYMENT 2017 HOUSEHOLDS BY INCOME U k i a h O v e r v i e w 32