for sale prime location 14-unit apartment complex
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- Milo Rice
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1 for sale prime location 14-unit apartment complex 1062 Coast Village Rd. Montecito, ca One of Montecito s Few Residential Income Complexes Over 10 Units Exceptional Development Potential
2 executive summary & offering highlights One of only three apartment complexes over ten units in Montecito, this offering is a unique opportunity to acquire a rare and highly desired asset. The property s prime location is within walking distance to fine shopping and restaurants along Coast Village Road. Sitting on over a half acre, the sprawling property features large private patios and a private forested courtyard. Several units have been renovated and the remaining units are in very good, original condition. The property generates over $385,000 in gross income plus upside in the rent should a new buyer renovate the remaining original units. PROPERTY SPECIFICS Price $10,600,000 Building Size Fourteen (14) apartments; ±11,466 SF Units (7) 2BR+1BA; (7) 1BR+1BA Lot Size Approx. 26,136 SF Zoning C-1/S-D-3 APN Floors Two stories Year Built 1959 with multiple units recently renovated Please do not disturb tenants. Contact Listing Agents to schedule a showing. OFFERING HIGHLIGHTS Conveniently located in Central Montecito along Coast Village Road within walking distance to shopping and restaurants. Over a half acre site with future development potential. Large open courtyard with mountain views. Property generates cash flow during entitlements. Valuable Coast Village Road frontage. Close Proximity to the ocean and Butterfly Beach. Potential upside in current rents
3 interior & Exterior photos
4 Coast Village Rd. Hwy. 101 Hermosillo Dr.
5 3 Hermosillo Dr Coast Village Rd. Coast Village Rd Starbucks 2 Von s 3 Little Alex s 4 U.S. Post Office 5 Sakana Sushi & Japanese 6 Tre Lune 7 Coast Village Inn 8 Cava Restaurant 9 The UPS Store 10 Honor Bar 11 Jeannine s Bakery 12 Trattoria Mollie 13 Montecito Inn 14 Lucky s 15 Los Arroyos 16 CVS Pharmacy 17 Coral Casino Beach & Cabana Club 18 Four Seasons Biltmore Santa Barbara Hwy. 101 Olive Mill Rd. Butterfly Beach 17
6 development potential This ±26,136 SF site offers a unique opportunity to develop one of the last remaining large parcels on Coast Village Road. The 14 existing apartments currently generate over $385,000 in annual gross income allowing a developer significant cash flow while navigating the entitlement process. The property s C-1/S-D-3 zoning allows for residential, commercial, hotel, or mixed-use projects. Per the zoning, a developer could potentially build (11) ±2,000 SF (not including decks) for-profit condos (analysis shown on page 7) or a mixed-use project. Real estate in Montecito is scarce and Coast Village Road commands some of the highest prices in the Santa Barbara market. Retail rents average $5/SF to more than $6/SF and new residential condos on Coast Village Road are selling for $1,300/SF to $1,575/SF Coast village road townhouse architectural rendering 1286 Coast village road townhouse architectural rendering
7 development analysis 11 Condo Units ASSUMPTIONS Lot Size (SF) 26,136 Lot Size (Acres) 0.60 Improvements Size (BSF) 22,000 Residential Units 11 Residential SF 22,000 Residential Sales (PSF) $1,500 Parking - Residential 22 Total Parking Spaces 22 Parking Cost Per Space $40,000 (Garaged) Land Cost $10,600,000 CONSTRUCTION COSTS Direct: Demolition/Grading $150,000 Residential (PSF) $425 Common Area/Landscape (PSF) $25 7,500 SF Construction Management Fee 5% of direct cost Contingency Fee 5% of direct cost Indirect: % of direct cost Architect 5.0% Fees & Permits 1.5% Liability Insurance 4.0% Property Taxes/Insurance 2.0% Legal & Accounting 0.5% Development Overhead 2.0% Marketing 0.5% Indirect Cost Contingency 1.5% CONSTRUCTION FINANCING Loan-to-Cost (LTC) 65% Loan Fees 1% Loan Term (months) 12 to 24 Interest Rate 5% Average Outstanding Balance 70% Entitlement/Consturction Time (months) 30 Rental Absorption/Sales (months) 6 Total Time 36 EQUITY Developer Equity 35% Developer Profit (Annual) 20.3% CREATED VALUE Gross Residential Sales $33,000,000 Less Commissions $1,650,000 Net Sales Proceeds $31,350,000 Total Net Sales Proceeds $31,350,000 DEVELOPMENT BUDGET Land Cost $10,600,000 Price Per SF $406 DIRECT COSTS TOTAL $/BSF Demolition $150,000 $6.82 Residential $9,350,000 $425 Parking $880,000 $40.00 Common Area/Landscaping $187,500 $8.52 Direct Costs Subtotal $10,567,500 $ Construction Management Fee $554,794 $25.22 Contingency Fee $528,375 $24.02 Total Direct Costs $11,650,669 $ INDIRECT COSTS TOTAL $/BSF Architect $582,533 $26.48 Eng/Test/Blueprint/Misc Reim. $116,507 $5.30 Fees & Permits $174,760 $7.94 Liability Insurance $466,027 $21.18 Property Taxes/Insurance $233,013 $10.59 Legal & Accounting $58,253 $2.65 Development Overhead $233,013 $10.59 Marketing $58,253 $2.65 Indirect Cost Contingency $174,760 $7.94 Total Indirect Costs $2,097,120 $95.32 Total Direct & Indirect Costs $13,747,789 $ Loan-to-Cost $15,826, Loan Fees $158,261 Total Loan Proceeds $15,984,324 Average Outstanding Balance $11,078,244 Interest Carry + Loan Fee $1,819,997 Total Repayment Amount $17,804,321 Total Equity $8,521, Total Direct & Indirect Costs $13,747,789 Total Land/Direct/Indirect $24,347,789 Net Sale Proceeds $31,350,000 Land Costs ($10,600,000) Total Construction Costs ($13,747,789) Loan Interest + Fees ($1,819,997) Developer Profit $5,182,214
8 montecito condominium sales 1062 COAST VILLAGE RD Property Address Date of Sale Sale Price No. of SF Price Per SF 1284 Coast Village Circle, Santa Barbara 11/25/2014 $2,600,000 2,000 SF $1, Coast Village Circle, Santa Barbara 11/25/2014 $3,050,000 2,000 SF $1,575
9 current income analysis Proforma/level rent income analysis Suite Apt. Size Mo. Rent/Unit Total Rent A-1 2BD/1BA $2,200 $2,200 A-2 2BD/1BA $2,300 $2,300 B-1 1BD/1BA $1,950 $1,950 B-2 1BD/1BA $1,995 $1,995 C-1 1BD/1BA $2,100 $2,100 C-2 1BD/1BA $1,950 $1,950 D-1 1BD/1BA $2,300 $2,300 D-2 1BD/1BA $2,100 $2,100 E-1 2BD/1BA $2,975 $2,975 E-2 2BD/1BA $2,900 $2,900 F-1 2BD/1BA $2,800 $2,800 F-2 2BD/1BA $2,500 $2,500 G 1BD/1BA $1,800 $1,800 H 2BD/1BA $2,300 $2,300 Subtotal $32,170 Annual Scheduled Income: $386,040 Laundry: $1,619 Annual Gross Income: $387,659 Suite Apt. Size Mo. Rent/Unit Total Rent A-1 2BD/1BA $2,975 $2,975 A-2 2BD/1BA $2,975 $2,975 B-1 1BD/1BA $2,300 $2,300 B-2 1BD/1BA $2,300 $2,300 C-1 1BD/1BA $2,300 $2,300 C-2 1BD/1BA $2,300 $2,300 D-1 1BD/1BA $2,975 $2,975 D-2 1BD/1BA $2,300 $2,300 E-1 2BD/1BA $2,975 $2,975 E-2 2BD/1BA $2,975 $2,975 F-1 2BD/1BA $2,975 $2,975 F-2 2BD/1BA $2,975 $2,975 G 1BD/1BA $2,300 $2,300 H 2BD/1BA $2,975 $2,975 Subtotal $37,600 Annual Scheduled Income: $451,200 Laundry Income: $1,619 Parking Income: $19,200 Annual Gross Income: $472, % $10,600,000 $110,167 Estimated $4,646 Estimated $2,508 Estimated $16,272 Estimated $2,400 $ 250 $3,500 $ 250 $3,500 3% $11,630 Annual Expenses (per unit) ($11,044) 40% ($154,623) Net Operating Income: $233,036 Purchase Price: $10,600,000 CAP Rate: 2.2% 1.04% $10,600,000 $110,167 Estimated $4,646 Estimated $2,508 Estimated $16,272 Estimated $2,400 $ 250 $3,500 $ 250 $3,500 3% $14,161 Annual Expenses (per unit) ($11,225) 33% ($157,154) Net Operating Income: $314,865 Purchase Price: $10,600,000 CAP Rate: 3.0%
10 montecito, california Neighboring Santa Barbara and located just 90 miles north of Los Angeles is the small and exclusive community of Montecito. This beloved area offers incomparable scenery and a near perfect Mediterranean climate for its wealthy residents and guests who visit far and wide seeking a memorable getaway at a world renowned resort. The most vibrant part of this chic and elegant hamlet, is Coast Village Road, also known as Montecito s Lower Village, offering boutique shopping, world-class dining, fine jewelry stores, historic hotels, and a thriving business environment. Only three blocks from the Four Season s Biltmore and the famed Butterfly Beach, Coast Village Road stretches five blocks beginning with the Montecito Country Mart located on Hot Springs Road and ending with Charlie Chaplin s historic Montecito Inn at Olive Mill Road.
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