Presidio Apartments - $3,450, , 3841 S Saviers RD, Oxnard (16) Units all 2BD/1BA

Transcription

1 Presidio Apartments - $3,450, , 3841 S Saviers RD, Oxnard (16) Units all 2BD/1BA

2 Investment Overview , 3841 S Saviers RD OFFERED AT $3,450,000 2 BUILDINGS W/ COMMON COURTYARD (16) 2BD/1BA UNITS 1962 CONSTRUCTION 9,990 SF ON 12,354 SF LOT APN # COPPER PLUMBING, NEWER GAS LINES ( 08),ROOF ( 04) 5.0% CAP / 11.6 GRM ON PRO FORMA 4.4% CAP / 12.6 GRM ON CURRENT RENTS

3 The Presidio Apartments is a well maintained south Oxnard 16-unit apartment complex featuring an ideal mix of all 2BD/1BA units. Comprised of (2) identical 2-story 8-unit complexes separated by common area courtyard along with carport parking, separate electric and gas meters and laundry room. Copper plumbing, new gas lines installed in 2008 (originally master metered) and new roof in There are (2) 100-gallon water heaters. Interiors feature wood laminate flooring, ceramic tile in kitchen and baths. Professional stabilized offsite and onsite management in place. Upside over existing rents, owner has plans to increase rents effective November 1st, 2018.

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8 3831, 3841 S SAVIERS RD- EXPENSE OVERVIEW Expense Overview On Current Rents Annual Expense Cost Property Taxes (1.1794% + $199 Special Assmt) $40,889 Insurance (act.) $6,454 Water/Sewer/Trash (act. 2017) $20,050 Phone (act. 2017) $1,259 Electricity (act. 2017) $1,295 Gas (act. 2017) $4,207 Offsite Prop. Mgmt (4%) $10,659 Onsite Prop. Mgmt ($475/mo rent reduction + $450/mo salary) $11,100 Landscaping (act.) $1,260 Licenses $468 Pest Control $1,425 Maintenance Repairs (est $650/Unit) $10,400 Reserves (est $250/Unit) $4,000 Total Annual Expenses (43% of GRI) $113,466 Current Net Operating Income $153,020

9 PRESIDIO APARTMENTS - 16 UNITS Investment Analysis SOUTH SAVIERS ROAD, OXNARD CA Property Notes * Per tax roll ** Onsite Mgr gets rent credit of $475 + Salary of $450/mo Property Information & Specifics Number of Units 16 Lot Size (Sq.Ft.) 12,354 *Improvements (Sq.Ft.) 9,990 Year Built 1962 APN Parking Carports Financial Summary Price $3,450,000 Price / Unit $215,625 Price / Sq.Ft. $345 GRM Debt & Financing Summary Price $3,450,000 Acquisition Costs $0 Down Payment 37% $1,276,500 Loan Amount $2,173,500 Interest Rate 4.50% Term (5-Year Fixed Amort/30) 30 Monthly Principal & Interest $11,013 Principal Reduction (Year 1) $35,063 Debt Coverage Ratio (Actual) 1.16 Debt Coverage Ratio (Market) 1.31 Depreciation (Building %) 60% Tax Liability (Tax Rate %) 36% Unit Mix & Rent Roll * # Units Unit Type AUGUST RENT ROLL: 13 2 Bed/1 Bath 1 2 Bed/1 Bath 1 2 Bed/1 Bath 1 2 Bed/1 Bath Monthly Rental Income Laundry Monthly Income (Avg. 2016, 2017 totals) Current Rents Current Rents Market Rent Market Rents % Total Total change $1,400 $1,400 $1,500 $1,500 $1,425 $1,425 $1,500 $1,500 $1,475 $1,475 $1,500 $1,500 $22,175 $24,000 $719 $719 Total Monthly Income $22,894 $24,719 Annual Gross Income $274,728 $296,628 Vacancy (Less) 3.0% ($8,242) ($8,899) Effective Gross Income $266,486 $287, % GRM (Proforma) Expense Analysis Current Rents % of EGI Market Rents Cap Rate 4.44% % of EGI Cap Rate (Proforma) 5.03% Property Taxes % $40, % $40, % Cash on Cash $20, % Insurance Actual $6, % $6, % Cash on Cash (Proforma) $41, % Utilities - After Tax Cash Flow $27, % Gas act $4, % $4, % After Tax Cash Flow (Proforma) $40, % Electricity act $1, % $1, % Total Overal Return $62, % Water/Sewer/Trash act $20, % $20, % Total Overal Return (Proforma) $75, % Offsite Management 4.0% $10, % $11, % Net Operating Income $153,020 $173,414 Information contained has been obtained from the owner of the property or from other sources deemed to be reliable. While we do not doubt its accuracy we do not guarantee it. NICK HENRY BRE: (805) BeachsidePartners.com nick@beachsidepartners.com $1,375 $17,875 $1,500 $19,500 ** Onsite Management actual $11, % $11, % Repairs & Maintenance $650/unit $10, % $10, % Landcape act $1, % $1, % Phone act $1, % $1, % Legal & Accounting $0 0.0% $0 0.0% Pest Control act $1, % $1, % Reserves $250/Unit $4, % $4, % Business License act $ % $ % Special Tax Assessments $ % $ % Total Annual Expenses $113, % $114, %

10 Sales Comparables Property Address Number of Units Sold Price Monthly Income GRM CAP RATE Price Per Unit Unit Mix Sold Date W Pleasant Valley Oxnard 52 $9,450,000 $54, % $181,731 (2) 2+1, (28)1+1, (22)st. 3/19/ South C St Oxnard 32 $6,100,000 $43, % $190,625 (4) 2+2, (28)1+1 1/5/ Edgewood Way Oxnard 18 $3,100,000 $25, % $172,222 (11)2+1, (6)1+1, st 5/4/ Driftwood St Oxnard 16 $3,500,000 $17, % $218,750 (4)2+1,(6)1+1, (6)st 1/5/ S Hemlock St Ventura 10 $2,200,000 $13, % $220,000 (2)2+1, (8)1+1 8/8/ Empire Ave, Ventura 6 $1,665,000 $9, % $277,500 (4) 2+1, (2) 1+1 4/6/ Whippoorwill St, Ventura 6 $1,500,000 $8, % $250,000 (6)2+1 9/27/ , 3841 S Saviers RD Oxnard 16 $3,450,000 $22, % $215,625 (16) 2+1

11 Beachside Partners