Presidio Apartments - $3,450,000 3831, 3841 S Saviers RD, Oxnard 93033 (16) Units all 2BD/1BA
Investment Overview - 3831, 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 # 205-0-275-235 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
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 2004. 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.
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
PRESIDIO APARTMENTS - 16 UNITS Investment Analysis 3831-3841 SOUTH SAVIERS ROAD, OXNARD CA 93033 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 205-0-275-235 Parking Carports Financial Summary Price $3,450,000 Price / Unit $215,625 Price / Sq.Ft. $345 GRM 12.56 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 $287,729 8.0% GRM (Proforma) 11.63 Expense Analysis Current Rents % of EGI Market Rents Cap Rate 4.44% % of EGI Cap Rate (Proforma) 5.03% Property Taxes 1.1794% $40,689 15.3% $40,689 14.1% Cash on Cash $20,867 1.63% Insurance Actual $6,454 2.4% $6,454 2.2% Cash on Cash (Proforma) $41,260 3.23% Utilities - After Tax Cash Flow $27,830 2.18% Gas act. 2017 $4,207 1.6% $4,207 1.5% After Tax Cash Flow (Proforma) $40,882 3.20% Electricity act. 2017 $1,295 0.5% $1,295 0.5% Total Overal Return $62,894 4.93% Water/Sewer/Trash act. 2017 $20,050 7.5% $20,050 7.0% Total Overal Return (Proforma) $75,945 5.95% Offsite Management 4.0% $10,659 4.0% $11,509 4.0% 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: 01748131 (805) 705 7311 BeachsidePartners.com nick@beachsidepartners.com $1,375 $17,875 $1,500 $19,500 ** Onsite Management actual $11,100 4.2% $11,100 3.9% Repairs & Maintenance $650/unit $10,400 3.9% $10,400 3.6% Landcape act. 2017 $1,260 0.5% $1,260 0.4% Phone act. 2017 $1,259 0.5% $1,259 0.4% Legal & Accounting $0 0.0% $0 0.0% Pest Control act. 2017 $1,425 0.5% $1,425 0.5% Reserves $250/Unit $4,000 1.5% $4,000 1.4% Business License act. 2017 $468 0.2% $468 0.2% Special Tax Assessments $199 0.1% $199 0.1% Total Annual Expenses $113,466 42.6% $114,315 39.7%
Sales Comparables Property Address Number of Units Sold Price Monthly Income GRM CAP RATE Price Per Unit Unit Mix Sold Date 1 700 W Pleasant Valley Oxnard 52 $9,450,000 $54,473 14.1 4.0% $181,731 (2) 2+1, (28)1+1, (22)st. 3/19/18 2 5001 South C St Oxnard 32 $6,100,000 $43,611 11.7 5.0% $190,625 (4) 2+2, (28)1+1 1/5/18 3 1340 Edgewood Way Oxnard 18 $3,100,000 $25,700 11.3 5.3% $172,222 (11)2+1, (6)1+1, st 5/4/17 4 5246 Driftwood St Oxnard 16 $3,500,000 $17,476 16.8 3.0% $218,750 (4)2+1,(6)1+1, (6)st 1/5/18 5 145 S Hemlock St Ventura 10 $2,200,000 $13,475 13.8 4.3% $220,000 (2)2+1, (8)1+1 8/8/18 6 654 Empire Ave, Ventura 6 $1,665,000 $9,328 14.9 4.1% $277,500 (4) 2+1, (2) 1+1 4/6/18 7 6391 Whippoorwill St, Ventura 6 $1,500,000 $8,670 14.4 4.3% $250,000 (6)2+1 9/27/17 3831, 3841 S Saviers RD Oxnard 16 $3,450,000 $22,894 12.6 4.40% $215,625 (16) 2+1
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