PRIVATE CLIENT GROUP EXCLUSIVE OFFERING HISTORIC TIOGA APARTMENTS 715 W MAIN ST., MERCED, CA 95340 $4,900,000 105 UNITS 10.26% CAP $67 PSF
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EXECUTIVE SUMMARY OFFERING SUMMARY Sale Price: $4,900,000 Number Of Units: 105 Price Per Unit: $46,667 Price / SF: $67 Occupancy: 63% Pro-Forma Cap Rate: 10.26% GRM: 4.8 PRO-FORMA NOI: $502,790 PROPERTY HIGHLIGHTS Historic Trophy property on National Register List of Historic Places Immeasurable replacement cost Located just One-Block from UC Merced expansion building Upside potential in rents plus additional income with office/mezzanine Existing Gross Income to off-set expenses while making improvements Great Mixed-Use project with majority Apartment units and ground floor retail. Potential to convert Office into Apartment Suites Recently undergone extensive renovations Lot Size: 0.34 Acres DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Year Built: 1928 Total Households: 4,987 24,603 33,154 Building Size: Zoning: 73,670 SF C-C Total Population: 15,549 79,546 107,433 Average HH Income: $35,101 $48,155 $53,927 3
PROPERTY DESCRIPTION PROPERTY OVERVIEW The Tioga Apartment Homes is the largest building in Merced and is a Historic Building that previously functioned as a Grand Hotel. The Tioga was built in 1928 and has hosted dignitaries from all over the world such as JFK, Calvin Coolidge, Eleanor Roosevelt, Marilyn Monroe, John Wayne, King Albert of Belgium, and many others. The architecture is incredible and representative of the roaring 1920s. The cost to replace the Tioga is immeasurable. When built, the Tioga Hotel, was the center of social and commercial commerce. With the addition of UC Merced plus the new construction underway in Downtown Merced, Tioga will have the opportunity to be the focal point of this area. The Tioga Hotel was placed on the National Register of Historic Places in 1980 with the conversion to Apartment Homes noted in the recorded document. LOCATION The Tioga Apartments is located at the corner of N St. and West Main St. in historic Downtown Merced which is considered the gateway to Yosemite. The Tioga is the largest building in Merced and is surrounded by street retail, shops, restaurants, office buildings, and close to the Court House. DESCRIPTION Tioga Apartment Homes is a Six (6) Story building with a large 7,400 SF Basement. The property is approximately 73,123 SF situated on 0.35 Acres. Tioga is comprised of 90 Residential Apartment Homes situated on Floors 2-6 that are all self-contained with kitchens totaling 46,184 SF consisting of (40) Studios - 264 SF; (40) 1B/1B - 576 to 648 SF; (8) 2B/2B; and (2) large 6th Floor Penthouses 960 to 1,060 SF. There's also value-add in converting the Office/Mezz space into Liveable Apartment units. The Ground Floor Street Retail is comprised of +/-11,,000 SF of multi-tenant spaces plus the 2nd Floor features 14,900 SF of Office, Ballroom, and Banquet area space. 4
DOWNTOWN UPDATE - UC MERCED UC MERCED EXPANDING TO DOWNTOWN Below is an excerpt of a recent article written by Nathalie Granda of ABC Channel 30. "MERCED, Calif. (KFSN) -- UC Merced kicks off a 2020 expansion project as the city of Merced starts a project of its own. The city plans to renovate two iconic downtown buildings and develop a multi-purpose building for new apartments and businesses. The projects are expected to take a couple of years."a successful city is one that has a thriving downtown, and right now, we're on our way," said Steve Carrigan, Merced City Manager. The El Capitan building now looks empty and tattered, but in two years it will be a 100 room contemporary-style boutique hotel."it will be a lot bigger and it's going to be an iconic building. It'll be one that people say, "ah, I remember Merced and that the building, I remember from it," said Frank Quintero, Economic Development. City officials said UC Merced is the catalyst for these projects. They also plan to build a multi-purpose building that will have more than 50 apartments on top, while some businesses will be housed in the bottom. Carrigan said these projects bring jobs during their construction as well as new jobs once their doors open. He said they want to stay close to their roots, but attract more activity and visitors to the area."we want to keep our agricultural base, but want to be a college town like Chico or Davis where it's vibrant and exciting. And UC Merced is the catalyst behind this. The university will soon open their downtown facility capable of housing hundreds of employees next year. While it will strengthen their partnership with downtown, they also hope more alumni will stay and live in the city. "As they graduate from UC Merced some are staying in Merced and opening businesses and starting those opportunities to really create a strong community partnership," said Charles Nies, UC Merced Vice Chancellor. The city said they do not have a timeline yet, but do say they expect the projects to be ready within two years." 5
PROPERTY DETAILS PROPERTY NAME: PROPERTY ADDRESS: TIOGA APARTMENT HOMES 715 W Main St. Merced, CA 95340 OFFERING PRICE: $4,900,000 NUMBER OF APARTMENTS: 90 PRICE PER UNIT: $46,667 NUMBER RETAIL / OFFICE SPACES: 15 APN: 031-131-008 BUILDING SF: 73,123 PRICE / SF: $66.51 LOT SIZE: BUILDING CLASS: ZONING: 0.34 AC Historic; National Register C-C YEAR BUILT: 1928 NUMBER OF STORIES: 6 FOUNDATION: WALLS: Raised Concrete Concrete NUMBER OF TOTAL UNITS: 105 ROOF: BASEMENT: UTILITIES: ELEVATOR: Flat - Membrane 7,452 SF All Electrical; Separately Metered (1) Recently Renovated KITCHENS: Each residential unit has its own Kitchen with stove and refrigerator. HVAC: Wall Units; Leasing Office + Mezzanine = Central BATHROOMS: Each Residential unit has its own individual bathroom. 6
COMPLETE HIGHLIGHTS PROPERTY HIGHLIGHTS Historic Trophy property Immeasurable replacement cost 67% Occupancy on Apartments; 58% on total project Huge upside in Rent Potential with capital improvements Upside in converting office/mezz to (10) Apartment units Located near UC Merced within a Strong Rental Market Potential to lease units to UC Merced Students and Staff Concrete building with incredible architecture Great Mixed-Use project with majority apartments and ground floor retail Rare opportunity to purchase a Nationally known property Recently undergone extensive renovations * Each Apartment Unit is Self-Contained with their own Kitchen and Bathroom. New Carpets through out Common Area and turned apartment units All Electrical Utilities separately metered Video Surveillance Walking Distance to the Court House Tioga has hosted famous US Presidents and Celebrities such as JFK, Marilyn Monroe, Calvin Coolidge, and Theodore Roosevelt. Known as the 'Gateway' to Yosemite National Forrest Tallest Building in Merced 7
PHOTOS 8
INTERIOR PHOTOS 9
UNIT MIX SUMMARY UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MIN RENT MAX RENT MARKET RENT MARKET RENT/ SF Studio/1 40 37.7 264 $480 $1.82 $425.00 $575.00 $600 $2.27 1 x 1 40 37.7 612 $635 $1.04 $620.00 $675.00 $795 $1.30 2 x 2 8 7.5 546 VACANT $900 $1.65 Penthouses 2 1.9 1,010 $780 $0.77 $1,100 $1.09 Retail - Leased 6 5.7 1,007 $660 $0.60 $650 $0.65 Retail - Vacant 4 3.8 1,240 VACANT Cell Tower 1 0.9 N/A VACANT Offices - Mezz 4 3.8 2,685 VACANT Mezzanine 1 0.9 10,000 VACANT Basement 7,452 Totals / Averages 106 100% 73,670 $39,197 $0.92 $41,800.00 $50,000.00 $1.48 10
LOCATION MAPS 11
THE HISTORIC TIOGA APARTMENTS 715 W MAIN ST., MERCED, CA 95340 RETAILER MAP 12
THE HISTORIC TIOGA APARTMENTS 715 W MAIN ST., MERCED, CA 95340 AERIAL MAP 13
DEMOGRAPHICS REPORT 1 MILE 3 MILES 5 MILES Total households 4,987 24,603 33,154 Total persons per hh 3.1 3.2 3.2 Average hh income $35,101 $48,155 $53,927 Average house value $256,964 $274,450 $291,549 1 MILE 3 MILES 5 MILES Total population 15,549 79,546 107,433 Median age 28.6 27.9 28.3 Median age (male) 29.2 27.1 27.4 Median age (female) 29.1 29.2 29.7 * Demographic data derived from 2010 US Census 14
DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 15,549 79,546 107,433 MEDIAN AGE 28.6 27.9 28.3 MEDIAN AGE (MALE) 29.2 27.1 27.4 MEDIAN AGE (FEMALE) 29.1 29.2 29.7 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 4,987 24,603 33,154 # OF PERSONS PER HH 3.1 3.2 3.2 AVERAGE HH INCOME $35,101 $48,155 $53,927 AVERAGE HOUSE VALUE $256,964 $274,450 $291,549 * Demographic data derived from 2010 US Census 15