Multi Family Opportunity EXCLUSIVE LISTING MULTIFAMILY 1172-1178 Casa Grande Large OPPORTUNITY 1 & 2 Bedroom units with Garages Anaheim, CA Excellent Rental Location near 16 Apartment Units Bedford Plaza Apartments 1717-1817 Bedford Lane Disneyland Resort Recently Renovated Including Interiors, Exteriors & Landscape Absolute Pride of Ownership Property Highlights* -Trophy Newport Beach Location -First Time Ever on Market -True Value-Add Opportunity -Substantial Rental Upside -100% Spacious Two Bedroom Units *1/3 Partial Interest Sale
DISCLAIMER This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers. The material contained herein is confidential and the recipient agrees to keep all material contained herein confidential. The information is furnished solely for the purpose of considering investment in the properties described herein and is not to be copied and or used for any purpose or made available to any other person without the express written consent of Morgan Skenderian. The information contained herein is not a substitute for a complete and thorough Due Diligence investigation. The information contained in this package has been obtained from sources we believe to be reliable; however, Morgan Skenderian, its agents and Seller have not verified nor made any investigations as to the accuracy of any information. Morgan Skenderian and Seller makes no warranty or representation whatsoever with regard to the accuracy or completeness of the information, income or expenses for the subject properties, the square footage of the improvements, future performance of the properties, the presence or absence of contaminating materials, asbestos, PCB s or molds and funguses or the compliance with the State and Federal laws. Any pro formas, projections, estimates and assumptions used are for example only and do not necessarily represent the future success or performance of the properties or real estate market. PLEASE DO NOT DISTURB THE TENANTS
PROPERTY DESCRIPTION LOCATION OVERVIEW Newport Beach is an affluent seaside community with approximately 87,000 residents and median household income of $134,000. Bedford Plaza Apartments offers residents numerous lifestyle and recreational opportunities. The property is located less than ½ mile from world-famous Newport Harbor and approximately two miles to both the Pacific Ocean and Fashion Island. Conveniently-located near Pacific Coast Highway, the 55 and 405 Freeways. Nearby retail amenities include Ralphs Fresh Fare, CVS Drugstore, Starbucks and Bank of America. The subject property is located within the award-winning Newport Harbor Unified School District. Bedford Plaza Apartments are a short walk to Mariners Elementary School, rated 9 out of 10 by Greatschools.org Recent Capital Improvements Complete Roof Replacement (2016) New Roll-Up Garage Doors (2017) New Aluminum Windows (2016) Completely Re-Painted (2017)
EXECUTIVE SUMMARY PROPERTY OVERVIEW Number Of Units: Unit Mix: Year Built: Parcel Number: Parking: Exterior: Lot Size: Net Rentable SF: Utility Metering: 24 (24) 2BR/1BA 1964 425-032-02, 425-032-03, 425-032-04, 425-032-05 (28) Total parking Spaces (24) Garages (4) Open Spaces Abundant Street Parking WoodFrame & Stucco Pitched Roof 34,945 SF 24,285 SF Individually Metered for Electricity & Gas Master-Metered for Water & Trash AMENITIES Spacious Floorplans with1,000 Sq.Ft. Beautiful Common Areas Laundry Room Gated Pedestrian Entrance Private Patios (in some units) Dishwashers, Wood-Burning Fireplaces, Walk-In Closets Garage for Each Unit with Electronic Openers partial interest sale The Seller is offering for sale a 33% interest in the property. financing Due to the sale of a partial interest, purchase shall be on an all-cash basis only
FINANCIAL DETAILS Multi-Residential Information VALUE OF 33% PARTIAL INTEREST Property Name No. Units Address City State Bedford Plaza Apartments 8 1717-1817 Bedford Lane Newport Beach CA Price Cost/Unit GRM:Current CAP:Current Approx. SqFt Lot Size $3,400,000 $425,000 20.56 4.0% 8,180 11,578 Down Payment Percent Down GRM:Current CAP:Current Cost/Sq.Ft. Approx. Age $3,400,000 100.0% 17.61 4.8% $415.65 1964 Annualized Operating Data Annualized Expenses Taxes Estimated CURRENT RENTS MARKET RENTS 1.05567% $3,107 Direct Assessments: $1,888 Scheduled Gross Income: $165,400 $193,020 Insurance: $2,454 Less Vacancy Reserve: 3.0% $4,962 $5,791 Utilities: $4,752 Gross Operating Income: $160,438 $187,229 On-Site Management: $7,128 Less Expenses: 15.4% $25,535 $25,535 Maint. & Repairs: $4,367 Net Operating Income: $134,903 $161,694 Gardening: $990 Gross Spendable Income: $134,903 $161,694 Pest Control $850 Cash on Cash Return: 4.0% 4.8% Cap Rate: 4.0% 4.8% Gross Multiplier: 20.56 17.61 Total Expenses: $25,535 Expenses as % of SGI 15.4% Expenses /Unit/Yr: $3,192 Expenses /Foot/Yr: $3.12 Scheduled Income CURRENT RENTS MARKET RENTS No. Units No. Bdrms/Baths Approx. Sq.Ft. Mo. Rent/Unit Monthly Income Mo. Rent/Unit Monthly Income 8 2BR/1BA 1,022 $1,500-$1,950 $13,658 $1,995 $15,960 Total Scheduled Rent: $13,658 Total Scheduled Rent: $15,960 Laundry: $125 Laundry: $125 Monthly Sched. Gross Inc.: $13,783 Monthly Sched. Gross Inc.: $16,085 Annual Sched. Gross Inc.: $165,400 Annual Sched. Gross Inc.: $193,020 Utilities Paid by Owner: Water &Trash. The above information has been obtained from sources we believe to be reliable, but we do not accept responsibility for its correctness
RENT ROLL Multi-Residential Information Property Name No. Units Address City State Bedford Plaza Apartments 24 1717-1817 Bedford Lane Newport Beach CA Price Cost/Unit GRM:Current CAP:Current Approx. SqFt Lot Size $10,250,000 $427,083 20.64 3.7% 24,540 35,084 Down Payment Percent Down GRM:Current CAP:Current Cost/Sq.Ft. Approx. Age $5,637,500 55.0% 17.69 4.5% $417.69 1964 Proposed Financing 1st Loan Terms Monthly Pmt New / Ex / Private $4,612,500 New 1st TD, Rate of 3.99%, Five year fixed. 30 Yr. Amort. $21,994.00 New Annualized Operating Data Annualized Expenses Taxes Estimated CURRENT RENTS MARKET RENTS 1.05567% $9,416 Direct Assessments: $5,720 Scheduled Gross Income: $496,500 $579,360 Insurance: $7,362 Less Vacancy Reserve: 3.0% $14,895 $17,381 Utilities: $14,400 Gross Operating Income: $481,605 $561,979 On-Site Management: $21,600 Less Expenses: 20.9% $103,718 $103,718 Maint. & Repairs: $39,720 Net Operating Income: $377,887 $458,261 Gardening: $3,000 Less Loan Payments: $263,928 $263,928 Pest Control $2,500 Gross Spendable Income: $113,959 $194,333 Cash on Cash Return: 2.0% 3.4% Cap Rate: 3.7% 4.5% Gross Multiplier: 20.64 17.69 Total Expenses: $103,718 Expenses as % of SGI 20.9% Expenses /Unit/Yr: $4,322 Expenses /Foot/Yr: $4.23 Scheduled Income VALUE OF 100% OF PROPERTY CURRENT RENTS MARKET RENTS No. Units No. Bdrms/Baths Approx. Sq.Ft. Mo. Rent/Unit Monthly Income Mo. Rent/Unit Monthly Income 24 2BR/1BA 1,022 $1,500-$1,950 $40,975 $1,995 $47,880 Total Scheduled Rent: $40,975 Total Scheduled Rent: $47,880 Laundry: $400 Laundry: $400 Monthly Sched. Gross Inc.: $41,375 Monthly Sched. Gross Inc.: $48,280 Annual Sched. Gross Inc.: $496,500 Annual Sched. Gross Inc.: $579,360 Utilities Paid by Owner: Water &Trash. The above information has been obtained from sources we believe to be reliable, but we do not accept responsibility for its correctness
CURRENT INCOME Bedford Plaza Apartments 1717-1817 Bedford Lane Newport Beach, CA UNIT # TYPE MONTHLY RENT 1717A 2BR/1BA $1,600 1717B 2BR/1BA $1,875 1717C 2BR/1BA $1,900 1717D 2BR/1BA $1,675 1717E 2BR/1BA $1,730 1717F 2BR/1BA $1,850 1731A 2BR/1BA $1,500 1731B 2BR/1BA $1,740 1731C 2BR/1BA $1,500 1731D 2BR/1BA $1,500 1731E 2BR/1BA $1,850 Manager 1731F 2BR/1BA $1,500 1801A 2BR/1BA $1,850 1801B 2BR/1BA $1,850 Manager 1801C 2BR/1BA $1,690 1801D 2BR/1BA $1,650 1801E 2BR/1BA $1,900 1801F 2BR/1BA $1,750 1817A 2BR/1BA $1,675 1817B 2BR/1BA $1,675 1817C 2BR/1BA $1,515 1817D 2BR/1BA $1,850 1817E 2BR/1BA $1,675 1817F 2BR/1BA $1,675 Monthly Laundry Income: $400 Gross Monthly Income: $41,375 Gross Annual Income: $496,500
RENT COMPARABLES SUBJECT PROPERTY BEDFORD PLAZA APARTMENTS 1717-1817 Bedford Lane UNIT MIX RENT 2BR/1BA $1,500-$1,950 UNITS: 24 YEAR BUILT: 1964 AVA NEWPORT 1765 Santa Ana Avenue UNIT MIX RENT Costa Mesa, CA 92626 2BR/1BA $2,265 2BR/1.5BA $2,500 UNITS: 145 YEAR BUILT: 1963 MARINERs SQUARE 1180-1244 Irvine Avenue UNIT MIX RENT 2BR/1.5BA $2,575 2BR/2BA $2,590 UNITS: 114 YEAR BUILT: 1963 dover SHORES APARTMENT HOMES 11606-1674 Westcliff Drive UNIT MIX RENT 2BR/2BA $2,205 UNITS: 18 YEAR BUILT: 1971
RENT COMPARABLES THE COVE AT DOVER HEIGHTS 1616-1728 & 1619-1701 Bedford Lane UNIT MIX RENT 2BR/1BA $2,200 2BR/1.5BA $2,600 UNITS: 54 YEAR BUILT: 1964 NEWPORT COURTYARDS APARTMENTS 1128-42 Rutland Road UNIT MIX RENT 2BR/1BA $2,450 UNITS: 12 YEAR BUILT: 1961
SALES COMPARABLES SUBJECT PROPERTY BEDFORD PLAZA APARTMENTS 1717-1817 Bedford Lane UNITS UNIT TYPE (24) 2BR/1BA No. Units: 24 List Price: $10,250,000 Year Built: 1964 Current Cap: 2.7% Price/Unit: $427,083 Market Cap: 3.5% Price PSF: $417.69 Current GRM 20.64 Market GRM: 17.69 newport harbor apartments 1544 Placentia Avenue UNITS UNIT TYPE (23) 2BR/1BA (2) 3BR1/BA No. Units: 25 List Price: $9,900,000 Year Built: 1986 Price PSF: $475.44 Price/Unit: $396,000 Current Cap: 4.5% Closed: 09/2017 Current GRM 18.51 324 16th Street UNITS UNIT TYPE Huntington Beach, CA 92660 (6) 1BR/1BA No. Units: 6 List Price: $2,699,000 Year Built: 1971 Price PSF: $694.72 Price/Unit: $449,833 Current Cap: 2.5% Closed: 05/2017 Current GRM 22.69 117-121 Via Antibes UNITS UNIT TYPE (6) 1BR/1BA No. Units: 6 List Price: $4,400,000 Year Built: 1958 Price PSF: $571.87 Price/Unit: $733,333 Current Cap: 2.6% Closed: 05/2017 Current GRM 22.84
SALES COMPARABLES 321 Avocado Street UNITS UNIT TYPE Costa Mesa, CA 92660 (18) 3BR/1BA No. Units: 18 List Price: $8,125,000 Year Built: 1990 Price PSF: $369.39 Price/Unit: $451,388 Current Cap: 3.7% Closed: 01/2017 Current GRM 21.86 dover shores apartment homes 1606-1674 Westcliff Drive UNITS UNIT TYPE (4) 1BR/1BA (14) 2BR/2BA No. Units: 18 List Price: $8,925,000 Year Built: 1971 Price PSF: $519.30 Price/Unit: $495,833 Current Cap: 2.6% Closed: In Escrow Current GRM 22.05
LOCATION MAPS BEDFORD PLAZA APARTMENTS 1717-1817 Bedford Lane,
RETAILER MAP BEDFORD PLAZA APARTMENTS 1717-1817 Bedford Lane,
RETAILER MAP BEDFORD PLAZA APARTMENTS 1717-1817 Bedford Lane,