BICENTENNIAL WAY MENDOCINO AVE. For Sale: Mixed-Use Residential/Commercial 3320 Mendocino Avenue, Santa Rosa, CA High Visibility Location 6 High Quality Residential Units 1,800 +/- sf Freestanding Bar/Building Excess Land for Development Excellent Income Producer Offering Summary Asking Price: $3,100,000 Price Per Sq. Ft.: $403.49 psf Total Building Sq. Ft.: 7,683 +/- sf
Building Description: 3320 Mendocino Avenue is a fully leased investment consisting of 6 residential units (2 attached SFR s, 4 townhouses) and a freestanding commercial building occupied by the Wagon Wheel Bar, all situated on an approximately 1 acre parcel of land. The Wagon Wheel Bar is a Santa Rosa institution in business since the 1940 s. The residential units were all substantially upgraded within the last 24 months. Because of the zoning (O) - Office allows for mixed use a buyer can further develop the property under various scenarios. Contact listing agent for details. The residential units mostly have new wood/tile floors, newer appliances, furnaces, new fixtures, and show and rent very easily. There is an onsite shared coin laundry owned by landlord. There is abundant onsite parking allowing for the increased development. This property features the essential real estate mantra Location! Location! Location! Potential Development: The property has several options for holding or re-development. The current owners extensively upgraded the existing residential units and have explored adding additional residential units and replacing the bar building with a commercial office. It is also possible to tear down all existing structures and construct a multi-story office/residential mixed-use project. Call listing agent for more information.
Location Description: 3320 Mendocino Avenue is located two blocks west of US 101 at the intersection with Bicentennial Way in the NW area of Santa Rosa. It is adjacent to the Fountaingrove neighborhood which is known to be home to some of the city s wealthiest residents. Fountaingrove and Skyfarm neighborhoods together comprise the most expensive neighborhoods in the city and the county as a whole. Fountaingrove contains a mix of high quality office buildings and exclusive homes. The NW corner from 3320 Mendocino Ave is occupied by Kaiser Hospital, the SW corner by a Class A office building, and the NE corner is currently slated for redevelopment as a mixture of retail and office space. Directly behind the property up the hill are new apartment complexes and a Home Depot and Lucky Food Store. Property Details: Sonoma County Assessor s Parcel #: 173-060-013 Total Square Feet of Building: 7,683 +/- sq. ft. (see rent roll for details) Total Square Feet of Land: 1 +/- acre (as per tax assessor information) Year Constructed: 1844 +/- Type of Construction: Wood frame Roof Type: Composite shingle Parking: 44 spaces total in current 70 Mitchell configuration. Blvd., Suite 202 (Bar Building has 14 spaces, San Rafael, including CA 94903 1 ADA space Residential has 20 uncovered; 2 2-car garages;
Property Details - Cont.: Zoning Designation: Utility Metering: Fire Sprinklers: Heating & Air Conditioning: Data/TV: Coin Laundry: Flood Zone Designation: CO (Office Commercial District) The CO zoning district is applied to areas appropriate for administrative, business, financial, medical, professional, and public office uses, together with similar and related compatible uses. Residential uses may also be accommodated as part of mixed use projects. 1 House electric and gas meter 8 gas meters/8 electric meters 1 water meter/bar has sub-meter/residential plumbed for sub-meters No Heat only in residential; swamp cooler on bar Comcast 2 washers and 4 dryers - all owned and purchased in 2016. All served by house meters and separate water heater Zone X (An area that is determined to be outside the 100- and 500-year floodplains) Financial Terms: Sale Price: $3,100,000 GRM: 15.37 x current gross rents 13.87 x proforma rents CAP Rate: 4.38% current rents 5.12% proforma rents
For Sale: Mixed-Use Residential/Commercial
City of Santa Rosa: Santa Rosa is the economic hub of the North Bay Area located 55 miles north of San Francisco. It is the county seat of Sonoma County and is the largest city between San Francisco and Portland, OR. Residents enjoy a high quality of life and employers benefit from a skilled workforce. The population of Santa Rosa is 175,000 +/- and according to the city s 2015 Comprehensive Annual Financial Report, the top employers in the city are: # Employer Employees 1 County of Sonoma 4,058 2 Kaiser Permanente 2,555 3 Sutter Medical Center of Santa Rosa 1,797 4 St. Joseph Health System 1,740 5 Santa Rosa Junior College 1,589 6 Santa Rosa School District 1,502 7 City of Santa Rosa 1,250 8 Keysight/Agilent Technologies 1,200 9 Amy's Kitchen 870 10 Medtronic Aortic and Peripheral Disease Management 840 APN 70 : Mitchell 173-060-013 Blvd., Suite 202
Current Rent Roll: Rent Roll Property: Mendocino Grove Residences - 3320 Mendocino Avenue Santa Rosa, CA 95403 As of: 07/1/2018 Unit Tenant BD/BA Sq. Ft. Current Rent Mendocino Grove Residences - 3320 Mendocino Avenue Santa Rosa, CA 95403 Monthly Rent / SF Pro-Forma Rent Lease To Unit Type A Eville/Shaw 2/1 730 $ 2,025.00 $ 2.77 $ 2,200.00 MTM Residential - 1 Story + Garage B Cross 2/1 730 $ 1,975.00 $ 2.71 $ 2,200.00 07/30/2018 Residential - 1 Story + Garage C Molinari 2/1.5 864 $ 1,800.00 $ 2.08 $ 2,100.00 10/31/2018 Residential - 2 Story Townhouse D Herrera-Garcia/Garcia 2/1.5 864 $ 1,900.00 $ 2.20 $ 2,100.00 MTM Residential - 2 Story Townhouse E Flores/Barreto 2/1.5 960 $ 2,010.00 $ 2.09 $ 2,100.00 MTM Residential - 2 Story Townhouse F Fabian/Bacalor 2/1.5 960 $ 1,900.00 $ 1.98 $ 2,100.00 MTM Residential - 2 Story Townhouse 3320 Mandoli-Bunting Inc. dba Wagon Wheel Saloon N/A 2,100 $ 5,000.00 $ 2.38 $ 5,550.00 MTM Commercial - Bar --- Common Area Coin Laundry Room 175 $ 200.00 $ 200.00 N/A Average Income-Equip Owned --- Free Standing Storage Building 300 ---- $ 100.00 N/A Could be rented 7 Units 7,683 $ 16,810.00 $ 2.16 $ 18,650.00 above square footages are approximate $ 16,810.00 $ 18,650.00 buyer to verify by field measurements $ 201,720.00 $ 223,800.00
Current/Proforma Income and Expenses Statement: INCOME Current Pro-Forma Gross Scheduled Rental Income * $ 201,720.00 $ 223,800.00 less vacancy allowance (2%) $ (4,034.40) $ (4,476.00) Laundry Income (*avg $200/mo) $ 2,400.00 $ 2,400.00 Water Reimbursement (Commercial Tenant) $ 3,203.00 $ 3,300.00 GROSS OPERATING INCOME $ 203,288.60 $ 225,024.00 STABILIZED ESTIMATED OPERATING EXPENSES Real Property Taxes * $ 18,170.00 $ 33,850.00 Estimate New Insurance * $ 4,920.00 $ 5,000.00 Landscaping Maintenance Contract ($225/mo) * $ 2,700.00 $ 2,400.00 Offsite Professional Management 5% of GOI) $ 10,164.43 $ 11,251.20 Office Expenses * $ 385.00 $ - Locks/Keys $ 70.00 $ 50.00 Pest Control $ 1,200.00 $ 1,200.00 Repairs & Maintenance (3% of GOI) $ 6,098.66 $ 6,750.72 Electric/Gas - House Meter * $ 1,135.00 $ 1,200.00 Water & Sewer * $ 4,040.00 $ 4,100.00 Licenses/Permits $ 175.00 $ 175.00 Supplies $ 500.00 $ 350.00 TOTAL ESTIMATED OPERATING EXPENSES $ 49,558.09 $ 66,326.92 NET OPERATING INCOME BEFORE DEBT SERVICE $ 153,730.51 $ 158,697.08 * denotes actual actual expense for 2017
Proposed 8,700 SF New Development Starbucks, Gas Station/ C-Store and Other Retailers BICENTENNIAL WAY Sonoma County Administrative Center MENDOCINO AVE. Click here to View in Google Maps
For Sale: Mixed-Use Residential/Commercial KEY Wagon Wheel 2BR/1BA + Garage 2BR/1BA + Garage 2BR/1.5BA Townhouse 2BR/1.5BA Townhouse 2BR/1.5BA Townhouse F Lau nd ry A NA P Ga A rag e Bice B nten E nial Ga Way B rag e C D 3320 3320-A 3320-B 3320-C 3320-D 3320-E Storage Shed Storage Shed Potential Redevelopment Area Wagon Whe el Bar 3,320 Entry Entry Mendocin o Avenue