28 units | san rafael, ca€¦ · the larkspur villa apartments is a 28 unit apartment investment...

28 Units | San Rafael , CA

LARKSPUR VILLA APARTMENTS

Scott GerberManaging Director [email protected] #01138762

$5,800,000

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services

Larkspur Villa 150 Belvedere St (185 Larkspur St), San Rafael, CA

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Bradley Real Estate (“Broker”) has been retained on an exclusive basis to market the property described herein (“Larkspur Villa Apartments”). Broker has been authorized by the Seller of the Property to prepare and distribute the enclosed Offering Memorandum for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.

The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller, its affiliates or Broker. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.

Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.

All inquiries related to the property should be directed to the exclusive listing agent:

Scott GerberManaging Director [email protected] #01138762

851 Irwin St. Suite 104 San Rafael, CA 94901ph: 415.927.8888 fx: 415.259.2889www.scottgerber.com

Kate RaphaelCommercial Associate [email protected] #02027825

Multi-Family Investments

Northern California’s Source for Apartment Brokerage Services



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PROPERTY OVERVIEW

OVERVIEW

The Larkspur Villa Apartments is a 28 unit apartment investment located in the city of San Rafael, Marin County California. Centrally located in the residential Canal Neighborhood of San Rafael, Larkspur Villa provides an excellent opportunity to control a substantial residential investment in one of the strongest rental markets in the United States.

PROPERTY DESCRIPTION

Being offered for the first time in over 25 years, Larkspur Villa has been passively managed by the long-time owner with less concern about maximizing rents, which will result in an upside opportunity for the buyer.

Comprised of 28 one bedroom units, Larkspur Villa, located at 150 Belvedere Street blends a solid location with a peaceful spacious site plan. The property consists of five wood frame and stucco buildings on concrete slab foundations, situated on a 0.92 acre lot. The attractive site plan features well-maintained landscaping, a central courtyard, sports court, managers office, parking on both Larkspur and Belvedere Streets and a clubhouse which will accommodate tenant storage, laundry facilities and multi-purpose meeting space.

Each unit features an efficient floor plan with vinyl/ceramic tile flooring throughout, electric kitchen, bathtub and shower, abundant closet space, and patios in 16 of the ground floor units. The design with multiple buildings around a central courtyard offers private entrances, a desirable feature.

Larkspur Villa features gas wall heat, central hot water heaters and flat roofs (2006). Units are individually metered for gas and electricity; owner is responsible for water/sewer/trash.





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LOCATION OVERVIEW

LOCATION

Located just 18 miles north of San Francisco, Larkspur Villa is ideally situated in the economic and cultural center of Marin. With a lively downtown and world famous outdoor recreation, San Rafael offers a great place to live and work. In addition to easy access to jobs and entertainment, Larkspur Villa, is located a short distance from the 101 and 580 freeways and to the Central San Rafael SMART train station. Easy access to transportation to San Francisco will continue to drive tenant demand for Marin County apartments. As a result of being located in close proximity to one of the strongest job markets and economies in the world Marin’s rental market continues to grow.

According to our annual survey of 7,000+ units in Marin, rents have grown over 42% in the past five years and occupancy is at 97.6% as of July 2018.

Major employers in San Rafael include BioMarin (2,200), Autodesk, Guide Dogs for the Blind, Lucas Film, the County of Marin, Dominican University of California and Kaiser Permanente. San Rafael offers the combination of incredibly strong demographics, breathtaking scenic beauty, a robust job market, location 30 minutes from a world class city/destination and this robust rental demand together with limited supply of new units creates a highly desirable place to own a real estate investment.

San Rafael Demographics

Population 2018 (est.) 59,070

Median Household Income $104,868

Median Home Price $1,012,600

Unemployment 2.7%





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INVESTMENT SUMMARY The Larkspur Villa Apartments, offered at $5,800,000, present the opportunity to acquire an investment with significant income growth potential in one of the strongest rental markets in the United States. Starting cap rate of 3.69% grows to 6.90% at market rents. Cash flow grows from $37,506 to a staggering $223,804 at market rents and total return grows to a robust 7.72%.

FINANCING: After making a down payment of $2,900,000, Buyer will secure a new first mortgage in the approximate amount of $2,900,000 at today’s 5 year fixed rate of 4.50% with 30 year amortization schedule yielding a monthly payment of $14,694. Contact listing agent for financing referral if needed.

INVESTMENT HIGHLIGHTS: Investment Highlights SummaryCurrent GRM: 12.65 Current CAP Rate: 3.69%

Market GRM: 8.92 Market CAP Rate: 6.90%

Price/Unit: $207,143 Starting (Cash on Cash) Return: 1.29%

Price/SF: $376.62 Stabilized (Cash on Cash) Return: 7.72%

INVESTMENT SUMMARY





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Site Survey Parcel Map

SITE SURVEY

Parcel Number(s): 008-072-05

Parcel(s) Size: 40,094 SF/0.92 acres

Zoning: HR1.5

Year Built: Unknown

Buildings: 5

Parking: 29 open

Construction Style: Wood Frame/Stucco

Roof: Foam - 2006

Foundation: Concrete Slab

Heat: Gas Wall Heaters

Hot Water: Individual

Plumbing: Copper

Electrical: Circuit Breakers

Laundry: None

Kitchen: Electric

Cabinets: Wood

Windows & Sliding Glass Doors:Double Pane

Amenities: Grounds, Office, Rec Room, Patios





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EXTERIOR VIEW




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PROPERTY FEATURES




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INTERIOR VIEW


Unit # Unit Type Unit SF Sep. Rent

303 1/1 550 $1,320

304 1/1 550 $1,310

305 1/1 550 $1,295

306 1/1 550 $1,295

307 1/1 550 $1,295

308 1/1 550 $1,285

401 1/1 550 $1,320

402 1/1 550 $1,320

403 1/1 550 $1,320

404 1/1 550 $1,390

405 1/1 550 $1,280

406 1/1 550 $1,280

407 1/1 550 $1,280

408 1/1 550 $1,285

Total 28 15,400 $36,795

Unit # Unit Type Unit SF Sep. Rent

101 1/1 550 $1,270

102 1/1 550 $1,280

103 1/1 550 $1,280

104 1/1 550 $1,295

105 1/1 550 $1,295

106 1/1 550 $1,295

107 1/1 550 $1,320

108 1/1 550 $1,310

201 1/1 550 $1,295

203 1/1 550 $1,295

204 1/1 550 $1,320

205 1/1 550 $1,320

301* 1/1 550 $1,650

302 1/1 550 $1,295

*Manager



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RENT ROLL


MULTI-RESIDENTIAL - OPERATING INFORMATION Larkspur Villas150 Belvedere Street, San Rafael, CA 94901

2018 LIST APN: S U M M A R Y P R O P O S E D F I N A N C I N GPrice: $5,800,000 Approx. Age:Down Payment: $2,900,000 Approx. Lot Size: First Loan Amount: $2,900,000 New, 30 year amortizationNumber of Units: 28 Approx. Net RSF: 15,400 Term: 30 Years Fixed for 5 yearsCost Per Unit: $207,143 Cost Per Net RSF: $376.62 Rate: 4.50%Current GRM: 12.65 Monthly Payment: $14,694Market GRM: 8.92Current CAP: 3.69%Market CAP: 6.90%

S C H E D U L E D I N C O M E A N N U A L I Z E D E X P E N S E SNo of Units BD/ BA Approx SF Mo Rent/Unit Monthly Income Mo Rent/Unit Monthly Income Taxes **New Rate $67,966

28 1/1 550 $1220-1390 $36,795 $1,750 $49,000 Insurance (including flood) $14,960Advertising: $700On Site (Est.) $22,960Water and Sewer $36,661Gas and Electric $11,082Trash $26,501Property Management $22,229Maintenance/Repair (Est.) $21,797Pool and Landscaping $2,400

Total Scheduled Rent: $36,795 $49,000 Misc. $3,500Laundry: $0 $0Utility Reimbursement: $3,800 Total Expenses: $230,758Storage $1,400 $1,400 Per Net SqFt: $14.98Parking and Storage: $0 $0 Per Unit: $8,241Monthly Scheduled Gross Income: $38,195 $54,200Annual Scheduled Gross: $458,340 $650,400

A N N U A L I Z E D O P E R A T I N G D A T A Scheduled Gross Income: $458,340 $650,400Less Vacancy Rate Reserve: 3% $13,750 3% $19,512Gross Operating Income: $444,590 $630,888Less Expenses: 50.35% $230,758 $230,758Net Operating Income: $213,832 $400,130Less Loan Payments: $176,326 $176,326Pre-Tax Cash Flow: 1.29% * $37,506 7.72% * $223,804Plus Principal Reduction: $46,784 $46,784Total Return Before Taxes: 2.91% * $84,289 9.33% * $270,587

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Current Rents Market Rents

Current Rents Market Rents

*As a % of Down Payment



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OPERATING INFORMATION




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RENT COMPARABLES


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2 Comp. #2

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*Average rent

Comp. #1 Units Studio 1b/1b 2b/1b 3b/2b Vacancies Util Incl

Harbor Apartments182 Belvedere StSan Rafael, CA

28$2,000600 SF

$3.33/SF

$2,300800 SF

$2.71/SF1 W,S,T


Camelot61 Novato StSan Rafael, CA

187$1,800672 SF

$2.68/SF

$2,350816 SF

$2.88/SF

$2,9001080 SF$2.69/SF

0 W,S,T

Subject Property Units Studio 1b/1b 2b/1b 3b/2b Vacancies Util Incl

Larkspur Villa185 Larkspur StSan Rafael, CA

28$1,314*550 SF

$2.39/SF

0 W,S,T


Fairfax Apartments60 Fairfax StSan Rafael, CA

19$1,800740 SF

$2.43/SF

$2,350920 SF

$2.56/SF0 W,S,T



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RENT COMPARABLES


5

4

7

6 Comp. #2


The 400400 Canal StSan Rafael, CA

98$1,500650 SF

$2.31/SF

2b/2b$2,300850 SF

$2.71/SF0 W,S,T


219 Canal StSan Rafael, CA

20$1,800600 SF

$3.00/SF

$2,350780 SF

$3.01/SF0 W,S,T


Island View35 Canal StSan Rafael, CA

70$1,700690 SF

$2.46/SF0 W,S,T


460 Canal StSan Rafael, CA

13$1,093607 SF

$1.80/SF

$1,850805 SF

$2.30/SF

$2,095977 SF

$2.14/SF0 W,S,T



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RENT COMPARABLE MAP

1

2

Subject

Larkspur Villa Apartments

1 Harbor Apartments

2 Camelot Apartments

3 Fairfax Apartments

4 The 400

5 219 Canal St

6 Island View Apartments

7 460 Canal St4

N

35

6

7

SAN RAFAELSUBJECT



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Comparable #1 Units Price Year Built $/Unit GRM Cap Rate $/SF

Marin Heights19 Merrydale RdSan Rafael, CA

12 - 1/1 $6,135,000 1962 $340,833 15.47* 4.20% $568.06

6 - 2/1

COE: 1/31/2018 *Estimated GRM

2

3


Marin Gardens124 Merrydale RdSan Rafael, CA

35 - 1/1 $16,900,000 1964 $367,391 12.40 4.77% $460.49

11 - 2/1.5

COE: 1/26/2018

1

4 Comparable #4 Units Price Year Built $/Unit GRM Cap Rate $/SF

Glenwood Apartments1222 Irwin StSan Rafael, CA

10 - 1/1 $3,400,000 1960 $340,000 16.79 3.44% $535.00

COE: 10/11/2017

SOLD COMPARABLES


The Elms22 San Pablo AveSan Rafael, CA

4 - 1/1 $4,840,000 1963 $284,706 16.67 3.00% $316.65

4 - 2/1

9 - 2/1.5

COE: 3/01/2017


SOLD COMPARABLES

SOLD COMPARABLES



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Merrydale View7 Merrydale RdSan Rafael, CA

5 - 1/1 $2,725,000 1960 $340,625 15.20 4.48% $545.00

3 - 2/1

COE: 2/9/2017

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5

Subject Units Price Year Built $/Unit GRM Cap Rate $/SF

Larkspur Villa185 Larspur StSan Rafael, CA

28 - 1/1 $5,800,000 Unknown $207,143 12.65 3.69% $376.62

OTM

SOLD COMPARABLES

SOLD COMPARABLES


Westwind Apartments355 Canal StSan Rafael, CA

6 - 1/1 $9,575,000 1962 $227,976 12.00* 4.75% $312.40

31 - 2/1

5 - 3/1

COE: 5/26/2017 *Estimated GRM


SOLD COMPARABLES



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1

2

4

Larkspur Villa Apartments

1 Marin Heights

2 Marin Gardens

3 The Elms

4 Glenwood Apartments

5 Merrydale View

6 Westwind Apartments

N

3

SAN RAFAEL

5

6

SUBJECT

SOLD COMPARABLES MAP



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Larkspur Villa

AERIAL MAP



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SAN RAFAEL

MILL VALLEY

NOVATO

PETALUMA

SAN FRANCISCO

RICHMOND

OAKLAND

AREA MAP

28 units | san rafael, ca€¦ · the larkspur villa apartments is a 28 unit apartment investment...

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