ensenada drive apartments...apartments at 1304 and 1308 ensenada drive, modesto. the apartment...
TRANSCRIPT
O F F E R I N G M E M O R A N D U M
ENSENADA DRIVE APARTMENTS1304 & 1308 E1304 & 1308 Ensenada Drnsenada Dr, M, Mododesto, CA 95355esto, CA 95355
1304 & 1308 Ensenada Dr1304 & 1308 Ensenada Dr
Modesto, CA 95355
Cole ByrdInvestment Advisor
CalDRE #02101754
Benjamin MandelSenior Investment Advisor
CalDRE #02064879
Ethan BergerSenior Vice President
CalDRE #01868467
Garrett BlairInvestment Advisor
O: [email protected] #02026908
03PROPERTYINFORMATION
08LOCATIONINFORMATION
13FINANCIALANALYSIS
17SALECOMPARABLES
23DEMOGRAPHICS
25ADVISOR BIOS
Table of Contents
nainorcal.com
2
S E C T I O N 1
ProProperty Iperty Innfoformarmatitioonn
PR
OP
ERTY
INFO
RM
ATIO
N
3
Executive Summary
nainorcal.com
4
PRICE$1,450,000
SQ FT10,176 SF
CAP RATE6.16%
ADD TEXT HERE...Add text here...
ProProperty Hperty Hiigghhliligghhtsts
• Easy access to downtown
• Rental upside (average rent for 2-bedroom in northeast Modesto is$1,402)
• 8.98% market cap rate
• 100% Occupied
Other DetaiOther Detailsls
Lot Size: 23,522 SF
Price / SF: $142.49
NOI: $89,264
Year Built: 1966
Market: Modesto
ProProperty Descriperty Descriptionption
Berger Mandel Associates of NAI Northern California is proud to havebeen selected as the exclusive listing agent for the Ensenada DriveApartments at 1304 and 1308 Ensenada Drive, Modesto. The apartmentbuilding consists of 12 units, all 2-bedroom, 1-bathrooms.
Rent in northeast Modesto has jumped by 4.7% in the past year; theaverage for a 2-bedroom unit is $1,402 per month. With the averagerent for this property at $987, this provides for a unique value-addopportunity.
LocaLocation Descrition Descriptionption
The property is located in the quieter northeastern part of Modesto,providing a more suburban/family living environment. If you are cravinga more urban lifestyle, all the shopping and dining of downtown is onlyminutes away.
Property Description
nainorcal.com
5
LocaLocation Information Informationtion
Building Name Ensenada Drive Apartments
Street Address 1304 & 1308 Ensenada Dr
City, State, Zip Modesto, CA 95355
County Stanislaus
Market Modesto
Signal Intersection No
BuiBuilding Informalding Informationtion
NOI $89,264.16
Cap Rate 6.16
Occupancy % 100.0%
Number of Floors 2
Year Built 1966
Free Standing No
Complete Highlights
nainorcal.com
6
Additional Photos
nainorcal.com
7
S E C T I O N 2
LocaLocatitioon In Innfoformarmatitioonn
LOC
ATIO
N IN
FOR
MA
TION
8
Modesto, CA
Regional Map
nainorcal.com
9
Location Maps
nainorcal.com
10
Aerial Maps
nainorcal.com
11
Retailer Map
nainorcal.com
12
S E C T I O N 3
FFiinananciancial Al Ananallysisysis
FINA
NC
IAL A
NA
LYS
IS
13
Income SIncome Summaryummary CurrentCurrent MarketMarket
Total Gross Rents $142,140 $187,200
Gross Income $142,140 $187,200
Expense SExpense Summaryummary CurrentCurrent MarketMarket
Fixed: Property Insurance "2019 Actual" $7,453 $7,453
Operational: Reserves Estimate @$250/unit "2020 Estimate" $3,000 $3,000
Operational: Maintenance Estimate @$750/unit "2020 Estimate" $9,000 $9,000
Operational: Landscaping "2019 Actual" $1,900 $1,900
Fixed: Property Tax "2020 Est. 1.08309%" $16,246 $16,246
Operational: Trash "2019 Actual" $2,328 $2,328
Operational: Water "2019 Actual" $7,384 $7,384
Operational: PG&E "2019 Actual" $1,300 $1,300
Gross Expenses $48,611 $48,611
Net Operating Income $89,264 $132,972
Income & Expenses
nainorcal.com
14
Investment OverviewInvestment Overview CurrentCurrent MarketMarket
Price $1,450,000 $1,500,000
Price per Unit $120,833 $125,000
GRM 10.2 8.0
CAP Rate 6.2% 8.9%
Cash-on-Cash Return (yr 1) 6.95 % 14.17 %
Total Return (yr 1) $51,866 $95,574
Debt Coverage Ratio 1.65 2.46
OperaOperating Dating Datata CurrentCurrent MarketMarket
Gross Scheduled Income $142,140 $187,200
Other Income - -
Total Scheduled Income $142,140 $187,200
Vacancy Cost $4,264 $5,616
Gross Income $137,875 $181,584
Operating Expenses $48,611 $48,611
Net Operating Income $89,264 $132,972
Pre-Tax Cash Flow $35,268 $78,976
FFinancing Dainancing Datata CurrentCurrent MarketMarket
Down Payment $507,500 $557,500
Loan Amount $942,500 $942,500
Debt Service $53,996 $53,996
Debt Service Monthly $4,499 $4,499
Principal Reduction (yr 1) $16,598 $16,598
Financial Summary
nainorcal.com
15
UniUnittNNumberumber
UniUnittBedBed
UniUnittBaBathth
UniUnittSSize (SF)ize (SF)
LeaseLeaseStartStart
CurrentCurrentRRentent
CurrentCurrentRRent (Pent (Per SF)er SF)
MarketMarketRRentent
MarketMarketRRent/SFent/SF
1 2 1 848 10/01/15 $800 $0.94 $1,300 $1.53
2 2 1 848 09/10/18 $975 $1.15 $1,300 $1.53
3 2 1 848 05/03/17 $850 $1.00 $1,300 $1.53
4 2 1 848 08/18/15 $850 $1.00 $1,300 $1.53
5 2 1 848 01/21/19 $1,150 $1.36 $1,300 $1.53
6 2 1 848 08/08/18 $975 $1.15 $1,300 $1.53
7 2 1 848 12/23/19 $1,050 $1.24 $1,300 $1.53
8 2 1 848 06/22/18 $1,050 $1.24 $1,300 $1.53
9 2 1 848 09/16/19 $1,050 $1.24 $1,300 $1.53
10 2 1 848 08/01/19 $1,050 $1.24 $1,300 $1.53
11 2 1 848 10/01/18 $995 $1.17 $1,300 $1.53
12 2 1 848 09/04/19 $1,050 $1.24 $1,300 $1.53
Totals/Averages 10,176 $11,845 $1.16 $15,600 $1.53
Rent Roll
nainorcal.com
16
S E C T I O N 4
SaSalle Coe Commpaparablrableses
SALE C
OM
PAR
AB
LES
17
SSubject Proubject Propertyperty1304 & 1308 Ensenada Dr | Modesto, CA 95355
$1,450,000Sale Price: $89,264NOI: 6.16%CAP:
10.2GRM: $120,833Price / Unit: 12No. Units:
$142.49Price PSF: 10,176 SFBuilding SF: 1966Year Built:
Berger Mandel Associates of NAI Northern California is proud to have been selected as the exclusive listing agent for the Ensenada Drive Apartmentsat 1304 and 1308 Ensenada Drive, Modesto. The apartment building consists of 12 units, all 2-bedroom, 1-bathrooms.
Rent in northeast Modesto has jumped by 4.7% in the past year; the average for a 2-bedroom unit is $1,402 per month. With the average rent for thisproperty at $987, this provides for a unique value-add opportunity.
11235 Carver R1235 Carver RddModesto, CA 95350
$3,100,000Sale Price: 02/21/2020Closed: 5.04%CAP:
$147,619Price / Unit: 21No. Units: $171.61Price PSF:
18,064 SFBuilding SF: 1963Year Built: 1.01 AcresLot Size:
11
Sale Comps
nainorcal.com
18
2426 S426 Syycamore Acamore AveveModesto, CA 95354
$1,500,000Sale Price: 04/23/2019Closed: 6.15%CAP:
$136,363Price / Unit: 11No. Units: $179.00Price PSF:
8,380 SFBuilding SF: 1932Year Built: 0.4 AcresLot Size:
22
33025 Tu3025 Tulllly Ry RddModesto, CA 95350
$1,600,000Sale Price: 12/04/2019Closed: 6.00%CAP:
$160,000Price / Unit: 10No. Units: $154.89Price PSF:
10,330 SFBuilding SF: 1978Year Built: 0.72 AcresLot Size:
33
Sale Comps
nainorcal.com
19
41304 B1304 Bywood Lnywood LnModesto, CA 95355
$2,000,000Sale Price: 07/12/2019Closed: 6.00%CAP:
$222,222Price / Unit: 9No. Units: $179.07Price PSF:
11,169 SFBuilding SF: 1984Year Built: 0.65 AcresLot Size:
44
5140 Santa Barbara A140 Santa Barbara AveveModesto, CA 95354
$2,000,000Sale Price: 6.09%CAP: $111,111Price / Unit:
18No. Units: $155.26Price PSF: 12,882 SFBuilding SF:
1982Year Built: 0.48 AcresLot Size:
55
Sale Comps
nainorcal.com
20
SSubject Proubject Propertyperty PricePrice Bldg SFBldg SF Price/SFPrice/SF Price/UniPrice/Unitt CAPCAP GRMGRM # of Uni# of Unitsts
Ensenada Drive Apartments1304 & 1308 Ensenada DrModesto, CA 95355
$1,450,000 10,176 SF $142.49 $120,833 6.16% 10.2 12
SaSale Compsle Comps PricePrice Bldg SFBldg SF Price/SFPrice/SF Price/UNITPrice/UNIT CAPCAP GRMGRM # of Uni# of Unitsts CloseClose
11235 Carver RdModesto, CA95350
$3,100,000 18,064 SF $171.61 $147,619 5.04% - 21 02/21/2020
2426 Sycamore AveModesto, CA95354
$1,500,000 8,380 SF $179.00 $136,363 6.15% - 11 04/23/2019
33025 Tully RdModesto, CA95350
$1,600,000 10,330 SF $154.89 $160,000 6.0% - 10 12/04/2019
41304 Bywood LnModesto, CA95355
$2,000,000 11,169 SF $179.07 $222,222 6.0% - 9 07/12/2019
5140 Santa Barbara AveModesto, CA95354
$2,000,000 12,882 SF $155.26 $111,111 6.09% - 18 On Market
PricePrice Bldg SFBldg SF Price/SFPrice/SF Price/UNITPrice/UNIT CAPCAP GRMGRM # of Uni# of Unitsts CloseClose
Totals/Averages $2,040,000 12,165 SF $167.69 $147,826 5.86% - 13.8
Sale Comps Summary
nainorcal.com
21
1Modesto, CA95350
1235 Carver Rd 2Modesto, CA95354
426 Sycamore Ave
3Modesto, CA95350
3025 Tully Rd 4Modesto, CA95355
1304 Bywood Ln
5Modesto, CA95354
140 Santa Barbara Ave
1304 & 1308 Ensenada Dr | Modesto, CA 95355SSubject Proubject Propertyperty
Sale Comps Map
nainorcal.com
22
S E C T I O N 5
DemograDemographphiicscs
DEM
OG
RA
PH
ICS
23
PoPopupulalationtion 1 Mi1 Milele 2 Mi2 Milesles 3 Mi3 Milesles
Total Population 22,238 70,277 129,621
Average age 33.8 35.9 35.8
Average age (Male) 31.5 33.8 33.9
Average age (Female) 35.8 38.1 38.0
Households & IncomeHouseholds & Income 1 Mi1 Milele 2 Mi2 Milesles 3 Mi3 Milesles
Total households 7,892 25,596 47,302
# of persons per HH 2.8 2.7 2.7
Average HH income $62,048 $68,083 $69,524
Average house value $284,791 $292,925 $289,876
* Demographic data derived from 2010 US Census
Demographics Map & Report
nainorcal.com
24
S E C T I O N 6
AAddvisovisor Bir Biosos
AD
VIS
OR
BIO
S
25
COLE BYRDInvestment Advisor
O: 415.366.0176C: [email protected] #02101754
EdEducaucationtion
University of San Francisco
ProfessionaProfessional Backgroundl Background
Cole Byrd is an investment advisor, based out of our Oakland office, specializing in acquisitionsand dispositions of multifamily properties in markets extending from San Francisco toSacramento. He began his real estate career in August 2019 when he joined NAI NorthernCalifornia as a market analyst.
Previously, Cole worked in the automotive industry for Sonic Automotive and AW Collision Group.He graduated from the University of San Francisco in 2016 with a bachelor's degree inEntrepreneurship and Innovation.
He was raised in Orlando, FL and Charlotte, NC before making the move to San Francisco, wherehe currently lives.
Cole Byrd
nainorcal.com
26
BENJAMIN MANDELSenior Investment Advisor
O: 510.336.4720C: [email protected] #02064879
EdEducaucationtion
University of Massachusetts Lowell:Finance & Management
MMembershiembershipsps
Urban Land InstituteReal Estate Network Association
ProfessionaProfessional Backgroundl Background
Benjamin Mandel is a Senior Investment Advisor Specializing in the Acquisition and Disposition ofMulti-Family Properties Spanning in Locations from San Francisco to Sacramento, California.Berger Mandel Associates Focuses on Representing Buyers and Sellers of All Levels From 1st TimeInvestors Purchasing a 4-Plex to Institutional Managers Selling a 200+ Unit Building.
Mr. Benjamin Mandel joined NAI in June of 2018 after being a partner and licensed real estatebroker in Boston, MA. Benjamin has a passion and undivided interest in helping clients purchaseand sell commercial real estate assets with ease and transparency. He is actively in pursuit ofproviding unequivocal service with his unparalleled drive to learn more each day and invest inon-going education to consistently produce world class results.
RRecent Transactionsecent Transactions
• *2019 Sold $54.75Million
• *2019 Sold 234 Units
• *2019 Completed 20 Transactions
• *2019 Presidents Club
• *2019 Rookie of The Year
Benjamin Mandel
nainorcal.com
27
ETHAN BERGERSenior Vice President
O: 510.972.4952C: [email protected] #01868467
EdEducaucationtion
BA, University of California, Berkeley
MMembershiembershipsps
CAA Contra Costa, Solano Chapter
ProfessionaProfessional Backgroundl Background
Ethan began his career in 2009 as a member of the Contra Costa & Solano multifamily brokerageteam at NAI representing buyers and sellers of multifamily properties. He quickly gained areputation of reliability and distinction after selling a number of buildings for record prices whiledelivering attentive service to his clients. Recently he was named Senior Vice President of NAINorthern California Multifamily investments.
Since joining NAI, Berger has been involved in a number of record setting transactions in citiesthroughout Contra Costa and Solano Counties, including Richmond, Concord, Martinez, Antiochand Pleasant Hill. His reputation as a dedicated, aggressive, and client-centric sales professional isevident in his successes and the relationships he has forged.
Berger is an active member of the Contra Costa/Solano County chapter of the CaliforniaApartment Association, and has served the board of directors of the Camelback North IIapartments in Pleasant Hill. He has lived in Contra Costa County for 30 years and has a widebreadth of knowledge of all Contra Costa and Solano County cities and sub-markets, and hasexperience as a Buyer, Seller, and owner of multifamily property.
RRecent Transactionsecent Transactions
• 1091 Mi Casa Ct, Concord - $4.275M, 15 units
• 1872 14th St, San Pablo - $1.925M, 8 units
• 1994 22nd St, San Pablo - $1.45M, 6 units
• 177 El Dorado Dr, Pittsburg - $2.33M, 13 units
• 1300 Costa Ave, Richmond - $3.075M, 18 units
• 1895 San Vincente Dr, Concord - $5.2M, 27 units
• 367-71 Colusa Ave, Kensington - $3.075M, 12 units
• 4576 Appian Way, Rodeo - $8.04M, 42 units
• 500 Hayes St, Richmond - $1.775M, 8 units
• 3535 Brook St, Lafayette - $12M, 25 units
• 2394 Road 20, San Pablo - $4.495M, 18 units
• 1976 Desert Circle, Walnut Creek - $2.04M, 5 units
• 221 Wilbur Ave, Antioch - $3.465M, 28 units
• 1671 Haller Ct, Concord - $1.36M, 6 units
• 1717 Amber Dr, Antioch - $810K, 6 units
• 1531 Adelaide St, Concord - $6.23M, 31 units
• 3801 Nevin Ave, Richmond - $1.075M, 6 units
• 4819 Clayton Rd, Concord - $3.75M, 20 units
• 123 Ramona St, Pittsburg - $740K, 4 units
• 309 Country View Ln, Pleasant Hill - $2.87M, 8 units
• 1530 Willow St, Martinez - $2.8M, 8 units
• 3515 Chestnut Ave, Concord - $5M, 20 units
• 1455 Arnold Dr, Martinez - $8.05M, 30 units
• 811 Brown Ave, Martinez - $3.5M, 12 units
• 1515 West St, Concord - $3.7M, 16 units
• 3550 Chestnut Ave, Concord - $1.95M, 8 units
• 1315 Brown Ave, Martinez - $3.1M, 12 units
• 193 Ramona St, Pittsburg - $1.25M, 8 units
• 2233 7th Ave, Oakland - $2M, 8 units
• 304 Marina Vista Ave, Martinez - $1.25M, 8 units
• 4152 Fran Way, Richmond - $1.43M, 7 units
• 3720 Clayton Rd, Concord - $1.1M, 11 units
• 1551 Lacey Ct, Concord - $2.1M, 12 units
• 2394 Road 20, San Pablo - $2.65M 18 units
• 3202 Nevin Ave, Richmond - $1.3M, 12 units
• 1866 Robin Ln, Concord - $1.175M, 8 units
• 3570 Pacheco Blvd, Martinez - $1.58M, 11 units
• 21 Leisure Ln, El Sobrante - $775K, 4 units
• 1641 Frisbie Ct, Concord - $1.075M, 8 units
• 525 Carpenter St, Fairfield - $1.365M, 16 units
• 1671 Haller Ct, Concord - $1M, 6 units
• 1611 Laguna St, Concord - $925K, 4 units
• 1315 Brown Ave, Martinez - $1.65M
• 1620-40 Frisbie Ct, Concord - $1.975M, 12 units
• 1445 Loeffler Ln, Concord - $987K, 6 Units
• 1491 Bassett Dr, Concord - $1.4M, 10 units
• 1854 Robin Ln, Concord - $1.14M, 8 Units
• 1611 Frisbie Ct, Concord - $900K, 6 Units
• 1601 Frisbie Ct, Concord - $790K, 6 Units
• 1650 Frisbie Ct, Concord - $1.05M 6 Units
• 63 N. Broadway, Bay Point - 2.655M, 63 Units
• 1103 Regent, Alameda - $1.4M, 5 Units
• 43563 Ellsworth St, Fremont - $1.775M, 3 Units
• 120 Buena Vida Ct, Sonoma - $1.498M, 10 Units
• 1520-80 Detroit Ave, Concord - $1.5M, 11 units
• 2067 Riley Ct, Concord - $1.05M, 8 Units
• 1433 Carleton Dr, Concord $585K, 4 Units
• 736 Stubbs Rd, Pleasant Hill - $1.35M, 6 Units
• 600 O st, Antioch - $4.38M, 52 Units
• 1642 Clayton Rd, Concord - $1.465M, 8 Units
• 749 Wilbur Ave, Antioch - $1.025M, 10 units
• 32 Camelback Ct – Pleasant Hill, $812K, 4 units
• 2232 San Jose Ave, Alameda - $1,395M, 7 Units
• 1907 E. 30th St, Oakland - $1.95M, 21 Units
• 12 Camelback Ct, Pleasant Hill - $800K, 4 Units
• 1310 Burnett, Berkeley - $1.04M, 6 Units
• 1455 Bay St, Alameda - $1.3M, 6 Units
• 5088-94 Kenmore Dr, Concord - $750,000, 8 Units
• 3886 Mulberry Dr, Concord - $2.975M, 20 Units
• 153 Maricopa Ct, Pleasant Hill - $900K, 5 Units
• 61-69 Camelback Ct, Pleasant Hill - $1.06M, 5 Unit•
Ethan Berger
nainorcal.com
28