jnm company · 2008-09-21 · jnm company. commercial real estate . for sale. city center plaza ....

JNM COMPANY Commercial Real Estate

FOR SALE

CITY CENTER PLAZA SEASIDE, MONTEREY COUNTY

JNM COMPANY, 27250 Los Arboles, Carmel, CA 93923 Phone (831) 625-1414 Fax (831) 626-0135 [email protected]

www.jnmcommercial.com

OFFERING PRICE: $5,950,000 ADDRESS: 1530 to 1534 Fremont Blvd. APNS: 012-183-001,002,003,004 PROPERTY TYPE: Mixed-Use Retail/Residential LOCATION: Fremont Blvd, Seaside

Between Palm and Elm Avenues BLDG AREA: 31,927+/- Square Feet LAND AREA: 46,761+/- Square Feet ZONING: Primary Retail PROJECT DESCRIPTION: Retail: Totaling 12,792+/- SF Residential: 33 Residential Apartments – 19,135 +/= SF

Number Unit Type Average Size (SF) 9 Studio 420 7 Studio with Balcony 545 9 One Bedroom (Two Story 600 2 One Bedroom (Two Story w/ Balcony) 845 2 Two Bedroom (Two Story) 975 4 Two Bedroom (Two Story w/ Balcony) 1,025

PARKING: Total – 50 spaces (34 covered and 16 uncovered) FEATURES: Fire Sprinklered, ADA Compliant with Elevator COMMENTS: James McCord, Architect

Priced below Replacement Value Desirable area of downtown Seaside, opposite new City Center Retail Center (under construction) Construction Completed June 1987, under Use Permit 1695, Planning Commission Resolution 3564

ALSO AVAILABLE: Adjacent lot south of Property (APNS: 012-183-025 & 026) REFERENCE: City of Seaside Zoning Ordinance:http://www.ci.seaside.ca.us/cd%5Cred%5Cpdf%5Czc2006.pdf City of Seaside Condominium Conversion Chapter 17.42.060

EXCLUSIVE LISTING AGENT JOHN McCORMACK

JNM COMPANY (831) 625-1414

http://www.ci.seaside.ca.us/cd%5Cred%5Cpdf%5Czc2006.pdf



FINANCIAL SUMMARY: CITY CENTER 1530-1534 Fremont Blvd, Seaside, CA

Asking Price: $5,950,000

TOTAL POTENTIAL ANNUAL GROSS INCOME: Projected Commercial Rental Income ..........................$206,532 Potential Residential Rental Income.............................$338,760 Laundary Income (Actual 2007) ....................................$13,294 TOTAL POTENTIAL ANNUAL GROSS INCOME: ..........................................................$558,586 Annual Operating Expenses (Actual 2007) Insurance .................................................................................................. $7,827 Utilities (PG&E, Water & Trash)....................................................................$35,013 TOTAL ESTIMATED OPERATING EXPENSES (8.1%).......................................$43,018 Professional Management (5%) ...................................................................$27,929

Property Taxes – Est. New Adjusted for Sale (1.0%) .....................................$59,500 Maintenance, Repairs & Replacement Allowance (3% Projected) ....................$15,000 TOTAL ESTIMATED VARIABLE EXPENSE ALLOWANCES (20.5%) ..................$102,429 TOTAL ANNUAL PROJECTED OPERATING EXPENSES & ALLOWANCES (28.5%) ......$145,447 NET OPERATING INCOME (74%) ..............................................................................$413,139 Capitalization Rate ...............................................6.94% Gross Rent Multiplier .......................................... 10.7 Cost per Unit ..................................................$186/SF NEW FIRST FINANCING: Down Payment (25%)........................... $1,950,000 Debt (75%).......................................... $4,000,000 Terms: 5.5% Variable Interest, 30 Year, 5 Year Term Annual Debt Payment .............................. $271,295 PRE-TAX ANNUAL SPENDABLE INCOME Net Operating Income less Financing Cost (7.3% Cash on Cash Return).........$141,844


CITY CENTER MIXED-USE RESIDENTIAL/COMMERCIAL

SEASIDE, MONTEREY COUNTY

JNM COMPANY, 27250 Los Arboles, Carmel, CA 93923 Phone (831) 625-1414 Fax (831) 626-0135

[email protected] www.jnmcommercial.com

CITY OF SEASIDE ZONING MAP

SUBJECT: CITY CENTER

Broadway Ave


CITY CENTER PLAZA 1530-1534 FREMONT BLVD.

SEASIDE, MONTEREY COUNTY



Not Included

JNM COMPANY

Commercial Real Estate

CITY CENTER PLAZA SEASIDE, MONTEREY COUNTY

DISCLAIMER and DISCLOSURE

This brochure has been prepared to provide summary information to prospective buyers and to establish a preliminary level of interest in the property. Prospective purchasers should perform their own investigations and research. The Listing Broker makes no warranty or representation with respect to the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue to occupy the subject property. The information contained in this brochure has been obtained from sources we believe to be reliable, however, Listing Broker has not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

Any oral or written representations by Seller or Broker regarding age of improvements, size and square footage of parcel or building(s), or location of property lines may not be accurate. Apparent boundary line indicators such as fences, hedges, walls or other barriers may not represent the true boundary lines, only a surveyor can determine the actual boundary lines. Buyer should consider investigating the property independently.



jnm company · 2008-09-21 · jnm company. commercial real estate . for sale. city center plaza ....

Documents