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MIDTOWN FOURPLEX FOR SALE
914 26th Street, Sacramento, CA 95816Offering Memorandum
David HosbeinDRE: 01337628
Tel: [email protected]
532 Gibson Drive, Suite 200
Roseville, CA 95678
4 EXECUTIVE SUMMARY
7 PROPERTY DESCRIPTION
9 RENT COMPS
12 SALE COMPS
15 FINANCIALS
17 DEMOGRAPHICS
Table of ConTenTs 914 26th Street, Sacramento, CA 95816
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J Street
26th Street
ProPerTy aerial 914 26th Street, Sacramento, CA 95816 aerial
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
David HosbeinDRE: 01337628
Tel: [email protected]
532 Gibson Drive, Suite 200
Roseville, CA 95678
THE OFFERINGPrime Midtown 4Plex located at 26th and J, featuring 4 newly renovated units, and 3 off-street parking spaces. Stylish, turn of the century detailing with modern HVAC systems, appliances and lighting.
PRICE$1,290,000
PRICE PER UNIT$322,500
PRICE PER RENTABLE SQ. FT.$478
CAP RATE Current: 3.39%Market: 3.78%
GROSS RENT MULTIPLIER Current: 19Market: 18
UNIT MIX RENTS UNIT TYPE # UNITS SQ FT CURRENT MARKET
1BD / 1BA A 675 $1,450 $1,500
1BD / 1BA B 625 $1,400 $1,450
1BD / 1BA 1 550 $1,400 $1,450
1BD / 1BA 2 850 $1,715 $1,800
AVERAGE 675 $1,491 $1,550
TOTAL 4 2,700 $5,965 $6,200
Located a 1/2 block off J St in the heart of Midtown Sacramento this stylish fourplex was built in 1902, and completely renovated in 2012 and 2016. Walking distance to numerous local restaurants, retailers and café’s along the J St corridor.
4 High-end 1bd/1ba units, each with washers and dryers.
3 off street parking spaces in back, and angle-in parking in front
Only a few minutes drive or bike ride to many major Downtown / Midtown employers including the McClatchy Co, Sutter Medical Center, Blue Diamond Almonds and many major banks, law firms, and state agencies.
PROPERTY HIGHLIGHTS
exeCuTive summary 914 26th Street, Sacramento, CA 95816
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regional maP 914 26th Street, Sacramento, CA 95816
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State Capitol
MIDTOWN SACRAMENTO
CALIFORNIA
80BUSINESS
U S
50
DOWNTOWNSACRAMENTO
Sacramento Railyards Redevelopment Zone
DownTown/miDTown maP 914 26th Street, Sacramento, CA 95816
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
STREET ADDRESS: 914 26th St - Midtown, Sacramento
NUMBER OF UNITS:
Four (4) - 1bd/1ba Units
BUILDING AREA: 2,700
LOT SIZE: 3485 SF / .08 AC
APN: 007-0034-012-0000
YEAR BUILT / RENOVATED:
1902 / 2015
FOUNDATION: Slab on Grade
ROOF: Pitched, Asphalt Shingle
WALLS/SIDING: Wood Siding w/ Brick Wainscoting
UTILITIES: • Electic: Metered - Tenant Paid • Gas: Metered - Tenant Paid • Water/Sewer, Trash - Landlord Paid
PARKING: 3 Uncovered Spaces
UNIT AMENITIES: • In-Unit Washers/Dryers • Individual Hot Water Heaters • Central Heating & Cooling (Fujitsu Heat Pump) • Newer Appliances
ProPerTy DesCriPTion 914 26th Street, Sacramento, CA 95816
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inTerior PhoTo - uniT b 914 26th Street, Sacramento, CA 95816
The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein. PAGE 8
The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
ADDRESS914 26th St.
Sacramento, CA 958162222 I St.
Sacramento, CA 958162312 I St.
Sacramento, CA 958162315 Q St.
Sacramento, CA 95816
# OF UNITS 4 15 4 4
YEAR BUILT / UPDATE 1902 / 2015 1974 / 2015 Unknown 1910
PARKING 3, Off-Street 8, Covered 4, Off-Street 4, Garages
LAUNDRY In-Unit Washers / Dryers Common Laundry 550 2 Units with Washer / Dryer
PATIO / BALCONY None Shared None Shared Backyard
HVAC Central Central Shared Backyard Window AC / Baseboard Heat
APPLIANCE PACKAGE Stainless Steel Stainless Steel Black Standard, White
RENOVATED Yes Yes Yes No
OCCUPANCY 100% 93% 100% 100%
1BD / 1BA 4 15 4 4
AVERAGE RENT $1,491 $1,825 $1,295 $1,750
AVERAGE UNIT SF 675 640 550 800
AVERAGE RENT / SF $2.21 $2.85 $2.35 $2.19
SUBJECT RENT - #3RENT - #2RENT - #1
renT ComPs 914 26th Street, Sacramento, CA 95816
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
SUBJECT RENT #1 RENT #2 RENT #3914 26th St. 2222 I St. 2312 I St. 2315 Q St.
Sacramento, CA 95816 Sacramento, CA 95816 Sacramento, CA 95816 Sacramento, CA 958161BD / 1BA - $1491 1BD / 1BA - $1825 1BD / 1BA - $1295 1BD / 1BA - $1750
$2.21/SF $2.85/SF $2.35/SF $2.19/SF
SUBJECT RENT - #1 RENT - #2 RENT - #3914 26th St.
Sacramento, CA 958162221 I St.
Sacramento, CA 958162312 I St.
Sacramento, CA 958162315 Q St.
Sacramento, CA 95816
1BD / 1BA - $1491 1BD / 1BA - $1825 1BD / 1BA - $1295 1BD / 1BA - $1750
$2.21/SF $2.85/SF $2.35/SF $2.19/SF
renT ComPs maP 914 26th Street, Sacramento, CA 95816
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inTerior PhoTo - uniT 1 914 26th Street, Sacramento, CA 95816
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
ADDRESS914 26th St.
Sacramento, CA 958162221 J St.
Sacramento, CA 95816520-522 10th St.
Sacramento, CA 958141521 U St.
Sacramento, CA 95818# OF UNITS 4 4 4 4
LOT SIZE (ACRES) 0.08 0.15 0.25 0.15
YEAR BUILT / UPDATE 1902 / 2015 Unknown Unknown Unknown
PARKING 3, Off-Street 8, Off-Street Street 4 Garages
RENTABLE SF 2,700 3,060 3,660 3,587
AVERAGE UNIT SF 675 765 915 897
AVERAGE RENT / UNIT $1,491 $1,280 $1,775 $1,845
AVERAGE RENT / SF $2.21 $1.67 $1.94 $2.06
PRICE $1,390,000 $1,150,000 $1,220,000 $1,399,987
PRICE / UNIT $347,500 $287,500 $305,000 $349,997
PRICE / SF (RENTABLE) $515 $376 $333 $390
CAP RATE 3.07% Unknown Unknown Unknown
GROSS RENT MULTIPLIER 19.42 18.72 14.32 15.81
FEATURES / UPDATES
Remodeled Units, Kitchens & Baths
Stainless Steel AppliancesWide, Bleached Plank Flooring
Washers / Dryers in Units Central HVAC
Vintage InteriorsWhite AppliancesHardwood Floors
Washers / Dryers 2 Units Rear Lot Development Potential
Remodeled UnitsRenovated Kitchens & Baths
Wide Plank FlooringLaundry Hook-Ups Some Units
Remodeled Units, Kitchens & Baths
Stainless Steel Appliances, Wide, Plank Flooring
Washers / Dryers in Units Central HVAC
SALE DATE 12/22/2017 10/29/2018 4/12/2018
DAYS ON MARKET 98 55 37
SUBJECT SALE - #3SALE - #2SALE - #1
sales ComPs 914 26th Street, Sacramento, CA 95816
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
SUBJECT SALE #1 SALE #2 SALE #3914 26th St. 2221 J St. 520-522 10th St. 1521 U St.
Sacramento, CA 95816 Sacramento, CA 95816 Sacramento, CA 95814 Sacramento, CA 95818ON MARKET 12/22/2017 10/29/2018 4/12/2018$1,390,000 $1,150,000 $1,220,000 $1,399,987
SUBJECT SALE - #1 SALE - #2 SALE - #3914 26th St.
Sacramento, CA 958162221 J St.
Sacramento, CA 95816520-522 10th St.
Sacramento, CA 958141521 U St.
Sacramento, CA 95818
ON MARKET 12/22/2017 10/29/2018 4/12/2018
$1,390,000 $1,150,000 $1,220,000 $1,399,987
sales ComPs maP 914 26th Street, Sacramento, CA 95816
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inTerior PhoTo - uniT 2 914 26th Street, Sacramento, CA 95816
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
2018 INCOME AND EXPENSE
PROFORMA INCOME AND EXPENSE
Gross Scheduled Income $71,580 $74,400
Less: Vacancy $(2,863) -4.0% $(2,976) -4.0%
Net Rental Income $68,717 $71,424
Other Income
Parking & Other Income - Note #1 $1,440
Utility Reimbursement - Note #2 $1,920
Total Other Income - $3,360
Total Income $68,717 $74,784
Est. Annual Operating Exp Per Unit
Totals %/Total
Inc. Per Unit
Totals %/Total
Inc.
Repairs and Maintenance $400 $1,600 2.3% $400 $1,600 2.1%
Turnover $- $- 0.0% $- $- 0.0%
Utilities $950 $3,800 5.5% $950 $3,800 5.1%
Trash Removal $200 $800 1.2% $200 $800 1.1%
Landscaping & Pest Control $225 $900 1.3% $225 $900 1.2%
Payroll $- $- 0.0% $- $- 0.0%
Administrative $200 $800 1.2% $200 $800 1.1%
Marketing & Advertising $- $- 0.0% $- $- 0.0%
Property Taxes @ 1.1295% $3,643 $14,571 21.2% $3,643 $14,571 19.5%
Insurance $625 $2,500 3.6% $625 $2,500 3.3%
Management Fee $- $- 0.0% $- $- 0.0%
Total Operating Expense $6,243 $24,971 36.3% $6,243 $24,971 33.4%
Replacement Reserves $- $- 0.0% $250 $1,000 1.3%
Total Expense $6,243 $24,971 $9.25 $6,493 $25,971 $9.62
Net Operating Income $43,746 $48,813
Note #1: Parking Fees - $40/mo for each space. Note #2: Utility Reimbursement - $40/mo for each 1bd/1ba.
PRICE: $1,290,000Price per unit $322,500
Price per Sq. Ft. $478
Gross Rent Multiplier (Current) 19
Gross Rent Multiplier (Market) 18
Cap Rate (Current) 3.39%
Cap Rate (Market) 3.78%
UNIT MIX RENT / MONTH
UNIT TYPE
# UNITS
SQ FT
CURRENT CURRENT
Per SF MARKET
MARKETPer SF
1BD / 1BA A 675 $1,450 $2.15 $1,500 $2.22
1BD / 1BA B 625 $1,400 $2.24 $1,450 $2.32
1BD / 1BA 1 550 $1,400 $2.55 $1,450 $2.64
1BD / 1BA 2 850 $1,715 $2.02 $1,800 $2.12
AVERAGE 675 $1,491 $2.24 $1,550 $2.32
TOTAL 4 2,700 $5,965 $2.21 $6,200 $2.30
finanCials 914 26th Street, Sacramento, CA 95816
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0
500
1,000
1,500
2,000
2,500
3,000
HH Income$25,000 to
$34,999
HH Income$35,000 to
$49,999
HH Income$50,000 to
$74,999
HH Income$75,000 to
$99,999
HH Income$100,000 to
$124,999
HH Income$125,000 to
$149,999
HH Income$150,000 to
$199,999
Household Income Distribution (2018) within 1-Mile
inTerior PhoTo - uniT a 914 26th Street, Sacramento, CA 95816
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19,000
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
Census Population (2010) Estimated Population(2018)
Projected Population(2023)
Population Growth within 1-Mile
0
500
1,000
1,500
2,000
2,500
3,000
HH Income$25,000 to
$34,999
HH Income$35,000 to
$49,999
HH Income$50,000 to
$74,999
HH Income$75,000 to
$99,999
HH Income$100,000 to
$124,999
HH Income$125,000 to
$149,999
HH Income$150,000 to
$199,999
Household Income Distribution (2018) within 1-Mile
The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
$52,298
$87,576
$102,852
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
Census AverageHousehold Income
(2010)
Estimated AverageHousehold Income
(2018)
Projected AverageHousehold Income
(2023)
Average HH Income Growth within 1-Mile
DemograPhiCs 914 26th Street, Sacramento, CA 95816
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The information in this document was obtained from sources we deem reliable; however , no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
SUMMARY WITHIN 1-MILE (2018)
POPULATION: 24,404
HOUSEHOLDS: 14,961
MEDIAN AGE: 30
Key Facts:
Income:
$PER CAPITA INCOME: $53,868
MEDIAN HOUSEHOLD INCOME: $61,422
MEDIAN DISPOSABLE INCOME: $113,683
educatIon:
employment:
SOME COLLEGE: 83.4%
BACHELOR’S/GRAD/PROF DEGREE: 54.5%
WHITE COLLAR: 78%
BLUE COLLAR: 22%
SERVICES: 15%
UNEMPLOYMENT RATE SACRAMENTO (MSA): 3.6%
UNEMPLOYMENT RATE CALIFORNIA: 4.1%
DemograPhiCs 914 26th Street, Sacramento, CA 95816
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David HosbeinDRE: 01337628
Tel: [email protected]
532 Gibson Drive, Suite 200
Roseville, CA 95678
914 26Th sTreeT, saCramenTo, Ca 95816
PAGE 19