offering memorandum 735&739 n. amphlett boulevard · offering summary - 735 & 739 n....

Disclaimer: The distributor of this communication is performing acts for which a real estate license is required. The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

M A T T H E WTHOMSON

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735&739 N. AMPHLETT BOULEVARD SAN MATEO ∙ CALIFORNIA

OFFERING MEMORANDUM

18-0768/18-09

INTRODUCTION

INVESTMENT OVERVIEW 735 & 739 N. AMPHLETT BOULEVARD offers an investor the

unique opportunity to acquire a fully renovated apartment

property with extensive interior and exterior renovations in one

of the most sought after submarkets in the country.

The property consists of two 6 unit adjoining buildings that can

be purchased together as 12 units or individually. Amphlett has

recently undergone extensive interior and exterior renovations.

All units are fully refinished with high end amenities including

kitchens with brand new granite countertops, cabinets &

stainless steel appliances. Bathrooms have brand new vanities

and showers. All apartments have wall to wall brand new

laminate hardwood flooring, paint and base boards. Exteriors

benefit from double pane windows, paint, landscaping &

accent walls with high grade cedar lumber. All tenants enjoy a

fully renovated laundry room, extra storage closets and private

enclosed garages. The property stands out as the nicest on the

street in a growing area of San Mateo.

INVESTMENT HIGHLIGHTS • Each Six Unit Building Available Individually or Together as

a 12 Unit Complex

• Each Property Consists of (1) 2 Bedroom + 1 Bath (5) 1 Bedroom + 1 Bath

• All Units Fully Renovated with High-End Amenities

• 4.61% Current Cap Rate 5.41% Market Cap Rate

• Assigned Private Enclosed Garage Parking for Each Tenant

• Private Gated Courtyard

• Units on Second Floor have Vaulted Ceilings

LOCATION OVERVIEW 735 & 739 N. AMPHLETT BOULEVARD is strategically located

in one of the healthiest and thriving sub-markets in the Bay

Area. San Mateo County is home to several major Fortune 500

companies including Facebook, Oracle & Genentech. Caltrain

is within walking distance and highways 101, 92 & 280 are in

close proximity.

735 & 739 N. AMPHLETT BOULEVARD is also equidistant to

the downtown areas of San Mateo and Burlingame offering

several attractive amenities including restaurants, boutique

shopping, coffee shops, high-end grocers like Mollie Stone’s

and Draeger’s, Cinemark Theaters and Central Park.

Please contact Matt Thomson or Brian Henry for all inquiries

related to this investment offering.


OFFERING MEMORANDUM

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TWO PROPERTY PORTFOLIO - 12 UNITS

section i

PAGE

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OFFERING SUMMARY - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

PROPERTY DETAILS

Address 735 & 739 N Amphlett Boulevard

San Mateo, CA 94401

Price $5,485,000

Down Payment $2,194,000

Units 12

Price/Unit $457,083

Rentable Square Feet 9,172

Price/Sq Ft $598.02

Year Built 1958

Land Area (Sq Ft) 8,740

Current Cap Rate 4.61%

Market Cap Rate 5.41%

Current GRM 15.13

Market GRM 13.47

OPERATIONS SUMMARY CURRENT MARKETScheduled Gross Rent $359,640 $394,560

Vacancy 3.0% ($10,789) 3.0% ($11,837)

Effective Gross Rent $348,851 $382,723

Laundry Income $3,000 $3,000

RUBS $0 $9,600

Total Income $351,851 $395,323

Operating Expenses $19,044 $19,044

Non-Operating Expenses $79,696 $79,696

Total Expenses $98,740 $98,740

Net Operating Income $253,111 $296,584

Debt Service ($191,972) ($191,972)

Net Cash Flow 2.79% $61,139 4.77% $104,612

Principal Reduction $56,461 $56,461

Total Return 5.36% $117,601 7.34% $161,073

RENT ROLL SUMMARYType Units Current Rent Market Rent

Two-Bedroom / One-Bathroom 2 $2,900-$3,000 $3,150

One-Bedroom / One-Bathroom 10 $2,250-$2,600 $2,570-$2,750

Total 12 $29,970 $32,880

Value-Add ability for new Owner: Install Washers / Dryers in the 2 Bedroom units. Install small private front door patios in the four ground floor courtyard units. Install garage to unit interior access to both Unit # 1s. Implement a RUBS program to all tenants: Ratio Utility Billing System for Landlord to recover a significant amount of utility expense.

FINANCING

Loan Amount $3,291,000

Interest Rate 4.15%

Amortization 30

Monthly Payment $15,998

Details 30 year 18-0768/18-09



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RENT ROLL SUMMARYUnit # Type Current Rent Market Rent Move-In Date Lease Expiration

735 Unit 1 1+1 $2,400 $2,750 1/1/2018 12/31/2018

735 Unit 2 1+1 $2,250 $2,650 11/13/2017 10/31/2018

735 Unit 3 1+1 w/ Private Deck $2,600 $2,750 5/1/2018 4/30/2019

735 Unit 4 1+1 $2,400 $2,570 5/1/2018 4/30/2019

735 Unit 5 1+1 $2,570 $2,570 5/24/2018 5/31/2019

735 Unit 6 2+1 $3,000 $3,150 3/1/2018 2/28/2019

739 Unit 1 1+1 $2,300 $2,750 11/1/2017 10/31/2018

*739 Unit 2 1+1 $2,300 $2,650 11/1/2017 10/31/2018


739 Unit 4 1+1 $2,400 $2,570 2/1/2018 4/31/2019

739 Unit 5 1+1 $2,300 $2,570 11/1/2017 10/31/2018

739 Unit 6 2+1 $2,900 $3,150 1/3/2018 12/31/2018

$29,970 $32,880

*Tenant receives $100 per month for minor landscape maintenance which is reflected in Expenses.

Note: Total gross square footage of building (3,980) based on San Mateo County Records and to be confirmed by Buyer. This figure typically includes common area. Value-Add ability for new Owner: Install Washers / Dryers in the 2 Bedroom units. Install small private front door patios in the four ground floor courtyard units. Install garage to unit interior access to both Unit # 1s. Implement a RUBS program to all tenants: Ratio Utility Billing System for Landlord to recover a significant amount of utility expense. 18-0768/18-09



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Vacancy 3.0% ($10,789) 3.0% ($11,837)



RUBS $0 $9,600

Total Income $351,851 $395,323

*Repairs & Maintenance ($500/ unit) $6,000 $6,000

PG&E $3,600 $3,600

Water $4,680 $4,680

Garbage / Recycle $3,564 $3,564

Landscaping $1,200 $1,200


Real Estate Taxes 1.12940% $61,948 $61,948

Special Assessments $8,704 $8,704

Capital Reserves ($150/ unit) $1,800 $1,800

Insurance (New Mercury Quote) $7,244 $7,244



% Scheduled Gross Rent 27.46% 25.03%

Expenses/Unit $8,228 $8,228

Expenses/Sq Ft $19.75 $19.75

Net Operating Income $253,111 $296,584 18-0768/18-09



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PROPERTY OVERVIEW - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

DETAILS

Address 735 & 739 N. Amphlett Boulevard

San Mateo, CA 94401

County San Mateo

APN 033-033-020 & 033-033-010

County Use Multi Family

ATTRIBUTESUnits 12

Gross Square Feet 9,172

Lot Size (Sq Ft) 8,740

Year Built 1958

Parking Assigned Private Enclosed Garage

Note: Total Gross SF based on San Mateo County - To be confirmed by Buyer.

CONSTRUCTIONFoundation Concrete Perimeter

Exterior Walls Stucco

Roof Pitch

Laundry Facilities Yes

Patio / Balcony Some Units

Extra Storage Yes

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PARCEL MAP - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

735 & 739 N. AMPHLETT BOULEVARD

SAN MATEO ∙ CALIFORNIA

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section ii735 N. AMPHLETT BOULEVARD


SINGLE PROPERTY - 6 UNITS

PAGE

918-0768/18-09

OFFERING SUMMARY - 735 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

PROPERTY DETAILSAddress 735 N Amphlett Boulevard

San Mateo, CA 94401

Price $2,742,500


Units 6

Price/Unit $457,083


Price/Sq Ft $564.77

Year Built 1958




Current GRM 14.89

Market GRM 13.47


Vacancy 3.0% ($5,479) 3.0% ($5,918)



RUBS $0 $9,600

Total Income $180,161 $197,662





Debt Service ($95,986) ($95,986)

Net Cash Flow 3.18% $34,894 4.78% $52,395


Total Return 5.75% $63,125 7.35% $80,626


Two-Bedroom / One-Bathroom 1 $3,000 $3,150


Total 6 $15,220 $16,440

Value-Add ability for new Owner: Install Washers / Dryers in the 2 Bedroom units. Install small private front door patios in the four ground floor courtyard units. Install garage to unit interior access to both Unit # 1s. Implement a RUBS program to all tenants: Ratio Utility Billing System for Landlord to recover a significant amount of utility expense.

FINANCING


Interest Rate 4.15%

Amortization 30


Details 30 year 18-0768/18-09



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735 Unit 1 1+1 $2,400 $2,750 1/1/2018 12/31/2018

735 Unit 2 1+1 $2,250 $2,650 11/13/2017 10/31/2018


735 Unit 4 1+1 $2,400 $2,570 5/1/2018 4/30/2019

735 Unit 5 1+1 $2,570 $2,570 5/24/2018 5/31/2019

735 Unit 6 2+1 $3,000 $3,150 3/1/2018 2/28/2019

$15,220 $16,440

Note: Total gross square footage of building (3,980) based on San Mateo County Records and to be confirmed by Buyer. This figure typically includes common area. Value-Add ability for new Owner: Install Washer/ Dryer in the 2 bedroom unit. Install small private front door patios in the two ground floor courtyard units. Install garage to unit interior access to Unit # 1. Implement a RUBS program to all tenants: Ratio Utility Billing System for Landlord to recover a significant amount of utility expense.

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Vacancy 3.0% ($5,479) 3.0% ($5,918)



RUBS $0 $4,800

Total Income $178,661 $197,662


PG&E $1,800 $1,800

Water $2,340 $2,340


Landscaping $600 $600




Capital Reserves ($150/ unit) $900 $900










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PROPERTY OVERVIEW - 735 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

DETAILSAddress 735 N. Amphlett Boulevard

San Mateo, CA 94401

County San Mateo

APN 033-033-020


ATTRIBUTESUnits 6



Year Built 1958





Roof Pitch



Extra Storage Yes

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PARCEL MAP - 735 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

735 N. AMPHLETT BOULEVARD


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section iii739 N. AMPHLETT BOULEVARD


SINGLE PROPERTY - 6 UNITS

PAGE

1518-0768/18-09


PROPERTY DETAILSAddress 739 N Amphlett Boulevard

San Mateo, CA 94401

Price $2,742,500


Units 6

Price/Unit $457,083


Price/Sq Ft $564.77

Year Built 1958




Current GRM 15.36

Market GRM 13.47


Vacancy 3.0% ($5,310) 3.0% ($5,918)



RUBS $0 $9,600

Total Income $174,690 $197,662





Debt Service ($95,986) ($95,986)

Net Cash Flow 2.67% $29,245 4.76% $52,217


Total Return 5.24% $57,476 7.33% $80,448


Two-Bedroom / One-Bathroom 1 $2,900 $3,150


Total 12 $14,750 $16,440

Value-Add ability for new Owner: Install Washer/ Dryer in the 2 bedroom unit. Install small private front door patios in the two ground floor courtyard units. Install garage to unit interior access to Unit # 1. Implement a RUBS program to all tenants: Ratio Utility Billing System for Land-lord to recover a significant amount of utility expense.

FINANCING


Interest Rate 4.15%

Amortization 30


Details 30 year 18-0768/18-09



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739 Unit 1 1+1 $2,300 $2,750 11/1/2017 10/31/2018

*739 Unit 2 1+1 $2,300 $2,650 11/1/2017 10/31/2018


739 Unit 4 1+1 $2,400 $2,570 2/1/2018 4/31/2019

739 Unit 5 1+1 $2,300 $2,570 11/1/2017 10/31/2018

739 Unit 6 2+1 $2,900 $3,150 1/3/2018 12/31/2018

$14,750 $16,440

*Tenant receives $100 per month for minor landscape maintenance which is reflected in Expenses.

Note: Total gross square footage of building (3,980) based on San Mateo County Records and to be confirmed by Buyer. This figure typically includes common area. Value-Add ability for new Owner: Install Washer/ Dryer in the 2 bedroom unit. Install small private front door patios in the two ground floor courtyard units. Install garage to unit interior access to Unit # 1. Implement a RUBS program to all tenants: Ratio Utility Billing System for Landlord to recover a significant amount of utility expense. 18-0768/18-09



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Vacancy 3.0% ($5,310) 3.0% ($5,918)



RUBS $0 $4,800

Total Income $173,190 $197,662


PG&E $1,800 $1,800

Water $2,340 $2,340


Landscaping $600 $600




Capital Reserves ($150/ unit) $900 $900










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PROPERTY OVERVIEW - 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

DETAILSAddress 739 N. Amphlett Boulevard

San Mateo, CA 94401

County San Mateo

APN 033-033-010


ATTRIBUTESUnits 6



Year Built 1958





Roof Pitch



Extra Storage Yes

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PARCEL MAP - 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

739 N. AMPHLETT BOULEVARD


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section iv

PHOTOS, LOCATION INFORMATION & SALES COMPS

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EXTERIOR - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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EXTERIOR & FACILITY PHOTOS - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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INTERIOR PHOTOS - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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PAGE 28AERIAL VIEW - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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PAGE 29AREA MAP - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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PAGE 30LOCAL MAP - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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SAN FRANCISCO

SOUTH SAN FRANCISCO SAN MATEO

BURLINGAMEREDWOOD CITY

FOSTER CITY



PAGE 31LOCAL EMPLOYERS MAP - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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WASHINGTON PARK

BURLINGAME

SAN MATEO

HAYWARD PARK

SAN MATEOCENTRAL PARK

HILLSDALE

HILLSDALE SHOPPING CENTER• ALDO • American Eagle Outfitters • Andersen Bakery & Cafe• Ann Taylor - New Store • APEX by Sunglass Hut

(N3L Optics) • Apple Store, • AT&T • Aveda • Banana Republic • Barcelino • Barcelino Per Donna • Bare Minerals • Barnes & Noble Bookseller/• Starbucks • Bath & Body Works • bebe • Ben Bridge J• Blossoms Flower Shop • Body Shop, • The Boudin Sourdough

Bakery & Cafe • Brookstone • Build-A-Bear Workshop • Burger King • Caché • California Pizza Kitchen

California Welcome Ctr • Cathy Jean Shoes • Cheesecake Factory, • Chico’s • Children’s Place• Cinnabon Citibank, FSB • Claire’s • Coach • Coldwater Creek • Cost Plus World Market • Crazy 8 • DSW Shoes • Edwards Luggage • Express Foot Locker • Forever 21 • Francesca’s Collections

• Fresh Apparel • Gamestop • GAP Kids Gap | GapBody • General Nutrition Center • Godiva Chocolatier Great • Center Gymboree • H&M • Hana Grill • Harry & David • Hollister • J. Jill • Journeys Just Panini

Justice• Kay Jewelers • Kiehl’s Since 1851 • Lady Foot Locker LEGO • Nordstrom • Old Navy • Optical Illusions• Outback Steakhouse • PacSun • Panda Express • Pandora • Romano’s Macaroni Grill • Giants DugOut • Sanrio • Surprises • Saraba African Art Sears

See’s Candies • Starbucks • Sunglass Hut Swarovski • Sweet Factory • T.G.I. Friday’s e• Victoria’s Secret • Walking Company, The • Watchcare • Wells Fargo Bank Wells

Fargo Bank • Wetzel’s Pretzels • White House | Black Market • Williams-Sonoma • Winners

BRIDGEPOINTE SHOPPING CENTER

• Armadillo Willy’s• Bed Bath & Beyond• BJ’s Restaurant/Brewhouse• Ethan Allen• Hallmark Cards & Gifts• Hokkaido Seafood Buffet• Home Depot• Ice Chalet• Marshalls• Mimi’s Cafe• Old Navy

• Petco• Pier 1 Imports• Red Robin• Staples• Starbucks Coffee• Target• The Sports Authority• Toys R Us• ULTA• Verizon Wireless


SAN MATEO ∙ CALIFORNIADOWNTOWN BURLINGAME

DOWNTOWN SAN MATEO

HILLSDALE

LOCAL AMENITIES MAP - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

BAYSIDE PERFORMING ARTS

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SALES COMPARABLES - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

619 N SAN MATEO DRIVESAN MATEO, CA

Price $10,325,000

Units 21

$/Unit $491,667

Sq Ft 21,144

$/Sq Ft $488.32

Unit Mix (3) 2x2, (3) 2x1, (15) 1x1

Cap Rate (Current) 3.80%

Cap Rate (Market) 4.80%

GRM (Current) 17.30

GRM (Market) 14.41

COE 2/20/18

COMMENTS:Clean building but several units outdated with low rents. Was on the market for 30 days before selling at a higher price per unit and lower Cap Rate than subject property.

1

1926 IVY STREETSAN MATEO, CA

Price $4,700,000

Units 10

$/Unit $470,000

Sq Ft 5,710

$/Sq Ft $823.12

Unit Mix (10) JR 1x1s



GRM (Current) 15.30

GRM (Market) 15.14

COE 8/1/17

COMMENTS:Fully renovated turnkey building with significantly inferior unit mix.

2

401 STUDIO CIRCLESAN MATEO, CA

Price $3,340,000

Units 7

$/Unit $477,143

Sq Ft 6,748

$/Sq Ft $494.96

Unit Mix (2) 2x2s, (4) 1x1s, (1) Studio



GRM (Current) 18.38

GRM (Market) 14.97

COE 6/1/17

COMMENTS:Located less than a mile from subject Studio Circle had significant deferred maintenance with most units and exterior outdated.

3

54 9TH AVENUESAN MATEO, CA

Price $5,100,000

Units 10

$/Unit $510,000

Sq Ft 10,430

$/Sq Ft $488.97

Unit Mix (6) 2x1 (4) 1x1

Cap Rate (Current) n/a

Cap Rate (Market) n/a

GRM (Current) n/a

GRM (Market) n/a

COE 11/1/17

COMMENTS:Sold off-market. No rental income infor-mation at time of sale available.

4

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849 BERMUDA DRIVESAN MATEO, CA

Price $3,325,000

Units 6

$/Unit $554,167

Sq Ft 7,185

$/Sq Ft $462.77

Unit Mix (1) 3x2, (1) 3x1, (4) 2x1



GRM (Current) 17.30

GRM (Market) 14.41

COE 2/20/18

COMMENTS:Clean building but several units outdated with low rents. Was on the market for 30 days before selling at a higher price per unit and lower Cap Rate than subject property. This property represents a sales comparable for a purchase of 735 or 739 N. Amphlett as an individual 6 unit building.

5

223 LINCOLN AVENUEREDWOOD CITY, CA

Price $3,500,000

Units 6

$/Unit $583,333

Sq Ft 6,868

$/Sq Ft $509.61

Unit Mix (6) 2x1



GRM (Current) 17.44

GRM (Market) n/a

COE 2/1/18

COMMENTS:Similar asset built in 1960 but fully renovat-ed and turnkey. This property represents a sales comparable for a purchase of 735 or 739 N. Amphlett as an individual 6 unit building. This property represents a sales comparable for a purchase of 735 or 739 N. Amphlett as an individual 6 unit building.

6

2 ARUNDEL ROADBURLINGAME, CA

Price $3,675,000

Units 6

$/Unit $612,500

Sq Ft 7,182

$/Sq Ft $511.70

Unit Mix (2) 2x1, (4) 1x1



GRM (Current) 24.95

GRM (Market) n/a

COE IN CONTRACT

COMMENTS:Located 0.7 mile from subject property on San Mateo / Burlingame border. Does not have anything close to the level of upgrades at Amphlett. Sold quickly after being on market for 19 days. This property represents a sales comparable for a purchase of 735 or 739 N. Amphlett as an individual 6 unit building.

7

141 ARROYO COURTSAN MATEO, CA

Price $3,325,000

Units 6

$/Unit $554,167

Sq Ft 7,603

$/Sq Ft $437.33

Unit Mix (2) 2x1 (4) 1x1

Cap Rate (Current) n/a


GRM (Current) n/a

GRM (Market) n/a

COE 10/1/17

COMMENTS:Sold off-market. No rental income information at time of sale available. This property represents a sales comparable for a purchase of 735 or 739 N. Amphlett as an individual 6 unit building.

8

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SALES COMPARABLE SUMMARY PROPERTIES Price Units $/Unit Sq Ft $/Sq Ft Cap Rate GRM COE

SUBJECT PROPERTY $5,715,000 12 $476,250 9,172 $623.09 4.38% 15.76 N/A

1 619 N San Mateo Drive San Mateo, CA $10,325,000 21 $491,667 21,144 $488.32 3.80% 17.30 2/20/18

2 1926 Ivy Street San Mateo, CA $4,700,000 10 $470,000 5,710 $823.12 4.61% 15.30 8/1/17

3 401 Studio Circle San Mateo, CA $3,340,000 7 $477,143 6,748 $494.96 3.90% 18.38 6/1/17

4 54 9th Avenue San Mateo, CA $5,100,000 10 $510,000 10,430 $488.97 n/a n/a 11/1/17

5 849 Bermuda Drive San Mateo, CA $3,325,000 6 $554,167 7,185 $462.77 3.00% 17.32 9/1/17

6 223 Lincoln Avenue Redwood City, CA $3,500,000 6 $583,333 6,868 $509.61 3.60% 17.44 2/1/18

7 2 Arundel Road Burlingame, CA $3,675,000 6 $612,500 7,182 $511.70 3.62% 24.95 IN CONTRACT

8 141 Arroyo Court San Mateo, CA $3,325,000 6 $554,167 7,603 $437.33 n/a n/a 10/1/17 18-0768/18-09



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PAGE 36SALES COMPARABLES - 735 & 739 N. AMPHLETT BOULEVARD, SAN MATEO, CALIFORNIA

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7Sales Comparables

Subject 735 &739 N. Amphlett Blvd

San Mateo, CA

1 619 N San Mateo Drive San Mateo, CA

2 1926 Ivy Street San Mateo, CA

3 401 Studio Circle San Mateo, CA

4 54 9th Avenue San Mateo, CA

5 849 Bermuda Drive San Mateo, CA

6 223 Lincoln Avenue Redwood City, CA

7 2 Arundel Road Burlingame, CA

8 141 Arroyo Court San Mateo, CA

18-0768/18-09



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offering memorandum 735&739 n. amphlett boulevard · offering summary - 735 & 739 n....

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