prime south palm des prime multifamily investment
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Prime Multifamily Investment 45485 Sunset Lane, Palm Desert CA 92260
FOR SALEPrime South Palm DesertMultifamily Investment (7 Units)
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
Offered $1,395,000
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
Disclaimer: Information included or referred to herein is furnished by third parties and is not guaranteed as to
its accuracy or completeness. You understand that all information included or referred to herein is confidential
and furnished solely for the purpose of your review in connection with a potential purchase of the subject
property. Independent estimates of pro-forma income and expenses should be developed by you before
any decision is made on whether to make any purchase. Summaries of any documents are not intended to
be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are
qualified in their entirety by the actual documents to which they relate. NAI Capital, the asset owner(s), and
their representatives (i) make no representations or warranties of any kind, express or implied, as to any
information or projections relating to the subject property, and hereby disclaim any and all such warranties or
representations, and (ii) shall have no liability whatsoever arising from any errors, omissions or discrepancies
in the information. Any solicitation for offers to purchase the subject asset(s) is subject to prior placement and
withdrawal, cancellation or modification without notice.
Sunset Lane Apartments
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
Sunset Lane Apartments
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
Sunset Lane Apartments
Lushly landscaped 7 unit apartment complex, superbly located in the highly desirable South Palm Desert area and within walking distance of the upscale shopping and dining experience afforded by El Paseo Drive (the “Rodeo Drive of the Desert”).
Sunset Lane sits on a 27,000 SF curved lot that affords privacy and green space for its tenants. The property consists of one (1) single story tri-plex and one (1) two story four-plex. The unit mix includes three 3 bedroom/2 baths and four 2 bedroom/2 baths. Ground floor units have sliding glass doors to a patio and upstairs units have private balconies. All units have central air conditioning and heat, laundry rooms, open floor plans and private garages with an addition off-street parking space.
There are a total of 8 garage spaces and 8 off-street open parking spaces. The property includes a private pool area and lush landscaping.
Upside potential includes upgrading the abundant open landscaped areas, providing larger upgraded patios, fencing the backyards on Units 5 & 6, and upgrading some of the unit interiors.
Property Description
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
Investment Summary
Sunset Lane Apartments
Location: South Palm Desert is a most desirable area. While located on a quiet street the Sunset Lane Apartments are within easy walking distance of the upscale shops and abundant restaurants of El Paseo.
Size and Stats
• 8,672 Rentable Square Feet
• 7 Units (4) 2 bedroom / 2 bath; and (3) 3 bedroom / 2 bath
• 8 private garages (Unit #5 has a private two car garage)
• 10 additional off street, open parking spaces
• Units vary from 1,152 SF – 1,386 SF each
Value Add A new owner can increase the income by enhancing and/or providing large fenced patios; upgraded interiors; common amenities; pool furniture; etc.
Pricing• Per SF: $160.86
• Per Unit: $199,285
• Total: $1,395,000
Cap Rate• Cap Rate 3.94%
• Pro Forma: 5.19%
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
45485 Sunset Lane First Year Pro Forma
Rental Income $99,400 $121,287
EGI Using 3% Vacancy Factor $96,418 $117,648
Expense Information
Administrative $308 $317
Management Fees $4,821 $4,966
Cleaning $100 $103
Gardening/Landscaping $4,510 $4,645
Leasing Fee $1,169 $1,204
License/Permits $344 $355
Pest Control $205 $211
Pool $1,799 $1,853
Supplies $127 $130
Repairs/Maintenance $6,407 $6,599
Electric $1,613 $1,662
Trash $1,209 $1,246
Water $2,486 $2,561
Property Tax $16,683 $16,683
Property Insurance $2,641 $2,720
Total Operating Expense $44,423 $45,255
NOI $54,977 $72,393
Notes to Pro Forma Income and Expenses• Rental Rates have been adjusted to existing market of $1.11 psf• Property Taxes have been adjusted for sale• Some expenses have been re-bid by a well qualified, regional Multifamily management group
Sunset Lane Apartments
Income and ExpensesFirst Year and Pro Forma
SITE
Sunset Lane Apartments
SITE
Sunset Lane Apartments
SITE
Westfield Mall
El Paseo The Rodeo Drive
of the Desert
Sunset Lane Apartments
Sunset Lane Apartments
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962
Sunset Lane Apartments
M. Kathleen HowardExecutive Vice President
760 834 3636BRE Lic #00751479
Robert ElliottAssociate
760 834 3624BRE Lic #01920962