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2401 OLIVE STBakersfield, CA 93301
Market Positioning and Pricing Analysis
1
2401 OLIVE ST
Bakersfield, CA
ACT ID ZAB0890010
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any
corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References
to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
2
P R E S E N T E D B Y
Bruce Barnhard
Senior Associate
Member - National Multi Housing Group
Bakersfield Office
Tel: (661) 377-1878
Fax: (661) 377-1848
License: CA 01866265
3
TABLE OF CONTENTS
MARKET OVERVIEW 07Demographic Analysis
SECTION SECTION
INVESTMENT OVERVIEW 01Property Overview
Regional Map
Local Map
Aerial Photo
Floor Plan
FINANCIAL ANALYSIS 02
Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Proposal Price
MARKET COMPARABLES 03
Sales Comparables
Rent Comparables
THE MARCUS & MILLICHAP ADVANTAGE 04
MARKETING TEAM 05
Organizational Chart
Bio Page
MARKETING PLAN 06
2401 OLIVE ST
4
2401 OLIVE ST
5
INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
2401 OLIVE ST
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present Westchester Townhouses located in Bakersfield, CA. The property is two-story construction. Built in 1969, the complex is 16 units
totaling 16,821-square feet on a 24,829-square foot lot. The property consists of 3 buildings on one parcel.
The property has 14 two-bedroom/one and a half-bathroom townhouse units that are approximately 1,056-square feet each, one two-bedroom/two-bathroom unit that are
approximately 910-square feet each and one three-bedroom/two-bathroom unit that is approximately 1,386-square feet. Each unit is separately metered for gas and
electricity and there is an on-site laundry facility.
The apartments are located in a very strong rental market. The property has a centrally located sparkling pool. All units have a balcony or patio and there is lighted covered
parking and exterior lighting throughout the community.
The property is located at the northwest corner of Olive Street and 24th St (Hwy 178). There is easy access on and off Highway 99.
PROPERTY OVERVIEW
Great Rental Location
15 Two-Bedroom/Two-Bath Units and One Three- Bedroom/Two Bath Unit
Sparkling Pool and On Site Laundry Facility
High Visibility Location
Easy Access On and Off Highway 99
Carports And Plenty of Street Parking
6
REGIONAL MAP
2401 OLIVE ST
7
LOCAL MAP
2401 OLIVE ST
8
AERIAL PHOTO
2401 OLIVE ST
9
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
2401 OLIVE ST
10
PROPERTY PHOTO
PROPERTY PHOTOS
2401 OLIVE ST
11
2401 OLIVE ST
12
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
2401 OLIVE ST
RENT ROLL SUMMARY
13
FINANCIAL ANALYSIS
2401 OLIVE ST
14
RENT ROLL DETAIL
FINANCIAL ANALYSIS
2401 OLIVE ST
OPERATING STATEMENT
15
FINANCIAL ANALYSIS
2401 OLIVE ST
NOTES
16
FINANCIAL ANALYSIS
2401 OLIVE ST
PRICING DETAIL
17
FINANCIAL ANALYSIS
2401 OLIVE ST
PROPOSAL PRICE
18
2401 OLIVE ST
19
MARKET
COMPARABLES
2401 OLIVE ST
SALES COMPARABLES MAP
20
2401 OLIVE ST
(SUBJECT)
2500 Bishop Drive
4200 Columbus Street
4401 Columbus Street
3752 Dana Street
2500 Dracena Street
729 L Street
3124-3144 Park Meadows
Drive
1006 Princeton Avenue
10124 Rosedale Highway
3108 Stine Road
South Real Gardens
Apartments
5 Portfolio Properties
2601 Bishop Drive
2115-2217 G Street
SALES COMPARABLES
ON MARKET COMPARABLES
1
2
3
4
5
7
8
13
14
6
9
10
11
12
21
Avg. 5.92%Avg. 5.89%
0.0
0.8
1.6
2.4
3.2
4.0
4.8
5.6
6.4
7.2
8.0
2401
Olive St
2500 Bishop
Drive
4200
Columbus
Street
4401
Columbus
Street
3752 Dana
Street
2500
Dracena
Street
729 L
Street
3124-3144
Park
Meadows
Drive
1006
Princeton
Avenue
10124
Rosedale
Highway
3108 Stine
Road
South Real
Gardens
Apartments
5 Portfolio
Properties
2601 Bishop
Drive
2115-2217
G Street
PROPERTY NAME2401 OLIVE ST
SALES COMPARABLES
Average Cap Rate
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
22
Avg. 9.51
Avg. 10.52
0.00
1.20
2.40
3.60
4.80
6.00
7.20
8.40
9.60
10.80
12.00
2401
Olive St
2500 Bishop
Drive
4200
Columbus
Street
4401
Columbus
Street
3752 Dana
Street
2500
Dracena
Street
729 L
Street
3124-3144
Park
Meadows
Drive
1006
Princeton
Avenue
10124
Rosedale
Highway
3108 Stine
Road
South Real
Gardens
Apartments
5 Portfolio
Properties
2601 Bishop
Drive
2115-2217
G Street
PROPERTY NAME2401 OLIVE ST
SALES COMPARABLES
Average GRM
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
23
Avg. $114.69
Avg. $149.75
$0.00
$30.00
$60.00
$90.00
$120.00
$150.00
$180.00
$210.00
$240.00
$270.00
$300.00
2401
Olive St
2500 Bishop
Drive
4200
Columbus
Street
4401
Columbus
Street
3752 Dana
Street
2500
Dracena
Street
729 L
Street
3124-3144
Park
Meadows
Drive
1006
Princeton
Avenue
10124
Rosedale
Highway
3108 Stine
Road
South Real
Gardens
Apartments
5 Portfolio
Properties
2601 Bishop
Drive
2115-2217
G Street
PROPERTY NAME2401 OLIVE ST
SALES COMPARABLES
Average Price Per Square Foot
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
24
Avg. $105,984Avg. $100,458
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
2401
Olive St
2500 Bishop
Drive
4200
Columbus
Street
4401
Columbus
Street
3752 Dana
Street
2500
Dracena
Street
729 L
Street
3124-3144
Park
Meadows
Drive
1006
Princeton
Avenue
10124
Rosedale
Highway
3108 Stine
Road
South Real
Gardens
Apartments
5 Portfolio
Properties
2601 Bishop
Drive
2115-2217
G Street
PROPERTY NAME2401 OLIVE ST
SALES COMPARABLES
Average Price Per Unit
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
25
SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type
Offering Price: $1,740,000 1 3Bd 2Bth
Price/Unit: $108,750 1 2Bd 2Bth
Price/SF: $103.44 14 2Bd 1.5Bth
CAP Rate: 6.00%
GRM: 10.56
Total No. of Units: 16
Year Built: 1969
Underwriting Criteria
Income $158,994 Expenses $54,545
NOI $104,449 Vacancy ($8,526)
2401 OLIVE ST2401 Olive St, Bakersfield, CA, 93301
1
Units Unit Type
Close Of Escrow: 3/12/2020 1 1 Bdr 1 Bath
Sales Price: $1,140,000 11 2 Bdr 1 Bath
Price/Unit: $95,000
Price/SF: $122.84
CAP Rate: 5.73%
GRM: 9.05
Total No. of Units: 12
Year Built: 1960
2500 BISHOP DRIVE2500 Bishop Drive, Bakersfield, CA, 93306
Units Unit Type
Close Of Escrow: 3/6/2020 5 1 Bdr 1 Bath
Sales Price: $1,318,750 10 2 Bdr 1 Bath
Price/Unit: $87,917
Price/SF: $117.35
CAP Rate: 5.79%
GRM: 9.31
Total No. of Units: 15
Year Built: 1968
2
4200 COLUMBUS STREET4200 Columbus Street, Bakersfield, CA, 93306
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
26
SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type
Close Of Escrow: 3/12/2020 15 1 Bdr 1 Bath
Sales Price: $1,650,000
Price/Unit: $110,000
Price/SF: $106.45
CAP Rate: 5.83%
GRM: 10.00
Total No. of Units: 15
Year Built: 1965
3
4401 COLUMBUS STREET4401 Columbus Street, Bakersfield, CA, 93306
4
Units Unit Type
Close Of Escrow: 3/12/2020 20 2 Bdr 1 Bath
Sales Price: $2,000,000
Price/Unit: $100,000
Price/SF: $96.48
CAP Rate: 5.42%
Total No. of Units: 20
Year Built: 1964
3752 DANA STREET3752 Dana Street, Bakersfield, CA, 93306
Units Unit Type
Close Of Escrow: 1/27/2020 17 1 Bdr 1 Bath
Sales Price: $1,525,000
Price/Unit: $89,706
Price/SF: $116.45
Total No. of Units: 17
Year Built: 1986
5
2500 DRACENA STREET2500 Dracena Street, Bakersfield, CA, 93304
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
27
SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type
Close Of Escrow: 11/15/2019 16 3 Bdr 2 Bath
Sales Price: $2,125,000
Price/Unit: $132,812
Price/SF: $103.36
CAP Rate: 7.40%
Total No. of Units: 16
Year Built: 2008
6
729 L STREET729 L Street, Bakersfield, CA, 93304
7
Units Unit Type
Close Of Escrow: 12/26/2019 6 2 Bdr 1 Bath
Sales Price: $1,840,000 6 3 Bdr 2 Bath
Price/Unit: $153,333
Price/SF: $136.30
CAP Rate: 5.55%
Total No. of Units: 12
Year Built: 2006
3124-3144 PARK MEADOWS DRIVE3124-3144 Park Meadows Drive, Bakersfield, CA, 93308
Units Unit Type
Close Of Escrow: 3/6/2020 5 1 Bdr 1 Bath
Sales Price: $900,000 5 2 Bdr 1 Bath
Price/Unit: $90,000
Price/SF: $127.77
CAP Rate: 5.36%
GRM: 9.67
Total No. of Units: 10
Year Built: 1958
8
1006 PRINCETON AVENUE1006 Princeton Avenue, Bakersfield, CA, 93305
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
28
SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type
Close Of Escrow: 2/20/2020 11 2 Bdr 1 Bath
Sales Price: $1,140,000
Price/Unit: $103,636
Price/SF: $115.15
CAP Rate: 6.25%
Total No. of Units: 11
Year Built: 1980
9
10124 ROSEDALE HIGHWAY10124 Rosedale Highway, Bakersfield, CA, 93312
10
Units Unit Type
Close Of Escrow: 11/27/2019 12 2 Bdr 1 Bath
Sales Price: $1,169,250
Price/Unit: $97,438
Price/SF: $104.77
Total No. of Units: 12
Year Built: 1976
3108 STINE ROAD3108 Stine Road, Bakersfield, CA, 93309
Units Unit Type
On Market 15 2 Bdr 1 Bath
List Price: $2,100,000 5 3 Bdr 2 Bath
Price/Unit: $105,000
Price/SF: $103.88
CAP Rate: 6.02%
Total No. of Units: 20
Year Built: 1983
11
SOUTH REAL GARDENS APARTMENTS2701 South Real Road, Bakersfield, CA, 93309
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
29
SALES COMPARABLES ON MARKET COMPARABLES
On Market
List Price: $2,400,000
Price/Unit: $96,000
Price/SF: $146.68
Total No. of Units: 25
Year Built: 1938
12
5 PORTFOLIO PROPERTIES140 Norris Road, Bakersfield, CA, 93308
13
Units Unit Type
On Market 12 2 Bdr 1 Bath
List Price: $2,775,000
Price/Unit: $92,500
Price/SF: $126.21
CAP Rate: 5.00%
GRM: 10.52
Total No. of Units: 30
Year Built: 1960
2601 BISHOP DRIVE2601 Bishop Drive, Bakersfield, CA, 93306
Units Unit Type
On Market 12 1 Bdr 1 Bath
List Price: $1,300,000
Price/Unit: $108,333
Price/SF: $222.22
CAP Rate: 6.65%
Total No. of Units: 12
Year Built: 1968
14
2115-2217 G STREET2115-2217 G Street, Bakersfield, CA, 93301
8
2401 OLIVE ST
RENT COMPARABLES MAP
2401 OLIVE ST
(SUBJECT)
2308 17th Street
1841 Golden State Avenue
2501 Olive Street
4
7
8
9
11
20
12
14
15
16
17
13
18
10
1
2
3
30
PROPERTY NAME2401 OLIVE ST
RENT COMPARABLES
31
AVERAGE RENT - MULTIFAMILY
Avg. $
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2401
Olive St
2308 17th
Street
1841 Golden
State
Avenue
2501 Olive
Street
3 Bedroom
Avg. $910
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2401
Olive St
2308 17th
Street
1841 Golden
State
Avenue
2501 Olive
Street
2 Bedroom
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
32
YEAR BUILT: 1969
rentpropertyname1
rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
3Bd 2Bth 1 $995 $0.00
2Bd 2Bth 1 $885 $0.00
2Bd 1.5Bth 14 $847 $0.00
Total/Avg. 16 $859
2401 OLIVE ST2401 Olive St, Bakersfield, CA, 93301
YEAR BUILT: 1968
1
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 $885
Total/Avg. 1 $885
2308 17TH STREET2308 17th Street, Bakersfield, CA, 93301
2
YEAR BUILT: 1900
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1$858-$953
Total/Avg. 1 $906
1841 GOLDEN STATE AVENUE1841 Golden State Avenue, Bakersfield, CA, 93301
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
33
YEAR BUILT: 1969
3
Unit Type Units SF Rent Rent/SF
2 Bdr 1.5 Bath 1 $939
Total/Avg. 1 $939
2501 OLIVE STREET2501 Olive Street, Bakersfield, CA, 93301
2401 OLIVE ST
34
THE MARCUS & MILLICHAP
ADVANTAGE
2,000MARCUS & MILLICHAP
PREMIER INVESTMENT SERVICES
Marcus & Millichap is the premier commercial real estate investment services firm in the United States. Founded in 1971 on a unique model that matches each property with the largest pool of pre-qualified investors, we leverage four decades worth of experience and relationships to handle all of your commercial real estate needs. Our team of more than 2,000 professionals in the U.S. and Canada focuses exclusively on real estate investment sales, financing, research, and advisory services.
Founded in
1971 on a
unique
methodology
Largest pool of
pre-qualified
investors in
the industry
Moves capital
across our
network of
investment
professionals
More than 2,000
investment
professionals in
the U.S. and
Canada
WITH AN EXCLUSIVE FOCUS ONreal estate investment sales, financing, research, and advisory services
35
MARCUS & MILLICHAP ADVANTAGE
M O R E T H A N
2401 OLIVE ST
2401 OLIVE ST
MAXIMIZING
RESULTS WITH
80+ OFFICES
THROUGHOUT
THE U.S. AND
CANADA
With our collaborative culture, cutting-edge technology, and proven methodology, we efficiently match buyers and sellers both regionally and nationally to maximizeyour success.
MOVING CAPITAL, MAXIMIZING VALUE
36
MARCUS & MILLICHAP ADVANTAGE
WIDE RANGE OF CAPABILITIES,
PROVEN EXECUTION PROCESS
Our proprietary platform and wide range of capabilities maximize our client results. As an industry leader in closed transactions with a history of repeat business, you can trust in our decades of process-driven success.
MARCUS & MILLICHAP
CAPABILITIES
PERFECTED
PROCESS-DRIVEN
EXECUTIONInvestment Sales and Product
Specialization
Largest Collaborative Investment
Sales Force
Local Submarket Client Coverage
Industry Leading Technology Platform
Real-Time Access to Transaction Data
Access to Competitive Financing
Largest Pool of Exclusive Inventory
Pricing, Marketing, and
Positioning Strategy to
Drive Competitive Bidding
Timeline-Driven Escrow
Management to Mitigate Risk
Transaction Execution for
1031 Exchange Candidates
9,726
38%
4.8
T R A N S A C T I O N S
CLOSED IN 2019
T R A N S A C T I O N S
C L O S E D E V E R Y
B U S I N E S S H O U R
CLOSED WITH
OUT-OF-STATECAPITAL IN 2019
T R A N S A C T I O N S
37
MARCUS & MILLICHAP ADVANTAGE
2401 OLIVE ST
THE MARCUS & MILLICHAP
ADVANTAGE
REAL ESTATE
INVESTMENT
SALES
FINANCING RESEARCHADVISORY
SERVICES
MARCUS & MILLICHAP ADVANTAGE
Largest commercial real
estate brokerage firm in the
country, with specialization in
all major property types and
more than 2,000 professionals
collaborating at every stage
Access to the industry’s
largest inventory of quality
investment opportunities
Superior capital market
expertise, precisely managed
financing, and unparalleled
access to the most competitive
rates, terms, and capital
sources through MMCC
Prominent capital market
relationships with commercial
banks, secured lenders,
debt and equity funds,
life insurance companies,
private and public funds, etc.
Provides clients with the latest
local and national market trends
based on real-time data to
create optimal positioning,
pricing, and marketing strategies
Industry’s most in-depth
understanding of a variety of
property types in numerous
local and national markets,
with over 1,500 research
products produced annually
Comprehensive advisory
and consulting services to
give you buy-sell-hold
decisions based on real-time
market knowledge and research
Maximizes value for our clients
in each transaction and shapes
long-term portfolio strategies
Marcus & Millichap tailors our investment strategies to meet the unique needs and goals of each client. To best serve our clients and to maximize value, we combine our collaborative culture with the world’s most advanced technology to create the industry’s most powerful proprietary marketing system.
38
2401 OLIVE ST
Because we cover a wide variety of property types, Marcus & Millichap gives you access to the industry’s largest investment inventory. Through property specialization and information sharing, our investment professionals cultivate relationships across the U.S. and Canada. We leverage these relationships to provide our clients with the insight and opportunities to maximize their investments.
SPECIALTY
DIVISIONS
MULTIFAMILY RETAILSINGLE TENANT
NET-LEASE
OFFICEFINANCING HOSPITALITY AFFORDABLE
HOUSING
LAND HEALTHCAREINDUSTRIAL MANUFACTURED
HOUSING
SELF-STORAGE SENIORS
HOUSING
STUDENT
HOUSING
2401 OLIVE ST
39
MARCUS & MILLICHAP ADVANTAGE
When a client hires a local agent, the entire Marcus & Millichap team stands behind that agent. Each investment professional can leverage Marcus & Millichap’s carefully cultivated network of local, regional, and national contacts in order to provide clients with access to our unsurpassed product inventory, large client base that is sourced both internally and externally, and excellent product capital sourcing. Through maximum controlled exposure, our local agents create a maximum result for each client.
MARCUS & MILLICHAP
NETWORK
MARCUS & MILLICHAP ADVANTAGE
2401 OLIVE ST
40
INVESTMENT OPTIONS
AND OPPORTUNITIES
The success of Marcus & Millichap is based on our collaborative culture of information sharing across our network of more than 2,000 investment professionals, which maximizes value for each of our clients.
Working with a unique platform that is antithetical to the concept of “pocket listings,” our investment professionals share all listings with the entire Marcus & Millichap team. Each professional specializes in a property type and has a database of local properties and owners, which is leveraged in every client assignment. Because each local agent specializes in a single product type in a specific geographic region, our clients are completely covered across the U.S. and Canada with every investment.
Our foundation of information sharing maximizes pricing for our clients and gives us the largest inventory of any firm in the industry.
THE SIZE AND ACCESSIBILITY OF OUR
INVENTORY ENABLES YOU TO SELL YOUR
PROPERTY AND QUICKLY MOVE INTO
ANOTHER PROFITABLE INVESTMENT.
V A L U E O F
R E C E N T L Y
C L O S E D
T R A N S A C T I O N S
$49.71B
2,021C O L L A B O R A T I V EA G E N T D A T A B A S E S
41
MARCUS & MILLICHAP ADVANTAGE
2401 OLIVE ST
GAIN ACCESS TO THE NATION’S LARGEST EXCLUSIVE
INVENTORY OF PROPERTIES FOR ALL PRODUCT TYPES
42
MARCUS & MILLICHAP ADVANTAGE
3,218EXCLUSIVE
LISTINGS
Exclusive Listings as of 12/31/2019
* Financing summary not included in Exclusive Listings total
1,659 RETAIL
997 SINGLE TENANT
NET LEASE
622 MULTIFAMILY
496 FINANCING
223 OFFICE
258 LAND
233 HOSPITALITY
141 INDUSTRIAL
48 HEALTHCARE
52 SELF-STORAGE
49 MANUFACTURED HOUSING
51 AFFORDABLE HOUSING
37 SENIORS HOUSING
14 STUDENT HOUSING
MultifamilyMultifamilyFinancing
2401 OLIVE ST
MARCUS & MILLICHAP ADVANTAGE
Whether you’re looking to buy, sell, refinance, or hold, Marcus & Millichap leverages real-time market research to assess local and national trends, with specialized focus on individual property types. Backed by the collaborative culture of industry experts, your local investment professional will walk you through each phase of your investment strategy.
MANAGE AND OPERATE
DISPOSITION AND EXCHANGE ACQUISITION
INVESTOR CONCERNS
Is holding my asset the most
profitable choice in this market?
How can I best take advantage
of the capital markets to
maximize my returns?
Based on my investment risk
tolerance and objectives, what
opportunities should I consider?
How should I position my
portfolio for potential changes
in market conditions?
INVESTOR CONCERNS
Is now the right time to sell?
How can I leverage the capital
markets to maximize my results?
How do I optimize my position
via a disposition?
What alternatives and
associated investment returns
would I have in the event of a
sale?
INVESTOR CONCERNS
When is the right time to buy?
What investment opportunities
are available for my
consideration?
What are the risks in the
current market?
What are my financing options?
How will an acquisition impact
my portfolio’s returns?
MARCUS & MILLICHAP’S
SOLUTIONS
Value and market
positioning analysis
Disposition buyer financing
New acquisition financing
1031 exchange investment
alternatives analysis
MARCUS & MILLICHAP’S
SOLUTIONS
Strategic “hold” analysis
Refinance strategic analysis
Quarterly investment
return analysis
Ongoing market and
submarket research
Ongoing product-specific
research
MARCUS & MILLICHAP’S
SOLUTIONS
Pre-acquisition analysis
Financial investment analysis
Market and submarket research
Product-specific research
ADVISORY
SERVICES
ACROSS THE
OWNERSHIP
LIFECYCLE
2401 OLIVE ST
43
MARCUS & MILLICHAP ADVANTAGE
MARCUS & MILLICHAP CAPITAL
CORPORATION CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms.
We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of financing options.
Our dedicated, knowledgeable experts understand the challenges of financingand work tirelessly to resolve all potential issues for the benefit of our clients.
Optimum financing solutions to
enhance value
Enhanced control through
investor qualification support
Enhanced control through
MMCC’s ability to qualify
investor finance contingencies
Enhanced control through
MMCC’s ability to monitor
investor/due diligence and
underwriting to ensure timely,
predictable closings
Enhanced control through
quickly identifying potential
debt/equity sources,
processing, and closing
buyer’s finance alternatives
WHY MMCC?
National platform
operating
within the firm’s
brokerage offices
$7.18 billion
total national
volume in 2019
Access to
more capital
sources than
any other firm
in the industry
Closed 1,944
debt and equity
financings
in 2019
2401 OLIVE ST
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2401 OLIVE ST
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MARKETING
TEAM
STEPHEN EBY & PARTNERS
Advertising & Direct Mail
Cooperating Brokerage Community
Confidentiality Registration
Offering Memorandum Distribution
MARKETING – TEAM
MARKETING TEAM
2401 OLIVE ST
GSS LLC
OFFERING MEMORANDUM • ELECTRONIC BROCHURES • MARKET RESEARCH • DEMOGRAPHICS
ESCROW MANAGEMENT • WIRE TRANSFERS • THIRD-PARTY REPORTS • ESTOPPEL • PRODUCTION
BRUCE BARNHARDSENIOR ASSOCIATE
MEMBER, NATIONAL MULTI HOUSING GROUP
ASSOCIATE MEMBER, NATIONAL RETAIL GROUP
DEBT & STRUCTURED FINANCING
Eric Van DenkDIRECTOR
MARCUS & MILLICHAP SUPPORT
Jim MarkelVICE PRESIDENT / REGIONAL MANAGER
MARCUS & MILLICHAP SUPPORT
Jesica OcheltreeOPERATIONS MANAGER
MARCUS & MILLICHAP SUPPORT
Judy MaxeyCERTIFIED AGENT SUPPORT SPECIALIST
(FRONT DESK)
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More than 2,000 Sales and
Financing Professionals in Offices
Throughout the U.S. and Canada
More Than 2.000 ProfessionalsThroughout the U.S. & Canada
Electronic Marketing(MNet, Email, Posting, etc.)
Direct Client Calling Effort
Bio
Awards
Sales Recognition Award: 2015
Bruce G. Barnhard was recruited by Marcus & Millichap and joined the newly established Bakersfield Office inAugust of 2014. He was promoted to a full time Senior Investment Associate shortly thereafter.
A seasoned Real Estate Professional with unique skill sets specializing in all aspects of Real Estate Industryincluding but not limited to; acquisition, development, construction and the sale of Big Box Retail, Multi‐TenantRetail, Hospitality, Office Buildings (all types), Industrial Buildings, Multi‐Family Apartments, Restaurants,Theatres and Land plays.
His extensive experience & knowledge make him an exceptional value to Clients. He is a very creative, multi‐dimensional thinker with a reputation for getting the deal DONE! Bruce has thorough knowledge of real estatefinance and explains the complexities to his clients in a way that allows them to truly understand their bestoptions. Giving full consideration and disclosure to investment income, replacement, remodel or building new.All financial models are considered and evaluated.
In addition to business transactions he has vast experience in acquisition, development, construction, propertymanagement and finance as a licensed General Contractor having worked for 25+ years throughout Californiainto multiple States.
Bruce has been formally educated in the School of Architecture and Environmental Design with a Bachelor ofScience Degree in Construction Management with a Real Estate & Development emphasis from CaliforniaPolytechnic State University, San Luis Obispo, Ca.
Senior Associate
Member - National Multi Housing Group
Tel: (661) 377-1878
Fax: (661) 377-1879
License: CA 01866265
Bruce Barnhard
2401 OLIVE ST
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3,480
CLOSED IN 2018
MULTIFAMILY
TRANSACTIONS
SALESSPECIALISTSMULTIFAMILY
MARKETING TEAM
2401 OLIVE ST
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MARKETING
PLAN
PREMIER
ACCESS TO
INVESTOR
PROFILES
Our comprehensive marketing plan gives you access to the full spectrum of investment profiles, with a special emphasison cross-product and 1031 exchange capital.
Foreign and International Buyers
2nd Tier Investors
3rd Tier Investors
1st Tier Investors
Cross-Product Capital
1031 Exchange Capital
Pension funds, advisors, banks, REITs,
and life insurance companies
Opportunistic investors seeking diversification in
other real estate property types
Investors seeking acquisition opportunities
for capital gains tax deferral
Foreign investors seeking domestic
opportunities and technology enablers
that direct foreign demand
Private, individual investors who account for
the majority of transactions in the marketplace
Syndicators, developers, merchant builders,
general partnerships, and professional investors
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MARKETING PLAN
2401 OLIVE ST
MAXIMUM EXPOSURE CREATES MAXIMUM VALUE
Our comprehensive marketing plan provides strategic exposure for your asset. Whether the optimal strategy requires maximum exposure within a single profile, broad exposure across all investor profiles, or a hybrid approach, our platform ensures maximum value across every client profile.
Specializing exclusively in investment sales, our network of
more than 2,000 investment professionals throughout the
U.S. and Canada guarantees your property is exposed to the
largest pool of qualified buyers.
We access via our highly organized national product
specialty groups and the regional and national marketing
opportunities they present.
Our collaborative culture across product types,
enabled through MNet, ensures access to the broadest
pool of qualified investors.
Access the Industry’s largest pool of 1031 exchange
buyers, as a result of closing more transactions annually
than any other commercial real estate brokerage firm.
As the leader in investment sales transactions annually, Foreign
capital is drawn to our firm as the conduit to the nation’s largest
exclusively listed inventory. Foreign investors seek our advice,
market reach and long-standing client relationships with the
industry’s largest pool of buyers and sellers.
Marcus & Millichap maintains long-term relationships with
these investors via our IPA divisions, product specialty
divisions, and over 800 senior investment professionals.
STRATEGY
MARKETING
PLAN
FOREIGN AND INTERNATIONAL BUYERS
2ND TIER INVESTORS
3RD TIER INVESTORS
1ST TIER INVESTORS
CROSS-PRODUCT CAPITAL
1031 EXCHANGE CAPITAL
KEARNEYAPARTMENTS
MARCUS & MILLICHAP ADVANTAGEMARKETING PLAN
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2401 OLIVE ST
MARKETING PLAN
2401 OLIVE ST
COMPREHENSIVE
INTERNAL AND
EXTERNAL
EXPOSURE
Our comprehensive marketing plan leverages all channels of communication to maximize property exposure, both internally and externally. We provide and produce offering memorandums, conduct internal and external email marketing, and initiate internal and external telephone contact.
Exposure to the market ultimately determines the final outcome of a sale, and we work to create the best exposure in the industry for your property.
30-DAY LEAD: Finalize financial
analysis, property overview, and
photographs.
DAY 4: Deliver a draft of the offering
memorandum for client approval.
DAY 6: Begin active marketing,
using the offering memorandum
as the focal point. In particular,
highlight the property’s future value.
Once active, the offering
memorandum is available to all
Marcus & Millichap sales
professionals to present to our large
pool of pre-qualified buyers.
30-DAY LEAD: Draft of email
campaign presented for client
approval.
DAY 6: First wave of internal and
external email campaign sent with
tracking capability for “opens.”
Commence follow-up via telephone to
sell the opportunity, gauge
interest,and overcome buyer
objections.
DAY 20: Begin second wave of email
campaign and telephone follow-ups.
Note: Email campaigns continue
throughout the listing period.
30-DAY LEAD: Probable buyer
list created from team’s database,
including probable exchange buyers
from prior 30-day sales comps.
DAY 6: Direct outreach to Marcus &
Millichap sales professionals via
office presentations and telephone
conferences.
DAY 8: Marketing team makes
direct telephone contact with list
of all probable buyers.
Note: Telephone campaigns continue
throughout the listing period.
O F F E R I N GM E M O R A N D U M
I N T E R N A L & E X T E R N A L
E M A I L M A R K E T I N G
I N T E R N A L & E X T E R N A L
P H O N E C O N T A C T
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PRIOR TO
MARKETINGON MARKET
MARKETING TIMELINEDAYS 11–20 DAYS 21–45 DAYS 46–90
Produce Offering
Memorandum
Produce Flyers
Finalize Underwriting
and Lease Abstract
Client Review of All
Materials
Creation of Targeted
Buyer List
Lender Evaluation
Source Term Sheets
in Capital Market
Client Review and
Approval of All Materials
Activate Listing in MNet,
Our Proprietary Marketing
System, to Instantly Match
Prospective Buyers and
Investment Professionals
with Your Property
Present Property at Local
Sales Meetings
Personally Contact Target
Buyers: Private Hybrid and
Institutional
Source Term Sheets in
Capital Markets
Send Strategic Property
E-Campaign to Prospective
Buyers and Promote 1031
Exchange Parameters
Expose Listing to
www.MarcusMillichap.com:
4,043 Total Website Hits in
2019
Execute E-Campaign
to Qualified Private
Buyer Pool
Present Property on
National Product Specialty
Group Investor Call and
Regional Calls
Actively Advertise Across
Multiple Platforms
Execute Targeted Print
Campaign
Aggregate, Field
and Present All Offers
Qualify and Refine
Buyer Pool
Provide Access to All
Due Diligence to Mitigate
Retrade, Legal Delays, etc.
Coordinate Escrow Process
Conduct Property
Inspection
Leverage Buyer to Open
Escrow Non-Contingent
Close Escrow
DAYS 1–1010-DAY LEAD
MARKETING PLAN
#
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAME124 MAIN ST
PRICING AND VALUATION MATRIX
PROPERTY NAME
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MARKETING PLAN
2401 OLIVE ST
MARKETING PLAN
03
02
01
WHY MARCUS & MILLICHAP?
Specialists in product type and geographic location
Creates buyer competition to maximize price and increase probability
of a successful closing
Access to information sharing throughout the largest network of
investment professionals in U.S. and Canada as part of our
collaborative culture
Proactively promotes your property to local, regional, and national
Marcus & Millichap professionals
YOUR LOCAL AGENT
THE MARCUS & MILLICHAP PLATFORM
Repeat clients
Decades worth of experience
Highly-focused specialization
Collaborative culture built on information sharing
Industry-leading technology platform
A HISTORY OF CLIENT RESULTS
Largest database of qualified investors in the industry
Unparalleled access to potential buyers, including one of the
largest databases of 1031 exchange buyers
More than 2,000 investment professionals working collaboratively
to achieve client results
M A R C U S &
M I L L I C H A P
IS A
LEADING
COMMERCIAL
REAL ESTATE
I N V E S T M E N T
S E R V I C E S
FIRM IN THE
AND CANADA
U.S.
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2401 OLIVE ST
2401 OLIVE ST
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MARKET
OVERVIEW
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
DEMOGRAPHICS
Source: © 2019 Experian
Created on April 2020
POPULATION 1 Miles 3 Miles 5 Miles
2024 Projection
Total Population 5,063 105,459 302,996
2019 Estimate
Total Population 5,094 104,675 298,945
2010 Census
Total Population 5,014 101,283 287,561
2000 Census
Total Population 5,093 96,093 259,330
Daytime Population
2019 Estimate 18,875 168,776 352,770
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2024 Projection
Total Households 2,348 38,456 103,654
2019 Estimate
Total Households 2,359 37,997 101,886
Average (Mean) Household Size 2.16 2.70 2.90
2010 Census
Total Households 2,267 35,941 96,102
2000 Census
Total Households 2,256 35,127 89,200
Growth 2015-2020 -0.47% 1.21% 1.74%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
Occupied Units
2024 Projection 2,348 38,456 103,654
2019 Estimate 2,473 40,851 107,950
Owner Occupied 1,090 14,177 46,172
Renter Occupied 1,269 23,820 55,713
Vacant 114 2,853 6,064
Persons In Units
2019 Estimate Total Occupied Units 2,359 37,997 101,886
1 Person Units 38.70% 30.69% 25.78%
2 Person Units 33.32% 26.96% 26.87%
3 Person Units 12.25% 14.73% 15.54%
4 Person Units 9.03% 12.04% 13.71%
5 Person Units 4.07% 7.62% 8.82%
6+ Person Units 2.63% 7.95% 9.28%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2019 Estimate
$200,000 or More 5.48% 1.82% 2.87%
$150,000 - $199,000 5.36% 2.26% 3.51%
$100,000 - $149,000 11.71% 7.28% 10.67%
$75,000 - $99,999 8.77% 8.63% 10.74%
$50,000 - $74,999 21.02% 16.62% 18.08%
$35,000 - $49,999 13.42% 14.41% 13.87%
$25,000 - $34,999 10.62% 12.74% 11.39%
$15,000 - $24,999 10.70% 15.31% 12.89%
Under $15,000 12.91% 20.92% 15.96%
Average Household Income $78,059 $52,609 $64,350
Median Household Income $52,470 $35,924 $44,611
Per Capita Income $36,317 $19,346 $22,125
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2019 Estimate Total Population 5,094 104,675 298,945
Under 20 23.03% 31.08% 32.10%
20 to 34 Years 25.03% 24.36% 23.63%
35 to 39 Years 6.98% 6.39% 6.37%
40 to 49 Years 12.07% 11.09% 11.08%
50 to 64 Years 19.08% 15.88% 15.73%
Age 65+ 13.80% 11.20% 11.10%
Median Age 36.27 31.44 31.08
Population 25+ by Education Level
2019 Estimate Population Age 25+ 3,587 64,302 180,348
Elementary (0-8) 2.84% 9.15% 9.68%
Some High School (9-11) 7.82% 15.45% 13.08%
High School Graduate (12) 24.20% 29.56% 28.35%
Some College (13-15) 28.09% 24.40% 23.65%
Associate Degree Only 8.53% 6.68% 7.03%
Bachelors Degree Only 17.81% 7.98% 10.19%
Graduate Degree 9.68% 3.89% 5.15%
Population by Gender
2019 Estimate Total Population 5,094 104,675 298,945
Male Population 48.63% 48.98% 48.94%
Female Population 51.37% 51.02% 51.06%
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Income
In 2019, the median household income for your selected geography is
$52,470, compare this to the US average which is currently $60,811.
The median household income for your area has changed by 23.02%
since 2000. It is estimated that the median household income in your
area will be $59,369 five years from now, which represents a change
of 13.15% from the current year.
The current year per capita income in your area is $36,317, compare
this to the US average, which is $33,623. The current year average
household income in your area is $78,059, compare this to the US
average which is $87,636.
Population
In 2019, the population in your selected geography is 5,094. The
population has changed by 0.02% since 2000. It is estimated that the
population in your area will be 5,063.00 five years from now, which
represents a change of -0.61% from the current year. The current
population is 48.63% male and 51.37% female. The median age of
the population in your area is 36.27, compare this to the US average
which is 38.08. The population density in your area is 1,620.74 people
per square mile.
Households
There are currently 2,359 households in your selected geography. The
number of households has changed by 4.57% since 2000. It is
estimated that the number of households in your area will be 2,348
five years from now, which represents a change of -0.47% from the
current year. The average household size in your area is 2.16 persons.
Employment
In 2019, there are 14,288 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
65.87% of employees are employed in white-collar occupations in
this geography, and 34.01% are employed in blue-collar occupations.
In 2019, unemployment in this area is 6.61%. In 2000, the average
time traveled to work was 21.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
73.22% White, 4.68% Black, 0.12% Native American and 2.30%
Asian/Pacific Islander. Compare these to US averages which are:
70.07% White, 12.87% Black, 0.19% Native American and 5.66%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 32.33% of the current year
population in your selected area. Compare this to the US average of
18.17%.
PROPERTY NAME
MARKETING TEAM
2401 OLIVE ST
Housing
The median housing value in your area was $243,044 in 2019,
compare this to the US average of $212,058. In 2000, there were
1,225 owner occupied housing units in your area and there were
1,031 renter occupied housing units in your area. The median rent at
the time was $417.
Source: © 2019 Experian
DEMOGRAPHICS
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8
2401 OLIVE ST
DEMOGRAPHICS
59
www.MarcusMillichap.com
Bruce Barnhard
Senior Associate
Member - National Multi Housing Group
Bakersfield Office
Tel: (661) 377-1878
Fax: (661) 377-1848
License: CA 01866265
P R E S E N T E D B Y
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