Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
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
PAGE 2
J Street
26th Street
ProPerTy aerial 914 26th Street, Sacramento, CA 95816 aerial
PAGE 3
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$1,150,000
PRICE PER UNIT$287,500
PRICE PER RENTABLE SQ. FT.$436
CAP RATE Current: 4.2%Market: 4.7%
GROSS RENT MULTIPLIER Current: 15.5Market: 14.6
UNIT MIX RENTS UNIT TYPE # UNITS SQ FT CURRENT MARKET
1BD / 1BA A 675 $1,450 $1,600
1BD / 1BA B 625 $1,550 $1,550
1BD / 1BA 1 550 $1,400 $1,500
1BD / 1BA 2 790 $1,800 $1,900
AVERAGE 660 $1,550 $1,638
TOTAL 4 2,640 $6,200 $6,550
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 washer & dryer hook-ups, and shared laundry in back.
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
PAGE 4
regional maP 914 26th Street, Sacramento, CA 95816
PAGE 5
State Capitol
MIDTOWN SACRAMENTO
CALIFORNIA
80BUSINESS
U S
50
DOWNTOWNSACRAMENTO
Sacramento Railyards Redevelopment Zone
DownTown/miDTown maP 914 26th Street, Sacramento, CA 95816
PAGE 6
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: 2,640
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: • Electric: Metered - Tenant Paid• Gas: Metered - Tenant Paid• Water/Sewer, Trash - Landlord
Paid
PARKING: 3 Uncovered Spaces
UNIT AMENITIES: • Central Heating & Cooling• In-Unit Washers/Dryers Hook Ups• Shared Laundry in the Back• Black or Stainless Steel
Appliances
ProPerTy DesCriPTion 914 26th Street, Sacramento, CA 95816
PAGE 7
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 1928 1910
PARKING 3, Off-Street 8, Covered 4, Off-Street 4, Garages
LAUNDRYCommon Laundry / Hook-Ups
In PlaceCommon Laundry None 2 Units with Washer / Dryer
PATIO / BALCONY None Shared None Shared Backyard
HVAC Central Central Wall AC / Wall Heat Window AC / Baseboard Heat
APPLIANCE PACKAGE Black or 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 $1,550 $1,825 $1,295 $1,750
AVERAGE UNIT SF 660 640 550 800
AVERAGE RENT / SF $2.35 $2.85 $2.35 $2.19
SUBJECT RENT - #3RENT - #2RENT - #1
renT ComPs 914 26th Street, Sacramento, CA 95816
PAGE 9
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
$2.35/SF $2.85/SF $2.35/SF $2.19/SF
renT ComPs maP 914 26th Street, Sacramento, CA 95816
PAGE 10
inTerior PhoTo - uniT 1 914 26th Street, Sacramento, CA 95816
PAGE 11
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 2,640 3,060 3,660 3,587
AVERAGE UNIT SF 660 765 915 897
AVERAGE RENT / UNIT $1,550 $1,280 $1,775 $1,845
AVERAGE RENT / SF $2.35 $1.67 $1.94 $2.06
PRICE $1,195,000 $1,150,000 $1,220,000 $1,399,987
PRICE / UNIT $298,750 $287,500 $305,000 $349,997
PRICE / SF (RENTABLE) $453 $376 $333 $390
CAP RATE 4.00% Unknown Unknown Unknown
GROSS RENT MULTIPLIER 16.1 18.7 14.3 15.8
FEATURES / UPDATES
Remodeled Units, Kitchens & Baths, Black or Stainless Steel
Appliances Wide, Bleached Plank Flooring Washer/Dryer Hook-Up in
Units, Shared Laundry in BackCentral 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
PAGE 12
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
$1,195,000 $1,150,000 $1,220,000 $1,399,987
sales ComPs maP 914 26th Street, Sacramento, CA 95816
PAGE 13
inTerior PhoTo - uniT 2 914 26th Street, Sacramento, CA 95816
PAGE 14
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 $74,400 $78,600
Less: Vacancy $(2,976) -4.0% $(3,144) -4.0%
Net Rental Income $71,424 $75,456
Other Income
Parking & Other Income $- Note #1 $1,440
Utility Reimbursement $- Note #2 $1,920
Total Other Income $- $3,360
Total Income $71,424 $78,816
Est. Annual Operating Exp Per Unit
Totals %/Total
Inc. Per Unit
Totals %/Total
Inc.
Repairs and Maintenance $400 $1,600 2.2% $400 $1,600 2.0%
Turnover $- $- 0.0% $- $- 0.0%
Utilities $950 $3,800 5.3% $950 $3,800 4.8%
Trash Removal $200 $800 1.1% $200 $800 1.0%
Landscaping & Pest Control $225 $900 1.3% $225 $900 1.1%
Payroll $- $- 0.0% $- $- 0.0%
Administrative $200 $800 1.1% $200 $800 1.0%
Marketing & Advertising $- $- 0.0% $- $- 0.0%
Property Taxes @ 1.1295% $3,247 $12,989 18.2% $3,247 $12,989 16.5%
Insurance $625 $2,500 3.5% $625 $2,500 3.2%
Management Fee $- $- 0.0% $- $- 0.0%
Total Operating Expense $5,847 $23,389 32.7% $5,847 $23,389 29.7%
Replacement Reserves $- $- 0.0% $250 $1,000 1.3%
Total Expense $5,847 $23,389 32.7% $6,097 $24,389 30.9%
Net Operating Income $48,035 $54,427
Note #1: Parking Fees - $40/mo for each space. Note #2: Utility Reimbursement - $40/mo for each 1bd/1ba.
PRICE: $ $1,150,000 Price per unit $287,500
Price per Sq. Ft. $436
Gross Rent Multiplier (Current) 15.5
Gross Rent Multiplier (Market) 14.6
Cap Rate (Current) 4.2%
Cap Rate (Market) 4.7%
UNIT MIX RENT / MONTH
UNIT TYPE
# UNITS
SQ FT
CURRENT CURRENT
Per SF MARKET
MARKETPer SF
1BD / 1BA A 675 $1,450 $2.15 $1,600 $2.37
1BD / 1BA B 625 $1,550 $2.48 $1,550 $2.48
1BD / 1BA 1 550 $1,400 $2.55 $1,500 $2.73
1BD / 1BA 2 790 $1,800 $2.28 $1,900 $2.41
AVERAGE 660 $1,550 $2.35 $1,638 $2.48
TOTAL 4 2,640 $6,200 $2.35 $6,550 $2.48
finanCials 914 26th Street, Sacramento, CA 95816
PAGE 15
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
PAGE 16
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
PAGE 17
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
PAGE 18
David HosbeinDRE: 01337628
Tel: [email protected]
532 Gibson Drive, Suite 200
Roseville, CA 95678
914 26Th sTreeT, saCramenTo, Ca 95816
PAGE 19