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1869 ATWATER BLVD1869 Atwater Blvd • Atwater, CA 95301
Offering Memorandum
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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
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable;
however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters
and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of
the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & 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.
1869 ATWATER BLVD
Atwater, CA
ACT ID ZAA0030146
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P R E S E N T E D B Y
Jonathan Haeling
Agent
Sacramento Office
Tel: (916) 724-1400
Fax: (916) 724-1410
License: CA 02075750
Dusty Haeling
First Vice President Investments
Director - National Multi Housing Group
Sacramento Office
Tel: (916) 724-1359
Fax: (916) 724-1410
License: CA 01292212
3
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03Sales Comparables
Rent Comparables
1869 ATWATER BLVD
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1869 ATWATER BLVD
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INVESTMENT
OVERVIEW
1869 ATWATER BLVD
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EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Joseph Farms Cheese 500
Ward Enterprises 358
Teasdale Latin Foods 277
G & G Construction Co 250
Target 177
Merced Irrigation District 160
Atwater High School 150
Anberry Rehabilitation Hosp 140
Metal Building Components Mbci 125
Winfield Elementary School 118
Sierra Academy of Aeronautics 106
Joseph Farms 105
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2018 Estimate Pop 10,720 42,141 56,686
2010 Census Pop 10,145 39,676 53,234
2018 Estimate HH 3,348 12,967 16,495
2010 Census HH 3,162 12,226 15,568
Median HH Income $44,467 $53,329 $52,699
Per Capita Income $19,465 $21,584 $20,644
Average HH Income $61,842 $69,890 $70,015
UNIT MIX
NUMBEROF UNITS
UNIT TYPEAPPROX.SQUARE FEET
1 One Bedroom 565
1 Two Bedroom 1,000
13 Studio 495
15 Total 8,000
VITAL DATA
Price $989,899 CURRENT PRO MGMT
Loan Amount $742,424 CAP Rate 5.95% 5.43%
Loan Type Proposed New GRM 10.18 8.19
Interest Rate / Amortization 4.76% / 30 YearsNet Operating Income
$58,945 $53,794
Price/Unit $65,993Net Cash Flow After Debt Service
5.02% / $12,417 2.94% / $7,266
Price/SF $123.74 Total Return 9.64% / $23,853 7.78% / $19,258
Number of Units 15
Rentable Square Feet 8,000
Year Built / Renovated 1990 / 2010
Lot Size 0.59 acre(s)
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1869 ATWATER BLVD
OFFERING SUMMARY
▪ 15 Units Renovated in 2010
▪ Zoned for Potential Expansion
▪ Walking Distance to Applegate Ranch Shopping Center and Near the 99 Freeway
▪ Potential ACE Train Rail Expansion with an Atwater Train Station
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to exclusively market for sale 15 units located in Atwater, California. The subject property consists of 13 studio apartments
and 1 one-bedroom/one-bath unit built in 1990 as well as a two-bedroom/one-bath house. The property was renovated by the current owner in 2010 and has a large paved
parking lot with a yard. The property is conveniently located right next to the 99 freeway, less than a mile away from a Walmart Supercenter and Applegate Ranch Shopping
Center, and is just 12 miles away from UC Merced. To enhance commuter and intercity rail service and to promote greater transit connectivity between the San Joaquin
Valley and the San Francisco Bay Area, SJRRC is proposing to expand ACE service to Ceres, Atwater and Merced.
Atwater, California has become a community influenced by the roots of local agriculture, Highway 99, and the former Castle Air Force Base. Each has
influenced the community and remains important fixtures. The City of Atwater is a progressive community when it comes to assisting and cultivating business. The city's
growing residential development is spurring commercial investment, construction, and services. Additionally the city has an established history of food processing, farming,
and light manufacturing companies.
INVESTMENT OVERVIEW
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1869 ATWATER BLVD
PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust DeedLoan Amount $742,424Loan Type Proposed NewInterest Rate 4.76%Amortization 30 YearsLoan Term 5 YearsLoan to Value 75%Debt Coverage Ratio 1.27
THE OFFERING
Property 1869 Atwater BlvdPrice $989,899Property Address 1869 Atwater Blvd, Atwater, CAAssessor’s Parcel Number 001-113-014Zoning R-3, Atwater
SITE DESCRIPTION
Number of Units 15Year Built/Renovated 1990/2010Rentable Square Feet 8,000Lot Size 0.59 acre(s)
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REGIONAL MAP
1869 ATWATER BLVD
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LOCAL MAP
1869 ATWATER BLVD
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AERIAL PHOTO
1869 ATWATER BLVD
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PROPERTY PHOTO
1869 ATWATER BLVD
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PROPERTY PHOTO
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2 Bed 1 Bath
1869 ATWATER BLVD
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2 Bed 1 Bath
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2 Bed 1 Bath
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Studio’s
1869 ATWATER BLVD
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1869 ATWATER BLVD
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
1869 ATWATER BLVD
RENT ROLL SUMMARY
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FINANCIAL ANALYSIS
1869 ATWATER BLVD
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RENT ROLL DETAIL
FINANCIAL ANALYSIS
1869 ATWATER BLVD
OPERATING STATEMENT
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Cap Rate 6.32% 5.96% 5.43%
FINANCIAL ANALYSIS
1869 ATWATER BLVD
PRICING DETAIL
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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 financing
and work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage offices
$6.24 billion
billion total
national
volume in 2018
Access to more
capital sources
than any other
firm in the
industry
Optimum financing solutions to
enhance value
Our ability to enhance buyer
pool by expanding finance
options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender progress,
insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,678
debt and equity
financings
in 2018
ACQUISITION FINANCING
1869 ATWATER BLVD
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1869 ATWATER BLVD
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MARKET
COMPARABLES
1869 ATWATER BLVD
SALES COMPARABLES MAP
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1869 ATWATER BLVD
(SUBJECT)
1329-1359 Drakeley Ave
640 Cedar Ave
2351-2371 N Winton Way
1760 Conestoga Dr
2619 Atwater Blvd
SALES COMPARABLES
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2
3
4
5
PROPERTY NAME
MARKETING TEAM
1869 ATWATER BLVD
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Offering Price: $1,150,000 1 1 Bdr 1Bath
Price/Unit: $76,667 1 2 Bdr 1Bath
Price/SF: $143.75 13 Studio 1 Bath
CAP Rate: 3.36%
Total No. of Units: 15
Year Built: 1990
1869 ATWATER BLVD1869 Atwater Blvd, Atwater, CA, 95301
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Units Unit Type
Close Of Escrow: 6/26/2017 7 3 Bdr 1.5 Bath
Sales Price: $630,000
Price/Unit: $90,000
Price/SF: $75.00
Total No. of Units: 7
Year Built: 1990
1329-1359 DRAKELEY AVE1329 Drakeley Ave, Atwater, CA, 95301
Units Unit Type
Close Of Escrow: 11/22/2017 6 2 Bdr Bath
Sales Price: $420,000
Price/Unit: $70,000
Price/SF: $93.33
Total No. of Units: 6
Year Built: 1960
2
640 CEDAR AVE640 Cedar Ave, Atwater, CA, 95301
PROPERTY NAME
MARKETING TEAM
1869 ATWATER BLVD
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 9/21/2017 8 2 Bdr 1 Bath
Sales Price: $470,000
Price/Unit: $78,333
Price/SF: $81.60
Total No. of Units: 6
Year Built: 1972
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2351-2371 N WINTON WAY2351 Winton Way, Atwater, CA, 95301
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Units Unit Type
Close Of Escrow: 12/22/2017 1 1 Bdr 1 Bath
Sales Price: $549,000 3 2 Bdr 1 Bath
Price/Unit: $78,429 3 2 Bdr 2 Bath
Price/SF: $86.94
Total No. of Units: 7
Year Built: 1980
1760 CONESTOGA DR1760 Conestoga Dr, Merced, CA, 95348
Units Unit Type
Close Of Escrow: 2/15/2018 4 Studio 1 Bath
Sales Price: $1,000,000 10 1 Bdr 1 Bath
Price/Unit: $62,500 2 2 Bdr 1 Bath
Price/SF: $85.32
Total No. of Units: 16
Year Built: 1960
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2619 ATWATER BLVD2619 Atwater Blvd, Atwater, CA, 95301
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1869 ATWATER BLVD
RENT COMPARABLES MAP
1869 ATWATER BLVD
(SUBJECT)
Aptos Park
Castleview Apartmens
Redwood Apartments
Chablis4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
1
2
3
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PROPERTY NAME
MARKETING TEAM
1869 ATWATER BLVD
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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YEAR BUILT: 1990
rentpropertyname1rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 565 $575 $1.02
2 Bdr 1 Bath 1 1,000 $895 $0.90
Studio 1 Bath 13 495 $510 $1.03
Total/Avg. 15 533 $540 $1.01
1869 ATWATER BLVD1869 Atwater Blvd, Atwater, CA, 95301
YEAR BUILT: 1982
1
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 81 600 $700 $1.17
Total/Avg. 81 600 $700 $1.17
APTOS PARK 2849 Nashua St, Atwater, CA, 95301
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YEAR BUILT: 1974
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 46 680 $925 $1.36
2 Bdr 1 Bath 31 976 $995 $1.02
Total/Avg. 77 799 $953 $1.19
CASTLEVIEW APARTMENTS 1720 Bellevue Rd, Atwater, CA, 95301
PROPERTY NAME
MARKETING TEAM
1869 ATWATER BLVD
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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YEAR BUILT: 1975
3
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 12 675 $650 $0.96
2 Bdr 1 Bath 20 1,000 $700 $0.70
2 Bdr 2 Bath 12 1,000 $700 $0.70
Total/Avg. 44 911 $686 $0.75
REDWOOD APARTMENTS 2307 Redwood Ave, Atwater, CA, 95301
YEAR BUILT: 1990
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Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 22 660 $695 $1.05
2 Bdr 1 Bath 42 900 $795 $0.88
Total/Avg. 64 818 $761 $0.93
CHABLIS7249 California St, Atwater, CA, 95301
www.MarcusMillichap.com
Jonathan Haeling
Agent
Sacramento Office
Tel: (916) 724-1400
Fax: (916) 724-1410
License: CA 02075750
Dusty Haeling
First Vice President Investments
Director - National Multi Housing Group
Sacramento Office
Tel: (916) 724-1359
Fax: (916) 724-1410
License: CA 01292212
P R E S E N T E D B Y
31
