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108 ROSS AVESan Anselmo, CA
Scott GerberCA LIC #01138762(415) 927-8888 x [email protected]
711 Grand Ave., Suite 290San Rafael, CA 94901
(415) 451-4900www.meridiancommercial.com
Offered at $8,450,000
THE LUXURY RESIDENCES AT
Kate RaphaelInvestment Associate [email protected] #02027825
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
2
Meridian Commercial (“Broker”) has been retained on an exclusive basis to market the property described herein (“108 Ross Ave”). Broker has been authorized by the Seller of the Property to prepare and distribute the enclosed Offering Memorandum for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller, its affiliates or Broker. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
All inquiries related to the property should be directed to the exclusive listing agent:
Scott GerberManaging Director [email protected] #01138762
711 Grand Ave Suite 290 San Rafael, CA 94901ph: 415.927.8888 fx: 415.451.4908www.scottgerber.com
Multi-Family Investments
Northern California’s Source for Apartment Brokerage Services
OVERVIEW
A rare opportunity to own condominium style apartment units within walking distance of desirable downtown shopping and amenities, 108 Ross Avenue combines quality and location. Priced at Eight Million Four Hundred Fifty Thousand dollars, 108 Ross offers thirteen updated two and three-bedroom townhouse units with in-suite laundry, patios, balconies and garage parking. Located in San Anselmo’s Seminary district, the property is part of a neighborhood that is quite simply “as good as it gets”.
PROPERTY DESCRIPTION
Built in 1968 and originally occupied by staff and students of the San Francisco Theological Seminary, the properties were sold to the current owner in 2015 and extensively renovated in 2016. The 13-units are distributed among 5 buildings on concrete slab foundations, situated on 0.51 acre site. The unit mix consists of 10-1102 square foot two-bedroom one bath units and 3-1314 square foot three bedroom one and a half bath units.
Spacious, private and filled with natural light, each unit features gas forced air heating, upgraded floor coverings throughout, energy efficient stainless-steel appliances including Bosch dish washers, quartz counters, tile back splash in kitchen and convenient in-suite laundry equipment. Every unit features one covered parking space and outdoor living space with both private fenced patio and deck off the master bedroom. 108 Ross Avenue offers a property and amenity package found in quality residential and condominium communities that cater to the highest caliber tenancy. The attractive site plan features mature landscaping, a central courtyard and various outdoor areas to gather and enjoy the outdoors. The large site spans all the way through to Woodland Avenue in the rear and is flanked by a private residence and St. Nicholas Church. The utilities are paid by the property owner and tenants receive a monthly bill according to unit size for the share of water, sewer, trash and common gas and electric. The monthly utility income has averaged $1,930.
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
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PROPERTY OVERVIEW
Multi-Family Investments
SAN ANSELMO
Located just 18 miles north of San Francisco in Marin County, 108 Ross Avenue is a 13-unit apartment community ideally situated in the boutique town of San Anselmo. Featuring a lively downtown with shopping and dining, breathtaking scenic beauty and nearby outdoor recreation, San Anselmo offers charm and convenience to its residents. The combination of incredibly strong demographics, proximity to a world class city/destination, and an extremely limited housing market, create a highly desirable place to own a real estate investment.
POPULATION 1 MILE 3 MILES 5 MILES
Total Population 1,025 77,245 141,464
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total Households 3,964 28,312 59,020
Average HH Income $138,599 $127,246 $127,005
Median Home Value $1,085,088 $1,026,231 $1,030,739
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
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LOCATION OVERVIEW
108 ROSS
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
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INVESTMENT SUMMARY: Having eluded the condominium conversion craze of the 1970’s and 80’s due to the previous ownership by the San Francisco Theological Seminary, 108 Ross Avenue offers a unit mix, amenity package, location and income stream that simply isn’t found in today’s real estate market. Priced at $8,450,000 108 Ross Ave offers an opportunity to acquire a truly one-of-a-kind real estate investment. The starting cap rate of 4.12% grows to 4.60% at market rents and starting cash flow of $103,376 combines with annual loan principle paydown of $73,120 to give a first year projected total return of $176,496 which grows to $216,713 at what is believed to be market rents. Buyers employing professional property management will expect to pay an additional expense (not shown in operating expenses). The current GRM of 15.14 is well below the market average for the comparables of 18.75.
FINANCING: After making a down payment of $4,225,000, Buyer will secure a new first mortgage in the approximate amount of $4,225,000 at today’s 5 year fixed rate of 4.10% with 30 year amortization schedule yielding a monthly payment of $20,415. Contact listing agent for financing referral if needed.
INVESTMENT HIGHLIGHTS: Investment Highlights SummaryCurrent GRM: 15.14 Current CAP Rate: 4.12%
Market GRM: 14.09 Market CAP Rate: 4.60%
Price/Unit: $650,000 Starting (Cash on Cash) Return: 2.45%
Price/SF: $564.76 Stabilized (Cash on Cash) Return: 3.40%
INVESTMENT SUMMARY
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Northern California’s Source for Apartment Brokerage Services
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
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SITE SURVEY
SITE SURVEY PARCEL MAP
Parcel Number(s): 007-281-26
Parcel(s) Size: 0.51 acres
Zoning: R-3, San Anselmo
Year Built: 1968
Buildings: 5
Parking: 21 Covered
Construction Style: Wood frame walk-up
Roof: Pitched comp shingle/tile/tar & gravel
Foundation: Perimeter concrete
Heating: Forced Air
Hot Water: 100 gallon w/ circulating pump
Plumbing: Copper
Electrical: Circuit breakers
Laundry: In-Suite
Kitchen: Stainless steel appliances, quartz countertops
Cabinets: Wood
Windows & Sliding Glass Doors:Dual Pane
Amenities: Underground parking garage, electric vehicle charging station, private yards
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
7
PROPERTY FEATURES
PROPERTY FEATURES
• Built in 1968
• Extensive renovation 2016
• 21 car underground concrete parking structure
• Community courtyard
• Private yards
• No upstairs or downstairs neighbors
• Vaulted Ceilings
• Quartz Countertops
• Energy Efficient Stainless Steel Appliances
• In-suite laundry
• Electric Car Charging Station
RENOVATIONS
• Kitchen Cabinets
• Kitchen Appliances
• Kitchen Countertops
• New Washers & Dryers
• Flooring
• Bathroom Vanities
• Windows
• Fencing
• Sewer Lateral
• Landscaping
108 ROSS
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
8
Multi-Family Investments
EXTERIOR VIEW
Northern California’s Source for Apartment Brokerage Services
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
9
Multi-Family Investments
INTERIOR VIEW
Northern California’s Source for Apartment Brokerage Services
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
10
Multi-Family Investments
RENT ROLL
Unit # Unit Type Unit SF Current Rent
1 3BD/1.5BA 1314 $3,925
2 3BD/1.5BA 1314 $3,530
3 3BD/1.5BA 1314 $3,700
4 2BD/1BA 1102 $3,175
5 2BD/1BA 1102 $3,500
6 2BD/1BA 1102 $3,250
7 2BD/1BA 1102 $3,300
8 2BD/1BA 1102 $3,250
9 2BD/1BA 1102 $3,300
10 2BD/1BA 1102 $3,700
11 2BD/1BA 1102 $3,250
12 2BD/1BA 1102 $3,250
13 2BD/1BA 1102 $3,400
Total 13 14,962 $44,530
S U M M A R Y P R O P O S E D F I N A N C I N GPrice: $8,450,000 Approx. Age: 1968Down Payment: $4,225,000 Approx. Lot Size: 22,172 First Loan Amount: $4,225,000 New, 30 year amortizationNumber of Units: 13 Approx. Net RSF: 14,962 Term: 30 Years Fixed for 5 yearsCost Per Unit: $650,000 Cost Per Net RSF: $564.76 Rate: 4.10%Current GRM: 15.14 Monthly Payment: $20,415Market GRM: 14.09Current CAP: 4.12%Market CAP: 4.60%
S C H E D U L E D I N C O M E A N N U A L I Z E D E X P E N S E SNo of Units BD/ BA Approx SF Mo Rent/Unit Monthly Income Mo Rent/Unit Monthly Income Taxes **New Rate $106,238
3 3/1.5 1314 3700-3925 $11,155 $3,995 $11,985 Insurance (Est.) $11,08110 2/1 1102 3175-3700 $33,375 $3,600 $36,000 Advertising: $325
Management $16,241Water and Sewer $15,376Gas and Electric $20,655Trash $8,935Accounting&Bookkeeping $1,750Maintenance/Repair (Est.) $7,800Landscaping $2,860
Total Scheduled Rent: $44,530 $47,985 Misc. $1,758Laundry:Utility Reimbursement: $1,930 $1,930 Total Expenses: $193,019Other: $50 $50 Per Net SqFt: $12.90Parking and Storage: $0 $0 Per Unit: $14,848Monthly Scheduled Gross Income: $46,510 $49,965Annual Scheduled Gross: $558,120 $599,580
A N N U A L I Z E D O P E R A T I N G D A T A Scheduled Gross Income: $558,120 $599,580Less Vacancy Rate Reserve: 3% $16,744 3% $17,987Gross Operating Income: $541,376 $581,593Less Expenses: 34.58% $193,019 $193,019Net Operating Income: $348,358 $388,574Less Loan Payments: $244,982 $244,982Pre-Tax Cash Flow: 2.45% * $103,376 3.40% * $143,592Plus Principal Reduction: $73,120 $73,120Total Return Before Taxes: 4.18% * $176,496 5.13% * $216,713
Current Rents Market Rents
Current Rents Market Rents
*As a % of Down Payment
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
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Multi-Family Investments
OPERATING INFORMATION
Northern California’s Source for Apartment Brokerage Services
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
12
RENT COMPARABLES
1
Comparable #2 Units 1b/1b 2b/1b 2b/2b 3b/1.5b Vacancies Util Incl
35 Tamalpais AveSan Anselmo, CA
15$2,250525 SF
$4.29/SF
$3,3001050 SF$3.14/SF
0 None
2
Subject Property Units 1b/1b 2b/1b 2b/2b 3b/1.5b Vacancies Util Incl
The Luxury Residences at 108108 Ross AveSan Anselmo, CA
13$3,338*1102 SF
$3.03/SF
$3,718*1314 SF
$2.83/SF2 None
Comparable #1 Units 1b/1b 2b/1b 2b/2b 3b/1.5b Vacancies Util Incl
Parkside Apartments101 SunnyhillsSan Anselmo, CA
70$2,255750 SF
$3.01/SF
$3,1651060 SF$2.99/SF
$3,7851070 SF$3.54/SF
4 None
3 Comparable #3 Units 1b/1b 2b/1b 2b/2b 3b/1.5b Vacancies Util Incl
Woodlark Residences965 Magnolia AveLarkspur, CA
80$2,850712 SF
$4.00/SF
$3,545971 SF
$3.65/SF1 None
*average rent
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
13
RENT COMPARABLES MAP
1
2
The Luxury Residences at 108 Ross
1 Parkside Apartments
2 35 Tamalpais Ave
3 Woodlark Residences
3
SAN ANSELMO
N
108 ROSS
KENTFIELD
LARKSPUR
ROSS
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
14
SOLD COMPARABLES
1
2
Comparable #1 Units Price Year Built $/Unit GRM Cap Rate $/SF
1 Creekside WyMill Valley, CA
22 - 3/2.5 $18,000,000 1988 $750,000 16.28 3.22% $467
2 - 3/1
COE: 4/26/19
Comparable #2 Units Price Year Built $/Unit GRM Cap Rate $/SF
22 Tamalpais AveSan Anselmo, CA
2 - 2/1 $2,585,000 1962 $430,833 18.06 3.40% $587
3 - 1/1
1 - Studio
COE: 2/9/18
3 Comparable #3 Units Price Year Built $/Unit GRM Cap Rate $/SF
120 Bulkley AveSausalito, CA
3 - 2/1 $15,500,000 1959 $553,571 21.73 2.72% $766
25 - 1/1
COE: 10/30/17
4 Comparable #4 Units Price Year Built $/Unit GRM Cap Rate $/SF
Sycamore Creek100 Sycamore AveSan Anselmo, CA
15 - 2/1 $9,060,000 1964 $377,500 15.87 3.23% $449
4 - 2/1.5
5 - 1/1
COE: 3/22/19
1
2
3
4
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
15
SOLD COMPARABLES
1
2
Comparable #5 Units Price Year Built $/Unit GRM Cap Rate $/SF
Mallard Pointe1-22 Mallard RdBelvedere, CA
18 - 2/1 $18,200,000 1951 $827,273 16.14 3.70% $832
4 - 2/2
COE: 3/17/17
Comparable #6 Units Price Year Built $/Unit GRM Cap Rate $/SF
190 Throckmorton AveMill Valley, CA
6 - 2/1 $3,100,000 2000 $516,667 19.84 2.99% $896
12 - 1/1
COE: 10/19/18
Subject Units Price Year Built $/Unit GRM Cap Rate $/SF
The Luxury Residences108 Ross AveSan Anselmo, CA
3 - 3/1.5 $8,450,000 1968 $650,000 15.14 4.12% $565
10 - 2/1
OTM
5
6
Comparable #7 Units Price Year Built $/Unit GRM Cap Rate $/SF
55 Roque Moraes Dr.Mill Valley, CA
6 - 1/1 $5,000,000 1962 $833,333 23.30 2.70% $1,008
COE: 5/14/18
7
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
16
SOLD COMPARABLES MAP
1
2
The Luxury Residences at 108 Ross
1 1 Creekside Wy
2 22 Tamalpais Ave
3 120 Bulkley Ave
4 Sycamore Creek Apartments
5 Mallard Pointe
6 190 Throckmorton Ave
7 55 Roque Moraes Dr
3
N
108 ROSS
4
7
6
5
KENTFIELD
MILL VALLEY
SAN ANSELMO
TIBURON
SAUSALITO
Multi-Family Investments
The information herein has not been independently verified by the real estate brokers. Interested parties should have experts of their choice inspect and verify all information. Real estate brokers are not experts with respect to building construction, environmental, legal, tax, and other such matters.
711 Grand Ave., Suite 290San Rafael, CA 94901(415) 451-4900www.meridiancommercial.com
CONFIDENTIAL OFFERING MEMORANDUMSECTION |
PAGE 9
RETAILER MAP 108 ROSS AVENUESan Anselmo, CA 94960
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
17
RETAILER MAP
108 ROSS
Multi-Family Investments
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services
THE LUXURY RESIDENCES AT 108 ROSS 108 Ross Ave, San Anselmo, CA
18
Multi-Family Investments
SAN RAFAEL
MILL VALLEY
SAN FRANCISCO
SAUSALITO
SAN ANSELMO
CORTE MADERA
Ross
Ave
nue
Woodland Avenue
San Anselmo Avenue
AREA MAP