THE LUXURY RESIDENCES AT 108 ROSS AVE Offered at $8,450,000€¦ · the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser

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

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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.



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PROPERTY OVERVIEW


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



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LOCATION OVERVIEW

108 ROSS




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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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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




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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




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EXTERIOR VIEW




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INTERIOR VIEW




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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



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OPERATING INFORMATION




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RENT COMPARABLES

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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




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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




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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


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




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SOLD COMPARABLES

1

2


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


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


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

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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


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



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RETAILER MAP

108 ROSS




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SAN RAFAEL

MILL VALLEY

SAN FRANCISCO

SAUSALITO

SAN ANSELMO

CORTE MADERA

Ross

Ave

nue

Woodland Avenue

San Anselmo Avenue

AREA MAP

Documents

THE LUXURY RESIDENCES AT 108 ROSS AVE Offered at $8,450,000€¦ · the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser