124-206 1ST Street
Santa Cruz, CA 95060
Offering Memorandum
1
INVESTMENT OVERVIEW 01
Offering Summary
Executive Summary
Detailed Capital Improvements
Property Summary
Discover Santa Cruz
Aerial and Regional Maps
FINANCIAL ANALYSIS 02
Rent Roll Summary
Rent Roll Detail
Operating Statement
Pricing Detail
MARKET COMPARABLES 03
Sales Comparables
Rent Comparables
SECTION
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without the written consent of Marcus & Millichap. This Marketing Brochure has been
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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
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and will not verify, any of the information contained herein, nor has Marcus & Millichap
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124-206 1st Street
Santa Cruz, CA 95060
Investment Overview
Located at 124-206 1st Street in Santa Cruz, Sandcastle Apartments offers an
investor the rare opportunity to own a piece of Beach Hill, an always-in-demand
area.
Built in 1925, Sandcastle Apartments features much of the original charm and
architecture, and offers the distinguishing investor the opportunity to acquire a 12-
unit property in a historically strong rental market. This gated community includes
(8) studio, (3) 1 bedroom/1 bath, and (1) 2 bedroom/1 bath apartments that offer
its residents natural light and breathtaking views. Recent improvements to the
community include a laundry care center with SMART machines, an inviting ocean
view rooftop sundeck with firepit and lounge furniture, BBQ, new exterior doors,
exterior paint, landscaping, and locking mailboxes. Renovated units feature new
appliances, lighting and ceiling fans, hardware, woodgrain LVT, new miniblind
window coverings and interior paint.
Subject property is located one block from Santa Cruz Beach Boardwalk & Wharf
founded in 1907, California's oldest surviving amusement park and the last
remaining seaside amusement park on the West Coast of the United States.
Downtown is just minutes away from Downtown Santa Cruz, offering over 100
shopping, dining and entertainment options.
Santa Cruz’ recent development plans include a fully entitled mixed-use high-
density development downtown at 555 Pacific Avenue which consists of a 4-story
building with 94 residential units and 4 commercial units. New to the area is
Fairfield Inn & Suites by Marriott. The anticipated development at the site of the
historic La Bahia is scheduled to begin this Summer resulting in a 165-room hotel
with event/meeting space, two restaurants, pool, spa and 244 on-site parking
spaces, just across the street from Sandcastle.
▪ Ongoing capital improvements throughout community
▪ Strong historical occupancy and rent increase levels
▪ Conveniently located to transportation, shopping, eateries and entertainment
Investment Highlights
INVESTMENT OVERVIEW
124-206 1st Street ~ Santa Cruz
OFFERING SUMMARY
Discover Santa Cruz
Situated 1 block from the ocean, Sandcastle Apartments is a community of (8) Studios, (3) 1
bedroom/1 bath, and (1) 2 bedroom/1 bathapartments, many with spectacular ocean views.
EXECUTIVE SUMMARY
124-206 1st Street ~ Santa Cruz
UNIT MIX
NUMBEROF UNITS
UNIT TYPEAPPROX.
SQUARE FEET8 Studio 325-400
3 1 bedroom / 1 bathroom 400-760
1 2 bedroom / 1 bathroom 1250
12 Total 6,175
VITAL DATA
Price $4,500,000 CURRENT PRO-FORMA
Down Payment 40% / $1,800,000 CAP Rate 4.58% 5.06%
Loan Amount $2,700,000 GRM 14.2 13.4
Loan Type Proposed New Net Operating Income $206,048 $227,858
Interest Rate / Amortization 4.0% / 30 Years Net Cash Flow After Debt Service 2.6% / $47,166 3.8% / $68,975
Price/Unit $375,000 Total Return 5.3% / $94,713 6.5% / $116,522
Price/SF $818.18
Number of Units 12
Rentable Square Feet 6,175
Number of Buildings 4
Number of Stories 2
Year Built / Renovated 1925 / Ongoing
Lot Size .68 acres
OFFERING SUMMARY
124-206 1st Street ~ Santa Cruz
OFFERING SUMMARYDETAILED CAPITAL IMPROVEMENTS
In the last 18 months, Sandcastle has received over $30,000 in capital improvements.
Project Cost Completed
Railing gap reduced with extra pickets, Front security gates installed $3,000.00 2018
Replaced roofs for #7 ,8, 9 and Maintenance shopNew Epoxy Seal coat for #10, 11, 12, 4, 5 & 6
$18,500.00 2018
New mail boxes $1,500.00 2018
Apartment 3 unit renovation $3,500.00 2019
New Exterior Paint $15,000.00 2019
Garage door replacements $1,300.00 2019
Unit front Door replacements: APTS 1,4,5,6,9,10,12 $5,440.00 2019
New rooftop deck furniture and firepit $7,900.00 2019
TOTAL $33,140.00
PROPOSED FINANCING
First Trust Deed
Loan Amount $2,700,000
Loan Type Proposed New
Interest Rate 4.00%
Amortization 30 Years
Loan Term 10 Years
Loan to Value 60%
Debt Coverage Ratio 2.6%
THE OFFERING
Property Sandcastle Apartments
Price $4,500,000
Property Address 124-206 1st Street, Santa Cruz
Assessors Parcel Number 007-213-08, 007-213-09
Zoning R3
SITE DESCRIPTION
Number of Units 12
Number of Buildings 4
Number of Stories 2
Year Built/Renovated 1925/ongoing
Rentable Square Feet 6,175
Lot Size .68 acres
Type of Ownership Fee Simple
Parking (4) single-car garagesPermit parking
UTILITIES
Water RUBS in place
Phone Tenant pays
Electric RUBS in place
Gas RUBS in place
CONSTRUCTION
Foundation Crawl
Framing Wood
Roof 30 year composition
124-206 1st Street ~ Santa Cruz
OFFERING SUMMARYPROPERTY SUMMARY
Discover Santa Cruz
Discover Santa CruzSandcastle Apartments is 1 block from the ocean, and just minutes from the
Santa Cruz Boardwalk and Wharf, Downtown Santa Cruz/Pacific Avenue
Mall, and the iconic Catalyst Nightclub.
Santa Cruz – Area Overview
Offering a surplus of lifestyle amenities and located just 25 miles from Silicon Valley’s thriving employment base, Sant Cruz represents a highly sought-after place for Bay Area residents to call home. The city’s diverse and growing local economy, vibrant downtown district, surplus of recreation options, and favorable climate offer residents a superior quality of life. Santa Cruz has consistently ranked as one of the top 10 happiest places to live in the U.S. by publications and polling sources such as National Geographic, Forbes, and Gallup.
Santa Cruz boasts an eclectic employment base with a healthy balance of technology, healthcare, professional and business services, government, education, and biotechnology industries. The active and emerging tech scene in Santa Cruz has attracted both startups and more established tech companies, as well as tech investors, co-working programs and events.
Located just over 2 miles from Sandcastle Apartments, UC Santa Cruz is the city’s largest employer. Total enrollment at UCSC has grown by 13.4 percent over the past five years, now totaling approximately 18,765 students. The student population us expected to continue to increase with another 10,000 students by 2040. This growth, combined with a lack of new housing inventory, will continue to suppress vacancies and support rent growth at rental communities throughout Santa Cruz.
TOP 20 EMPLOYERS BY NUMBER OF EMPLOYEES
# COMPANY CITY EMPLOYEES DISTANCE
1 Google Mountain View 23324 39
2 eBay San Jose 16200 36.4
3 Apple Park (HQ) Cupertino 16000 33.8
4 University of California – Santa Cruz Santa Cruz 8569 2.4
5 Applied Materials Santa Clara 8500 33.9
6 Intel Santa Clara 7801 37.2
7 Lockheed Martin Santa Cruz 5600 19.2
8 Santa Clara Valley Medical Center San Jose 4000 28.8
9 Agilent Technologies Santa Clara 3280 29.7
10 San Jose State University San Jose 3251 33
11 LinkedIn Mountain View 3177 37.4
12 Advanced Micro Devices Santa Clara 3100 33.8
13 Hitachi Vanrtara Santa Clara 3000 33
14 PayPal San Jose 3000 34.4
15 Western Digital San Jose 3000 35.1
16 Adobe Systems San Jose 2750 32.5
17 County of Santa Cruz Santa Cruz 2438 1.4
18 Ericsson Inc. Santa Clara 2200 34
19 Good Samaritan Hospital San Jose 1950 25.1
20 Netflix Los Gatos 1864 24.7
MAJOR REGIONAL EMPLOYERS – RANKED BY DISTANCE FROM ASSET
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of theinformation.References tosquare footage orage are approximate.Buyer mustverify the information and bears all risk for any inaccuracies.
# COMPANY CITY EMPLOYEES DISTANCE
1 Looker Santa Cruz 209 .9
2 Amazon Santa Cruz 100 1.0
3 County of Santa Cruz Santa Cruz 2438* 1.4
4 Poly (Formerly Plantronics)
Santa Cruz 529 2.0
5 University of California –Santa Cruz
Santa Cruz 8569 2.4
6 City of Santa Cruz Santa Cruz 1000 2.5
7 Dominican Hospital Santa Cruz 1500 3.8
8 Northrop Grumman Sunnyvale 1226* 5.8
9 Threshold Enterprises Scotts Valley
515 7.6
10 Cabrillo College Aptos 1500 8.1
11 Lockheed Martin Santa Cruz 5600 19.2
12 Netflix Los Gatos 1864 24.7
13 Good Samaritan Hospital San Jose 1950 25.1
14 Barracuda Networks Campbell 350 25.3
15 Xilinx Inc. San Jose 1000 25.8
16 SAAMA Technologies Campbell 274 27.2
17 Santa Clara Valley Medical Center
San Jose 4000 28.8
18 Agilent Technologies Santa Clara 3280 29.7
# COMPANY CITY EMPLOYEES DISTANCE
19 Seagate Cupertino 750 31.1
20 Pricewaterhouse Coopers
San Jose 700 32.0
21 Santa Clara University Santa Clara 1200 32.0
22 Adobe Systems San Jose 2750 32.5
23 NVIDIA Santa Clara 850 32.8
24 San Jose State University
San Jose 3251 33.0
25 Hitachi Vanrtara Santa Clara 3000* 33.0
26 Atmel Corporation San Jose 1311 33.3
27 Apple Park (HQ) Cupertino 16000* 33.8
28 Advanced Micro Devices
Santa Clara 3100* 33.8
29 Applied Materials Santa Clara 8500* 33.9
30 Ericsson Inc. Santa Clara 2200 34.0
31 PayPal San Jose 3000 34.4
32 Western Digital San Jose 3000 35.1
33 eBay San Jose 16200* 36.4
34 Intel Santa Clara 7801* 37.2
35 LinkedIn Mountain View 3177 37.4
36 Google Mountain View 23324 39.0* Denotes employees at multiple metro locations in the immediate counties
124-206 1st Street ~ Santa Cruz124-206 1st Street ~ Santa Cruz
124-206 1st Street ~ Santa Cruz
Sandcastle Apartments
Santa Cruz Beach Boardwalk&
Cocoanut Grove
Kaiser Permanente Arena
Pacific Avenue MallDowntown Sant Cruz
La Bahia Hotel215 Beach Street
Coastview Hotel301 Beach Street
Existing real estate
Current development projects
Courtyard Marriot Hotel307-313-321-335 Riverside Avenue
River Street Townhomes232 River Street1547 Pacific Avenue
Mixed use
Live/Work Townhouses1804-1812 Ocean Street
Sandcastle Apartments
Financial Analysis
124-206 1st Street ~ Santa Cruz
OFFERING SUMMARYRENT ROLL SUMMARY
Studio67%
1 bed/1bath25%
2 bed/1 bath8%
Unit Distribution
Current Potential
# of Avg Sq Rental Average Average Monthly Average Average MonthlyUnit Type Units Feet Range Rent Rent / SF Income Rent Rent / SF Income
Studio 8 325 $1,627 - $2,095 $2,018 $6.21 $16,142 $2,139 $6.58 $17,112
1 bedroom/1 bathroom 3 550 $2,310 - $2,735 $2,498 $4.54 $7,495 $2,648 $4.81 $7,944
2 bedroom/1 bathroom 1 1,250 $2,835 - $2,835 $2,835 $2.27 $2,835 $3,005 $2.40 $3,005
Totals/Weighted Averages 12 458 $2,206 $4.81 $26,472 $2,338 $5.10 $28,061
Gross Annualized Rents $317,664 $336,732
$0.00 SF
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$7.00 SF
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1500
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Studio 1bedroom/1bathroom
2bedroom/1bathroom
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Unit Type
Unit Rent
Rent
124-206 1st Street ~ Santa Cruz
OFFERING SUMMARYRENT ROLL DETAIL
Current Current Potential Potential
Square Rent / Rent / SF/ Rent / Rent/ SF/Unit Unit Type Feet Month Month Month Month
1 Studio 325 $2,045 $6.29 $2,139 $6.58
2 Studio 325 $1,995 $6.14 $2,139 $6.58
3 Studio 325 $2,095 $6.45 $2,139 $6.58
4 Studio 325 $1,627 $5.01 $2,139 $6.58
5 Studio 325 $2,095 $6.45 $2,139 $6.58
6 Studio 325 $2,095 $6.45 $2,139 $6.58
7 1 bedroom/1 bathroom 550 $2,735 $4.97 $2,648 $4.81
8 1 bedroom/1 bathroom 550 $2,310 $4.20 $2,648 $4.81
9 1 bedroom/1 bathroom 550 $2,450 $4.45 $2,648 $4.81
10 Studio 325 $2,095 $6.45 $2,139 $6.58
11 Studio 325 $2,095 $6.45 $2,139 $6.58
12 2 bedroom/1 bathroom 1,250 $2,835 $2.27 $3,005 $2.40
Total 5,500 $26,472 $4.81 $28,061 $5.10
124-206 1st Street ~ Santa Cruz
OFFERING SUMMARYOPERATING STATEMENT
[1] Total includes the following: Maintenance & Repairs, Vendor Services, and Turnover
Income Current Proforma Notes Per Unit Per SF
Gross Current Rent 317,664 336,732 28,061 61.22
Physical Vacancy (9,530) 3.0% (10,102) 3.0% (842) (1.84)
Total Vacancy ($9,530) 3.0% ($10,102) 3.0% ($842) ($2)
Effective Rental Income 308,134 326,630 27,219 59.39
Other Income
Laundry/Fees/Retained Deps/RUBS 4,633 9,340 778 1.70
Parking/Garage, Pet Rent 4,250 4,250 354 0.77
Total Other Income $8,883 $13,590 $1,133 $2.47
Effective Gross Income $317,017 $340,220 $28,352 $61.86
Expenses Current Proforma Notes Per Unit Per SF
Real Estate Taxes 51,502 52,503 4,375 9.55
Insurance 3,900 3,900 325 0.71
Utilities 26,050 26,050 2,171 4.74
Vendor Services 3,000 3,000 250 0.55
Repairs & Maintenance 5,600 5,600 [1] 467 1.02
Marketing & Advertising 150 150 13 0.03
Payroll 6,500 6,500 542 1.18
General & Administrative 1,575 1,575 131 0.29
Management Fee 12,681 4.0% 13,609 4.0% 1,134 2.47
Total Expenses $110,958 $112,887 $9,407 $20.52
Expenses as % of EGI 35.0% 33.2%
Net Operating Income $206,059 $227,333 $18,944 $41.33
124-206 1st Street ~ Santa Cruz
FINANCIAL ANALYSISPRICING DETAIL
Summary
Price $4,500,000
Down Payment $1,800,000 40%
Number of Units 12
Price Per Unit $375,000
Price Per SqFt $818.18
Rentable SqFt 6,175
Lot Size .68 Acres
Approx. Year Built 1925
Returns Current Year 1
CAP Rate 4.58% 5.05%
GRM 14.17 13.36
Cash-on-Cash 2.85% 4.04%
Debt Coverage Ratio 1.33 1.47
Financing 1st Loan
Loan Amount $2,700,000
Loan Type New
Interest Rate 4.00%
Amortization 30 Years
Year Due 2049
# Of Units Unit Type SqFt/Unit Market
Rents
Proforma
Rents
8 Studio 325 $2,018 $2,139
3 1 bedroom/1 bathroom 550 $2,498 $2,648
1 2 bedroom/1 bathroom 1,250 $2,835 $3,005
Operating Data
Income Current Year 1
Gross Scheduled Rent $317,664 $336,732
Less: Vacancy/Deductions 3.0% $9,530 3.0% $10,102
Total Effective Rental Income $308,134 $326,630
Other Income $8,883 $13,590
Effective Gross Income $317,017 $340,220
Less: Expenses 35.0% $110,958 33.2% $112,887
Net Operating Income $206,059 $227,333
Cash Flow $206,059 $227,333
Debt Service $154,683 $154,683
Net Cash Flow After Debt Service 2.85% $51,377 4.04% $72,651
Principal Reduction $47,548 $49,485
Total Return 5.50% $50,596 6.79% $122,136
Expenses Current Year 1
Real Estate Taxes $51,502 $52,503
Insurance $3,900 $3,900
Utilities $26,050 $26,050
Vendor Services $3,000 $3,000
Repairs & Maintenance $5,600 $5,600
Marketing & Advertising $150 $150
Payroll $6,500 $6,500
General & Administrative $1,575 $1,575
Management Fee $12,681 $13,609
Total Expenses $110,958 $112,887
Expenses/Unit $9,246 $9,407
Expenses/SF $20.17 $20.52
Market Comparables
124-206 1st Street ~ Santa Cruz
SALES COMPARABLES
SALES COMPARABLES
Units Type
Offering Price $10,595,000 18 1 bed/1 bath
Price/SF $447.05 16 2 bed/2 bath
CAP Rate 4.98%
Year Built 1976
Price per unit $375,000
SUBJECT PROPERTY124-206 1st Street, Santa Cruz
Units Type
Close of Escrow 7/20/2018 6 2 bed
Sold Price $2,000,000 1 3 bed
Price/Unit $285,714
Price/SF $385.95
Total No. of Units 7
Year Built / Renovated
1906
CAP Rate 4.70%
2
132 Campbell Street, Santa Cruz
Units Type
Close of Escrow 6/8/2018S 1 Studio
Sold Price $2,150,000 1 1 bed/1 bath
Price/Unit $430,000 3 2 bed/1 bath
Price/SF $461.97
Total No. of Units 5
Year Built / Renovated
1918
GRM 19.36
1
208 1st Street, Santa Cruz
124-206 1st Street ~ Santa Cruz
SALES COMPARABLES
SALES COMPARABLES
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
Units Type
Close of Escrow 1/25/2019 5 2 bedroom
Sold Price $1,800,000
Price/Unit $360,000
Price/SF $412.09
Total No. of Units 5
Year Built / Renovated
1964
CAP Rate 4.74%
5
238 San Lorenzo Boulevard, Santa Cruz
Units Type
Close of Escrow 12/31/2018 1 1 bedroom
Sold Price $1,860,000 3 2 bedroom
Price/Unit $372,000 1 3 bedroom
Price/SF $675.38
Total No. of Units 5
Year Built / Renovated
1926
CAP Rate 4.73%
4
505 Walnut Avenue, Santa Cruz
Units Type
Close of Escrow 6/1/2018 3 1 bedroom
Sold Price $2,075,000 1 2 bedroom
Price/Unit $518,750
Price/SF $790.48
Total No. of Units 4
Year Built / Renovated
1938
CAP Rate 4.84%
3
207 Oakland Avenue, Capitola
124-206 1st Street ~ Santa Cruz
SALES COMPARABLES
SALES COMPARABLES
Units Type
Close of Escrow 1/15/2018 1 Studio
Sold Price $3,100,000 4 2 bed/1 bath
Price/Unit $516,687 1 3 bed/1 bath
Price/SF $554.88
Total No. of Units 6
Year Built / Renovated
1968
CAP Rate 3.55%
7
404 High Street, Santa Cruz
Units Type
Close of Escrow 7/13/2018 8 2 bed/1 bath
Sold Price $2,930,000
Price/Unit $366,250 1 3 bedroom
Price/SF $675.38
Total No. of Units 5
Year Built / Renovated
1926
CAP Rate 4.73%
6
526 California Avenue, Santa Cruz
Units Type
Close of Escrow 1/5/2018 6 2 bed/1 bath
Sold Price $3,325,000 1 3 bed/2 bath
Price/Unit $475,000
Price/SF $559.29
Total No. of Units 7
Year Built / Renovated
1964
8
324 Mountain View Avenue, Santa Cruz
124-206 1st Street ~ Santa Cruz
SALES COMPARABLES
SALES COMPARABLES
Units Type
Close of Escrow 11/5/2018 4 Studio
Sold Price $4,900,000 8 1 bed/1 bath
Price/Unit $306,250 4 2 bed/1 bath
Price/SF $293.55
Total No. of Units 16
Year Built / Renovated
2008
CAP Rate 3.45%
9
132 Clay Street, Santa Cruz
124-206 1st Street ~ Santa Cruz
SALES COMPARABLES
RENT COMPARABLES
SUBJECT PROPERTY124+206 1st Street, Santa Cruz 2
Pacific View Court – 81 Front StreetYear built: 1926
1
The Sands Apartments – 304 Cliff StreetYear built: 1930
Unit Type Units SF Avg Rent Rent/SF
Studio 8 325 $1756 5.40
1 bed/ 1 bath 3 550 2498 4.54
2 bed/1 bath 1 1250 $2835 2.27
Total/Avg. 34 669 $2,125 $3.18
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 8 437 $2035 4.66
2 Bdr 1 Bath 14 487 $2423 4.98
Total/Avg. 22
Unit Type Units SF Rent Rent/SF
Studio 5 290 $1408 $4.85
1 Bdr 1 Bath 7 480 $1746 3.64
2 Bdr 1 Bath 2 675 $2503 3.71
Total/Avg. 14
124-206 1st Street ~ Santa Cruz
SALES COMPARABLES
SALES COMPARABLES
5
221 Raymond StreetYear built:
4
711 3rd StreetYear built: 1960
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 12 750 $1218 1.62
Total/Avg. 12
Unit Type Units SF Rent Rent/SF
Studio 4 $1005 $4.85
1 Bdr 1 Bath 7 $1117 3.64
2 Bdr 1 Bath 1 $1563 3.71
Total/Avg. 14
3
Anchor Apartments – 321 2nd StreetYear built: 1966
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 12 493 $850 1.72
Total/Avg. 12
124-206 1st Street ~ Santa Cruz
RENT COMPARABLES
RENT COMPARABLES
8
324 Main Street, Santa CruzYear built: 1946
7
115 Canfield AvenueYear built: 1970
6
555 Pacific AvenueYear built: 2018
Unit TypeUnit
sSF Rent Rent/SF
Studio 1 Bath 47 440 $2,240 $5.09
1 Bdr 1 Bath 47 630 $2,800 $4.44
Total/Avg. 94 535 $2,520 $4.71
Unit TypeUnit
sSF Rent Rent/SF
Studio 1 Bath 2 323 $1,720 $5.33
1 Bdr 1 Bath 13 624 $1,870 $3.00
2 Bdr 1 Bath 2 789 $2,270 $2.88
Total/Avg. 17 608 $1,899 $3.12
Unit TypeUnit
sSF Rent Rent/SF
1 Bdr 1 Bath 9 600 $2,050 $3.42
Total/Avg. 9 600 $2,050 $3.42
Exclusively Listed byAndres LopezSenior Inves tment Assoc ia teAndres .Lopez@MarcusMi l l i chap .com
Sandcastle Apartments
124-206 1st Street
Santa Cruz, CA 95060
Har mik AghakhaniAgent Cand ida teHarmik .Aghakhani@MarcusMi l l i chap .com
Eduardo CernaSenior Manag ing Direc tor Inves tmentsSenior Direc tor , na t iona l Mul t i Hous ing GroupEd.Cerna@MarcusMi l l i chap .com