EXCLUSIVE OFFERING MEMORANDUM 1024 10TH AVENUE REDWOOD C ITY
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PROPERTY SUMMARY
6036 MISSION STREET
18 UNIT APARTMENT PROPERTY AVAILABLE FOR SALE
DALY CITY CALIFORNIA
KEVIN PHILLIPS+1 650 398 0293
[email protected] #01470917
CHRIS GIOTINIS+1 650 398 0292
[email protected] #01962295
EXCLUSIVE OFFERING MEMORANDUM
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The information contained in the following marketing package has been given to us by the owner of the property, or obtained through sources we deem reliable. While we have no reason to doubt it’s accuracy, SC Properties does not guarantee it.
Verification of the enclosed information should be conducted by a thorough inspection of the property along with a review of all source documents in possession of the seller during the due diligence period. This marketing package has been produced to provide summary information in order to establish a preliminary level of interest in the subject property.
SC Properties strongly advises any potential purchaser to consult with a Tax Advisor and/or Legal Council prior to acquiring the property. Any potential purchaser is also strongly advised to measure all units prior to purchase and should not rely upon the square footage supplied in this marketing package. The listing agent and owner have not had the opportunity to verify the size of each unit, and have approximated the size of each unit. Upon entering into a contract to purchase the subject property, we reccomend the Buyer hire licensed professionals to perform physical inspections on the property.
Please do not disturb residents.An inspection of the property can be made through the Listing Agent only.
IMPORTANT INFORMATION
6036 MISSION STREET DALY C ITY
THE OFFERING
EXCLUSIVE OFFERING MEMORANDUM
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THE OFFERING
SC Properties is pleased to exclusively offer for sale 6036 Mission St, Daly City providing investors the unique opportunity to purchase a 18-unit apartment property in Daly City, California. This value-add apartment is priced well below comparable sales, and has significant upside in rents. The property has been recently painted, roof serviced and parking garage entry door repaired. All units are individually metered for gas and electric. The property is just minutes to San Francisco, and less than a mile from the Daly City Bart station.
6036 MISSION STREET DALY C ITY
EXCLUSIVE OFFERING MEMORANDUM
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INVESTMENT HIGHLIGHTS
6036 MISSION STREET DALY C ITY
• 18 Apar tment un i t s
• Un i t m ix : One ( 1 ) 2br / 1ba , Seventeen ( 17 ) 1b r / 1ba
• Bu i ld ing s i ze : 20,184 square fee t (buyer to ver i f y )
• Lo t s i ze : 5 ,600 square fee t (buyer to ver i f y )
• Roof type : F la t , ta r and grave l
• Park ing : Secured carpor t , s t ree t
• A l l un i t s ind iv idua l l y metered fo r gas and e lec t r i c i t y
• Tenant s to rage c losets
• Laundry : Co in opera ted – 2 washers , 2 d ryers
• Ma jor ups ide in ren ts
• Low management respons ib i l i t ies
• New ra i l ings , water heater ( 1 /2018 ) , dua l pane w indows ,
common area l igh t ing , park ing ent ry ga te repa i r
• Fantas t i c loca t ion minutes to San Franc isco , BART, SFO,
and h ighways 280 and 101
EXCLUSIVE OFFERING MEMORANDUM
PROPERTY SUMMARY
Property Address 6036 Mission Street, Daly City
Price $6,395,000
Price per Unit $355,277
Price per SF $317
Current Cap Rate 3.18%
Market Cap Rate 4.51%
Year Built 1963
Parcel Number 004-152-100
Parking Secured carport
6036 MISSION STREET DALY C ITY
UNIT MIX UNITS AVERAGE RENTS
1 BR / 1BA 17 $1,503.00
2 BR / 1BA 1 $1,850.00
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EXCLUSIVE OFFERING MEMORANDUM
FINANCIAL SUMMARY
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OPERATING EXPENSES CURRENT MARKET
Repairs & Maintenance $5,795 $5,795
Utilities (Gas/Elect./Water/Sewer) $18,741 $18,741
Trash $5,874 $5,874
Cleaning / Landscaping Maintenance $6,025 $6,025
Management $13,051 $16,500
Plumbing $6,425 $6,425
Electrical $804 $804
Pest Control $315 $315
Elevator Service / Repair $8,865 $8,865
Telephone $565 $565
Appliance Repair $948 $948
Permit Fees $101 $101
Legal $1,510 $0
Business License $1,472 $1,472
Health and Fire Safety / Protection $5,661 $5,661
Subtotal $76,152 $78,091
NON-OPERATING EXPENSES
Property Tax (1.1477%) $30,132 $72,395
Insurance $12,703 $12,703
SUBTOTAL $42,835 $86,098
TOTAL EXPENSES $118,987 $164,189
Per Sq. Ft. $5.90 $8.13
Percentage of Gross Income 36.19% 35.68%
Per Unit $6,610 $9,122
Monthly Scheduled Gross Income $25,925 $37,350
Annual Scheduled Gross Income $314,513 $454,700
Laundry Income $263 $500
RUBS Income $0 $0
Annual Laundry Income $3,150 $6,000
6036 MISSION STREET DALY C ITY
EXCLUSIVE OFFERING MEMORANDUM
RENT RENT ROLL
6036 MISSION STREET DALY C ITY
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UNIT TYPE LEASE TO CURRENT RENT MARKET RENT
1 2 X 1 $1,850 $2,500
2 1 X 1 $1,450 $2,050
3 (vacant) 1 X 1
4 1 X 1 $1,575 $2,050
5 1 X 1 $1,375 $2,050
6 1 X 1 $1,475 $2,050
7 1 X 1 $1,850 $2,050
8 1 X 1 $1,700 $2,050
9 1 X 1 $1,625 $2,050
10 (onsite manager) 1 X 1 $1,050 $2,050
11 1 X 1 $1,000 $2,050
12 1 X 1 $1,475 $2,050
14 1 X 1 $1,750 $2,050
15 1 X 1 $1,375 $2,050
16 1 X 1 $1,600 $2,050
17 1 X 1 $1,475 $2,050
18 1 X 1 $1,850 $2,050
19 1 X 1 $1,450 $2,050
EXCLUSIVE OFFERING MEMORANDUM 6036 MISSION STREET DALY C ITY
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ADDRESS UNITS LIST PRICE SALE PRICE SALE PRICE / UNIT PRICE / SFYEAR BUILT
CAP RATE
SALE DATE UNIT MIX
338 Alida Way, South San Francisco 21 $8,800,000 Pending $419,047.00 $373.56 1971 3.96% Pending Nine (9) 2br/1ba,
Twelve (12) 1 br/1ba
115 E Moltke St,
Daly City16 $5,650,000 $5,650,000 $353,125.00 $371.71 1953 2.70% 4/9/2018 Sixteen (16) 1br/1ba
1450 Southgate Ave,
Daly City25 $11,080,000 $11,080,000 $443,200.00 $291.78 1973 2.81% 7/26/2018 Seventeen (17) 1br/1ba,
Eight (8) 2br/1ba
5801 Mission St,
San Francisco7 $4,533,000 $4,533,000 $647,571.43 $332.82 1925 4.58% 5/29/2018
Six (6) apartment units,
One (1) commercial
4830 Mission St,
San Francisco27 $12,450,000 $12,450,000 $461,111.11 $451.09 1990 3.41% 7/25/2018
Twenty-one (21) apartment
units, Six (6) commercial
41 Thomas Ave, Bris-
bane11 $5,195,000 $4,950,000 $450,000.00 $544.14 1977 4.51% 8/27/2018
Four (4) 2br/1ba, Five (5)
1br, 1ba, Two (2) studios
21 Alvarado St,
Brisbane8 $2,850,000 $3,150,000 $393,750.00 $454.55 1972 5.00% 2/2/2019 Eight (8) 1br/1ba
867 Huntington Ave, San Bruno 10 $4,200,000 $4,000,000 $400,000.00 $417.10 1962 2.81% 9/14/2017 Four (4) 2b1/1ba,
Six (6) 1br/1ba
316 Alida Way, South San Francisco 12 $4,800,000 $5,010,000 $417,500.00 $470.78 1960 4.00% 8/10/2018 Seven (7) 2br/1ba,
Five (5) 1br/1ba
519 Commercial Ave, South San Francisco 9 $3,500,000 $3,600,000 $400,000.00 $375.35 1962 2.46% 5/18/2018 Nine (9) 2br/1ba
464 Miller Ave, South San Francisco 7 $3,500,000 $3,500,000 $500,000.00 $501.43 1978 3.26% 9/20/2018 Six (6) 1br/1ba,
One (1) 2br/1ba
SALES COMPS
EXCLUSIVE OFFERING MEMORANDUM 6036 MISSION STREET DALY C ITY
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ADDRESS UNIT TYPE SQUARE FEET RENT UTILITIES INCLUDED BUILDING/PROPERTY AMENITIES
960 St Francis,Daly City 1br/1ba 652 SF $2,495.00 None On-site laundry, pool, fitness center, remodeled unit
415 A St,
Daly City1br/1ba $2,175.00 None Pets welcome, on-site laundry, parking, renovated unit
419 89th St,
Daly City1br/1ba 610 SF $2,095.00 Water, Trash On-site laundry, dedicated parking, remodeled unit
480 90th St,
Daly City2br/1ba 760 SF $2,795.00 Water, Trash On-site laundry, dedicated parking
24 Miriam St, Daly City 2br/1ba $2,800.00 None Parking
73 1st Ave, Daly City 2br/1ba $2,900.00 None On-site laundry, dedicated parking
RENT COMPS
EXCLUSIVE OFFERING MEMORANDUM 6036 MISSION STREET DALY C ITY
PARCEL MAP
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EXCLUSIVE OFFERING MEMORANDUM 6036 MISSION STREET DALY C ITY
AREA OVERVIEW
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Located in San Mateo County immediately south of San Francisco, Daly City is a beautiful, coastal community boasting a diversified local economy, a growing young labor force, and a diverse array of nearby amenities. Known as the “Gateway to the Peninsula”, Daly City has become a regional hub for retail, healthcare and small business. The city’s central location and vast offering of cultural attractions and outdoor activities make Daly City a wonderful place to live and work.
DALY CITY, CALIFORNIA
DEMOGRAPHICS
Daly City is bordered by the cities of San Francisco, Brisbane, Pacifica and South San Francisco - some of the most affulent cities along the San Francisco Peninsula and in Silicon Valley. The quality of life characteristics found in Silicon Valley are difficult to find anywhere in the world. A diverse cultural environment welcomes residents from all over the world and provides a rich cross section of cultures. The city offers residents a safe and family-friendly environment, beautiful residential areas and a charming community.
Quick Facts
Size: 7.6 square miles
Population: 107,074
Estimated Median Age: 39
Median Household Income: $86,342
Median Property Value: $651,600
Estimated Households: 31,318
EXCLUSIVE OFFERING MEMORANDUM 1024 10TH AVENUE REDWOOD C ITY
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KEVIN PHILLIPS+1 650 398 [email protected] #01470917
CHRIS GIOTINIS+1 650 398 [email protected] #01962295