for sale 18-unit apartment building 210, 214 & 218 N. M st. lompoc, ca 93436

Transcription

1 Offered at $,50,000

2 Outstanding Value Add Opportunity property brief This is an outstanding value-add opportunity to purchase a complex with rents 7% below current market. These apartments consist of () -story buildings, each with six units, for a total of 8 units. The unit mix is (6) BD/BA and () BD/BA apartments. The approx. 0,907 SF property is composed of two separate legal parcels. The Seller is also offering two other nearby apartment properties for sale. Units 8 () BR + BA; (6) BR + BA Unit Size ±586SF (BR+BA); ±74SF (BR+BA) Offered at $,50, % CAP.57 GRM $98,47 NOI $9,444/Unit $0/SF Land Building Size ±,408 SF Lot Size ±0,907 SF Floors APN , -00, -0 Year Built 975 CSO.5% 8.7.6

3 parcel map & Location N. M ST. WALNUT AVE.

4 N. M St. for sale 8-unit apartment building Surrounding area 6 5 W. Maple Ave. 4 0 Cabrillo Hwy , 4 & 8 N. M St. 6 0, 4 & 8 N. M St. Old Town Lompoc E. Chestnut Ave. E. Walnut Ave. 4 E. Ocean Ave. Lompoc Valley Medical Center Spring Arts & Flower Festival Vons 4 Marshalls 5 Lompoc Aquatic Center 6 Lompoc High School 7 Sushi Teri, Lompoc 8 Tom s Diner 9 Bank of America Financial Center 0 Staples Lompoc Family YMCA Lompoc Recreation Division Starbuck s 4 Native Tongue Botique & Lounge 5 Collector s Gallery West 6 Lompoc Valley Middle School 7 Bicycles Unlimited 8 D Vine Wine Bar & Bistro

5 Income Analysis & Valuation Executive Summary # Units: 8 Price: $,50,000 Price/Unit: $9,444 NOI: $90, GRM:.57 CAP Rate: 4.0% Lot Size: 0,907SF Price/Lot SF: $0/SF Zoning: Multi 5+ Units A.P.N , -00,-0 Year Built 975 Unit Mix & Rent Schedules Current Rent Level Rent # Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income BD/BA 74 SF $750-$,050 $9,760 $,050 $,600 6 BD/BA 586 SF $650-$850 $,650 $750 $4,500 Monthly Rental Income: $,40 $7,00 Monthly Laundry Income: $04 $04 Potential Gross Monthly Income: $,64 $7,04 Potential Gross Annual Income: $6,68 $07,648 Less: Vacancy & Collection Loss: % $4,90 % Rent Upside $6,9 Effective Gross Economic Income: $58,467 7.% $0,49 Calculations Current Level EOI: $58,467 $0,49 Annual Exp.: $68,6 $70,09 NOI: $90, $,80 GRM: CAP Rate: 4.0% 6.% Annual Expenses Current Current % GOI Market % GOI Market Real Estate Taxes:.5% $4,75 5.6%.% $4,75 Advertising: Act. $00 0.% 0.0% $00 Insurance: Est. $5,000.%.5% $5,000 Utilities: Act. $,0 6.9% 5.5% $,0 Electric $,6 $,6 Water $5,55 $5,55 Trash $40 $40 Gas $,858 $,858 Maint/Repairs: Est. $500/Unit $9, % 4.5% $9,000 Grounds: Est. $,5.6%.% $,5 Off-site Management: 5% $8,68 5.% 5.0% $0,07 On-site Management: Est. $0 0.0% 0.0% $0 Pest Control: Est. $,60.0% 0.8% $,60 Legal & Accounting: Act. $, % 0.7% $,479 Reserves: Est. $50/Unit $4,500.8%.% $4,500 Annual Expenses Per Unit $,785 $,89 Annual Expenses $68,6 4.0% 4.8% $70,09 P. 5

6 comparable sales 4 Property Address Unit Mix Price/Month Square Footage Subject Property BR + BA $650 $,050 N/A 0, 4, & 8 N. M St., Lompoc BR + BA N. D St. at E. Laurel Ave., Lompoc BR + BA $,75 $,50 N/A N. rd St., Lompoc BR + BA BR + BA $,075 $975 N/A 4 77 N. 4th St., Lompoc BR + BA $,050 N/A

7 comparable properties sold Lompoc Santa Maria Property Address Sale Price Units Price/Unit CAP Rate GRM Unit Mix Sale Date E. Bunny Ave., Santa Maria $,70,000 6 $4,875/Unit 6.5% N. U St., Lompoc $,50,000 4 $89,86/Unit 5.94% 9.57 () Studio (5) BD/BA (0) BD/BA (4) BD/BA //06 /8/ & 608 N. rd St., Lompoc $,000,000 4 $7,49/Unit 5.57% 0. (4) BD/BA 9/8/05 65 N. B St., Lompoc $,7,500 $9,958/Unit 5.44%.0 () BD/BA (0) BD/BA 8// N. 4th St., Lompoc $76,500 8 $95,88/Unit 4.47% 8/7/05 77 N. 4th St., Lompoc $75,000 7 $0,57/Unit 9/0/05 60 W. Maple Ave., Lompoc $689,500 6 $4,97/Unit 8/4/05 Averages $,7,64 $0,460/Unit 5.5% 0.4

8 comparable properties available for sale Property Address Sale Price Units Price/Unit CAP Rate GRM Unit Mix Sale Pending - E. College Ave., Lompoc $,699,000 9 $88, % N. E St., Lompoc $,65,000 8 $7,500 5.% 0.88 (8) BD/.5BA () 6BD/.5BA (6) BD/BA () BD/BA 0 4 N. L St., Lompoc $,400,000 8 $75,000.69% 5.56 (8) BD/BA