capital markets investment properties i multifamily · rent/sf $1.49 - $1.52 $1.86 $1.54 $1.90 2...
TRANSCRIPT
FPO
O f f e r i n g M e m o r a n d u m
SUNSET GARDENSA P A R T M E N T H O M E S
CAPITAL MARKETS INVESTMENT PROPERTIES I MULTIFAMILY
848 N. Mollison Avenue, El Cajon, California • 101 Units
Gillespie Field
DowntownPacifi c Ocean
Parkway Plaza1.6 Million SF / 186 Stores
JCPenney, Macy’s, Sears, Wal-Mart and a Regal Cinemas.
500 Employees
500 Employees
32,576 Students/ 5,800 Staff
Lake Murray
17,615 Students / 2,250 Employees
Grossmont Hospital1,400 Employees
Sunset Gardens
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SUNSET GARDENS
EXCLUSIVEMARKETING ADVISORS
ERIC COMER - LEAD BROKERSenior Vice PresidentLic. 00842230+1 858 546 [email protected]
JIM NEILSenior Vice PresidentLic. 01352736+1 858 646 [email protected]
MERRICK MATRICARDISenior AssociateLic. 01348686+1 858 546 [email protected]
4365 Executive Drive, Suite 1600San Diego, CA 92121T +1 858 546 4600F +1 858 404 7212
www.cbre.com/invsdmultifamily
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OFFERING MEMORANDUMEXCLUSIVE MARKETING ADVISORS
INVESTMENT DESCRIPTION 4
EXECUTIVE SUMMARY + HIGHLIGHTS
PROPERTY DESCRIPTION 6
BUILDING DETAILSFEATURES + AMENITIESFLOOR PLANS + SITE PLAN
FINANCIALS 14
INCOME + EXPENSES ANALYSIS
MARKET OVERVIEW 16
RENT COMPARABLESSALE COMPARABLESEL CAJON
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CBRE is pleased to present this opportunity to acquire Sunset Gardens, a 101-unit apartment community located in the City of El Cajon. Originally constructed in 1970, this community off ers one bedroom and two bedroom townhome fl oor plans. Community amenities feature a swimming pool, large central lagoon, community laundry facilities and clubhouse. The property is located immediately north of Interstate 8 and just east of Highway 67 and off ers easy access to shopping, restaurants, schools, and nearby employment.
Sunset Gardens functional fl oor plans, desirable community layout and strategic location make it a prime renovation opportunity. Interior and exterior enhancements could result in increased rents and lower operating expenses.
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SUNSET GARDENS
SUNSET GARDENSA P A R T M E N T H O M E S848 N. Mollison Avenue, El Cajon, California • 101 Units
INVESTMENT SUMMARY
Offering Price Unpriced
Units 101
Year Completed 1978
Net Rentable Area 94,340 SF
Avg Unit Size 934 SF
Avg Leased Rent $1,017
Avg Leased Rent PSF $1.09
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investment sum
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INVESTMENT HIGHLIGHTSDesirable Unit Mix & Large Floor PlansThe property consists of 52 one-bedroom, one-bath fl oor plans and 49 two-bedroom, 1.5-bathroom townhomes. The fl oor plans are signifi cantly larger than the competition. All fl oor plans have dedicated dining rooms, ample storage and large private outdoor living space.
Renovation UpsideUpside in rents with interior enhancements, such as opening up kitchen areas in the townhomes, replacing appliances, installing new countertops and fl ooring, replacing light and plumbing fi xtures and refreshing the units with new paint and baseboards. There appears to be adequate electrical service to the units to add washers/dryers.
RUBS ImplementationCurrent ownership has not implemented a RUBS utility bill back method for water, sewer and trash. There is value-add potential for additional income by implementing RUBS.
Convenient LocationLocated within walking distance to numerous convenient retail centers and restaurants including Starbucks, Food 4 Less, Denny’s and Applebee’s to name a few. The Property is located less than one mile from Westfi eld Parkway Plaza, El Cajon’s regional mall with anchor tenants including Best Buy, Macy’s, JC Penney, Sears, Dick’s Sporting Goods and Regal Theatres.
Schools NearbySunset Gardens is located within 1/2 mile and walkable to three (3) elementary schools and one (1) high school including Naranca, Magnolia and Johnson Elementary Schools and El Cajon Valley High School.
Transportation and Freeway AccessExcellent freeway access, with Interstate 8 just north of the property and less than one mile from Highways 67 and 94. Additionally, the property is just 1.5 miles from the nearest Trolley Station – the Arnele Avenue Station, which is served by the Orange and Green Line. This location places residents within 20 minutes of employers in Mission Valley, Downtown and UTC.
FinancingSunset Gardens is being off ered free and clear of debt allowing investors to take advantage of today’s attractive fi nancing alternatives.
PROPERTY DESCRIPTION
Total Net Rentable SF: 94,340 SF
Land Area: 3.07 acres (133,729 SF)
Residential Density: ± 33 units/acre
Assessor Parcel Number: 484-282-22-00
Year Built 1970
Building Configuration:
Eight (8) two-story apartment buildings and one single-story building with clubhouse and leasing office. Three (3) of the buildings are double loaded and consist entirely of one bedroom units with interior hallways. Five (5) buildings are single loaded with 2-story townhome units.
Construction/Exterior: Wood frame, slab on grade with stucco exterior
Windows: Single Hung Aluminum Frame
Doors: Solid wood exterior doors and a metal security screen doors in select units.
Roof Structure/Covering: Built-up flat roof. Select roofs have been replaced in the last year.
Parking: 136 Total Spaces: 93 Open Spaces; 35 Carports; 6 Visitor Spaces; 2 Handicap Spaces. Carports are rented at $25 per month.
Parking Ratio: ±1.35 spaces per unit
Laundry: One common laundry room. The laundry equipment is leased with Washtek.
DESCRIPTION COUNT SF TOTAL SF
1 bed/1 bath 52 740 38,480
2 bed/1.5 bath Townhouse 49 1,140 55,860
Total/Average 101 934 94,340
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SUNSET GARDENS
BUILDING DETAILS
UNIT MIX
Jurisdiction County of San Diego
Tax ID Number 484-282-22-00
Tax Rate 1.21417%
Fixed Assessments $1,172.64
Tax Year 2014-2015
* Property Taxes are reassessed at property sale
MECHANICAL/ELECTRIC/PLUMBING
UTILITY SUMMARY
Heating & Air ConditioningThe 2br/1.5ba townhome units feature forced air and heat with condensers on the roof.The 1br/1ba units have wall a/c units and heat pumps.
Hot Water Supply One (1) Gas Fired Boiler per Building (Note: 3 boilers have been replaced in the last 12 months)
Water Metering Common Meters, No Sub-Metering
Plumbing Type Copper
Fire Protection Interior Alarms, No Sprinklers
Stove Type Electric
TYPE PROVIDER PAID BY BILLING METHOD
Sewer City of El Cajon Owner Billed every two months
Water Helix Water District Owner Billed every two months
Trash Waste Management Owner Direct bill - monthly
Gas & Electric SDG&E Tenant Direct bill - monthly
Cable/Phone/Internet Cox Tenant Direct bill - monthly
JURISDICTION OF TAXES
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APARTMENT FEATURES
• Centrail Air & Heat in 2br Floor
Plans
• Wall A/C units in 1br Floor Plans
• Dishwasher
• Ceiling fans
• Oversized patio or balcony
• Vinyl Wood Plank Flooring (select
units)
COMMUNITY AMENITIES
• Swimming pool
• Lagoon
• Laundry Facilities
• Clubhouse
• Covered Parking
• Men’s & Women’s Bathrooms with
Sauna & Shower (not currently in
use)
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SUNSET GARDENS
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SUNSET GARDENS
POTENTIAL RENOVATION OPTIONS
Interior improvements could include
• Install Washer/Dryers
• Scrape Ceilings
• Install Mirrored Wardrobe Doors
• Update Electrical Switches
• Install Crown Molding
• Replace Baseboards
• Open Kitchen to Living Room in 2-bedroom Floor Plans
• Update Paint Color Schemes With Accent Walls
• Replace Counter Tops in Kitchens and Baths*
• New Cabinet Doors in Kitchens and Baths
• New Appliance Packages*
• Upgrade Flooring*
• Modernize Lighting Fixtures & Hardware
Exterior improvements could include
• Landscaping and Signage Updates
• New Paint
• Pool Furniture
• Installing a Perimeter Gate to Secure Site and Add More Parking
• Replace the Bathrooms at the Pool with a New Amenity / Dog Washing Station
*20 of the 101 units have currently have upgraded countertops, appliances and flooring.
1 Bedroom/ 1 Bath740 SF
* Floor plans may vary by location
2 Bedroom/1.5 BathTownhouse1,140 SF
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NORTH MOLLISON
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2 Bedroom Townhomes
1 Bedroom*
Carports* 10 ground floor 1 bedroom units have large yards and get a $25/month premium
Rec Room,Bathroom, Sauna,
Rental Office,Laundry
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1. All income has been annualized based on the Trailing-3.
2. Parking rent is $25/carport
3. Laundry income is low for a property of this size. Valley Coin Laundromat is adjacent to the property.
4. Employee rent credit is calculated as free rent for a 1br/1ba unit at $1,100 per month.
5. All expenses are calculated from the Trailing-12.
6. Property Taxes are shown per actual amounts on the 2014-2015 tax bill. Property taxes are reassessed at time of sale and are based on Millage Rate of 1.21417% plus fi xed assessments of $1,172.64.
7. Proforma Management Fee is estimated at 3.0% of the Adjusted Gross Income.
8. Reserves for the Trailing-12 include large capital improvements: new roofs on 3 buildings, 3 new boilers, central HVAC, new fl ooring in 20 units and new horizontal blinds.
INCOME ASSUMPTIONS/NOTES
EXPENSE ASSUMPTIONS/NOTES
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SUNSET GARDENS
INCOME SUMMARY
# Units Unit Type Sq. Ft. Total Sq.Ft. $ Rent $/Sq.Ft. In Place Rent Turn Rent Total Turn42 1bd/ 1ba 740 31,080 $893 $1.24 $37,485 $1,100 $46,20010 1bd/ 1ba with yard 740 7,400 $917 $1.24 $9,170 $1,125 $11,25049 2bd/1.5ba 1,140 55,860 $1,144 $1.00 $56,040 $1,395 $68,355
101 Total/Avg 934 94,340 $1,017 $1.09 $102,695 $1.33 $125,805
ANNUALIZED GROSS INCOME $1,232,340 $1,509,660 T-3 Proforma
Vacancy 1.4% 3.0% ($11,928) ($45,290)Concessions ($11,580) ($11,580)Employee Credit ($13,200) ($13,200)
T-3ADJUSTED GROSS INCOME $1,215,371 $1,195,632 $1,439,590
Laundry & Vending $3,413 $3,413Parking $9,343 $9,343Deposit Forfit, Late Charges, Credit Check, Misc $15,374 $15,374
T-3EFFECTIVE GROSS INCOME $1,231,932 $1,223,762 $1,467,720
ProformaLess Estimated Expenses: $/UNIT $/YEAR $/YEAR
Property Taxes $914 $92,339 $92,339Fixed Assessment $12 $1,173 $1,173Insurance - Liability $203 $20,519 $20,519Controllable ExpensesUtilities $1,562 $157,810 $157,810Service Contracts $336 $33,932 $33,932Maintenance $1,070 $108,071 $60,000Moveouts $710 $71,732 $20,000Administration $151 $15,222 $15,222Payroll $922 $93,161 $93,161Pro Mgmt 3% $365 $36,861 $43,188Advertising $72 $7,287 $7,287Reserves 250 $1,988 $200,816 $25,250TOTAL $838,920 $569,878 ($569,878) ($569,878)Exp./unit: $8,306 $5,642Exp/psf: $8.89 $6.04Exp. % of SGI: 68.1% 46.2%
NET OPERATING INCOME $653,884 $897,842
Trailing-12
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PropertySUBJECT 1 2 3 4 5
Sunset Gardens Artesia El Cajon Lexington Park Tribecca on Mollison Greenfield Meadows Camden Park
Address 848 N Mollison 186 Chambers St 800 E Lexington Ave 520 S Mollison Ave 1000 Greenfield Drive 525 E Camden Ave
City El Cajon El Cajon El Cajon El Cajon El Cajon El Cajon
# of Units 101 82 79 68 71 70
Built 1978 1985 1987 1977 1987 1988
1 Bedroom
No. of Each 52 26 24 31
Rent $1,100-$1,125 $1,369 $1,120 $1,250
SF 740 735 728 657
Rent/SF $1.49 - $1.52 $1.86 $1.54 $1.90
2 Bedroom 1.5 bath Townhome 2 bath 2 bath 2 bath 1.5 bath Townhome 2 bath
No. of Each 49 56 72 32 39 39
Rent $1,395 $1,549 $1,375 $1,400 $1,395 $1,520
Avg SF 1,140 925 920 858 925 928
Rent/SF $1.22 $1.67 $1.49 $1.63 $1.51 $1.64
3 Bedroom 2 bath 2 bath 2 bath Townhome
No. of Each 7 12 32
Rent $1,695 $1,650 $1,595
SF 1,000 1,014 1,100
Rent/SF $1.70 $1.63 $1.45
# of Buildings 8 9 3 9 3 2
Roof Flat Pitched, Tile Flat Flat Pitched Pitched, Composition Shingle
Unit Amenities Private Balcony/Patio, A/CPrivate Balcony/Patio,
Microwave Ovens, Internet Access, AC & Heating
Private Balcony/Patio, Stainless Steel Appliances, AC &
Heating, Internet Access,
Stainless Steel Appliances, Granite Countertops, Breakfast
Bar, AC & Heating
Balcony, Mini Blinds, Storage, Central AC & Heating, Walk-in
Closets
Private Balcony/Patio, Outside Storage, AC & Heating,
Monitored Security, Microwave Ovens, Fireplace
AmenitiesClubhouse, Swimming Pool,
SaunaSecured, Playground, Swimming Pool, Spa
Controlled Access, Clubhouse, Swimming Pool, Spa
Controlled Access, Swimming Pool
BBQ, Picnic Area, Playground, Pool, Spa
BBQ, Swimming Pool, Spa
Laundry Common laundry Stacked In-Unit Full Size Washer/Dryer Hookups Common Laundry Washer/Dryer In UnitWasher/Dryer Hook Ups, Common
Laundry
Survey Date: April 22, 2015
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market overview
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848 N. Mollison Ave.
Property
Sunset Gardens Heritage Apartments Colonnade at Fletcher Hills
Verse La Mesa Parkway Plaza Amber Woods
ADDRESS 848 N. Mollison Ave. El Cajon, 92020
360 N. 1st Ave. El Cajon, 92021
2950 Fletcher Parkway El Cajon, 92020
7400 Parkway Drive, La Mesa, 91942
7576 Parkway Drive, La Mesa, 91942
420- 470 Jamacha Rd,El Cajon, 92020
# OF UNITS 101 56 138 133 65 60
YEAR BUILT 1978 1973 (renov 2009) 1971 & 1978 1976 1970 1984
TOTAL SF 94,340 43,360 120,474 112,200 72,672 58,050
SALE DATE Proposed 9/15/2014 1/30/2015 4/4/2014 1/14/2015 1/31/2014
SALE PRICE Market $8,200,000 $26,250,000 $20,000,000 $13,000,000 $8,900,000
PRICE PER UNIT Market $146,429 $190,217 $150,376 $200,000 $148,333
PRICE PER SF Market $189 $218 $178 $179 $153
UNIT MIX Studio (1) 567 SF $1,195
1bd/1ba (52) 740 SF $1,100 (64) 697 SF $1,267 (84) 750 SF $1,295 (12) 680 SF $1,275
2bd/1 ba (27) 900 SF $1,510 (44) 900 SF $1,515 (48) 830 SF $1,435
2bd/1.5 ba (49) 1,140 SF $1,395 (26) 925 SF $1,225
2bd/2ba (36) 722 SF $1,195 (14) 1,000 SF $1,650 (26) 1,000
SF $1,295
3bd/2ba (20) 936 SF $1,395 (33) 1,148 SF $1,678 (5) 1,025
SF $1,925 (4) 1,165 SF $1,825
NOI / UNIT $6,489 $7,029 not known $7,594 $10,139 $6,273
CAP RATE (IN PLACE) Market 4.80% not known 5.05% 5.07% 4.23%
GRM (IN PLACE) Market 9.86 not known 10.70 12.16 11.66
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SUNSET GARDENS
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market overview
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© 2015 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such stepsas the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L09 MapId: 2523580
848 N. Mollison Ave.
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SUNSET GARDENS
Sunset Gardens
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market overview
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Located in the eastern portion of the county, El Cajon is known for its mild climate and its affordability. El Cajon lies approximately 13 miles northeast of downtown San Diego in a valley surrounded by hills. El Cajon is home to the impressive 80- acre Westfield Parkway Plaza Mall, which is the largest regional, all enclosed, air-conditioned shopping center in San Diego County. It has 186 stores anchored by JCPenney, Macy’s, Sears, Wal-Mart and a Regal Cinemas. Other noteworthy features in El Cajon include Cottonwood Golf Corse and Gillespie Field Airport. The community of El Cajon offers convenient access to several major retailers, a plethora of shops and restaurants, bus lines, hospitals, schools and the major employment of Chula Vista, Otay Mesa, Mission Valley, Downtown San Diego and Sorrento Valley.
Population2015 Estimated Population 102,431
2020 Projected Population 106,095
Growth 2015-2020 3.58%
2015 Estimated Households 35,188
2020 Projected Households 36,497
Growth 2015-2020 3.72%
2015 Est. Median Household Income $43,243
2020 Prj. Median Household Income $44,198
2015 Est. Average Household Income $59,597
2015 Estimated Housing Units 36,951
2015 Est. Owner Occupied Units 14,378
2015 Est. Renter Occupied Units 20,810
2015 Est. Average Housing Value $401,213
Source: CBRE Fast Report
El Cajon has a variety of art galleries, photography studios, shopping and restaurants. It is home to the East County Performing Arts Center. The downtown area received a National Main Street Certification. The city started the Mother Goose Parade, held on the Sunday before Thanksgiving, over 50 years ago and it has grown into the largest parade in San Diego County and one of the biggest parades in the country. Golf, hiking, paragliding, biking, fishing or climbing the high desert of East County with its emphasis on eco-tourism offers a world of family entertainment. World-class resorts and Las Vegas style casinos, and the Pacific Ocean are just 20 minutes away.
Same-store rent growth in El Cajon/Santee/Lakeside registered at 1.5% in 2015’s 1st quarter. Occupancy in the submarket stood at 97.73% up 0.9 points in the quarter and up 0.2 points annually. El Cajon/Santee/Lakeside is projected to deliver 504 units by 4th quarter 2015.Source: Axiometrics Inc 1Q 2015
EL CAJON SAN DIEGO COUNTY
Average Rent $1,157 / $1.39 $1,575 / $1.80
Studio $850 $1,244
1 Bedroom $1,019 $1,353
2 Bedroom $1,202 $1,638
3 Bedroom $1,520 $2,199
Average Occupancy 99.02% 97.49%
Number of Units Surveyed 5,498 128,265
Source: MarketPointe March 2015
EL CAJON DEMOGRAPHIC TRENDS
EL CAJON MARKET OVERVIEW ATTRACTIONS & QUALITY OF LIFE
APARTMENT TRENDS
EXCLUSIVE MARKETING ADVISORS
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SUNSET GARDENS
CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
© 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
DISCLAIMER
EXCLUSIVE MARKETING ADVISORS
ERIC COMER - LEAD BROKERSenior Vice PresidentLic. 00842230+1 858 546 [email protected]
JIM NEILSenior Vice PresidentLic. 01352736+1 858 646 [email protected]
MERRICK MATRICARDISenior AssociateLic. 01348686+1 858 546 [email protected]
4365 Executive Drive, Suite 1600San Diego, CA 92121T +1 858 546 4600F +1 858 404 7212
www.cbre.com/invsdmultifamily
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CAPITAL MARKETS INVESTMENT PROPERTIES I MULTIFAMILYSUNSET GARDENS
A P A R T M E N T H O M E S848 N. Mollison Avenue, El Cajon, California • 101 Units