for sale extensively renovated 28-unit ohm beach apartments · for sale extensively renovated...
TRANSCRIPT
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a
Modern Upgrades Throughout | Just Minutes From The Beach & Carpinteria’s Town Center
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
Gene [email protected] Lic. 01450943
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
property brief
Price ▶ $6,580,000
Units ▶ (26) Studios; (1) 1BR+1BA; (1) 2BR+1BA
Price/Unit ▶ $235,000/unit
Proforma CAP Rate ▶ 4.69% (see Financial Analysis on page 5)
Building Size ▶ ±10,150 SF
Lot Size ▶ ±20,037 SF
Floors ▶ Two stories
APN ▶ 001-170-002
Zoning ▶ Multi 5+ Units
Year Built ▶ 1975 (Units recently renovated)
Located just minutes from the world-famous surfer’s paradise, Rincon Point, is this extensively renovated 28-unit complex featuring contemporary upgrades throughout. These smart and modern apartments offer energy-efficient appliances, designer flooring, ample storage, eco-friendly low water landscaping, satellite TV, granite countertops, and on-site laundry. Designed with incredible thought to detail combining surf and sand elements found throughout the small beachside community of Carpinteria.
5.3.16
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
recent renovations & upgrades� GENERAL UNITS:
Flat-screen TV’s in all rooms Flooring Ceiling fans Lighting in 2nd floor units Paint (including texture) Televisions Drywall Misc. materials/hardware/installation Blinds Closet organizers Master locks Selective demolition (including dump fees)
� ELECTRICAL:
Carbon monoxide & smoke detectors Kitchen fixtures Recessed lights in family room Bathroom fixtures Hallway fixtures Bathroom exhaust fans Family room Dedicated dedicate circuit for microwaves Furnished & installed new sub-panels Furnished & installed arc fault breakers GFIs, new switches, and outlets
� KITCHENS:
Kitchen cabinetry Knobs/hardware Sink/faucet/garbage disposal Countertops Range Refrigerator Over-the-range microwave Plumbing Seismic shut off valves Boiler replacement Repair damaged drain lines Relocated & replaced shut-off valves New gas valves for each appliance Circulation pump Hot water pipe insulation & waterproofing
� BATHS:
Vanity Mirror Toilet Light fixture Misc. hardware, curved shower bar Replaced & added plywood subfloor Plastic tub & surround
� EXTERIOR:
Painting/wood repairs & replacement roof Lighting Walkway repairs Asphalt repairs/striping/ADA compliance Drought tolerant landscaping and drip system
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
floorplans
First Floor
Second Floor
Not to scale
The Ohm Beach Complex offers an incredibly rare mix of 26 extensively renovated, contemporary studios along with a 1 bed/1 bath apartment and a 2 bed/1 bath apartment (for a total of 28 units). Apartment studios are highly scarce in the Carpinteria and Santa Barbara markets, making this property even more valuable to investors.
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
proforma financial analysis
Executive Summary# Units: 28
Price: $6,580,000Price/Unit: $235,000
NOI: $308,744GRM: 12.57
CAP Rate: 4.69Lot Size: 20,037 SF
Price/Lot SF: $328/SFBuilding Size: 10,150 SF
Zoning: Multi 5+ UnitsAPN: 001-170-002
Year Built: 1975
CalculationsCurrent
EOI: $523,496Annual Exp.: $214,752
NOI: $308,744GRM: 12.57
CAP Rate: 4.69%
Unit Mix & Rent Schedules
# Units Mix Est. SF Rent/Unit Monthly Income26 S/1 350 $1,500 $39,0001 1/1 350 $1,650 $1,6501 2/1 650 $2,300 $2,300
Pet Rent $225Rubs $980
Storage $75
Monthly Rental Income: $44,230Projected Monthly Laundry Income: $135
Potential Gross Monthly Income: $44,515Potential Gross Annual Income: $534,180
Less: Vacancy & Collection Loss: 2% $10,683.60Effective Gross Economic Income: $523,496 Annual Expenses
Current Current % GOIReal Estate Taxes: 1.10% $72,380 13.8%
Advertising: Est. $500 0.1%Insurance: Est. $6,500 1.2%
Utilities - From Owner Projections Act. $64,980 12.4%Electric $6,720
Water Est. $22,160 Trash Est. $4,300
Gas Est. $12,000Cable & Phone Est. $19,800
Maint/Repairs: Est. $400/Unit $11,200 2.1%Grounds: Act. $2,400 0.5%
Off-site Management: 4% $20,242 3.9%Payroll: Act. $27,600 5.3%
Pest Control: Est. $950 0.2%Legal & Accounting: Est. $1,000 0.2%
Reserves: Act. $250/Unit $7,000 1.3%
Annual Expenses Per Unit $7,670Annual Expenses $214,752 41.0%
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
comparables
Property Address Date Sold Sale Price # Units Unit Mix $ Per Unit Actual GRM Actual CAP Rate
431 Victoria St.Santa Barbara
7/30/15 $4,925,000 16(4) 2BR+1BA(8) 1BR + 1BA
(4) Studios$307,813 12.00 5.54
4320 Modoc Rd. Santa Barbara
8/26/15 $5,200,000 13 (13) 2BR+1.5BA $400,000 17.80 3.53
234 S. Voluntario St. Santa Barbara
1/14/16 $5,725,000 20
(4) 3BR+1.5BA(14) 2BR+1.5BA(1) 2BR+1.5BA (1) 1BR+1BA
$286,250 11.93 4.87
118 Los Aguajes Ave.Santa Barbara
Pending $4,400,000 11 (8) 1BR+1BA (3) 2BR+1BA $400,000 4.16
Subject Property5615 Carpinteria Ave.
Subject Asking Price$6,580,000 28
(26) Studios (1) 2BR+1BA (1) 1BR+1BA
$235,000 17.65 4.72
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5615 Carpinteria Ave.
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
Carpinteria Ave.
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
aerial views
North Facing View of Santa Ynez Mountains South Facing Views of The Pacific OceanSubject Property
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
Carpinteria Middle School
Carpinteria Ave.
Hwy. 101
Linden Ave.
5615 Carpinteria Ave.
1 Holiday Inn Express & Suites2 Motel 63 Zookers Restaurant4 Domino’s Pizza5 Rusty’s Pizza Parlor6 Luck Llama Coffee7 Corktree Cellars8 Siam Elephant Thai Restaurant9 Island Brewing Company
10 The Palms Restaurant11 Sly’s Steak, Seafood & Cocktails12 Verizon Wireless13 CVS Pharmacy14 Starbuck’s15 Albertson’s16 Palm Loft Gallery
17 Rincon Brewery18 Sushi Teri
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The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
CarpintEriaCarpinteria is a friendly coastal community 12 miles south of Santa Barbara and 15 miles north of Ventura along Highway 101. The city is located almost entirely in a “coastal zone”. Immediately to the north of Carpinteria lie foothills and a mountain range. Between the foothills and the populated area of the city is a thriving agricultural zone.Carpinteria is notable for its pristine beaches and community events such as the Avocado Festival. The city is known for its laid-back, friendly atmosphere where surfers, commuters, youth, and visitors enjoy a wide variety of shopping, dining and recreational activity.
market overview
M A G A Z I N E
No. 11 in Sunset Magazine’s 2013 “Top 14 Unsung Beach Towns”
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m
for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3
Gene [email protected] Lic. 01450943
Paul [email protected] Lic. 01267748
Steve [email protected] Lic. 00772218
Arick [email protected] Lic. 01215274
population, HousEHolds & HousEHold inComE
The 2010 United States Census reported that Carpinteria had a population of 13,040. The population density was 1,406.5 people per square mile (543.1/km²). The Census reported that 13,021 people (99.9% of the population) lived in households. The population was spread out with 2,791 people (21.4%) under the age of 18, 1,267 people (9.7%) aged 18 to 24, 3,466 people (26.6%) aged 25 to 44, 3,717 people (28.5%) aged 45 to 64, and 1,799 people (13.8%) who were 65 years of age or older. The median age was 39.5 years.
Housing & oCCupanCY
There were 4,759 households, out of which 1,510 (31.7%) had children under the age of 18 living in them, 2,305 (48.4%) were married couples living together, 597 (12.5%) had a female householder with no husband present, 239 (5.0%) had a male householder with no wife present. The average household size was 2.74. There were 3,141 families (66.0% of all households); the average family size was 3.23.
EduCation
The city of Carpinteria is served by the Carpinteria Unified School District. It includes one high school, one middle (junior high) school, and three public elementary schools. Other schools include: Howard Carden School, a private preK - 7 elementary school, Carpinteria Christian School, a Baptist K-8 school, Cate School, a private preparatory school and Pacifica Graduate Institute, home of theJoseph Campbell and Marija Gimbutas Library.
nEarBY & adJaCEnt usEs
Visitors have always come to the Carpinteria Valley for its mild climate, scenic environment and proximity to Santa Barbara, Ventura and Los Angeles, the very qualities that make it a wonderful place to live and work. Tourism plays an important role in the Valley’s economy, along with agriculture, manufacturing, high technology firms and service occupations. In the past two decades a number of firms in search of more space and less stress have relocated from Santa Barbara and other cities to the Carpinteria Valley.
demographics