oakridge - loopnet...avg sf 580 580 550 576 680 780 700 587 647 avg rent psf $1.46 $1.64 $1.55 $1.73...

A 14-Unit Multifamily Investment Opportunity in Marysville, California

OAKRIDGEA P A R T M E N T S

A P A R T M E N T H O M E S

CONFIDENTIALITY AGREEMENT

The information contained herein is strictly confidential, furnished solely for the purpose of considering the acquisition of the property described herein, and is not to be used for any other purpose or made available to any other person without the expressed written consent of Newmark Knight Frank.It has been obtained from the Seller and may include other sources believed to be reliable, but no representation is being made with regard to its accuracy or completeness.

Prospective investors should undertake their own investigations and reach their own conclusions without reliance upon the material contained herein. Neither the Seller nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of the Offering Memorandum or its contents.

Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

The Seller and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice.

The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer for the Property is approved by the Seller, and any conditions to the Buyer’s obligations there under have been satisfied or waived.

SACRAMENTO OFFICE980 9th Street

Suite 2500Sacramento, CA 95814

916.920.4400

SAN FRANCISCO OFFICE655 Montgomery Street

Suite 1705San Francisco, CA 94111

415.354.0777

LOS ANGELES OFFICE1875 Century Park East

Suite 1380Los Angeles, CA 90067

310.201.2060

MARC [email protected]

916.835.8844License CA: 01956176

NATE [email protected]

916.599.6523License CA: 01467941

MATT [email protected]

415.430.1031



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TABLE OF CONTENTS

EXECUTIVE SUMMARY

PROPERTY OVERVIEW

COMPARABLE ANALYSIS

FINANCIAL ANALYSIS

REGIONAL OVERVIEW

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THE OFFERINGNewmark Knight Frank, as the exclusive advisor, is pleased to present the opportunity to acquire Oakridge Apartments, a 14-unit multifamily community located in Marysville, CA.

PRICE$1,250,000

PRICE PER UNIT$89,286

PRICE PER SF$126

CAP RATE (CURRENT / MARKET)6.2% / 7.4%

GRM (CURRENT / MARKET)8.4 / 7.6

TERMS OF SALEDelivered free and clear

INVESTMENT SUMMARY

Address2671 N Beale Rd, Marysville, CA

95901

County Yuba

Year Built 1962

Total # of Units 14

Net Rentable SF 9,912

# of Acres 1.0

Density 14

Total # of Buildings 1

Parking Spaces 28

Parking Ratio 2:1

EXECUTIVE SUMMARY

UNIT MIX

UNIT TYPE # OF UNITS AVG SFIN-PLACE

RENTMARKET RENT

1 BR X 1 BA 10 580 $845 $950

2 BR X 1 BA 4 800 $975 $1,050

TOTAL 14 9,000 $12,345 $13,700

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EXECUTIVE SUMMARY

• Large lot with community gate and new front fence

• New dumpster enclosure • Dual-pane windows• New screen doors• New gutters• Over $75,000 in capital

improvements

• New exterior lighting• Community garden• Large patios on bottom floor

units• Four 100G water heaters• 10 renovated units with vinyl

plank flooring

PROPERTY HIGHLIGHTS AND APARTMENT AMENITIES



SPRING MEADOWSA P A R T M E N T H O M E S


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PROPERTY OVERVIEW OAKRIDGEA P A R T M E N T S


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PROPERTY OVERVIEW

PROPERTY SUMMARY


95901

County Yuba

Year Built 1962

Total # of Units 14


Parcel # 019-250-041-000

# of Acres 1.0

Density 14


Open Parking 28 Surface Spaces

Parking Ratio 2.0

Framing Wood

Roof Pitched Composite Shingle

Paving Asphalt

Heating/Cooling Gas wall unit / window A/C

UNIT MIXUNIT TYPE # OF UNITS AVG SF IN-PLACE RENT MARKET RENT

1 BR X 1 BA 10 580 $845 $950

2 BR X 1 BA 4 800 $975 $1,050

TOTAL 14 9,000 $12,345 $13,700

COMPARABLE ANALYSIS

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COMPARABLE ANALYSIS

RENT COMPARABLES MATRIX

Subject Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6

Property NameOakridge (Current

Rents)Oakridge (Market

Rents)Casa Milano Lakeside Village Ellis Lake Hillcrest Court Sandpiper Cover Garden West One TTL / AVG

Address 2671 N Beale Rd 2671 N Beale Rd 124 E 13th St 1701 Ellis Lake Dr 1801 Ellis Lake Dr 233 Clark Ave 375 McRae Way 1575 Heather Dr

City Marysville Marysville Marysville Marysville Marysville Yuba City Yuba City Yuba City

Year Built 1962 1962 1976 1984 1987 1984 1962 1977 1978

Units 14 14 28 139 58 33 90 122 470

Avg Asking Rent $882 $979 $868 $1,130 $1,018 $1,164 $1,064 $1,070 $1,075

Avg SF 643 643 561 806 850 893 911 769 807

Avg Rent PSF $1.37 $1.52 $1.55 $1.40 $1.20 $1.30 $1.17 $1.39 $1.33

Occupancy 1 Vacant 1 Vacant 100.0% 99.0% 100.0% 97.0% 93.0% 100.0% 98.2%

Renovated Partial Yes Yes Yes Yes Partial No Yes

Property NameOakridge (Current

Rents)Oakridge (Market

Rents)Casa Milano Lakeside Village Ellis Lake Hillcrest Court Sandpiper Cover Garden West One TTL / AVG

1 Bedroom 1 Bath 10 Units 10 Units 26 Units 18 Units 10 Units 1 Units 14 Units 60 UnitsAvg Asking Rent $845 $950 $850 $995 $930 $995 $980 $1,015 $968

Avg SF 580 580 550 576 680 780 700 587 647Avg Rent PSF $1.46 $1.64 $1.55 $1.73 $1.37 $1.28 $1.40 $1.73 $1.50

2 Bedroom 1 Bath 4 Units 4 Units 2 Units 121 Units 28 Units 16 Units 76 Units 60 UnitsAvg Asking Rent $975 $1,050 $1,095 $1,150 $1,050 $1,175 $1,080 $1,125 $1,119

Avg SF 800 800 700 840 880 900 950 950 870Avg Rent PSF $1.22 $1.31 $1.56 $1.37 $1.19 $1.31 $1.14 $1.18 $1.29

The average in-place rent at Oakridge Apartments is $845 and $975 for the 1-bedroom/1-bath and 2-bedroom/1-bath, respectively. This represents an average of $97 per unit type of loss-to-lease from market rents of $950 and $1,050, totaling $16,260 annually in loss-to-lease opportunity.

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$750

$800

$850

$900

$950

$1,000

$1,050

Oakridge (CurrentRents)

Casa Milano Ellis Lake Oakridge (MarketRents)

Average Sandpiper Cover Lakeside Village Hillcrest Court Garden West One

MARKET RENT FOR 1-BEDROOMS

COMPARABLE ANALYSIS

$900

$950

$1,000

$1,050

$1,100

$1,150

$1,200

Oakridge (CurrentRents)

Ellis Lake Oakridge (Market Rents) Sandpiper Cover Casa Milano Average Garden West One Lakeside Village Hillcrest Court

MARKET RENT FOR 2-BEDROOMS

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COMPARABLE ANALYSIS

RENT COMPARABLES MAP

S





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FINANCIAL ANALYSIS OAKRIDGEA P A R T M E N T S


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The following section provides detailed information on the operations of the subject property, including rent roll, historic operations and our pro forma underwriting.

OVERVIEW INVESTMENT SUMMARY

Price $1,250,000


95901

County Yuba

Year Built 1962

Total # of Units 14


# of Acres 1.0

Density 14


Parking Spaces 28

Parking Ratio 2:1

FINANCIAL ANALYSIS

UNIT MIX

UNIT TYPE # OF

UNITSAVG SF

IN-PLACE RENT

MARKET RENT

1 BR X 1 BA 10 580 $845 $950

2 BR X 1 BA 4 800 $975 $1,050

TOTAL 14 9,000 $12,345 $13,700

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RENT ROLL

FINANCIAL ANALYSIS

Unit Unit Type Sq Ft* Actual Rent Market Rent

1 2 BR x 1 BA 800 $975 $1,050

2 2 BR x 1 BA 800 $975 $1,050

3 1 BR x 1 BA 580 $685 $950

4 1 BR x 1 BA 580 $875 $950

5 1 BR x 1 BA 580 $875 $950

6 1 BR x 1 BA 580 $875 $950

7 1 BR x 1 BA 580 $875 $950

8 2 BR x 1 BA 800 $975 $1,050

9 2 BR x 1 BA 800 $975 $1,050

10 1 BR x 1 BA 580 $875 $950

11 1 BR x 1 BA 580 $875 $950

12 1 BR x 1 BA 580 $950

13 1 BR x 1 BA 580 $685 $950

14 1 BR x 1 BA 580 $875 $950

AVERAGE 643 $877 $979

TOTAL 9,000 $11,395 $13,700*SF has been estimated based on total bldg. Sq. Ft.

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UNDERWRITING

FINANCIAL ANALYSIS

ACTUAL PER UNIT PER MONTH ACTUAL PER UNIT PER MONTH

INCOME GROSS POTENTIAL RENT $148,140 % GPR $10,581 $12,345 $164,400 % GPR $11,743 $13,700Less: VACANCY LOSS ($7,407) -5.0% ($529) ($617) ($8,220) -5.0% ($587) ($685) NET RENTAL INCOME $140,733 $10,052 $11,728 $156,180 $11,156 $13,015Plus: UTILITY REIMBURSEMENTS $4,680 $334 $390 $4,680 $334 $390 TOTAL INCOME $145,413 $10,387 $12,118 $160,860 $11,490 $13,405

EXPENSESPAYROLL $12,600 $900 $1,050 $12,600 $900 $1,050

$2,100 $150 $175 $2,100 $150 $175TURNOVER $4,200 $300 $350 $4,200 $300 $350REPAIRS & MAINTENANCE $4,200 $300 $350 $4,200 $300 $350UTILITIES $10,088 $721 $841 $10,088 $721 $841LANDSCAPING / GROUNDS $1,750 $125 $146 $1,750 $125 $146CONTRACT SERVICES / OTHER $4,362 $312 $364 $4,362 $312 $364TOTAL CONTROLLABLE EXPENSES $39,300 $2,807 $3,275 $39,300 $2,807 $3,275MANAGEMENT FEE $7,271 5.0% $519 $606 $8,043 5.0% $575 $670INSURANCE $3,500 $250 $292 $3,500 $250 $292REAL ESTATE TAXES $14,237 1.14% $1,017 $1,186 $14,237 1.14% $1,017 $1,186TOTAL OPERATING EXPENSES $64,308 $4,593 $5,359 $65,081 $4,649 $5,423CAPEX / RESERVES $3,500 $250 $292 $3,500 $250 $292TOTAL EXPENSES $67,808 $4,843 $5,651 $68,581 $4,899 $5,715

NOI AFTER RESERVES $77,605 $5,543 $6,467 $92,279 $6,591 $7,690

LIST PRICEPRICE PER UNITPRICE PER S.F.CAP. RATEGROSS RENT MULTIPLIER

PRO FORMA - MARKET RENTS

PRO FORMA - CURRENT RENTS PRO FORMA - MARKET RENTS

ADMINISTRATIVE

VALUATION SUMMARY PRO FORMA - CURRENT RENTS

$1,250,000 $1,250,000

6.2% 7.4%8.4 7.6

$89,286 $89,286$126 $126

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FINANCIAL ANALYSIS

INVESTMENT OPPORTUNITY - PORTFOLIO SALEIn addition to Oakridge at 2671 N Beale Rd, Newmark Knight Frank would also like to bring to your attention to 2 other properties for sale by the same owner - 1022 Swezy St in Marysville & Palm Garden Apartments at 330 Bird St, Yuba City. The properties are being listed individually, but can be purchased together creating numerous economies of scale to an investor.

Palm Garden Apartments330 Bird St, Yuba City

28 Units Total28 - 2BR x 1BA units

OFFERED AT $2,995,000

1022 Swezy St1022 Swezy St, Marysville

8 Units Total8 - 2BR x 1BA units

OFFERED AT $850,000

Oakridge Apartments2671 N Beale Rd, Marysville

14 Units Total10 - 1BR x 1BA units & 4 - 2BR x 1BA units

OFFERED AT $1,250,000

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REGIONAL OVERVIEW OAKRIDGEA P A R T M E N T S


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DEMOGRAPHICS

REGIONAL OVERVIEW

1/16/2020 Business Analyst

https://bao.arcgis.com/esriBAO/index.html# 2/2

Source: This infographic contains data provided by Esri, Esri and Infogroup. The vintage of the data is 2019.

$51,432

Median Household Income

$18,571

Per Capita Income

$30,050

Median Net Worth

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

9.8%

$100,000 - $149,999

8.8%

$150,000 - $199,999

12.7%

$200,000+

19.5%

14.7%

+1.8%

15.1%

+1.2%

1.5%

+2.2%

0.9%

+1.6%

-4.1%

-2.7%

-1.6%

-2.0%

Bars show deviation from

Yuba County

Source: This infographic contains data provided by Esri, Esri and Infogroup. The vintage of the data is 2019.

KEY FACTS

49,928Population

31.2

Median Age

3.0

Average Household Size

$50,360Median Household

Income

EDUCATION

22%

No High School

Diploma 26%High School

Graduate

39%Some College 13%

Bachelor's/Grad/Prof Degree

BUSINESS

1,210Total Businesses

13,800Total Employees

EMPLOYMENT

49%White Collar

29%Blue Collar

22%Services

8.2%

Unemployment Rate

INCOME

$50,360

Median Household Income

$19,503

Per Capita Income

$24,795

Median Net Worth

Households By IncomeThe largest group: $50,000 - $74,999 (19.1%)

The smallest group: $150,000 - $199,999 (1.3%)

Indicator Value Difference

NEWMARK KNIGHT FRANK| CONTACT INFORMATION

SACRAMENTO OFFICE980 9th Street

Suite 2500Sacramento, CA 95814

916.920.4400

SAN FRANCISCO OFFICE655 Montgomery Street

Suite 1705San Francisco, CA 94111

415.354.0777

LOS ANGELES OFFICE1875 Century Park East

Suite 1380Los Angeles, CA 90067

310.201.2060

MARC [email protected]

916.835.8844License CA: 01956176

NATE [email protected]

916.599.6523License CA: 01467941

MATT [email protected]

415.430.1031

oakridge - loopnet...avg sf 580 580 550 576 680 780 700 587 647 avg rent psf $1.46 $1.64 $1.55 $1.73...

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