seminary village townhomes 20 units€¦ · seminary village townhomes san anselmo, ca scott gerber...

SEMINARY VILLAGE TOWNHOMESSan Anselmo, CA

Scott GerberCA LIC #01138762(415) [email protected]

711 Grand Ave., Suite 290San Rafael, CA 94901

(415) 451-4900www.meridiancommercial.com

20 UnitsOffered at $13,250,000

Kate RaphaelInvestment Associate [email protected] #02027825

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.Northern California’s Source for Apartment Brokerage Services

SEMINARY VILLAGE TOWNHOMES 108-111 Ross Ave & 110 Mariposa Ave, San Anselmo, CA

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Meridian Commercial (“Broker”) has been retained on an exclusive basis to market the property described herein (“108 Ross Ave, 111 Ross Ave, 110 Mariposa Ave”). Broker has been authorized by the Seller of the Property to prepare and distribute the enclosed Offering Memorandum for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.

The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller, its affiliates or Broker. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.

Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.

All inquiries related to the property should be directed to the exclusive listing agent:

Scott GerberManaging Director [email protected] #01138762

711 Grand Ave Suite 290 San Rafael, CA 94901ph: 415.927.8888 fx: 415.451.4908www.scottgerber.com

Multi-Family Investments

Northern California’s Source for Apartment Brokerage Services

OVERVIEW

A rare opportunity to own luxury townhome apartment units within walking distance of desirable downtown shopping and amenities, Seminary Village Townhomes combines quality and location with exceptional value. This trophy offering features twenty luxury two and three-bedroom townhouse apartments featuring custom kitchens, in-suite laundry, patios, balconies and underground parking. Located in San Anselmo’s Seminary district and walking distance to downtown, Seminary Village Townhomes are quite simply “as good as it gets”.

PROPERTY DESCRIPTION

Built between 1968-1979 and originally occupied by staff and students of the San Francisco Theological Seminary, the properties were sold to the current owner in 2015 and extensively renovated in 2016. The 20-units are distributed among 8 buildings on concrete slab foundations, situated on three separate parcels totaling 35,768 square feet. The unit mix consists of ten 1102 square foot two-bedroom one bath units and ten three bedroom one and a half bath units averaging 1,292 square feet.

Spacious, private and filled with natural light, each unit features gas forced air heating, upgraded floor coverings throughout, energy efficient stainless-steel appliances including Bosch dish washers, quartz counters, tile back splash in kitchen and convenient in-suite laundry equipment. Every unit features one parking space and outdoor living space with both private fenced patio and deck off the master bedroom. Seminary Village Townhomes offers a property and amenity package found in quality residential and condominium communities that cater to the highest caliber tenancy. The attractive site plan features mature landscaping, a central courtyard and various outdoor areas to gather and enjoy the outdoors. The large site at 108 Ross features 13 units and spans all the way through to Woodland Avenue in the rear and is flanked by a private residence and St. Nicholas Church. Across the street 7 more units span from 111 Ross to Mariposa Avenue. The utilities on Ross Avenue are paid by the property and the majority is billed to the tenants on a monthly basis as reflected in the operating statement under Utility Reimbursement. The 3 units on Mariposa Avenue are individually metered for gas electric and pay directly for trash.



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PROPERTY OVERVIEW


111 ROSS

110 MARIPOSA

SAN ANSELMO

Located 14 miles north of the Golden Gate Bridge in Marin County, Seminary Village Townhomes is a 20-unit apartment community ideally situated in Seminary neighborhood of San Anselmo. Views of the surrounding hills and mountains are part of the charm of San Anselmo, which sits adjacent to the Mt. Tamalpais watershed, and together with the Golden Gate National Recreational area form one of the largest parklands near a U.S. urban center. Proximity to San Francisco, convenience to great schools and shopping, tremendous recreational opportunities and quality housing stock make San Anselmo one of the most desirable communities in the United States and gives it the well-earned title “Best in the West” by Sunset Magazine.

Featuring a lively downtown with shopping and dining, breathtaking scenic beauty and nearby outdoor recreation, San Anselmo offers charm and convenience to its residents. The average home price in San Anselmo is $1,716,759. The combination of incredibly strong demographics, proximity to a world class city/destination, and an extremely limited housing market, create a highly desirable place to own a real estate investment.

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total Households 3,964 28,312 59,020

Average HH Income $138,599 $127,246 $127,005

Median Home Value $1,085,088 $1,026,231 $1,030,739

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 1,025 77,245 141,464



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LOCATION OVERVIEW

108 ROSS




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INVESTMENT SUMMARY: Having eluded the condominium conversion craze of the 1970’s and 80’s due to the previous ownership by the San Francisco Theological Seminary, Seminary Village Townhomes offers a unit mix, amenity package, location and income stream that simply isn’t found in today’s real estate market. Priced at $13,250,000 The Seminary Village Townhomes offer an opportunity to acquire a truly one-of-a-kind real estate investment. The starting cap rate of 4.07% grows to 4.69% at stabilized market rents and starting cash flow of $181,784 combines with annual loan principle paydown of $127,142 to give a first year projected total return of $308,926 which grows to $391,000 at stabilized market rents. The current GRM of 14.77 is well below the market average for the comparables of 18.75.

FINANCING: After making a down payment of $6,625,000, Buyer will secure a new first mortgage in the approximate amount of $6,625,000 at today’s 5 year fixed rate of 3.5% with 30 year amortization schedule yielding a monthly payment of $29,749. Contact listing agent for financing referral if needed.

INVESTMENT HIGHLIGHTS: Investment Highlights SummaryCurrent GRM: 14.77 Current CAP Rate: 4.07%

Market GRM: 13.49 Market CAP Rate: 4.69%

Price/Unit: $662,500 Starting (Cash on Cash) Return: 2.74%

Price/SF: $553.28 Stabilized (Cash on Cash) Return: 4.03%

INVESTMENT SUMMARY





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SITE SURVEY

SITE SURVEY PARCEL MAP

Address: 108 Ross Ave 111 Ross Ave 110 Mariposa Ave

Parcel Number(s): 007-281-26 007-283-05 007-283-07

Parcel(s) Size: 0.51 acres 0.19 acres 0.13 acres

Zoning: R-3, San Anselmo R-3, San Anselmo R-1, San Anselmo

Year Built: 1968 1969 1979

Buildings: 5 2 1

Parking: 21 covered 4 open

Construction Style: Wood frame walk-up Wood frame+comp Wood frame+comp

Roof: PCS/flat tar & gravel PCS/flat tar & gravel PCS/flat tar & gravel

Foundation: Concrete slab Concrete slab Concrete slab

Heating: Gas forced air Gas forced air Gas forced air

Hot Water: Central 100 gallon Central Individual tankless

Plumbing: Copper Copper Copper

Electrical: Circuit breakers Circuit breakers Circuit breakers

Laundry: In-Suite In-Suite In-Suite

Kitchen: Stainless appliances, quartz countertops

Stainless appliances, quartz countertops

Stainless appliances, quartz countertops

Windows & Sliding Glass Doors:Dual Pane Dual Pane Dual Pane

Utilities: Master metered/ utility reimbursement

Master metered/utility reimbursement

Individually metered

Amenities: Storage, underground parking, EV charging station, private yards

Storage, private yards Storage, private yards




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PROPERTY FEATURES

PROPERTY FEATURES

• Extensive renovation 2016• Underground concrete parking structure• Community courtyard• Private yards• No upstairs or downstairs neighbors• Vaulted Ceilings• Quartz Countertops• Energy Efficient Stainless Steel Appliances• In-suite laundry• Electric Car Charging Station

RENOVATIONS

• Kitchen Cabinets• Kitchen Appliances• Kitchen Countertops• New Washers & Dryers• Flooring • Bathroom Vanities • Windows • Fencing• Sewer Lateral• Landscaping

108 ROSS

111 ROSS

110 MARIPOSA




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EXTERIOR VIEW




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EXTERIOR VIEW




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INTERIOR VIEW




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INTERIOR VIEW




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RENT ROLL

108 ROSS AVE

Unit # Unit Type SF Rent

1 3BD/1.5BA 1314 $3,925

2 3BD/1.5BA 1314 $3,530

3 3BD/1.5BA 1314 $3,700

4 2BD/1BA 1102 $3,175

5 2BD/1BA 1102 $3,450

6 2BD/1BA 1102 $3,250

7 2BD/1BA 1102 $3,300

8 2BD/1BA 1102 $3,250

9 2BD/1BA 1102 $3,300

10 2BD/1BA 1102 $3,700

11 2BD/1BA 1102 $3,250

12 2BD/1BA 1102 $3,250

13 2BD/1BA 1102 $3,650

Total 13 14,962 SF $44,730

111 ROSS AVE


A 3BD/1.5BA 1261 $3,850

B 3BD/1.5BA 1261 $3,950

C 3BD/1.5BA 1261 $3,913

D 3BD/1.5BA 1261 $3,709

Total 4 5,044 SF $15,422

110 MARIPOSA AVE


C 3BD/1.5BA 1314 $3,850

D 3BD/1.5BA 1314 $3,750

E 3BD/1.5BA 1314 $4,150

Total 3 3,942 SF $11,750

Total 20 23,948 SF $71,902

S U M M A R Y P R O P O S E D F I N A N C I N GPrice: $13,250,000 Approx. Age: 1968-1979Down Payment: $6,625,000 Approx. Lot Size: 35,768 First Loan Amount: $6,625,000 New, 30 year amortizationNumber of Units: 20 Approx. Net RSF: 23,948 Term: 30 Years Fixed for 5 yearsCost Per Unit: $662,500 Cost Per Net RSF: $553.28 Rate: 3.50%Current GRM: 14.77 Monthly Payment: $29,749Market GRM: 13.45Current CAP: 4.07%Market CAP: 4.71%

S C H E D U L E D I N C O M E A N N U A L I Z E D E X P E N S E SNo of Units BD/ BA Approx SF Mo Rent/Unit Monthly Income Mo Rent/Unit Monthly Income Taxes **New Rate $164,587

10 3/1.5 1261-1314 $3,700-4,150 $38,327 $4,175 $41,750 Insurance (Est.) $21,44710 2/1 1102 $3,175-3,700 $33,575 $3,700 $37,000 Advertising: $650

Property Management $34,818Water and Sewer $25,826Gas and Electric $35,999Trash $11,057On Site $16,200Maintenance/Repair (Est.) $13,000Landscaping (Est.) $5,400

Total Scheduled Rent: $71,902 $78,750 Misc. $2,704Laundry: $0 $0Utility Reimbursement: $2,830 $3,283 Total Expenses: $331,688Other: $50 $50 Per Net SqFt: $13.85Parking and Storage: $0 $0 Per Unit: $16,584Monthly Scheduled Gross Income: $74,782 $82,083Annual Scheduled Gross: $897,384 $984,996

A N N U A L I Z E D O P E R A T I N G D A T A Scheduled Gross Income: $897,384 $984,996Less Vacancy Rate Reserve: 3% $26,922 3% $29,550Gross Operating Income: $870,462 $955,446Less Expenses: 36.96% $331,688 $331,688Net Operating Income: $538,774 $623,758Less Loan Payments: $356,991 $356,991Pre-Tax Cash Flow: 2.74% * $181,784 4.03% * $266,767Plus Principal Reduction: $127,142 $127,142Total Return Before Taxes: 4.66% * $308,926 5.95% * $393,910

Current Rents Market Rents

Current Rents Market Rents

*As a % of Down Payment



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OPERATING INFORMATION




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RENT COMPARABLES

1

Comparable #2 Units 1/1 2/1 2/2 3/1.5 Vacancies Util Incl

35 Tam35 Tamalpais AveSan Anselmo, CA

15$2,250525 SF

$4.29/SF

$3,3001050 SF$3.14/SF

0 None

2

Subject Property Units 1/1 2/1 2/2 3/1.5 Vacancies Util Incl

Seminary Village Townhomes108-111 Ross Ave, 110 Mariposa AveSan Anselmo, CA

20$3,358*1102 SF

$3.05/SF

$3,833*1292 SF$2.97/SF

0 W,T**

Comparable #1 Units 1/1 2/1 2/1.5 3/1.5 Vacancies Util Incl

Serenity at Larkspur700 Lincoln VillageLarkspur, CA

342$3,000708 SF

$4.23/SF

$3,460896 SF

$3.86/SF

$4,1501095 SF$3.79/SF

11 None

3 Comparable #3 Units 1/1 2/1 2/2 3/1.5 Vacancies Util Incl

Woodlark Residences965 Magnolia AveLarkspur, CA

80$2,850712 SF

$4.00/SF

$3,545971 SF

$3.65/SF1 None

*average rent, **except 110 Mariposa




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RENT COMPARABLES MAP

1

2

Seminary Village Townhomes

1 Serenity at Larkspur

2 35 Tam

3 Woodlark Residences

3

SAN ANSELMO

N

KENTFIELD

LARKSPUR

SEMINARY VILLAGE




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SOLD COMPARABLES

1

2

Comparable #1 Units Price Year Built $/Unit GRM Cap Rate $/SF

The 19 Belle19 Belle AveSan Anselmo, CA

6 - 2/1 $5,000,000 1962 $500,000 16.40 3.93% $523

4 - 1/1

COE: 7/11/19


The Cove at Tiburon50 Barbaree WayBelvedere, CA

4 - 4/2 $255,000,000 1963 $937,500 20.00 3.50% $843

29 - 3/2

150 - 2/2

COE: 3/31/17 98 - 1/1

3 Comparable #3 Units Price Year Built $/Unit GRM Cap Rate $/SF

The Pier at Sausalito120 Bulkley AveSausalito, CA

3 - 2/1 $15,500,000 1959 $553,571 21.73 2.72% $766

25 - 1/1

COE: 10/30/17


Sycamore Creek100 Sycamore AveSan Anselmo, CA

15 - 2/1 $9,060,000 1964 $377,500 15.87 3.23% $449

4 - 2/1.5 TH

5 - 1/1

COE: 3/22/19

1

2

3

4




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SOLD COMPARABLES

1

2


Mallard Pointe1-22 Mallard RdBelvedere, CA

18 - 2/1 $18,200,000 1951 $827,273 16.14 3.70% $832

4 - 2/2

COE: 3/17/17


Parc Marin1441 Casa Buena DrCorte Madera, CA

1 - 3/1 $23,500,000 1961 $734,375 18.35 3.48% $729

23 - 2/1 TH

7 - 2/1

OTM 1 - 1/1

Subject Units Price Year Built $/Unit GRM Cap Rate $/SF

Seminary Village108-111 Ross Ave, & 110 Mariposa AveSan Anselmo, CA

10 - 3/1.5 TH $13,250,000 1968-1979 $662,500 14.77 4.07% $553

10 - 2/1 TH

OTM

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Central Valley Homes1 Creekside WyMill Valley, CA

22 - 3/2.5 TH $18,000,000 1988 $750,000 16.28 3.22% $467

2 - 3/1 TH

COE: 4/26/19

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SOLD COMPARABLES MAP

1

2

Seminary Village Townhomes

1 The 19 Belle

2 The Cove at Tiburon

3 The Pier at Sausalito

4 Sycamore Creek Apartments

5 Mallard Pointe

6 Central Valley Homes Apartments

7 Parc Marin

3

N

4

7

6

5

MILL VALLEY

SAN ANSELMO

TIBURON

SAUSALITO

SEMINARY VILLAGE

CORTE MADERA




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RETAILER MAP




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SAN RAFAEL

MILL VALLEY

SAN FRANCISCO

SAUSALITO

SAN ANSELMO

CORTE MADERA

OAKLAND

BERKELEY

AREA MAP

seminary village townhomes 20 units€¦ · seminary village townhomes san anselmo, ca scott gerber...

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