ANAHEIM, CA 92805 536-539 & 618-624 N ANNA DR …...28–unit multifamily investment opportunity...

536-539 & 618-624 N ANNA DR.ANAHEIM, CA 92825

FOR SALE28–UNIT MULTIFAMILY

INVESTMENT OPPORTUNITY

536-539 & 618-624 N ANNA DR.ANAHEIM, CA 92825

FOR SALE28–UNIT MULTIFAMILY

INVESTMENT OPPORTUNITY

28–UNIT MULTIFAMILYINVESTMENT OPPORTUNITY

536-539 & 618-624 N ANNA DR.ANAHEIM, CA 92805 FOR SALE

Amanda FitzpatrickBrokerage CoordinatorCapital Markets949 372 4889Amanda.� [email protected]

Off ering Memorandum Disclaimer

This Confi dential Off ering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confi dentiality Agreement (the “Confi dentiality Agreement”) signed by you and constitutes part of the Confi dential Information (as defi ned in the Confi dentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 536-39 & 618-24 N Anna Dr, Anaheim, CA 92805 (the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the Owner, or its exclusive broker, Cushman & Wakefi eld. This Memorandum was prepared by Cushman & Wakefi eld based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project.

The fi nancial projections contained herein (or in any other Confi dential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confi dential Information is believed to be reliable, neither Cushman & Wakefi eld nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being off ered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confi dential Information.

Although additional Confi dential Information, which may include engineering, environmental or other reports, may be provided to qualifi ed parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefi eld nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confi dential Information provided by Cushman & Wakefi eld and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any off er to invest in the Project or to terminate any negotiations with any party at any time with or without written notice.

Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfi ed or waived. Managing Member has retained Cushman & Wakefi eld as its exclusive broker and will be responsible for any commission due to Cushman & Wakefi eld in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefi eld is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confi dentiality Agreement.

28–UN

IT MU

LTIFAM

ILY IN

VE

STME

NT O

PP

OR

TUN

ITY

ANAHEIM, CA 92805

536-539 & 618-624NORTH ANNA DR

EXECUTIVE SUMMARY

$7,980,000PRICE

28TOTAL UNITS

0.68ACRES

3NUMBER OF BUILDINGS

2NUMBER OF STORIES

1960 & 1964YEAR BUILT

INTEREST OFFERED:

100% Fee InterestTERMS OF SALE:

Cash to New Loan

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.

OFFERING SUMMARY

SUMMARY OF TERMS

PROPERTY DESCRIPTIONWe are pleased to present Palm Vista Apartment Homes, a twenty-eight unit multifamily property located in Anaheim, California. Built in 1960 & 1964 the two parcels consist of twenty 1 bed / 1 bath and eight 2 bed / 1 bath units. Both assets are well maintained and have beautifully landscaped grounds with flowers, plants and clean-cut grass. 28 Garages are available for tenants, which is a nice amenity in the densely populated city and a laundry facility on-site is also provided for the residents. All twenty-eight units have received some type of interior upgrades and exterior renovations include new gas lines to meters, carport roofs, and garage doors.

This property is in a good central Anaheim location right near major retail, educational, and employment opportunities. The property is conveniently located less than a mile from the CA-91 Freeway, which allow tenants to connect with the greater California region and beyond. This offering provides an investor the opportunity to acquire a well maintained apartment community in a premier location within the city. Given the strength of the overall apartment market within the city of Anaheim, the property offers an investor the ability to capture quality tenants seeking a great neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth.

INVESTMENT HIGHLIGHTS• The Subject Properties are Situated on Two

Separate Parcels Consisting of 12 & 16 Unit

Buildings

• Exterior Renovations Include Brand New Gas Lines

to Meters & Carport Roofs

• Amenities Include On-Site Laundry Rooms, Spacious

Courtyards, and Garage Parking

• All 28 Units Have Received Some Interior Upgrades

• Separately Metered For Gas & Electric

• Close Proximity to I-5, CA-57, & CA-91 Freeways

536-539 N ANNA DR

618-624 N ANNA DR

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION536-539 & 618-624 N ANNA DRIVE

ANAHEIM, CA 92805

Number of Units 28

Year Built 1960 & 1964

Number of Buildings 3

Number of Stories 2

Exterior Construction Stucco

Roof Type Pitched

Building Square Footage 17,491 Sq. Ft.

Lot Size 0.68 Acres

Parking Type Garage & Carport

Parcel Number 073-182-15 & 073-183-09

# Of Units Unit Type Sq. Ft. Current Rent

20 1 Bedroom / 1 Bath 575 SF $1,350-$1,450

8 2 Bedroom / 1 Bath 750 SF $1,695-$1,800

SALES/RENT COMPARABLES

SALES COMPARABLES

Properties# of

UnitsYear Built

Rentable Sq. Ft. Price

Current CAP

Current GRM $/Unit $/SF

Sale Date/ Status

536-39 & 618-24 Anna Dr, Anahiem, CA 92805

28 1960 & 1964 17,491 $7,980,000 4.1% 15.7 $285,000 $456.00 Active

1 324 Leatrice Ln, Anaheim, CA 92802 8 1963 9,036 $3,148,000 6.1% 12.1 $393,500 $348.38 12/12/19

2 927 S Webster Ave, Anaheim, CA 92804 16 1968 19,222 $5,650,000 4.5% 14.7 $353,125 $293.93 7/9/19

3 918 S Webster Ave, Anaheim, CA 92804 26 1966 29,245 $8,900,000 4.2% 15.4 $342,308 $304.33 4/25/19

4 122 S Ohio St, Anaheim, CA 92805 20 1976 18,205 $6,475,000 4.0% 15.7 $323,750 $355.67 4/19/19

2520 E Park Ln, Anaheim, CA 92806 8 1993 8,234 $2,475,000 4.0% 16.8 $309,375 $300.58 10/23/195

536-39 & 618-24 Anna Dr,Anaheim, CA 92805

324 Leatrice Ln, Anaheim, CA 92802

927 S Webster Ave, Anaheim, CA 92804

Sale Price $7,980,000 $3,148,000 $5,650,000

Sale Date ACTIVE 12/12/19 7/9/19

Year Built 1960 & 1964 1963 1968

CAP Rate 4.1% 6.1% 4.5%

GRM 15.7 12.1 14.7

Price per Unit $285,000 $393,500 $353,125Price per Sq. Ft. $456.00 $348.38 $293.93Number of Units 28 8 16

Unit Mix (20) 1 Bed/1 Bath (1) 1 Bed/1 Bath (2) 1 Bed/1 Bath

(8) 2 Bed/1 Bath (1) 2 Bed/1 Bath (14) 2 Bed/2 Bath

(4) 3 Bed/2 Bath

(2) 4 Bed/2 Bath

SALES COMPARABLES (CONT.)

1 2


122 S Ohio St, Anaheim, CA 92805

2520 E Park Ln, Anaheim, CA 92806

Sale Price $8,900,000 $6,475,000 $2,475,000

Sale Date 4/25/19 4/19/19 10/23/19

Year Built 1966 1976 1993

CAP Rate 4.2% 4.0% 4.0%

GRM 15.1 15.7 16.8




(12) 3 Bed/2 Bath (1) 3 Bed/1 Bath

SALES COMPARABLES (CONT.)

536-39 & 618-24 Anna Dr, Anaheim, CA 92805

324 Leatrice Ln, Anaheim, CA 92802


Sale Price $7,980,000 $3,148,000 $5,650,000

Sale Date ACTIVE 12/12/19 7/9/19

Year Built 1960 & 1964 1963 1968

CAP Rate 4.1% 6.1% 4.5%

GRM 15.7 12.1 14.7




(4) 3 Bed/2 Bath

(2) 4 Bed/2 Bath

3 4 5

23

1

4

5

RENT COMPARABLES

Year Built Unit TypeUnit

Sq. Ft. RentRent

Sq. Ft.536-539 & 618-624N Anna Dr,Anaheim, CA 92805

1960 & 1964 1 Bed/1 Bath 2 Bed/1 Bath

575 750

$1,350-$1,450 $1,695-$1,800

$2.43 $2.28

El Cortez Apartments 2230 W Orange Ave, Anaheim, CA 92804

1968 1 Bed/1 Bath 2 Bed/1 Bath

750 1,050

$1,535 $1,835

$2.05 $1.75

Westmont Apartment Homes 3230 W Lincoln Ave, Anaheim, CA 92801

1975 1 Bed/1 Bath 2 Bed/1 Bath

750 960

$1,580 $1,815

$2.11 $1.89

The Villas at Anaheim 650 Webster AveAnaheim, CA 92804

1990 1 Bed/1 Bath 725 $1,550 $2.14

Lucera Apartments526 W Vermont AveAnaheim, CA 92805

1987 2 Bed/1 Bath 1,000 $1,850 $1.85

Casa Del Prado Apartments 2627 W Broadway Anaheim, CA 92804

1968 2 Bed/1 Bath 1,010 $1,825 $1.81

1

2

3

4

5

13

25

4

FINANCIALS

FINANCIALSPRICING DETAILSSummary Price $7,980,000Down Payment $3,192,000 40%Number of Units 28Price Per Unit $285,000Price Per Sq. Ft. $456.00

Rentable Sq. Ft. 17,500Lot Size 0.68 AcresApprox. Year Built 1960 & 1964

Returns Current MarketCAP Rate 4.11% 4.51%GRM 15.65 14.71Cash-on-Cash 2.20% 3.19%Debt Coverage Ratio 1.27 1.39

Financing 1st LoanLoan Amount $4,788,000Loan Type NewInterest Rate 3.50%Amortization 30 YearsYear Due 2049Loan information is subject to change. Contact your Cushman & Wakefield representative.

# Of Units Unit Type

Sq. Ft./Unit

Avg.Scheduled

Rents Market Rents

20 1 Bedroom / 1 Bathroom 575 $1,396 $1,495 8 2 Bedroom / 1 Bathroom 750 $1,708 $1,800

Operating Data Income Current MarketGross Scheduled Rent $498,960 $531,600Less: Vacancy/Deductions 3.0% $14,969 3.0% $15,948Total Effective Rental Income $483,991 $515,652Other Income $10,800 $10,800Effective Gross Income $494,791 $526,452Less: Expenses 33.7% $166,639 31.7% $166,639Net Operating Income $328,152 $359,813Cash Flow $328,152 $359,813Debt Service $258,003 $258,003Net Cash Flow After Debt Service 2.20% $70,149 3.19% $101,810Principal Reduction $91,888 $95,156Total Return 5.08% $162,037 6.17% $196,966

Expenses Current MarketReal Estate Taxes $89,855 $89,855Insurance $5,500 $5,500Electricity $3,600 $3,600Water $9,000 $9,000Gas $3,600 $3,600Trash Removal $0 $0Pest Control $1,200 $1,200Maint & Repairs $14,000 $14,000On-Site Management $16,800 $16,800Off-Site Management $15,095 $15,095Gardener $1,200 $1,200Special Assessments $6,789 $6,789Total Expenses $166,639 $166,639Expenses/Unit $5,951 $5,951Expenses/SF $9.52 $9.52

OPERATING STATEMENT

Income Current Market Notes Per Unit Per SF

Gross Potential Rent 498,960 531,600 18,986 30.38

Physical Vacancy (14,969) 3.0% (15,948) 3.0% (570) (0.91)

Total Vacancy ($14,969) 3.0% ($15,948) 3.0% ($570) ($1)

Effective Rental Income 483,991 515,652 18,416 29.47

Other Income

Laundry 10,800 10,800 386 0.62

Total Other Income $10,800 $10,800 $386 $0.62

Effective Gross Income $494,791 $526,452 $18,802 $30.08

Expenses Current Market Notes Per Unit Per SF

Real Estate Taxes 89,855 89,855 3,209 5.13

Insurance 5,500 5,500 196 0.31

Electricity 3,600 3,600 129 0.21

Water 9,000 9,000 321 0.51

Gas 3,600 3,600 129 0.21

Trash Removal 0 0 0 0.00

Pest Control 1,200 1,200 $100/M 43 0.07

Maint & Repairs 14,000 14,000 $500/M 500 0.80

On-Site Management 16,800 16,800 $1400/M 600 0.96

Off-Site Management 15,095 15,095 3% 539 0.86

Gardener 1,200 1,200 $100/M 43 0.07

Special Assessments 6,789 6,789 242 0.39

Total Expenses $166,639 $166,639 $5,951 $9.52

Expenses as % of EGI 33.7% 31.7%

Net Operating Income $328,152 $359,813 $12,850 $20.56

Notes and assumptions to the above analysis are on the following page.

RENT ROLL SUMMARY As of August, 2020

Display Rent as: Monthly

Rents to Show: Scheduled and Potential

Rental Range Rent: Scheduled

Scheduled Potential

Unit Type# of

UnitsAvg.

Sq. Ft. Rental Range Avg. RentAvg.

Rent/Sq. Ft.Monthly Income Avg. Rent

Avg. Rent/Sq. Ft.

Monthly Income

1 Bedroom / 1 Bathroom 20 575 $1,350 - $1,450 $1,396 $2.43 $27,915 $1,495 $2.60 $29,900

2 Bedroom / 1 Bathroom 8 750 $1,695 - $1,800 $1,708 $2.28 $13,665 $1,800 $2.40 $14,400Totals/Weighted Averages 28 625 $1,485 $2.38 $41,580 $1,582 $2.53 $44,300

Gross Annualized Rents $498,960 $531,600

OPERATING STATEMENT

Income Current Market Notes Per Unit Per SF

Gross Potential Rent 498,960 531,600 18,986 30.38

Physical Vacancy (14,969) 3.0% (15,948) 3.0% (570) (0.91)

Total Vacancy ($14,969) 3.0% ($15,948) 3.0% ($570) ($1)

Effective Rental Income 483,991 515,652 18,416 29.47

Other Income

Laundry 10,800 10,800 386 0.62

Total Other Income $10,800 $10,800 $386 $0.62

Effective Gross Income $494,791 $526,452 $18,802 $30.08

Expenses Current Market Notes Per Unit Per SF

Real Estate Taxes 89,855 89,855 3,209 5.13

Insurance 5,500 5,500 196 0.31

Electricity 3,600 3,600 129 0.21

Water 9,000 9,000 321 0.51

Gas 3,600 3,600 129 0.21

Trash Removal 0 0 0 0.00

Pest Control 1,200 1,200 $100/M 43 0.07

Maint & Repairs 14,000 14,000 $500/M 500 0.80

On-Site Management 16,800 16,800 $1400/M 600 0.96

Off-Site Management 15,095 15,095 3% 539 0.86

Gardener 1,200 1,200 $100/M 43 0.07

Special Assessments 6,789 6,789 242 0.39

Total Expenses $166,639 $166,639 $5,951 $9.52

Expenses as % of EGI 33.7% 31.7%

Net Operating Income $328,152 $359,813 $12,850 $20.56

Notes and assumptions to the above analysis are on the following page.

RENT ROLL

Unit Unit TypeSquare

FeetCurrent Rent/

MonthCurrent Rent/Sq. Ft./

MonthPotential Rent/

MonthPotential Rent/Sq. Ft./

Month

1 1 Bedroom / 1 Bathroom 575 $1,350 $2.35 $1,495 $2.60




























Total 17,500 $41,580 $2.38 $44,300 $2.53

536-539 N ANNA DR

618-624 N ANNA DR

Date post:	08-Oct-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

ANAHEIM, CA 92805 536-539 & 618-624 N ANNA DR …...28–unit multifamily investment opportunity...

Documents