THE PINERY APARTMENTS · 2018-02-15 · -The Pinery Apartments benefits from it's location across...

Property Highlights

E XC L U S I V E L I S T I N G | M U LT I FA M I LY O P P O RT U N I T Y

• Located 100 Yards from Azusa Pacific University

• Incredible Rental Demand

• True Value-Add Opportunity

• Substantial Rental Upside

• 100% Spacious 2BR/2BA Units

THE PINERY APARTMENTS

60 UNITS

371 N. Powell Avenue, Azusa, CA 91702

Specializing in the Sale of Multi-family Properties

4590 MacArthur Boulevard, Suite 260

Newport Beach, CA 92660

(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com

*1/3 Partial Interest Sale Only





This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers. Thematerial contained herein is confidential and the recipient agrees to keep all material contained herein confidential. Theinformation is furnished solely for the purpose of considering investment in the properties described herein and is not tobe copied and or used for any purpose or made available to any other person without the express written consent ofMorgan Skenderian. The information contained herein is not a substitute for a complete and thorough Due Diligenceinvestigation. The information contained in this package has been obtained from sources we believe to be reliable;however, Morgan Skenderian, its agents and Seller have not verified nor made any investigations as to the accuracy ofany information. Morgan Skenderian and Seller makes no warranty or representation whatsoever with regard to theaccuracy or completeness of the information, income or expenses for the subject properties, the square footage of theimprovements, future performance of the properties, the presence or absence of contaminating materials, asbestos,PCB's or molds and funguses or the compliance with the State and Federal laws. Any pro formas, projections, estimatesand assumptions used are for example only and do not necessarily represent the future success or performance of theproperties or real estate market.

DISCLAIMER

THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702

PLEASE DO NOT DISTURB TENANTS





DEMOGRAPHICS

Total Households:

Total Population:

Average HH Income:

LOCATION OVERVIEW-Azusa has over 46,000 residents and an average

resident age of 28 years.

-The Pinery Apartments benefits from it's location

across the street from Azusa Pacific University with

over 10,000 students.

-Located ½ mile from Citrus College, with over 12,000

students.

-Convenient access to the 210, 605 and 57 Freeways.

-Nearby retail amenities include ChickFilA, Famous

Daves, Pielogy, Starbucks, CVS Drugs, Target and

Bank of America.

-The subject property is located directly next door to

W.R. Powell Elementary.

PROPERTY DESCRIPTION






The Seller is offering for sale a 1/3 limited partnership interest in Citrus AvenueDevelopment, which equates to a 33% interest in the property.

PARTIAL INTEREST SALE

AMENITIES

• Spacious Two BR Units with 990 Sq.Ft.

• Gated Parking Area & Pedestrian Entrance

• Private Balconies & Patios

• Hardwood Floors, Granite Countertops, Vaulted Ceilings (in some units)

• Individual Garages with Electronic Openers

• Pool, Spa & BBQ Area.

• Rental Office & Clubhouse

• Re-roofed in 2016

PROPERTY OVERVIEWNumber Of Units: 60

(60) 2BR/2BA

Year Built: 1979

Parcel Number: 8628-004-034

Parking: (120) Total ParkingSpaces (60) Carports

(60) Open Spaces

Exterior: Wood Frame & StuccoPitched Roof

Lot Size: 120,661 SF

Net Rentable SF: 59,808 SF

Utility Metering Individually-Metered forElectricity & Gas.

Master-Metered forWater & Trash

Unit Mix:

EXECUTIVE SUMMARY


FINANCING

Due to the sale of a partial interest, purchase shall be on an all-cash basis only





SUBJECT PHOTOS


Multi-Residential Information

Property Name No. Units Address City State

The Pinery Apartments 20 371 N. Powell Avenue Azusa CAPrice Cost/Unit GRM:Current CAP:Current Approx. SqFt Lot Size

$5,600,000 $280,000 15.54 4.5% 19,737 120,661Down Payment Percent Down GRM:Market CAP:Market Cost/Sq.Ft. Approx. Age

$5,600,000 100.0% 12.87 5.8% $283.74 1979

Annualized Operating Data Annualized ExpensesTaxes Estimated

CURRENT RENTS MARKET RENTS 1.13470% $21,032Direct Assessments: $3,592

Scheduled Gross Income: $360,382 $435,000 Insurance: $4,934 Less Vacancy Reserve: 3.0% $10,811 $13,050 Utilities: $10,800Gross Operating Income: $349,571 $421,950 On-Site Management: $10,000

Less Expenses: 26.8% $96,602 $96,602 Off-Site Management: $12,613Net Operating Income: $252,968 $325,348 Maint. & Repairs: $28,831

Gross Spendable Income: $252,968 $325,348 Landscape & Gardening: $3,000Cash on Cash Return: 4.5% 5.8% Pool: $800

Cap Rate: 4.5% 5.8% Administration $1,000Gross Multiplier: 15.54 12.87

Total Expenses: $96,602.42Expenses as % of SGI 26.8%

Expenses /Unit/Yr: $4,830Expenses /Foot/Yr: $4.89

Scheduled Income

CURRENT RENTS MARKET RENTSNo. Units No. Bdrms/Baths Approx. Sq.Ft. Mo. Rent/Unit Monthly Income Mo. Rent/Unit Monthly Income

20 2BR/2BA 990 $1,265-$1,750 $29,682 $1,795 $35,900

Total Scheduled Rent: $29,682 $35,900Laundry: $350 $350

Monthly Sched. Gross Inc.: $30,032 $36,250Annual Sched. Gross Inc.: $360,382 $435,000

Utilities Paid by Owner: Water &Trash.

The above information has been obtained from sources we believe to be reliable, but we do not

accept responsibility for its correctness

VALUE OF 33% PARTIAL INTEREST





FINANCIAL DETAILS


Multi-Residential Information

Property Name No. Units Address City State

The Pinery Apartments 60 371 N. Powell Avenue Azusa CAPrice Cost/Unit GRM:Current CAP:Current Approx. SqFt Lot Size

$17,000,000 $283,333 15.58 4.5% 59,808 120,661Down Payment Percent Down GRM:Market CAP:Market Cost/Sq.Ft. Approx. Age

$8,500,000 50.0% 13.03 5.7% $284.24 1979

Proposed Financing1st Loan Terms Monthly Pmt New / Ex / Private

$8,500,000 New 1st TD, Rate of 3.99%, 5 year fixed $40,531.00 New

Annualized Operating Data Annualized ExpensesTaxes Estimated

CURRENT RENTS MARKET RENTS 1.13470% $63,734Direct Assessments: $10,885

Scheduled Gross Income: $1,091,340 $1,304,400 Insurance: $14,952 Less Vacancy Reserve: 3.0% $32,740 $39,132 Utilities: $32,400Gross Operating Income: $1,058,600 $1,265,268 On-Site Management: $29,000

Less Expenses: 26.7% $290,875 $290,875 Off-Site Management: $38,197Net Operating Income: $767,725 $974,393 Maint. & Repairs: $87,307

Less Loan Payments: $486,372 $486,372 Landscape & Gardening: $9,000Gross Spendable Income: $281,353 $488,021 Pool: $2,400

Cash on Cash Return: 3.3% 5.7% Administration $3,000Cap Rate: 4.5% 5.73%

Gross Multiplier: 15.58 13.03 Total Expenses: $290,875Expenses as % of SGI 26.7%

Expenses /Unit/Yr: $4,848Expenses /Foot/Yr: $4.86

Scheduled Income

CURRENT RENTS MARKET RENTSNo. Units No. Bdrms/Baths Approx. Sq.Ft. Mo. Rent/Unit Monthly Income Mo. Rent/Unit Monthly Income

60 2BR/2BA 990 $1,265-$1,750 $89,945 $1,795 $107,700

Total Scheduled Rent: $89,945 $107,700Laundry: $1,000 $1,000

Monthly Sched. Gross Inc.: $90,945 $108,700Annual Sched. Gross Inc.: $1,091,340 $1,304,400

Utilities Paid by Owner: Water &Trash.

The above information has been obtained from sources we believe to be reliable, but we do not

accept responsibility for its correctness

VALUE OF 100% OF PROPERTY





FINANCIAL DETAILS






UNITNUMBER

UNITTYPE

CURRENTRENT

A101 2BR / 2BA $1,425

A102 2BR / 2BA $1,425

A201 2BR / 2BA $1,425

A202 2BR / 2BA $1,425

A203 2BR / 2BA $1,725

A203 2BR / 2BA $1,725

A204 2BR / 2BA $1,450

B101 2BR / 2BA $1,350

B102 - Manager 2BR / 2BA $1,425

B201 2BR / 2BA $1,725

B202 2BR / 2BA $1,450

B203 2BR / 2BA $1,375

B204 2BR / 2BA $1,425

C101 2BR / 2BA $1,365

C102 2BR / 2BA $1,425

C201 2BR / 2BA $1,350

C202 2BR / 2BA $1,675

D101 2BR / 2BA $1,450

D102 2BR / 2BA $1,725

D103 2BR / 2BA $1,425

D104 2BR / 2BA $1,265

D201 2BR / 2BA $1,425

D202 2BR / 2BA $1,725

D203 2BR / 2BA $1,425

D204 2BR / 2BA $1,650

E101 2BR / 2BA $1,425

E102 2BR / 2BA $1,450

E202 2BR / 2BA $1,650

E203 2BR / 2BA $1,425

E204 2BR / 2BA $1,450

F101 - Manager 2BR / 2BA $1,350

F102 2BR / 2BA $1,425

F201 2BR / 2BA $1,300

F202 2BR / 2BA $1,725

RENT ROLL






UNITNUMBER

UNITTYPE

CURRENTRENT

F203 2BR / 2BA $1,725

F204 2BR / 2BA $1,450

G101 2BR / 2BA $1,450

G102 2BR / 2BA $1,750

G201 2BR / 2BA $1,425

G202 2BR / 2BA $1,725

G203 2BR / 2BA $1,725

G204 2BR / 2BA $1,725

H101 2BR / 2BA $1,265

H102 2BR / 2BA $1,425

H103 2BR / 2BA $1,425

H104 2BR / 2BA $1,425

H201 2BR / 2BA $1,425

H202 2BR / 2BA $1,725

H203 2BR / 2BA $1,425

H204 2BR / 2BA $1,425

J101 2BR / 2BA $1,425

J102 2BR / 2BA $1,425

J201 2BR / 2BA $1,350

J202 2BR / 2BA $1,725

K101 2BR / 2BA $1,450

K102 2BR / 2BA $1,450

K201 2BR / 2BA $1,275

K202 2BR / 2BA $1,725

K203 2BR / 2BA $1,425

K204 2BR / 2BA $1,725

Totals $89,945

RENT ROLL






SUBJECT PROPERTY

371 N. Powell Avenue | Azusa, CA 91702

60No. Units:

1979Year Built:

UNIT TYPE RENT

2BR/2BA $1,265-$1,750

AVALON GLENDORA

121 East Route 66 | Glendora, CA 91740

280No. Units:

2017Year Built:1

1UNIT TYPE RENT

2BR/2BA $2,665

GLENDORA PARK PLACE

641 West Route 66 | Glendora, CA 91740

50No. Units:

2006Year Built:2

2UNIT TYPE RENT

2BR/2BA $2,037

CASA MADRID

273 West Arrow Hwy | Azusa, CA 91786

88No. Units:

1979Year Built:3

3UNIT TYPE RENT

2BR/2BA $2,065

RENT COMPARABLES






VISTA POINTE

1400 North Grand Avenue | Covina, CA 91724

216No. Units:

1985Year Built:4

4UNIT TYPE RENT

2BR/2BA $2,106

CLUB PACIFICA

21042 East Arrow Hwy | Covina, CA 91724

232No. Units:

1988Year Built:5

5UNIT TYPE RENT

2BR/2BA $1,840

RENT COMPARABLES






SUBJECT PROPERTY

371 N. Powell Avenue | Azusa, CA 91702

60No. Units: $17,000,000List Price:

1979Year Built: 3.6%Current Cap:

$283,333Price / Unit: 5.0%Market Cap:

$284.24Price PSF: 15.93Current GRM:

13.03Market GRM:

UNITS UNIT TYPE

(60) 2BR/2BA

CANYON VILLA APARTMENTS630 North Cerritos Avenue | Azusa, CA 91702

39No. Units: $9,500,000On Market:

1960Year Built: $324.52Price PSF:

$243,589Price / Unit: 4.1%Current CAP:

On MarketClosed: 18.62Current GRM:

1

1UNITS UNIT TYPE

(17) 1BR/1BA

(22) 2BR/1BA

FOOTHILL APARTMENTS232 East Foothill Blvd | Glendora, CA 91741

10No. Units: $3,000,000Sold Price:



02/2017Closed: 19.56Current GRM:

2

2UNITS UNIT TYPE

(6) 1BR/1BA

(4) 2BR/1BA

300 East Bennett Avenue | Glendora, CA 91741





3

3UNITS UNIT TYPE

(10) 2BR/1BA

SALE COMPARABLES






LARK ELLEN VILLAS511 North Lark Ellen Avenue | Covina, CA 91722

23No. Units: $10,000,000In Escrow:



In EscrowClosed: 22.15Current GRM:

4

4UNITS UNIT TYPE

(23) 3BR/2BA

LAS CASITAS321 S. San Jose Avenue | Covina, CA 91723





5

5UNITS UNIT TYPE

(4) 1BR/1BA

(24) 2BR/1BA

SALE COMPARABLES






LOCATION MAPS






RETAILER MAP






RETAILER MAP


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THE PINERY APARTMENTS · 2018-02-15 · -The Pinery Apartments benefits from it's location across...

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