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Transcript of BRAND NEW MODERN CONSTRUCTION 01.28.2016 building department resubmittal 1 03.04.2016 building...

  • BRAND NEW MODERN CONSTRUCTION

    11 LUXURY TOWNHOMES | SANTA CRUZ, CA

    CONFIDENTIAL OFFERING MEMORANDUM

    Estimated Date of Final Completion: October 2017

  • OCEAN STREET TOWNHOMES2

  • 1804 Ocean St Santa Cruz, CA

    Confidential Offering Memorandum

    Contents

    Executive Summary ........................ 4

    Property Description ...................... 5

    Location Overview .......................... 9

    Market Overview ...........................12

    Financial Overview ........................16

    RYAN WAGNER 415.288.7865 ryan.wagner@colliers.com

    Lic. 01760602

    BENJAMIN OW 831.247.1175 benjamin@owcommercial.com

    Lic. 01406462

    KALAH ESPINOZA 925.642.6363 kalah.espinoza@colliers.com

    Lic. 01760602

    EXCLUSIVELY OFFERED BY:

  • Executive Summary OFFERING Colliers International, as the exclusive advisor, in association with Ow Commercial, is pleased to present the opportunity to acquire 1804 Ocean Street, an 11-unit apartment community in Santa Cruz, CA. The property is ideally located less than an hour from the core of Silicon Valley and in one of the most desirable ocean communities in the world.

    OCEAN STREET TOWNHOMES

    PROPERTY HIGHLIGHTS

     11-unit apartment townhome property

     Extremely large, spacious floorplans with vaulted top floor ceilings

    > (5) 3br-3ba Townhomes (or 2br-3ba with office/den), 1,421 SF each

    > (6) 2br-2.5ba Townhomes, 1,623 SF each

     Ideally located with easy access to Highway 1, and less than an hour from

    Silicon Valley

     In-unit washer and dryer hookups

     Garages pre-wired for electric car charging stations

     Property pre-plumbed for roof solar panels

     Modern, contemporary interior finishes

     Large patios / balconies off each unit

    INVESTMENT HIGHLIGHTS  4.5% Cap on projected market rents

     Priced competitively at $511/SF

     Townhome mapped and recorded with the Department of Real Estate

     Excellent 1031 exchange opportunity

     Passive, turnkey asset

    PROPERTY 1804 Ocean Street offers investors a rare opportunity to acquire a brand new development within the highly desirable Santa Cruz market. This modern, luxury townhome development project is truly a turnkey pride-of-ownership asset. Santa Cruz is a high-demand rental market offering current and long-term appeal to residents seeking a beach-town lifestyle and proximity to some of the best jobs in the country.

    1804 Ocean Street is being offered for $8,600,000, representing a current cap rate of 4.5% on projected rents. At $511 per SF, 1804 Ocean St is competitively priced with other like-kind assets that have recently transacted and are on the market currently.

    4

  • SECTION TITLE

    EXECUTIVE SUMMARY | 5

    Property Description 1804 OCEAN STREET Address 1804 Ocean Street

    City, State Santa Cruz, CA

    Lot Size 8,668 SF (per county records)

    APNs

    008-721-05; 008-721-04;

    008-721-03; 008-721-01;

    008-721-11; 008-721-10;

    008-721-09; 008-721-08;

    008-721-07; 008-721-06;

    008-721-13

    Year Built In construction 2017

    Units 11

    Average SF 1,532

    Total SF 16,843

    Unit Mix # of Units Square Feet

    3BR/3BA (or 2BR/3BA w/office 5 1,421

    2BR/2.5 BA 6 1,623

    Totals/AVG. 11 1,531

    Parking Summary

    6 Attached 2-car tandem garage

    5 Attached 1-car garage

    3 Guest, uncovered

    2 Accessible, uncovered

    5 Open, unassigned

    TOTAL: 27 Spaces

  • OCEAN STREET TOWNHOMES

    UP

    UP

    UP

    DN

    DN

    DN

    -

    -

    122 E. ARRELLAGA SANTA BARBARA

    805 962 2746 CALIFORNIA 93101

    Blatter Hochhauser

    ARCHITECTURE

    AND PLANNING

    SHEET

    PROJECT NO:

    THIS DRAWING IS COPYRIGHTED MATERIAL UNDER THE SOLE OWNERSHIP OF HOCHHAUSER BLATTER ARCHITECTURE & PLANNING. ANY USE WITHOUT EXPRESSED WRITTEN CONSENT OF HOCHHAUSER BLATTER IS PROHIBITED.

    SHEET CONTENTS

    ISSUANCE OR REVISIONDATE:

    09.10.2015 BUILDING DEPARTMENTSUBMITTAL 11.09.2015 BUILDING DEPARTMENTSUBMITTAL 01.28.2016 BUILDING DEPARTMENTRESUBMITTAL 1 03.04.2016 BUILDING DEPARTMENTRESUBMITTAL 2 03.25.2016 BUILDING DEPARTMENTRESUBMITTAL 3 05.17.2016 BUILDING DEPARTMENTRESUBMITTAL

    OC EA

    N / J

    EW EL

    L ST

    RE ET

    T OW

    NH OU

    SE S

    18 04

    & 1

    81 2

    OC EA

    N ST

    RE ET

    SA NT

    A CR

    UZ , C

    AL IF

    OR NI

    A 95

    06 0

    A1.1

    SITE PLAN

    9784

    1/8" = 1'-0" 1SITE PLAN

    BUILDING B

    BUILDING A

    BUILDING C

    BUILDING D

    NN PROJECT NORTH TRUE NORTH

    BUILDINGS LABELLED A, B, C, & D FOR GRAPHIC AND PRESENTATION PURPOSES ONLY

    BUILDINGS A & B TO BE TREATED AS ONE BUILDING FOR THE PURPOSE OF CODE COMPLIANCE

    NOTES:

    1

    2

    3

    4

    5

    11

    10

    9

    8

    7

    6

    PERIMETER FENCE

    Full Project Site Plan

    6

  • 7

    SECTION TITLE

    PROPERTY DESCRIPTION |

    Sample Floor Plans - Units 1-5 Sample Floor Plans - Units 6-11

    First Level

    Second Level

    Third Level

    Second Level

    First Level

  • CONSTRUCTION TYPE Timber and steel frame over concrete slab platform

    SIDING MATERIAL Stucco and manufactured wood siding

    FOUNDATION Concrete slab

    ROOF TYPE Standing seam metal roof

    WINDOWS Oversized dual-pane, floor-to-ceiling in living areas

    DISHWASHERS In all units

    DISPOSALS In all units

    HEATING Forced-air heat pumps

    HOT WATER Individual tankless on-demand units

    WASHER & DRYER Individual hookups in each unit

    APPLIANCES All electric and stainless steel

    FLOORING Hardwood luxury flooring, carpeting in bedrooms

    CABINETRY High-quality soft-close doors

    HARDWARE Brushed nickel

    INTERIOR LIGHTING Recessed LED and CFL lighting in all renovated

    EXTERIOR LIGHTING High-end LED and CFL copper fixtures

    KITCHEN COUNTERTOPS Quartz countertops

    PLUMBING All copper and surgical plastic

    ELECTRICAL All copper, 200 AMP panels

    KITCHEN COUNTERTOPS Quartz countertops

    GARAGES For all units, see parking breakdown, 27 total parking spaces

    CABLE All units wired for cable and internet

    SMOKE DETECTORS In all units, 100% code compliant

    Co2 DETECTORS In all units

    Physical Property Summary

    OCEAN STREET TOWNHOMES8

  • PROPERTY DESCRIPTION | 7

  • OCEAN STREET TOWNHOMES

    East Elevations West Elevations

    Buildings C & D

    Buildings A & B Buildings A & B

    Buildings C & D

    10

  • 11

    SECTION TITLE

    PROPERTY DESCRIPTION |

    North Elevations

    Buildings B & D

    South Elevations

    Buildings A & C

  • Kaiser Permanente Arena

    San Lorenzo Park Plaza Shopping Center ARTISAN’S GALLERYBranciforte

    Middle School

    Santa Cruz Small Craft Harbor

    Seabright State BeachAldo Harbor

    Santa Cruz Beach Boardwalk

    Santa Cruz Wharf

    Santa Cruz High School

    Mission Hills Middle School

    County Jail Administration

    SC Laboratories International Academy of Dance

    Grant Park

    Neary Lagoon Park

    Subject Property 1804 OCEAN STREET

    O C

    E A

    N S

    T R

    E E

    T

    S A

    N L

    O R

    E N

    Z O

    R IV

    E R

    Santa Cruz Elks Lodge

    COLLIGAN THEATER AT THE TANNERY

    ARTS CENTER

    RADIUS GALLERY

    Pasatiempo Golf Course

    Harvey West Park

    STEPHANIE SCHRIVER STUDIO

    In state tuition: $14,024 Out if State Tuition: $28,014

    On-Campus Room & Board: $16,056 Off-Campus Room & Board: $12,198

    Average annual salary for professors: $193,352

    Georgiana Bruce Kirby Preparatory School

  • 13LOCATION OVERVIEW |

    The San Francisco Bay Area consists of nine

    counties with a total population of 7.34 million

    representing almost 20% of California’s total

    population. Of the nine counties, Santa Cruz

    County is the second least populated county in

    the state. The San Francisco Bay Area has the

    unique distinction of being the most innovative

    place in America. The Bay Area is one of the most

    inventive, competitive economies in the world

    based on a productive and educated workforce,

    deep venture capital pool, concentration of

    research organizations, culture of innovation,

    and receptivity to new ideas.

    Knowledge-Based Economy

    With its long-standing reputation for cutting-

    edge innovation, the Bay Area has always

    required one of the most specialized and

    educated work forces in the country. The Bay

    Area has the highest share of population with

    a bachelor’s degree and the lar