ECLSIVE OFFERIN MEMORANDM 1024 10TH AVENE REDWOOD CITY · 2019-08-13 · Daly City 1br/1ba...

EXCLUSIVE OFFERING MEMORANDUM 1024 10TH AVENUE REDWOOD C ITY

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PROPERTY SUMMARY

6036 MISSION STREET

18 UNIT APARTMENT PROPERTY AVAILABLE FOR SALE

DALY CITY CALIFORNIA

KEVIN PHILLIPS+1 650 398 0293

[email protected] #01470917

CHRIS GIOTINIS+1 650 398 0292

[email protected] #01962295

EXCLUSIVE OFFERING MEMORANDUM

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The information contained in the following marketing package has been given to us by the owner of the property, or obtained through sources we deem reliable. While we have no reason to doubt it’s accuracy, SC Properties does not guarantee it.

Verification of the enclosed information should be conducted by a thorough inspection of the property along with a review of all source documents in possession of the seller during the due diligence period. This marketing package has been produced to provide summary information in order to establish a preliminary level of interest in the subject property.

SC Properties strongly advises any potential purchaser to consult with a Tax Advisor and/or Legal Council prior to acquiring the property. Any potential purchaser is also strongly advised to measure all units prior to purchase and should not rely upon the square footage supplied in this marketing package. The listing agent and owner have not had the opportunity to verify the size of each unit, and have approximated the size of each unit. Upon entering into a contract to purchase the subject property, we reccomend the Buyer hire licensed professionals to perform physical inspections on the property.

Please do not disturb residents.An inspection of the property can be made through the Listing Agent only.

IMPORTANT INFORMATION

6036 MISSION STREET DALY C ITY

THE OFFERING


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THE OFFERING

SC Properties is pleased to exclusively offer for sale 6036 Mission St, Daly City providing investors the unique opportunity to purchase a 18-unit apartment property in Daly City, California. This value-add apartment is priced well below comparable sales, and has significant upside in rents. The property has been recently painted, roof serviced and parking garage entry door repaired. All units are individually metered for gas and electric. The property is just minutes to San Francisco, and less than a mile from the Daly City Bart station.



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INVESTMENT HIGHLIGHTS


• 18 Apar tment un i t s

• Un i t m ix : One ( 1 ) 2br / 1ba , Seventeen ( 17 ) 1b r / 1ba

• Bu i ld ing s i ze : 20,184 square fee t (buyer to ver i f y )

• Lo t s i ze : 5 ,600 square fee t (buyer to ver i f y )

• Roof type : F la t , ta r and grave l

• Park ing : Secured carpor t , s t ree t

• A l l un i t s ind iv idua l l y metered fo r gas and e lec t r i c i t y

• Tenant s to rage c losets

• Laundry : Co in opera ted – 2 washers , 2 d ryers

• Ma jor ups ide in ren ts

• Low management respons ib i l i t ies

• New ra i l ings , water heater ( 1 /2018 ) , dua l pane w indows ,

common area l igh t ing , park ing ent ry ga te repa i r

• Fantas t i c loca t ion minutes to San Franc isco , BART, SFO,

and h ighways 280 and 101


PROPERTY SUMMARY

Property Address 6036 Mission Street, Daly City

Price $6,395,000

Price per Unit $355,277

Price per SF $317

Current Cap Rate 3.18%

Market Cap Rate 4.51%

Year Built 1963

Parcel Number 004-152-100

Parking Secured carport


UNIT MIX UNITS AVERAGE RENTS

1 BR / 1BA 17 $1,503.00

2 BR / 1BA 1 $1,850.00

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FINANCIAL SUMMARY

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OPERATING EXPENSES CURRENT MARKET

Repairs & Maintenance $5,795 $5,795

Utilities (Gas/Elect./Water/Sewer) $18,741 $18,741

Trash $5,874 $5,874

Cleaning / Landscaping Maintenance $6,025 $6,025

Management $13,051 $16,500

Plumbing $6,425 $6,425

Electrical $804 $804

Pest Control $315 $315

Elevator Service / Repair $8,865 $8,865

Telephone $565 $565

Appliance Repair $948 $948

Permit Fees $101 $101

Legal $1,510 $0

Business License $1,472 $1,472

Health and Fire Safety / Protection $5,661 $5,661

Subtotal $76,152 $78,091

NON-OPERATING EXPENSES

Property Tax (1.1477%) $30,132 $72,395

Insurance $12,703 $12,703

SUBTOTAL $42,835 $86,098

TOTAL EXPENSES $118,987 $164,189

Per Sq. Ft. $5.90 $8.13

Percentage of Gross Income 36.19% 35.68%

Per Unit $6,610 $9,122

Monthly Scheduled Gross Income $25,925 $37,350

Annual Scheduled Gross Income $314,513 $454,700

Laundry Income $263 $500

RUBS Income $0 $0

Annual Laundry Income $3,150 $6,000



RENT RENT ROLL


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UNIT TYPE LEASE TO CURRENT RENT MARKET RENT

1 2 X 1 $1,850 $2,500

2 1 X 1 $1,450 $2,050

3 (vacant) 1 X 1

4 1 X 1 $1,575 $2,050

5 1 X 1 $1,375 $2,050

6 1 X 1 $1,475 $2,050

7 1 X 1 $1,850 $2,050

8 1 X 1 $1,700 $2,050

9 1 X 1 $1,625 $2,050

10 (onsite manager) 1 X 1 $1,050 $2,050

11 1 X 1 $1,000 $2,050

12 1 X 1 $1,475 $2,050

14 1 X 1 $1,750 $2,050

15 1 X 1 $1,375 $2,050

16 1 X 1 $1,600 $2,050

17 1 X 1 $1,475 $2,050

18 1 X 1 $1,850 $2,050

19 1 X 1 $1,450 $2,050

EXCLUSIVE OFFERING MEMORANDUM 6036 MISSION STREET DALY C ITY

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ADDRESS UNITS LIST PRICE SALE PRICE SALE PRICE / UNIT PRICE / SFYEAR BUILT

CAP RATE

SALE DATE UNIT MIX

338 Alida Way, South San Francisco 21 $8,800,000 Pending $419,047.00 $373.56 1971 3.96% Pending Nine (9) 2br/1ba,

Twelve (12) 1 br/1ba

115 E Moltke St,

Daly City16 $5,650,000 $5,650,000 $353,125.00 $371.71 1953 2.70% 4/9/2018 Sixteen (16) 1br/1ba

1450 Southgate Ave,

Daly City25 $11,080,000 $11,080,000 $443,200.00 $291.78 1973 2.81% 7/26/2018 Seventeen (17) 1br/1ba,

Eight (8) 2br/1ba

5801 Mission St,

San Francisco7 $4,533,000 $4,533,000 $647,571.43 $332.82 1925 4.58% 5/29/2018

Six (6) apartment units,

One (1) commercial

4830 Mission St,

San Francisco27 $12,450,000 $12,450,000 $461,111.11 $451.09 1990 3.41% 7/25/2018

Twenty-one (21) apartment

units, Six (6) commercial

41 Thomas Ave, Bris-

bane11 $5,195,000 $4,950,000 $450,000.00 $544.14 1977 4.51% 8/27/2018

Four (4) 2br/1ba, Five (5)

1br, 1ba, Two (2) studios

21 Alvarado St,

Brisbane8 $2,850,000 $3,150,000 $393,750.00 $454.55 1972 5.00% 2/2/2019 Eight (8) 1br/1ba

867 Huntington Ave, San Bruno 10 $4,200,000 $4,000,000 $400,000.00 $417.10 1962 2.81% 9/14/2017 Four (4) 2b1/1ba,

Six (6) 1br/1ba

316 Alida Way, South San Francisco 12 $4,800,000 $5,010,000 $417,500.00 $470.78 1960 4.00% 8/10/2018 Seven (7) 2br/1ba,

Five (5) 1br/1ba

519 Commercial Ave, South San Francisco 9 $3,500,000 $3,600,000 $400,000.00 $375.35 1962 2.46% 5/18/2018 Nine (9) 2br/1ba

464 Miller Ave, South San Francisco 7 $3,500,000 $3,500,000 $500,000.00 $501.43 1978 3.26% 9/20/2018 Six (6) 1br/1ba,

One (1) 2br/1ba

SALES COMPS


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ADDRESS UNIT TYPE SQUARE FEET RENT UTILITIES INCLUDED BUILDING/PROPERTY AMENITIES

960 St Francis,Daly City 1br/1ba 652 SF $2,495.00 None On-site laundry, pool, fitness center, remodeled unit

415 A St,

Daly City1br/1ba $2,175.00 None Pets welcome, on-site laundry, parking, renovated unit

419 89th St,

Daly City1br/1ba 610 SF $2,095.00 Water, Trash On-site laundry, dedicated parking, remodeled unit

480 90th St,

Daly City2br/1ba 760 SF $2,795.00 Water, Trash On-site laundry, dedicated parking

24 Miriam St, Daly City 2br/1ba $2,800.00 None Parking

73 1st Ave, Daly City 2br/1ba $2,900.00 None On-site laundry, dedicated parking

RENT COMPS


PARCEL MAP

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AREA OVERVIEW

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Located in San Mateo County immediately south of San Francisco, Daly City is a beautiful, coastal community boasting a diversified local economy, a growing young labor force, and a diverse array of nearby amenities. Known as the “Gateway to the Peninsula”, Daly City has become a regional hub for retail, healthcare and small business. The city’s central location and vast offering of cultural attractions and outdoor activities make Daly City a wonderful place to live and work.

DALY CITY, CALIFORNIA

DEMOGRAPHICS

Daly City is bordered by the cities of San Francisco, Brisbane, Pacifica and South San Francisco - some of the most affulent cities along the San Francisco Peninsula and in Silicon Valley. The quality of life characteristics found in Silicon Valley are difficult to find anywhere in the world. A diverse cultural environment welcomes residents from all over the world and provides a rich cross section of cultures. The city offers residents a safe and family-friendly environment, beautiful residential areas and a charming community.

Quick Facts

Size: 7.6 square miles

Population: 107,074

Estimated Median Age: 39

Median Household Income: $86,342

Median Property Value: $651,600

Estimated Households: 31,318

EXCLUSIVE OFFERING MEMORANDUM 1024 10TH AVENUE REDWOOD C ITY

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KEVIN PHILLIPS+1 650 398 [email protected] #01470917

CHRIS GIOTINIS+1 650 398 [email protected] #01962295

ECLSIVE OFFERIN MEMORANDM 1024 10TH AVENE REDWOOD CITY · 2019-08-13 · Daly City 1br/1ba...

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