SEDONA - LoopNet€¦ · Sedona Condos is a mere 0.8 miles from Vintage Faire Mall, which is the...

A 42-Unit Multifamily Investment Opportunity in Modesto, California

SEDONAC o n d o m i n i u m s

MENDOCINO PALMSA P A R T M E N T H O M E S

CONFIDENTIALITY AGREEMENT AND IMPORTANT DISCLOSURE

The information contained herein is strictly confidential, furnished solely for the purpose of considering the acquisition of the property described herein, and is not to be used for any other purpose or made available to any other person without the expressed written consent of ARA Newmark.

It has been obtained from the Seller and may include other sources believed to be reliable, but no representation is being made with regard to its accuracy or completeness.

Prospective investors should undertake their own investigations and reach their own conclusions without reliance upon the material contained herein. Neither the Seller nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of the Offering Memorandum or its contents.

Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

The Seller and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice.

The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer for the Property is approved by the Seller, and any conditions to the Buyer’s obligations there under have been satisfied or waived.

SACRAMENTO OFFICE980 9th Street

Suite 2500Sacramento, CA 95814

916.920.4400

SAN FRANCISCO OFFICE655 Montgomery Street

Suite 1705San Francisco, CA 94111

415.354.0777

LOS ANGELES OFFICE1875 Century Park East

Suite 1380Los Angeles, CA 90067

310.201.2060



NATE [email protected]

916.599.6523License CA: 01467941

MARC [email protected]

916.835.8844License CA: 01956176

MARK [email protected]

415.273.2152License CA: 01177579

CAMERON [email protected]

415.430.1037License CA: 02049950

105

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TABLE OF CONTENTS

EXECUTIVE SUMMARY

PROPERTY OVERVIEW

COMPARABLE ANALYSIS

FINANCIAL ANALYSIS

REGIONAL OVERVIEW



4



99

99

Beckwith VeterinaryHospital

VINTAGE FAIRE MALL

Vintage Dental

Chrysler Park

The FurnitureMarket

N

English Oaks Nursing& Rehab Center

Valley ComfortAssisted Living Walnut Grove

Assisted Living

0.6 MILESFROM SUBJECT



Rumble RdDale Rd

Sisk RdStandiford Ave

EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY SEDONAC o n d o m i n i u m s


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THE OFFERINGARA Newmark, as the exclusive advisor, is pleased to present the opportunity to acquire Sedona Condominiums, a 42-unit multifamily community located in Modesto, CA.

PRICE$8,350,000

PRICE PER UNIT$198,810

PRICE PER SF$193

CAP RATE (CURRENT/MARKET) 5.6% / 6.3%

GRM (CURRENT/MARKET) 11.0 / 10.1

TERMS OF SALEDelivered free and clear

INVESTMENT SUMMARY

Address 2821 Lou Ann Dr, Modesto, CA, 95350

County StanislausYear Built 1987Total # of Units 42Upgraded Units 39Net Rentable SF 43,176Avg. Sqft/Unit 1,028# of Acres 2.97Density 14Total # of Buildings 6Garages (Two-Car) 14 garages (28 spaces)Tuck Under Parking 28Uncovered Parking 65Total Parking 121Parking Ratio 2.88Occupancy 95.2%

EXECUTIVE SUMMARY

UNIT MIX

UNIT TYPE # OF UNITS AVG SF IN-PLACE*

RENTMARKET

RENT2 X 1.25 14 978 $1,439 $1,5502 X 2 14 1,053 $1,530 $1,6252 X 2 - W/ TWO-CAR GARAGE 14 1,053 $1,560 $1,745

AVERAGE 1,028 $1,510 $1,640

TOTAL 42 43,176 $63,410 $68,880*Includes 9/1 Rent Increase

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Turn-Key Opportunity with High-End FinishesFifty percent of the units have been renovated with high-end, condo-quality finishes including upgraded kitchens with new granite or engineered stone countertops, new cabinets, new fixtures, and new appliances. The bathrooms have undergone full remodels as well, with new vanities and new fixtures all with satin nickel finishes. 39 of 42 units have been fully upgraded with new flooring (either carpet or luxury vinyl plank flooring), black appliances, new blinds, new paint, and laundry equipment as needed. The three units that have not been fully upgraded have minor upgrades.

Desirable and Spacious Two Bedroom UnitsSedona Condos consists of 14 2-bedrooms 1.25-bath at 978 sqft, 14 2-bedrooms 2-baths at 1,053 sqft, & 14 2-bedroom 2-baths with two-car garages at 1,053 sqft. In addition, all units have fireplaces, W/D in-unit, covered parking, downstairs units have large, private exterior patios with ceiling heights of 8 ft, and upstairs units have decks with vaulted, high ceilings.

Immediate Access to Retail and Shopping CentersSedona Condos is a mere 0.8 miles from Vintage Faire Mall, which is the one of the largest open-air malls anchored by Apple, Macy’s, Dick’s, and Chipotle, and only 0.6 miles from Trader Joe’s. Also, Central Valley Plaza, only 1.3 miles from Sedona Condos, is a 385,000-square-foot open-air mall built in 1991. The center hosts anchor stores such as Walmart, Kohl’s, Boot Barn as well as In-N-Out and Starbucks.

Proximity to Medical Jobs and EducationSedona Condo’s close proximity to Kaiser Permanente, Assisted Living Homes, and Dental Offices make this community attractive to many medical professionals. Also, Sedona Condos is located in the Modesto Unified School District and is surrounded by a number of highly rated schools, such as Prescott Junior High School, Agnes M. Baptist Elementary, Chrysler Elementary, and Great Valley Academy. In addition, Modesto Junior College, Yosemite Community College, and Petersen Alternative Center for Education are only 2.3 miles away.

RecreationSedona Condos is located next to the Hetch-Hetchy trail, a 2.8 mile Class 1 Trail on the approximately 100 foot wide right-a-way of the Hetch-Hetchy water pipeline. Residents also enjoy the proximity of Chrysler Park, a family friendly park with restrooms, a playground, and recreation fields.

INVESTMENT HIGHLIGHTS

EXECUTIVE SUMMARY



SPRING MEADOWSA P A R T M E N T H O M E S


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PROPERTY OVERVIEW SEDONAC o n d o m i n i u m s


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SAN FRANCISCOAvg Rent: $3,012

from Modesto: 90 mins

BERKELEYAvg Rent: $2,386


OAKLANDAvg Rent: $1,802


FREMONTAvg Rent: $2,378


SAN JOSEAvg Rent: $2,561


PLEASANTONAvg Rent: $2,604


DUBLINAvg Rent: $2,597


STOCKTONAvg Rent: $1,042


MODESTOAvg Rent: $1,131

CONCORDAvg Rent: $1,738


SACRAMENTOAvg Rent: $1,527


MARKET ANALYSIS

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UTILITIES

PAID BY METHOD SUPPLIED BY

ELECTRIC Tenant Direct Modesto Irrigation District

GAS Tenant Direct PG&E

WATER/SEWER Tenant RUBS* City of Modesto

TRASH Tenant RUBS* Gilton Solid Waste

CABLE Tenant Direct Varies

PROPERTY OVERVIEW

PROPERTY SUMMARY

Address 2821 Lou Ann Dr, Modesto, CA, 95350

County Modesto

Year Built 1987

Total # of Units 42

Net Rentable SF 43,176

Parcel # 005-077-086-000

# of Acres 2.97

Density 14

Total # of Buildings 6

Garages (Two-Car) 14 garages (28 spaces)

Tuck Under Parking 28

Uncovered Parking 65

Total Parking 121

Parking Ratio 2.88

Framing Wood

Roof Pitched Ceramic Tile & Flat TPO

Paving Asphalt

Plumbing Supply: CopperElectrical CopperHeating/Cooling HVAC

Washers and Dryers Hook-Ups in All Units - Owner Pro-vides W/D in 39 of 42 Units

*RUBS vary between $45 to $50/unit/month.

*Includes 9/1 Rent Increase

UNIT MIX


RENTMARKET


AVERAGE 1,028 $1,510 $1,640

TOTAL 42 43,176 $63,410 $68,880

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FLOOR PLANS

MARKET ANALYSIS

2 Bedroom | 2 BathUpstairs (No Garage)

1,053 square feet14 Units

Avg. Rent: $1,530Highest Achieved: $1,620

2 Bedroom | 2 BathDownstairs (2-Car Garage)

1,053 square feet14 Units


2 Bedroom | 1.25 BathUpstairs

978 square feet14 Units


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PROPERTY OVERVIEW

• Fully equipped gourmet kitchen• New black appliances• Refaced kitchen cabinets*• Granite/Engineered stone countertops**• Carpet flooring• Vinyl flooring***• Washer and dryer• Open and spacious layout• Fireplaces

• Garage w/ Direct Access (2x2, 14 units)• Balcony or patio• Vaulted ceilings upstairs• Updated bathroom lighting and satin nickel

finishes* *21 units **34 units ***Select units

APARTMENT AMENITIES

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PROPERTY OVERVIEW

*Most units have carpet, a handful have pergo

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MARKET ANALYSIS SEDONAC o n d o m i n i u m s


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MARKET ANALYSIS

99

99

CENTRAL VALLEY PLAZA

William GarrisonElementary School

Grace M. DavisHigh School

Great ValleyAcademy

Arleta MuncyElementary School

Connecting WatersCharter School

Prescott Jr.High School

N





VINTAGE FAIRE MALL

ChryslerElementary School

EisenhutElementary School

Montessori Schoolof Modesto

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RENT ANALYSIS IMMEDIATE LOSS TO LEASE WITH PROVEN UPSIDE POTENTIAL The average in-place rent at Sedona Condos is $1,439, $1,530, and $1,560 for the 2x1.25, 2x2, and 2x2-G, respectively. This represents an average of $130 per unit type of loss-to-lease from the recently achieved rents of $1,535, $1,620, and $1,745, totaling $65,640 annually in loss-to-lease opportunity or 70 bps on cap rate.

INCREASING HOUSING PRICES In a market where housing prices are increasing and require a substantial down payment, Sedona Condo’s spacious 2-bedroom units provide the next best alternative to a single family home. With an average unit size of 1,028 sqft, two-car garages or tuck under parking, community pool, and private patio or deck, Sedona Condo’s rent is an excellent deal on a price per square foot basis.

RENT PREMIUM FOR GARAGES With garage parking being a commodity in Modesto rental properties, renters are paying anywhere between $75 to $200 premiums for garage parking (which is typically for one garage). Sedona Condos offers 14 two-car garages and 28 tuck under parking spaces and, currently, the 2x2s with 2-car garages with direct access command a $125 premium compared to those units with only covered parking.

MARKET ANALYSIS

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2 BEDROOM SORT CHARTS

MARKET ANALYSIS

Property Year Built Bed Bath Garage Avg Sf Market Rent Avg Rent PSF

Brooks Landing 2005 2 2 1-Attached 1,055 $1,783 $1.69

Villas at Vilaggio 2009 2 2 1-Detached 992 $1,775 $1.79

Sedona Condos 1987 2 2 2-Direct Access 1,053 $1,745 $1.66

Brooks Landing 1985 2 1 1-Attached 999 $1,716 $1.72

Villas at Vilaggio 2009 2 2 No 992 $1,670 $1.68

Shadow Glen 1987 2 2 2-Attached 972 $1,652 $1.70

Brooks Landing 2005 2 2 No 1,074 $1,643 $1.53

Brooks Landing 1985 2 1 No 999 $1,641 $1.64

Sedona Condos 1987 2 2 No 1,053 $1,625 $1.54

Monterey Village 1985 2 2 No 900 $1,588 $1.76

Carmel Woods 1985 2 2 No 900 $1,550 $1.72

Sedona Condos 1987 2 1 No 978 $1,550 $1.58

Monterey Village 1985 2 1 No 825 $1,525 $1.85

Westdale Commons 1984 2 2 No 838 $1,521 $1.82

Carmel Woods 1985 2 1 No 825 $1,480 $1.79

Westdale Commons 1984 2 2 No 808 $1,429 $1.77

Comp Average 954 $1,618 $1.70

Sedona Condos offers the best value for 2 bedroom apartments with high-end finishes, spacious layouts, two-car garages, in-unit W/D’s, and community amenities. In comparison to similar properties in Modesto, Sedona Condos is the top choice on a rent per square foot basis.

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Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6

Property Name Sedona Condos Villas at Vilaggio Shadow Glen Monterey Village Brooks Landing Westdale Commons Carmel Woods Average

Address 2821 Lou Ann Dr 2929 Floyd Ave 2800 Floyd Ave 2020 Cheyenne 3055 Floyd Ave 4121 Dale Rd 3500 San Clemente Ave

City Modesto Modesto Modesto Modesto Modesto Modesto Modesto

Year Built 1987 2009 1987 1985 2005 1984 1985 1993

Units 42 240 51 120 231 216 120 163

Avg Rent $1,510 $1,613 $1,534 $1,426 $1,482 $1,385 $1,381 $1,470

Avg SF 1,026 938 1,064 808 970 728 817 888

Avg Rent PSF $1.47 $1.72 $1.44 $1.76 $1.53 $1.90 $1.69 $1.66

Renovated Yes Yes Partial Yes Yes Yes Yes

Occupancy 95.2% 97.5% 94.1% 99.2% 97.0% 97.2% 96.7% 97.0%

Property Name Sedona Condos Villas at Vilaggio Shadow Glen Monterey Village Brooks Landing Westdale Commons Carmel Woods Average

2 Bedroom 1 Bath 14 Units 48 Units 48 Units 16 Units 48 Units

Avg Asking Rent $1,550 $1,525 $1,641 $1,429 $1,480 $1,537

Avg SF 978 825 999 808 825 $884

Avg Rent PSF $1.58 $1.85 $1.64 $1.77 $1.79 $1.74

2 Bedroom 2 Bath (No Garage) 14 Units 136 Units 40 Units 60 Units 94 Units 40 Units

Avg Asking Rent $1,625 $1,670 $1,588 $1,643 $1,521 $1,550 $1,606

Avg SF 1,053 992 900 1,074 838 900 950

Avg Rent PSF $1.54 $1.68 $1.76 $1.53 $1.82 $1.72 $1.69

2 Bedroom 2 Bath (Garage) 14 Units 30 Units 56 Units

Avg Asking Rent $1,745 $1,652 $1,783 $1,737

Avg SF 1,053 972 1,055 1,030

Avg Rent PSF $1.66 $1.70 $1.69 $1.69

RENT COMPARABLES CHART

MARKET ANALYSIS

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MARKET ANALYSIS

SEDONA CONDOS

WESTDALE COMMONSMONTEREY VILLAGE

CARMEL WOODS

WESTDALE COMMONSWESTDALE COMMONS

VILLAS AT VILLAGIO

SHADOW GLEN

BROOKS LANDING





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FINANCIAL ANALYSIS SEDONAC o n d o m i n i u m s


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The following section provides detailed information on the operations of the subject property, including rent roll, historic operations and our pro forma underwriting.

OVERVIEW INVESTMENT SUMMARY

Price $8,350,000

Address 2821 Lou Ann DrModesto, CA 95390

County StanislausYear Built 1987Total # of Units 42Net Rentable SF 43,176# of Acres 2.97Density 14Total # of Buildings 6Garages (Two-Car) 14 garages (28 spaces)Tuck Under Parking 28Uncovered Parking 65Total Parking 121Parking Ratio 2.88

FINANCIAL ANALYSIS

UNIT MIX


RENTMARKET


AVERAGE 1,028 $1,510 $1,640

TOTAL 42 43,176 $63,410 $68,880

*Includes 9/1 Rent Increase

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OPERATIONAL UPSIDE THROUGH PROVEN LOSS-TO-LEASE CAPTURE

FINANCIAL ANALYSIS

LOSS-TO-LEASE PER UNIT

In recent months, the property has achieved, across all unit types and in multiple instances, our forecasted market rents of $1,550, $1,620, and $1,745 for the 2x1.25, 2x2, and 2x2 (G), respectively. This represents a loss-to-lease capture of $65,640 annually or 70 basis points on cap rate.

RECENTLY ACHIEVED RENT BY UNIT

DATE 2X1.25 2X2 2X2 (G)05/25/18 $1,62005/30/18 $1,62006/01/18 $1,53506/01/18 $1,53506/27/18 $1,74507/09/18 $1,62008/11/18 $1,620

MARKET $1,550 $1,625 $1,745

2 x 1.25 2 x 2 2 x 2 (G)Average In‐Place $1,439 $1,530 $1,530

Market Rent $1,550 $1,625 $1,745

$1,439

$1,530 $1,530$1,550

$1,625

$1,745

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

Average In‐Place

Market Rent

2 x 1.25 2 x 2 2 x 2 (G)

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$591,441

$695,702$718,244 $722,874

$785,232

$20,398

$21,693$22,568 $24,360

$24,360

$17,501

$10,625

$14,784 $17,501

$17,501

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

$800,000

$850,000

2017 2018 YTD T‐3 9/1*(Scheduled) Market*

Other Income $17,501 $10,625 $14,784 $17,501 $17,501RUBS $20,398 $21,693 $22,568 $24,360 $24,360

Rent Income $591,441 $695,702 $718,244 $722,874 $785,232

Other Income

RUBS

Rent Income

2018 YTD MONTHLY INCOME

FINANCIAL ANALYSIS

$54,992 $55,356

$58,390$57,527

$60,149 $59,604 $59,808 $60,240

$65,436

$1,635 $1,753

$1,743$1,881

$1,902 $1,838 $1,902 $2,030

$2,030

$310$1,471

$1,428$622 $1,698 $1,376

$1,458

$1,458

$50,000

$55,000

$60,000

$65,000

$70,000

$75,000

Jan Feb Mar** Apr May Jun July 9/1*(Scheduled) Market*

Other Income $310 $1,471 ‐$707 $1,428 $622 $1,698 $1,376 $1,458 $1,458

RUBS $1,635 $1,753 $1,743 $1,881 $1,902 $1,838 $1,902 $2,030 $2,030Rent Income $54,992 $55,356 $58,390 $57,527 $60,149 $59,604 $59,808 $60,240 $65,436

Other Income

RUBS

Rent Income

HISTORICAL OPERATING TRENDS

As shown in the charts below, Sedona Condos revenue has steadily increased since 2017. Comparing January 2018 to the scheduled rent roll in September, rent income has increased by $5,248 per month, which is an impressive 9.5% increase in 9 months By capturing loss-to-lease opportunities previously mentioned, a new owner could increase monthly rent income to $65,436 per month, or $785,232 annually.

* Assumes 5% Vacancy**March’s “other income” is -$967

*Market Rents: 2x1.25 - $1,550 2x2 - $1,625 2x2 (G) - $1,745

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UNDERWRITING

FINANCIAL ANALYSIS

Sedona Condo Rentals2821 Lou Ann Dr, Modesto, CA42 Units

ACTUAL PER UNIT PER MONTH ACTUAL PER UNIT PER MONTH ACTUAL PER UNIT PER MONTH

INCOME GROSS POTENTIAL RENT $757,024 % GPR $18,024 $63,085 $760,920 % GPR $18,117 $63,410 $826,560 % GPR $19,680 $68,880Less: VACANCY LOSS ($38,780) -5.1% ($923) ($3,232) ($38,046) -5.0% ($906) ($3,171) ($41,328) -5.0% ($984) ($3,444) NET RENTAL INCOME $718,244 $17,101 $59,854 $722,874 $17,211 $60,240 $785,232 $18,696 $65,436Plus: OTHER INCOME $14,784 $352 $1,232 $17,501 $417 $1,458 $17,501 $417 $1,458Plus: UTILITY REIMBURSEMENTS $22,568 $537 $1,881 $24,360 $580 $2,030 $24,360 $580 $2,030 TOTAL INCOME $755,596 $17,990 $62,966 $764,735 $18,208 $63,728 $827,093 $19,693 $68,924

EXPENSESPAYROLL $48,000 $1,143 $4,000 $48,000 $1,143 $4,000 $48,000 $1,143 $4,000

$4,200 $100 $350 $4,200 $100 $350 $4,200 $100 $350MARKETING $4,200 $100 $350 $4,200 $100 $350 $4,200 $100 $350TURNOVER $12,600 $300 $1,050 $12,600 $300 $1,050 $12,600 $300 $1,050REPAIRS & MAINTENANCE $14,700 $350 $1,225 $14,700 $350 $1,225 $14,700 $350 $1,225UTILITIES $52,291 $1,245 $4,358 $52,291 $1,245 $4,358 $52,291 $1,245 $4,358LANDSCAPING / GROUNDS $19,000 $452 $1,583 $19,000 $452 $1,583 $19,000 $452 $1,583CONTRACT SERVICES / OTHER $2,100 $50 $175 $2,100 $50 $175 $2,100 $50 $175TOTAL CONTROLLABLE EXPENSES $157,091 $3,740 $13,091 $157,091 $3,740 $13,091 $157,091 $3,740 $13,091MANAGEMENT FEE $30,589 4.0% $728 $2,549 $30,589 4.0% $728 $2,549 $33,084 4.0% $788 $2,757INSURANCE $6,300 $150 $525 $6,300 $150 $525 $6,300 $150 $525REAL ESTATE TAXES $91,512 $2,179 $7,626 $91,512 1.10% $2,179 $7,626 $91,512 1.10% $2,179 $7,626TOTAL OPERATING EXPENSES $285,492 $6,797 $23,791 $285,492 $6,797 $23,791 $287,987 $6,857 $23,999CAPEX / RESERVES $10,500 $250 $875 $10,500 $250 $875 $10,500 $250 $875TOTAL EXPENSES $295,992 $7,047 $24,666 $295,992 $7,047 $24,666 $298,487 $7,107 $24,874

NOI AFTER RESERVES $459,604 $10,943 $38,300 $468,743 $11,161 $39,062 $528,606 $12,586 $44,051

LIST PRICEPRICE PER UNITPRICE PER S.F.CAP. RATEGROSS RENT MULTIPLIER 11.0 10.1

$198,810 $198,810$193 $193

11.1

$8,350,000 $8,350,000

5.6% 6.3%

$8,350,000$198,810

$1935.5%

PRO FORMA -MARKET RENTS

UNDERWRITINGVALUATION

PRO FORMA - 9/1 RENT ROLL PRO FORMA -MARKET RENTS

ADMINISTRATIVE

VALUATION SUMMARY PRO FORMA - 9/1 RENT ROLL

PRO FORMA - T3

PRO FORMA - T3

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REGIONAL OVERVIEW SEDONAC o n d o m i n i u m s


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MODESTO REGIONAL OVERVIEWModesto has a population of 201,165 and is the county seat as well as the largest City in Stanislaus County. Modesto is bordered by Turlock to the south. It lies at the intersection of State Route 99 and State Route 132.

MODESTO REGIONAL OVERVIEW

Healthcare - Sedona Condos is less than two miles to the Kaiser Permanente Occupational, a 112-bed acute care hospital.

Shopping Malls - Modesto is a city of approximately 200,000 people in Stanislaus County, California. Initially a hub for regional agricultural production, Modesto started to become heavily urbanized in the 1980s -- largely as a result of population growth in the San Francisco Bay Area -- and has seen enormous expansion since the turn of the century. Development all along the Highway 99 corridor has been exponential. The population explosion has led to the development of five massive shopping malls in the area, two of which are in Modesto.

Vintage Faire Mall - Vintage Faire Mall is an open-air shopping center comprising almost 1.1M square feet of gross leasable area. One of the largest open-air malls on the West Coast, the property hosts anchor stores including Apple Macy’s, PacSun, Abercrombie and Fitch, Zumiez, Tilly’s, Disney Store, G by Guess, and H&M.

Central Valley Plaza - Central Valley Plaza is a 385,000-square-foot open-air mall built in 1991. The center hosts anchor stores Kohl’s and Walmart.

Modesto Nuts - Modesto’s single-A minor league baseball team of the Colorado Rockies. They play at John Thurman field and are a great place to catch up and coming baseball stars.

Gallo Center for the Arts - A state-of-the-art performing arts center, Gallo Center for the Arts opened in 2007 and hosts music, comedy, Broadway, and holiday special events.

REGIONAL OVERVIEW

MAJOR MANUFACTURING EMPLOYERS

COMPANY SECTOR EMPLOYEES

E&J Gallo Winery Wine 3,500

Con Agra Tomato/Bean Processor 3,145

Del Monte Foods Fruit Products 2,300

Stanislaus Food Products Fruit Products & Processing 1,875

Foster Farms Dairy Dairy Operations 1,484

Silgan Containers Metal Food Containers 750

Frito-Lay Snack Foods 684

Pacific Southwest Container Filtration Products 417

MAJOR NON-MANUFACTURING EMPLOYERS (1000+)

COMPANY SECTOR EMPLOYEES

Stanislaus County County Government 3,880

Modesto City Schools School District 3,500

Doctors Medical Center Healthcare 2,600

Memorial Medical Center Healthcare 2,300

Save Mart Retail Grocer 1,650

Amazon Distribution Center 1,605

Modesto Junior College Educational Institution 1,582

Wal-Mart (3 Locations) Retailer 1,417

City of Modesto City Government 1,234

Sutter Gould Medical Healthcare 1,089

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EDUCATIONExcellent Public SchoolsThe community of Sedona Condos is located in the Modesto Unified School District. Residents of Sedona Condos attend the following schools:

• Agnes Baptist Elementary School• George Eisenhut Elementary School• Montessori School of Modesto• Somerset Middle School• Grace M Davis High School

In addition, only 2.3 miles away are the following colleges:

• Modesto Junior College• Yosemite Community College• Petersen Alternative Center for Education

HOUSINGMore Affordable Than Purchasing a HomeThe median home value for a household in Modesto is $288,100 and the median price of homes currently listed is $304,950, which is $198 per square foot. Modesto home values have gone up over 9.8% over the past year. To purchase a $300k home, one would need a down payment of $76,237 (25% down) and pay $3,017 per month, not including property tax and insurance.

REGIONAL OVERVIEW

*Source, ESRI 2017

RADIUS 1 MILE 3 MILES 5 MILESPopulation 13,905 77,250 167,059

Households 5,212 27,151 57,695

Owner Occupied Housing Units 2,491 33,069 62,318

Renter Occupied Housing Units 6,993 16,017 32,392

Average Household Income $73,518 $79,428 $74,942

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SEDONA CONDOSSEDONA CONDOS

TRANSPORTATION

HIGHWAY 99 – Just 1.4 miles away from Sedona Condos lies Highway 99. This is the major north–south route in the area, leading north to Stockton (and I-5). Heading south, Highway 99 leads to Turlock and then Fresno.

REGIONAL TRANSIT – Sedona Condos is served by the Modesto Area Express (MAX), which offers bus service throughout the area, including access to Downtown and all the retail centers.

SAN JOSE AND OAKLAND INT’L AIRPORTS (SJC & OAK) – Oakland Int’l airport is 72 miles and San Jose Int’l airport is 82 miles from Sedona Condos. Both airports serve the Northern California region with access to major cities across the U.S., and the world.

REGIONAL OVERVIEW

ARA NEWMARK | CONTACT INFORMATION

SACRAMENTO OFFICE980 9th Street

Suite 2500Sacramento, CA 95814

916.920.4400

SAN FRANCISCO OFFICE655 Montgomery Street

Suite 1705San Francisco, CA 94111

415.354.0777

LOS ANGELES OFFICE1875 Century Park East

Suite 1380Los Angeles, CA 90067

310.201.2060

NATE [email protected]

916.599.6523License CA: 01467941

MARC [email protected]

916.835.8844License CA: 01956176

MARK [email protected]

415.273.2152License CA: 01177579

CAMERON [email protected]

415.430.1037License CA: 02049950

SEDONA - LoopNet€¦ · Sedona Condos is a mere 0.8 miles from Vintage Faire Mall, which is the...

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Transcript of SEDONA - LoopNet€¦ · Sedona Condos is a mere 0.8 miles from Vintage Faire Mall, which is the...