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Casa Grande Village 32 Townhomes on 2 Legal Parcels 2124 90 th Avenue & 2125 92 nd Avenue Oakland, CA 94603 Introducing Below Market Price: $3,995,000.00.

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Presentation on theme: "Casa Grande Village 32 Townhomes on 2 Legal Parcels 2124 90 th Avenue & 2125 92 nd Avenue Oakland, CA 94603 Introducing Below Market Price: $3,995,000.00."— Presentation transcript:

1 Casa Grande Village 32 Townhomes on 2 Legal Parcels 2124 90 th Avenue & 2125 92 nd Avenue Oakland, CA 94603 Introducing Below Market Price: $3,995,000.00  Existing Cap- 7.7%; Market Cap- 11%  Existing GRM- 8.19% Market GRM- 6.2%  Existing Cash on Cash 13%; Market Cash on Cash 27%  Located in the Nation’s Fastest Growing Rental Market  23%+ or $144,528 Upside in the Annual Rents  $150.08 per Square Foot  Clear Section 1 and Section 2 Pest Clearances  Great Add Value Investment For more information about this fabulous opportunity: Please call Fred Lewis at (209) 522-9999 Visit us @ www.hotdealsoakland.comwww.hotdealsoakland.com Or email info@hotdealsoakland.com

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4 Casa Grande Village 2124 90 th Avenue & 2125 92 nd Avenue Oakland, CA 94603 Complex description: The 2124 90 th Avenue and 2125 92 nd Avenue Apartments are located in the Castlemont neighborhood, just minutes away from both Highway 580 and Highway 880. The property is in close proximity to many desirable locations. These locations include the Metropolitan Oakland Airport, Oakland Zoo, Oracle Arena and beautiful Lake Chabot. 100% of the units have been substantially rehabilitated with granite countertops, appliances, carpet, ceramic tile bathroom and kitchen floors, Finish plumbing and electrical fixtures. The subject property is conveniently located near major arterial streets and bus lines for an easy commute in any direction. Situated in the East Oakland, the property is located among small apartment buildings and single family homes. The property consists of two, two story buildings, featuring 26 two-bedroom/1.5 bathroom units and 5, three-bedroom/1.5 bathroom units, and 1 four-bedroom/1.5 bathroom unit. The units contain wall to wall carpeting, updated appliances, electric ranges and gas stoves and gas wall heaters. Acquiring a building like this, offers an investor the opportunity to purchase a property a reposition opportunity, below market value. Complex details: 2124 90 th Avenue and 2125 92 nd Avenue, which consists of 13,161 and 13,458 square feet respectively, are both situated on 14,000 square foot lots for a total of 28,000 square feet or 0.64 acres. Each is a 2-story building with covered parking in a garden-style apartment complex, with an aggregate 16 units: 12 units are townhouse style units with an interior stairwell between the 2 floors, and 4 units are flat, standard style garden apartment units. The building was built in 1964. Common area amenities include one laundry room, a storage room and on-site parking. Parking for both buildings consists of 14 covered parking spaces and 16 uncovered parking spaces, for a total of 30 parking spaces. Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions. Existing Cash on Cash:13%Market Cash on Cash:27% Capitalization Rate:7.7%Market Cap. Rate:11% Gross Rent Multiplier:8.19Market GRM:6.2 Price per Square Foot:$150.08Cost per Unit:$124,844 Price:$3,995,000Down Payment:$995,000 Assessor’s Parcel Numbers 46-5471- 9-2 & 3-1

5 Casa Grande Village 2124 90 th Avenue & 2125 92 nd Avenue Oakland, CA 94603 APARTMENT MARKET IN THE COUNTRY: The bay Area continues to lead the nation’s apartment market in rent growth. According to MPF Research, during the first quarter of 2015, Oakland saw year-over-year rent growth of 14.1%, followed by San Jose at 13.1%, and San Francisco ranked 5 th at 10.6%. COMPELLING MULTIFAMILY FUNDAMENTALS: There are high barriers to entry and few large sites for development in the Downtown Oakland region. Vacancy rates in the area remain at historic laws below 3%, and rental rates throughout this sub-market. Pest clearance: There is a clear Section 1 and Section 2 Pest Clearance on the subject property. The property is clean as a whistle. Commission: Owner is a Principal and not a Broker. A selling commission of $140,000 will be paid for the procurement and actual consummation of the transaction. If a buyer is procured and the sale is not consummated for any reason a commission will not be due or payable. Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions. 2125 92 nd Avenue No.Unit TypeSize (Sq. Ft.)Total Sq. Ft. 11TH- 2 Bd/2 Ba8519,365 1TH- 3 Bd/2 Ba1,055 2Flat- 2 Bd/2 Ba6801,360 2Flat- 3 Bd/1 Ba6911,381 16Total Rentable13,161 2124 90 th Avenue No.Unit TypeSize (Sq. Ft.)Total Sq. Ft. 11TH- 2 Bd/2 Ba8788,785 1TH- 3 Bd/2 Ba1,055 2Flat- 2 Bd/2 Ba6801,360 2Flat- 3 Bd/1 Ba6911,481 16Total Rentable14,062

6 About Oakland, California Oakland is the seventh largest city in the state of California with a population of 400,000 people and covers 54 square miles. Oakland has had a rent increase of 11.6% with a vacancy rate of 1.7%. The current median monthly rent for Oakland is $2,017.50 Oakland’s rent increase has been partially fueled by renters priced out of the San Francisco rental market. Oakland is a major West Coast port, and there are nearly 200,000 jobs related to marine cargo transport. These jobs range from minimum wage hourly positions to Transportation Storage and Distribution Managers who earn an annual average salary of $91,520. Forbes Magazine listed Oakland as one of the Top 10 Places for business and employment. The city is home to several major corporations including Matson, Kaiser Permanente and Clorox, as well as corporate headquarters for national retailers like Dreyer’s and Cost Plus World Market. Tech companies such as Ask.com and Pandora Radio are located in Oakland, and in recent years may start-up high tech and green energy companies have found a home in the downtown neighborhoods of Uptown, City Center, Jack London Square and Lake Merritt Financial District. The Port of Oakland is one of the five largest container ports in North America and one of the top 20 worldwide. Oakland is the only city in California with three professional sports teams: the Oakland Raiders, the Oakland Athletics, and the Golden State Warriors. Recently ranked by Movoto.com, Oakland is one of the most exciting cities in America on its roster of the “The 10 Most Exciting Cities in America.” According to the New York Times. Oakland ranked as the 5 th most desirable destination to visit this year in “The 45 Places to Go.” In the past decade, Oakland has ranked among the top cities for business in Forbes and other publications. As part of the ninth largest regional economy in the United States with a Gross Regional Product exceeding $200 billion, Oakland boasts a strong and diverse business environment. This diversity allows Oakland to remain stable even during economic downturns. The Gross Metropolitan Product (GMP) for Oakland ranks in the top 20 metropolitan economies in the United States and among the top 60 in the world. Oakland’s GMP ranks higher than the GMP for San Jose, St. Louis, Sacramento, Pittsburgh and Cleveland and also exceeds the Gross National Product of Hungary, Columbia, Singapore and the Philippines. Oakland’s GMP also eclipses the Gross State Product of Nevada, Oklahoma and Kansas. In recent years, Oakland has gained national recognition as a travel destination. In 2012, Oakland was named the top North American city to visit, highlighting its growing number of sophisticated restaurants and bars, top music venues, and increasing nightlife appeal. Oakland also took the No. 16 spot in ‘America’s Coolest Cities,” ranked by metrics like entertainment options and recreational opportunities per capita, etc. In 2013, Oakland topped the No. 1 spot in “America’s Most Exciting Cities,” notably having the most movie theaters, theater companies, and museums per square mile. In America’s Most Hipster Cities,” Oakland took the No. 5 spot, cited for luring San Francisco “hippies” into the city. Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions.

7 Annual Property Operating Data PURPOSE:Property AnalysisPRICE:$3,995,000 NAME:Casa Grande Village DOWN PAYMENT:$995,000 LOCATION:2124 90th Avenue & 2125 92nd Avenue Oakland, CA 94601 TYPE OF PROPERTY:(32) Large Townhomes 2,3 & 4 Bedrooms ASSESSED APPRAISED VALUESLAND:$928,000 IMPROVEMENTS:$3,666,000 PERSONAL PROPERTY:$46,000 TOTAL$3,995,000 PROPOSED: 1ST 65% LTV $ 3,000,000.00 @ 4.4%(7yr UST)30 Years$15,022Monthly Payment EXISTINGMARKET GROSS RENTAL INCOME$475,632$626,160 Parking$6,000$9,600 Laundry$6,000 TOTAL GROSS OPERATING INCOME$487,632$641,760 LESS OPERATING EXPENSES Vacancy 3% $14,150 Property Insurance$13,161 Real Estate Taxes$64,719 Business Tax 1.39%$6,020 Resident Manager$12,000 Repairs & Maintenance$8,400 RAP Fee$960 SERVICES Rubbish$21,735 Pest Control$2,400 UTILITIES Electric & Gas$13,841 Water & Sewer$35,461 Telephone$600 TOTAL OPERATING EXPENSES$193,447 NET OPERATING INCOME$294,186$448,314 LESS: TOTAL ANNUAL DEBT SERVICE$180,264 CASH FLOW$113,922$268,050 The above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions.

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9 Sales Comparables Subject Property Address # of Units Unit Mix Sales Price Cost Per Unit Building Size Cost Per Foot GRMCAPClose of Escrow 2124 90th Avenue & 2125 92nd Oakland, CA32 25-2/2 6-3/1.5 1-4/1.5 $3,995,000 $124,844 27,223 $150.008.197.7%Active 444 28th Street34 32-S/1 2-1/1 $ 9,200,000 $ 270,588 20,976 $ 438.6012.143.7%5/1/2015 350 Newton Avenue42 3-S/1 27-1/1 12-2/1 $ 7,650,000 $ 182,143 29,815 $ 254.9012.816.0%1/1/2015 550 Fairmont Avenue10 6-1/1 4-2/1 $ 1,800,000 $ 180,000 6,632 $ 271.4114.843.3%Active 490 Estudillo Avenue San Leandro1818-1/1 $ 3,100,000 $ 172,222 11,100 $ 279.2814.4 12/17/2014 123 17th Street24 20-0/1 4-1/1 $ 3,721,500 $ 155,063 10,986 $ 338.75N/A5.9%3/1/2015 285 Fairmont Avenue2121-1/1 $ 3,150,000 $ 150,000 12,075 $ 260.8714.733.0%Active 1810 E 25th Avenue23 8-1/1 14-2/1 1-3/1 $ 3,425,000 $ 148,913 12,608 $ 271.65 6.2%7/9/2015 450 28th Street30 $ 4,200,000 $ 140,000 15,846 $ 265.0511.853.8%5/1/2015 870 31st Street7 20- 2/1.5 $ 936,000 $ 133,714 5,056 $ 185.139.895.8%12/31/2014 444 28th Street34 32-S/1 2-1/1 $ 9,200,000 $ 270,588 20,976 $ 438.6012.143.7%5/1/2015 350 Newton Avenue42 3-S/1 27-1/1 12-2/1 $ 7,650,000 $ 182,143 29,815 $ 254.9012.816.0%1/1/2015 Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions.

10 Rent Comparables Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions. Surveyed Property 2 Bedrooms 3 Bedrooms 4 Bedrooms 2124 90th Avenue & 2125 92nd Avenue Oakland, CA 94603 $850-1550 $1195-1450 $1450 3810 Maybelle Avenue Oakland, CA $ 2,634 485 98th Avenue Oakland, CA $ 1,800 4414 & 4420 Penniman Avenue Oakland, CA $ 1,795 1819 103rd Avenue Oakland, CA $ 1,750 2638 Paker Avenue Oakland, CA $ 1,750 655 Nevada Street Oakland, CA $ 1,495 7965-7979 MacArthur Blvd, Oakland, CA $ 1,295 2250 96th Avenue, Oakland, CA $ 1,200 8701 Hillside Street, Oakland, CA $ 1,195 7981-8005 MacArthur Blvd, Oakland, CA $ 1,162 2444 88th Avenue #B Oakland, CA $ 2,300 8426 B Street Oakland, CA $ 2,295 2254 84th Street #3 Oakland, CA $ 1,995 9718 D Street Oakland, CA $ 1,600 1718 D Street Oakland, CA $ 1,600 8831 D Street Oakland, CA $ 1,500 1981 Linden Street Oakland Ca $ 3,050 8001 Bancroft Avenue #2 Oakland, CA $ 2,900 Near EastMont Mall $ 2,500 1341 50th Oakland, CA $ 2,200

11 Rent Data for Oakland by Zip Code and Unit Type Since owner has not owned property stabilized for more than 1 year, the above income and expenses are only estimates. Although the information contained herein is deemed reliable, no representations of any kind, expressed or implied, are being made as to the accuracy of such information. All of the data in this prospectus are estimates and approximations to include square footage. Any prospective purchaser and their tax and legal advisor should carefully verify all information contained herein and conduct an independent investigation. Seller bears no liability of any errors, inaccuracies or omissions.

12 Port of Oakland *This is great for landlords looking for tenants in the rental market.

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14 Oakland: The nation’s hottest rental market

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16 Oakland Rises to the Top of Investors’ Wish List

17 Local Map Regional Map

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