offering memorandum | 6 units | $2,243,000...ficers, agents, advisors, or affiliates makes any...

Patrick Stafford | [email protected]

DRE # 01857243

Josh Jones | 831.647.2106 [email protected]

DRE # 01352818

513-531 Belden Street, Monterey, CA 93940

MULTI-FAMILY INVESTMENT OPPORTUNITY WITH OCEAN VIEWS

OFFERING MEMORANDUM | 6 UNITS | $2,243,000

Offering Overview

Cushman Wakefield and Mahoney & Associates are pleased to present the exclusive offering to purchase the fee simple interest in a recently updated New Monterey apartment complex. Located at 315-351 Belden Street in Monterey, California, this 6-unit complex is located blocks from Cannery Row and a few minutes from the beach, both known for their pristine sandy coves. The 513-531 Belden Street apartments are in a prime location just 1 mile south of downtown from Monterey and 2 miles from Scenic Seventeen Mile Drive Within 10 minutes’ drive from these units, guests will find the Monterey Bay Aquarium and Fisherman's Wharf. The property sits on 11,700 SF of land in New Monterey.

Investment Highlights

• Rare opportunity to acquire New Monterey apartment complex• Opportunity to reposition asset in one of "America’s Favorite Towns”- Travel + Leisure (2017)• Extremely High Barriers to Entry• Minutes from Cannery Row and Asilomar State Beach • Fee Simple• Units recently updated and have ocean views• Condo Conversion possible

Location Overview

Monterey is a scenic California coastal city that rises from the pristine Monterey Bay to pine forested hillsides with sweeping bay views. The city’s natural beauty and historic sites make it a quality residential community and premier tourist destination. A small, livable city that prides itself on being a clean and safe place to live, Monterey is known for its sense of community and hospitality and its culturally diverse residents. Monterey’s tourist-based economy continues to attract hundreds of thousands of visitors every year.

The Monterey Peninsula is one of Central California's most protected areas and poses major barriers to entry for new development due to water constraints and a very stringent California Coastal Commission. Monterey is centrally located on the Monterey Peninsula and is flanked by Pebble Beach to the South and Seaside & Fort Ord to the North. The area is highly regarded for high quality of living due to its naturally preserved environment world class golf courses and miles of scenic coastline.

OFFERING SUMMARY

ASKING PRICE $2,243,000

# OF UNIT 6

CAP RATE 3.24%

MARKET CAP RATE 3.76%

INTRODUCTION MULTI-FAMILY INVESTMENT OPPORTUNITY

513 - 531 Belden Street | 2

OPERATIONS SUMMARY CURRENT ESTIMATE MARKET ESTIMATE

ESTIMATED EFFECTIVE INCOME $118,133 $130,313

Operating Expenses $45,348 $45,958

NET OPERATING INCOME $72,785 $84,355

RENT ROLL

UNIT NUMBER TYPE APPROXIMATE UNIT SIZE CURRENT RENTS ESTIMATED MARKET RENTS

513 1 Bed - 1 Bath 672 SF $1,595 $1,795

515 1 Bed - 1 Bath 672 SF $1,745 $1,795

517 1 Bed - 1 Bath 720 SF $1,530 $1,795

527 1 Bed - 1 Bath 720 SF $1,695 $1,795

529 1 Bed - 1 Bath 672 SF $1,595 $1,795

531 1 Bed - 1 Bath 672 SF $1,595 $1,795

TOTAL 4,128 SF $9,755 $84,355

PROPERTY DETAILS

ASKING PRICE $2,243,000

PRICE/UNIT $373,833

CAP RATE 3.24%

MARKET CAP RATE 3.76%

CURRENT GRM 18.99

MARKET GRM 17.21

OFFERING SUMMARY MULTI-FAMILY INVESTMENT OPPORTUNITY


ESTIMATED INCOME CURRENT ESTIMATE MARKET ESTIMATE

SCHEDULED GROSS RENT $117,060 $129,240

LAUNDRY INCOME $1,073 $1,073

ESTIMATED EFFECTIVE INCOME $118,133 $130,313

REPAIRS & MAINTENANCE $4,575 $4,575

PG&E $317 $317

WATER & SEWER $2,815 $2,815

LANDSCAPING $1,728 $1,728

TRASH $1,144 $1,144

MANAGEMENT FEE (ESTIMATED AT 5%) $5,906 $6,516

REAL ESTATE TAXES (ESTIMATED AT 1.12%) $25,200 $25,200

INSURANCE $2,274 $2,274

SECURITY $228 $228

PEST $1,161 $1,161

ESTIMATED TOTAL EXPENSES $45,348 $45,958

% SCHEDULED GROSS RENT 38.39% 35.27%

ESTIMATED NET OPERATING INCOME $72,785 $84,355

OPERATIONS STATEMENT MULTI-FAMILY INVESTMENT OPPORTUNITY


DETAILS

LEGAL ADDRESS 513-531 Belden Street, Monterey, CA

APN 001-095-013

LAND USE Multi-Family Dwelling

YEAR BUILT 1952

TYPE OF OWNERSHIP Fee Simple

UNIT UTILITIES PG&E & Water (Tenant) | Sewer & Trash (Landlord)

ATTRIBUTES

NUMBER OF UNITS 6 ( 1 Bedroom - 1 Bath Units)

NUMBER OF BUILDINGS 3

BUILDING SIZE 4,500 SF

GARAGE SIZE 1,440 SF

LAND AREA 11,700 SF

PARKING 6 Garage Spaces & 6 Exterior Stalls

CONSTRUCTION

EXTERIOR WALLS Wood Frame

ROOF Composite Shingle

HEATING Wall Furnace

HOT WATER Individual Water Heaters

FOUNDATION Concrete Slab

ZONING R3-5 Medium Density Residential

LAUNDRY 1 Washer & 1 Dryer

PROPERTY INFORMATION

LAUNDRY ROOMBEDROOM

KITCHEN KITCHEN

HALLWAY BATHROOM


FLOOR & SlTE PLAN MULTI-FAMILY INVESTMENT OPPORTUNITY


FLOOR & SlTE PLAN MULTI-FAMILY INVESTMENT OPPORTUNITY AERIAL MAP MULTI-FAMILY INVESTMENT OPPORTUNITY

MONTEREY HIGH SCHOOL

PACIFIC GROVE HIGH SCHOOL

PACIFIC GROVE GOLF LINKS

MONTEREY BAY AQUARIUM

CANNERY ROWSITE

UPTOWN MONTEREY

MONTEREY STATE BEACH

FISHERMAN'S WHARF

YACHT HARBOR

MONTEREY MARRIOTT

ABREGO STREET

PORTOLA HOTELPRESIDIO OF MONTEREY

FREMONT BLVD

MU

NRAS AVE

MONTEREY BAY

SANTA CRUZ


SITE PLAN MULTI-FAMILY INVESTMENT OPPORTUNITY

Tax Map 527 Belden St, Monterey, CA 93940

Tax Map 527 Belden St, Monterey, CA 93940 10/8/2018 Page 1 (of 1)

©2005-2018 First American Financial Corporation and/or its affiliates. All rights reserved.

Limitation of Liability for Informational ReportIMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITIONOF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT ORPRELIMINARY REPORT, OR ANY FORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFITOF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BEREPRODUCED IN ANY MANNER WITHOUT FIRST AMERICANʼS PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT ORWARRANT THAT THE INFORMATION HEREIN IS COMPLETE OR FREE FROM ERROR, AND THE INFORMATION HEREIN IS PROVIDEDWITHOUT ANY WARRANTIES OF ANY KIND, AS-IS, AND WITH ALL FAULTS. AS A MATERIAL PART OF THE CONSIDERATION GIVEN INEXCHANGE FOR THE ISSUANCE OF THIS REPORT, RECIPIENT AGREES THAT FIRST AMERICANʼS SOLE LIABILITY FOR ANY LOSS ORDAMAGE CAUSED BY AN ERROR OR OMISSION DUE TO INACCURATE INFORMATION OR NEGLIGENCE IN PREPARING THIS REPORTSHALL BE LIMITED TO THE FEE CHARGED FOR THE REPORT. RECIPIENT ACCEPTS THIS REPORT WITH THIS LIMITATION AND AGREESTHAT FIRST AMERICAN WOULD NOT HAVE ISSUED THIS REPORT BUT FOR THE LIMITATION OF LIABILITY DESCRIBED ABOVE. FIRSTAMERICAN MAKES NO REPRESENTATION OR WARRANTY AS TO THE LEGALITY OR PROPRIETY OF RECIPIENTʼS USE OF THEINFORMATION HEREIN.

Tax Map 527 Belden St, Monterey, CA 93940

Tax Map 527 Belden St, Monterey, CA 93940 10/8/2018 Page 1 (of 1)

©2005-2018 First American Financial Corporation and/or its affiliates. All rights reserved.

Limitation of Liability for Informational ReportIMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITIONOF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT ORPRELIMINARY REPORT, OR ANY FORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFITOF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BEREPRODUCED IN ANY MANNER WITHOUT FIRST AMERICANʼS PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT ORWARRANT THAT THE INFORMATION HEREIN IS COMPLETE OR FREE FROM ERROR, AND THE INFORMATION HEREIN IS PROVIDEDWITHOUT ANY WARRANTIES OF ANY KIND, AS-IS, AND WITH ALL FAULTS. AS A MATERIAL PART OF THE CONSIDERATION GIVEN INEXCHANGE FOR THE ISSUANCE OF THIS REPORT, RECIPIENT AGREES THAT FIRST AMERICANʼS SOLE LIABILITY FOR ANY LOSS ORDAMAGE CAUSED BY AN ERROR OR OMISSION DUE TO INACCURATE INFORMATION OR NEGLIGENCE IN PREPARING THIS REPORTSHALL BE LIMITED TO THE FEE CHARGED FOR THE REPORT. RECIPIENT ACCEPTS THIS REPORT WITH THIS LIMITATION AND AGREESTHAT FIRST AMERICAN WOULD NOT HAVE ISSUED THIS REPORT BUT FOR THE LIMITATION OF LIABILITY DESCRIBED ABOVE. FIRSTAMERICAN MAKES NO REPRESENTATION OR WARRANTY AS TO THE LEGALITY OR PROPRIETY OF RECIPIENTʼS USE OF THEINFORMATION HEREIN.


Cushman Wakefield and Mahoney & Associates hereby advises all prospective purchasers of property as follows:All materials and information received or derived from Mahoney & Associates its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Mahoney & Associates its directors, of-ficers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materi-als or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Mahoney & Associates will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appro-priate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Mahoney & Associates makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Mahoney & Associates does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, includ-ing that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Mahoney & Associates in compliance with all applicable fair housing and equal opportunity laws.

Josh Jones+1 [email protected] #01352818

Patrick Stafford+1 [email protected] #01857243

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offering memorandum | 6 units | $2,243,000...ficers, agents, advisors, or affiliates makes any...

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