the pinery apartments · 2018-02-15 · -the pinery apartments benefits from it's location...
TRANSCRIPT
Property Highlights
E XC L U S I V E L I S T I N G | M U LT I FA M I LY O P P O RT U N I T Y
• Located 100 Yards from Azusa Pacific University
• Incredible Rental Demand
• True Value-Add Opportunity
• Substantial Rental Upside
• 100% Spacious 2BR/2BA Units
THE PINERY APARTMENTS
60 UNITS
371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
*1/3 Partial Interest Sale Only
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers. Thematerial contained herein is confidential and the recipient agrees to keep all material contained herein confidential. Theinformation is furnished solely for the purpose of considering investment in the properties described herein and is not tobe copied and or used for any purpose or made available to any other person without the express written consent ofMorgan Skenderian. The information contained herein is not a substitute for a complete and thorough Due Diligenceinvestigation. The information contained in this package has been obtained from sources we believe to be reliable;however, Morgan Skenderian, its agents and Seller have not verified nor made any investigations as to the accuracy ofany information. Morgan Skenderian and Seller makes no warranty or representation whatsoever with regard to theaccuracy or completeness of the information, income or expenses for the subject properties, the square footage of theimprovements, future performance of the properties, the presence or absence of contaminating materials, asbestos,PCB's or molds and funguses or the compliance with the State and Federal laws. Any pro formas, projections, estimatesand assumptions used are for example only and do not necessarily represent the future success or performance of theproperties or real estate market.
DISCLAIMER
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
PLEASE DO NOT DISTURB TENANTS
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
DEMOGRAPHICS
Total Households:
Total Population:
Average HH Income:
LOCATION OVERVIEW-Azusa has over 46,000 residents and an average
resident age of 28 years.
-The Pinery Apartments benefits from it's location
across the street from Azusa Pacific University with
over 10,000 students.
-Located ½ mile from Citrus College, with over 12,000
students.
-Convenient access to the 210, 605 and 57 Freeways.
-Nearby retail amenities include ChickFilA, Famous
Daves, Pielogy, Starbucks, CVS Drugs, Target and
Bank of America.
-The subject property is located directly next door to
W.R. Powell Elementary.
PROPERTY DESCRIPTION
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
The Seller is offering for sale a 1/3 limited partnership interest in Citrus AvenueDevelopment, which equates to a 33% interest in the property.
PARTIAL INTEREST SALE
AMENITIES
• Spacious Two BR Units with 990 Sq.Ft.
• Gated Parking Area & Pedestrian Entrance
• Private Balconies & Patios
• Hardwood Floors, Granite Countertops, Vaulted Ceilings (in some units)
• Individual Garages with Electronic Openers
• Pool, Spa & BBQ Area.
• Rental Office & Clubhouse
• Re-roofed in 2016
PROPERTY OVERVIEWNumber Of Units: 60
(60) 2BR/2BA
Year Built: 1979
Parcel Number: 8628-004-034
Parking: (120) Total ParkingSpaces (60) Carports
(60) Open Spaces
Exterior: Wood Frame & StuccoPitched Roof
Lot Size: 120,661 SF
Net Rentable SF: 59,808 SF
Utility Metering Individually-Metered forElectricity & Gas.
Master-Metered forWater & Trash
Unit Mix:
EXECUTIVE SUMMARY
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
FINANCING
Due to the sale of a partial interest, purchase shall be on an all-cash basis only
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
SUBJECT PHOTOS
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Multi-Residential Information
Property Name No. Units Address City State
The Pinery Apartments 20 371 N. Powell Avenue Azusa CAPrice Cost/Unit GRM:Current CAP:Current Approx. SqFt Lot Size
$5,600,000 $280,000 15.54 4.5% 19,737 120,661Down Payment Percent Down GRM:Market CAP:Market Cost/Sq.Ft. Approx. Age
$5,600,000 100.0% 12.87 5.8% $283.74 1979
Annualized Operating Data Annualized ExpensesTaxes Estimated
CURRENT RENTS MARKET RENTS 1.13470% $21,032Direct Assessments: $3,592
Scheduled Gross Income: $360,382 $435,000 Insurance: $4,934 Less Vacancy Reserve: 3.0% $10,811 $13,050 Utilities: $10,800Gross Operating Income: $349,571 $421,950 On-Site Management: $10,000
Less Expenses: 26.8% $96,602 $96,602 Off-Site Management: $12,613Net Operating Income: $252,968 $325,348 Maint. & Repairs: $28,831
Gross Spendable Income: $252,968 $325,348 Landscape & Gardening: $3,000Cash on Cash Return: 4.5% 5.8% Pool: $800
Cap Rate: 4.5% 5.8% Administration $1,000Gross Multiplier: 15.54 12.87
Total Expenses: $96,602.42Expenses as % of SGI 26.8%
Expenses /Unit/Yr: $4,830Expenses /Foot/Yr: $4.89
Scheduled Income
CURRENT RENTS MARKET RENTSNo. Units No. Bdrms/Baths Approx. Sq.Ft. Mo. Rent/Unit Monthly Income Mo. Rent/Unit Monthly Income
20 2BR/2BA 990 $1,265-$1,750 $29,682 $1,795 $35,900
Total Scheduled Rent: $29,682 $35,900Laundry: $350 $350
Monthly Sched. Gross Inc.: $30,032 $36,250Annual Sched. Gross Inc.: $360,382 $435,000
Utilities Paid by Owner: Water &Trash.
The above information has been obtained from sources we believe to be reliable, but we do not
accept responsibility for its correctness
VALUE OF 33% PARTIAL INTEREST
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
FINANCIAL DETAILS
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Multi-Residential Information
Property Name No. Units Address City State
The Pinery Apartments 60 371 N. Powell Avenue Azusa CAPrice Cost/Unit GRM:Current CAP:Current Approx. SqFt Lot Size
$17,000,000 $283,333 15.58 4.5% 59,808 120,661Down Payment Percent Down GRM:Market CAP:Market Cost/Sq.Ft. Approx. Age
$8,500,000 50.0% 13.03 5.7% $284.24 1979
Proposed Financing1st Loan Terms Monthly Pmt New / Ex / Private
$8,500,000 New 1st TD, Rate of 3.99%, 5 year fixed $40,531.00 New
Annualized Operating Data Annualized ExpensesTaxes Estimated
CURRENT RENTS MARKET RENTS 1.13470% $63,734Direct Assessments: $10,885
Scheduled Gross Income: $1,091,340 $1,304,400 Insurance: $14,952 Less Vacancy Reserve: 3.0% $32,740 $39,132 Utilities: $32,400Gross Operating Income: $1,058,600 $1,265,268 On-Site Management: $29,000
Less Expenses: 26.7% $290,875 $290,875 Off-Site Management: $38,197Net Operating Income: $767,725 $974,393 Maint. & Repairs: $87,307
Less Loan Payments: $486,372 $486,372 Landscape & Gardening: $9,000Gross Spendable Income: $281,353 $488,021 Pool: $2,400
Cash on Cash Return: 3.3% 5.7% Administration $3,000Cap Rate: 4.5% 5.73%
Gross Multiplier: 15.58 13.03 Total Expenses: $290,875Expenses as % of SGI 26.7%
Expenses /Unit/Yr: $4,848Expenses /Foot/Yr: $4.86
Scheduled Income
CURRENT RENTS MARKET RENTSNo. Units No. Bdrms/Baths Approx. Sq.Ft. Mo. Rent/Unit Monthly Income Mo. Rent/Unit Monthly Income
60 2BR/2BA 990 $1,265-$1,750 $89,945 $1,795 $107,700
Total Scheduled Rent: $89,945 $107,700Laundry: $1,000 $1,000
Monthly Sched. Gross Inc.: $90,945 $108,700Annual Sched. Gross Inc.: $1,091,340 $1,304,400
Utilities Paid by Owner: Water &Trash.
The above information has been obtained from sources we believe to be reliable, but we do not
accept responsibility for its correctness
VALUE OF 100% OF PROPERTY
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
FINANCIAL DETAILS
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
UNITNUMBER
UNITTYPE
CURRENTRENT
A101 2BR / 2BA $1,425
A102 2BR / 2BA $1,425
A201 2BR / 2BA $1,425
A202 2BR / 2BA $1,425
A203 2BR / 2BA $1,725
A203 2BR / 2BA $1,725
A204 2BR / 2BA $1,450
B101 2BR / 2BA $1,350
B102 - Manager 2BR / 2BA $1,425
B201 2BR / 2BA $1,725
B202 2BR / 2BA $1,450
B203 2BR / 2BA $1,375
B204 2BR / 2BA $1,425
C101 2BR / 2BA $1,365
C102 2BR / 2BA $1,425
C201 2BR / 2BA $1,350
C202 2BR / 2BA $1,675
D101 2BR / 2BA $1,450
D102 2BR / 2BA $1,725
D103 2BR / 2BA $1,425
D104 2BR / 2BA $1,265
D201 2BR / 2BA $1,425
D202 2BR / 2BA $1,725
D203 2BR / 2BA $1,425
D204 2BR / 2BA $1,650
E101 2BR / 2BA $1,425
E102 2BR / 2BA $1,450
E202 2BR / 2BA $1,650
E203 2BR / 2BA $1,425
E204 2BR / 2BA $1,450
F101 - Manager 2BR / 2BA $1,350
F102 2BR / 2BA $1,425
F201 2BR / 2BA $1,300
F202 2BR / 2BA $1,725
RENT ROLL
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
UNITNUMBER
UNITTYPE
CURRENTRENT
F203 2BR / 2BA $1,725
F204 2BR / 2BA $1,450
G101 2BR / 2BA $1,450
G102 2BR / 2BA $1,750
G201 2BR / 2BA $1,425
G202 2BR / 2BA $1,725
G203 2BR / 2BA $1,725
G204 2BR / 2BA $1,725
H101 2BR / 2BA $1,265
H102 2BR / 2BA $1,425
H103 2BR / 2BA $1,425
H104 2BR / 2BA $1,425
H201 2BR / 2BA $1,425
H202 2BR / 2BA $1,725
H203 2BR / 2BA $1,425
H204 2BR / 2BA $1,425
J101 2BR / 2BA $1,425
J102 2BR / 2BA $1,425
J201 2BR / 2BA $1,350
J202 2BR / 2BA $1,725
K101 2BR / 2BA $1,450
K102 2BR / 2BA $1,450
K201 2BR / 2BA $1,275
K202 2BR / 2BA $1,725
K203 2BR / 2BA $1,425
K204 2BR / 2BA $1,725
Totals $89,945
RENT ROLL
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
SUBJECT PROPERTY
371 N. Powell Avenue | Azusa, CA 91702
60No. Units:
1979Year Built:
UNIT TYPE RENT
2BR/2BA $1,265-$1,750
AVALON GLENDORA
121 East Route 66 | Glendora, CA 91740
280No. Units:
2017Year Built:1
1UNIT TYPE RENT
2BR/2BA $2,665
GLENDORA PARK PLACE
641 West Route 66 | Glendora, CA 91740
50No. Units:
2006Year Built:2
2UNIT TYPE RENT
2BR/2BA $2,037
CASA MADRID
273 West Arrow Hwy | Azusa, CA 91786
88No. Units:
1979Year Built:3
3UNIT TYPE RENT
2BR/2BA $2,065
RENT COMPARABLES
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
VISTA POINTE
1400 North Grand Avenue | Covina, CA 91724
216No. Units:
1985Year Built:4
4UNIT TYPE RENT
2BR/2BA $2,106
CLUB PACIFICA
21042 East Arrow Hwy | Covina, CA 91724
232No. Units:
1988Year Built:5
5UNIT TYPE RENT
2BR/2BA $1,840
RENT COMPARABLES
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
SUBJECT PROPERTY
371 N. Powell Avenue | Azusa, CA 91702
60No. Units: $17,000,000List Price:
1979Year Built: 3.6%Current Cap:
$283,333Price / Unit: 5.0%Market Cap:
$284.24Price PSF: 15.93Current GRM:
13.03Market GRM:
UNITS UNIT TYPE
(60) 2BR/2BA
CANYON VILLA APARTMENTS630 North Cerritos Avenue | Azusa, CA 91702
39No. Units: $9,500,000On Market:
1960Year Built: $324.52Price PSF:
$243,589Price / Unit: 4.1%Current CAP:
On MarketClosed: 18.62Current GRM:
1
1UNITS UNIT TYPE
(17) 1BR/1BA
(22) 2BR/1BA
FOOTHILL APARTMENTS232 East Foothill Blvd | Glendora, CA 91741
10No. Units: $3,000,000Sold Price:
1978Year Built: $397.46Price PSF:
$300,000Price / Unit: 3.56%Current CAP:
02/2017Closed: 19.56Current GRM:
2
2UNITS UNIT TYPE
(6) 1BR/1BA
(4) 2BR/1BA
300 East Bennett Avenue | Glendora, CA 91741
10No. Units: $3,080,000Sold Price:
1964Year Built: $352.56Price PSF:
$308,000Price / Unit: 4.01%Current CAP:
12/2016Closed: 18.52Current GRM:
3
3UNITS UNIT TYPE
(10) 2BR/1BA
SALE COMPARABLES
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
LARK ELLEN VILLAS511 North Lark Ellen Avenue | Covina, CA 91722
23No. Units: $10,000,000In Escrow:
2005Year Built: $273.86Price PSF:
$434,782Price / Unit: 4.5%Current CAP:
In EscrowClosed: 22.15Current GRM:
4
4UNITS UNIT TYPE
(23) 3BR/2BA
LAS CASITAS321 S. San Jose Avenue | Covina, CA 91723
28No. Units: $8,205,000Sold Price:
1964Year Built: $307.30Price PSF:
$293,035Price / Unit: 4.2%Current CAP:
07/2017Closed: 14.5Current GRM:
5
5UNITS UNIT TYPE
(4) 1BR/1BA
(24) 2BR/1BA
SALE COMPARABLES
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
LOCATION MAPS
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
RETAILER MAP
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702
Specializing in the Sale of Multi-family Properties
4590 MacArthur Boulevard, Suite 260
Newport Beach, CA 92660
(0) 949.251.8800 • (f) 949.251.8899 • morganskenderian.com
RETAILER MAP
THE PINERY APARTMENTS371 N. Powell Avenue, Azusa, CA 91702