La Mancha Apartments - Cassidy Turley Northern California
La Mancha Apartments - Cassidy Turley Northern California
La Mancha Apartments - Cassidy Turley Northern California
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<strong>La</strong> <strong>Mancha</strong> <strong>Apartments</strong>4440-4460 Old Redwood HighwaySanta Rosa, <strong>California</strong>Sonoma and Marin’s Apartment ExpertScott GerberSenior Vice President415.451.2415scott.gerber@ctbt.comLIC #01138762781 Lincoln Avenue, Suite 100San Rafael, <strong>California</strong> 94901ph: 415.485.0500fx: 415.485.1341<strong>Cassidy</strong> <strong>Turley</strong> <strong>Northern</strong> <strong>California</strong>www.ctbtapartments.com
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Property Description:<strong>Cassidy</strong> <strong>Turley</strong> Commercial Real Estate Services is pleased to exclusively offerto qualified investors the opportunity to acquire the <strong>La</strong> <strong>Mancha</strong> <strong>Apartments</strong>, a72 unit rental community located in the highly desirable <strong>La</strong>rkfield/Wikiup areaof Santa Rosa, CA. The property represents the opportunity to control 72 welllocated apartment units situated on 5.4 acres of land in a rental market that is97% occupied.Consisting of 28-two bedroom bath and a half townhomes, 42-one bedroom onebath, 1- studio and 1-three bedroom bath and a half units, the property offersa diverse unit mix appealing to families, singles and couples. With views of thesurrounding hills, the private setting feels like a resort with expansive grounds,swimming pool, barbeque area, 2-laundry rooms and private outdoor spacefor every unit. Built in 1978, the diverse unit mix incorporates the followingfeatures: forced air heat (in town houses), gas kitchens, spacious floor plans,patios, balconies, upgraded flooring, counter tops and appliances in over half ofthe units.• 2 minutes from New $284 MillionSutter Medical Center featuringintensive care, obstetrics, level IIINeonatal care, medical and surgicaland cardiac care• 2 minutes from Well FargoPerforming Arts Center featuring topnational and international musicaland theatrical entertainment• 4 minutes from Kaiser PermanenteRichard Stein Medical Offices• 8 minutes from Kaiser PermanenteMedical Facility• Highly desirable rental communityon 5.44 acre level site• Rental upside based on nearbycompetition which is 98% occupied• Twelve large one bedrooms upgradedwith air conditioning, new kitchenswith granite counters and tile floors.New screen doors throughout theproperty allowing the tenants toenjoy peaceful outdoor setting• Pool and pool deck resurfaced<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Property Description:The property irrigation system is served by a well located on site. Water is provided by the City of Santa Rosa. The current ownership connected the property to Citywater several years ago and opted not to connect to City of Santa Rosa Sanitary lines because of the savings in using the existing septic system. This system savesapproximately $27,000 per year.DealFundamentals:InvestmentHighlights:Priced at $9,500,000 or $131,944 per unit and $173.65 per square foot, the current net income produces a 5.33% cap rate. TheNOI of $506,492 will grow with current market conditions supporting additional rent growth immediately with modest upgrading. Thecurrent 4.65% return grows to 8.24% at market rents. Total return including principal reduction grows from 10.17% to 13.76%.Investment Highlights SummaryCurrent GRM: 9.19 Current CAP Rate: 5.33Market GRM: 9.16 Market CAP Rate: 6.23Price/Unit: $131,944 Starting Cash Flow: 4.65Price/S.F.: $173.65 Stabilized Cash Flow: 8.24Financing: A qualified investor will secure new 75% loan to value financing at 3.75% fixed interest for a 5 to 10 year term, producing a 128%debt coverage ratio on current income.Location:The subject property is located in the <strong>La</strong>rkfield-Wikiup area of Santa Rosa, just 5 minutes North of Downtown Santa Rosa. In additionto being the home of the Wells Fargo Center for Performing Arts, next door and just 2 minutes from <strong>La</strong> <strong>Mancha</strong> is the new $292Million Sutter Medical Center. Close proximity to downtown Santa Rosa, easy access to Highway 101 and immediate proximity to theRussian River, Healdsburg, and the Alexander Valley wine tasting and recreational area as well as <strong>La</strong>ke Sonoma make the <strong>La</strong> <strong>Mancha</strong><strong>Apartments</strong> an ideal location.<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Site Survey:Parcel Size:5.4 AcresYear Built: 1970Buildings:Parking:Construction Style:Roof:Foundation:Heat:Hot Water:Plumbing:Electrical:<strong>La</strong>undry:Kitchen:Cabinets:Windows:Amenities:3-1 story / 4-2 story62-Covered / 53-OpenWoodframe and StuccoPitched Concrete Spanish StyleConcrete SlabWall Gas Heaters- 1 Bds + StudiosGas Forced Air- TownhomesCentral- 6x100 GallonCopperCircuit BreakersLeased 10 Washers, 10 DryersGas RangeDisposerPlywood-90% OriginalSingle Pane AluminumPool, <strong>La</strong>undry, Patio, Balcony, Open Space, Views<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
Site Plan:<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong><strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
Aerial Map:<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>PROPERTY<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>LA MANCHA APARTMENTS<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Property Images:<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Operating Expenses:APN: 058 050 042S U M M A R YP R O P O S E D F I N A N C I N GPrice: $9,500,000 Approx. Age: 1970Down Payment: $2,375,000 Approx. Lot Size: 5.44 Acres First Loan Amount: $7,125,000 New, 30 year amortizationNumber of Units: 72 Approx. Net RSF: 54,709 Term: 30 YearsCost Per Unit: $131,944 Cost Per Net RSF: $173.65 Rate: 3.75%Current GRM: 9.91 Cost Per Room: n/a Monthly Payment: $32,997Market GRM: 9.16Current CAP: 5.33%Market CAP: 6.23%Current RentsMarket RentsA N N U A L I Z E D O P E R A T I N G D A T AScheduled Gross Income: $958,644 $1,036,644Less Vacancy Rate Reserve: 4% $38,346 3% $31,099Gross Operating Income: $920,298 $1,005,545Less Expenses: 43.17% $413,806 $413,806Net Operating Income: $506,492 $591,739 *As a % of Down PaymentLess Loan Payments: $395,964 $395,964Pre-Tax Cash Flow: 4.65% * $110,528 8.24% * $195,775Plus Principal Reduction: $131,013 $131,013Total Return Before Taxes: 10.17% * $241,541 13.76% * $326,788Current RentsMarket RentsS C H E D U L E D I N C O M EA N N U A L I Z E D E X P E N S E SNo of Units BD/ BA Approx SF Mo Rent/Unit Monthly Income Mo Rent/Unit Monthly Income Taxes New Rate ** $106,44928 2/1.5 THSE 995 1175-1195 $33,100 $1,300 $36,400 Insurance $20,1601 3/1.5 1000 $1,400 $1,400 $1,470 $1,470 Promotion $3,00026 1/1 576 925-950 $24,250 $980 $25,480 Payroll $90,00013 1/1 740 950-1075 $13,575 $1,125 $14,625 Water & Sewer $29,3791 Studio 500 $700 $700 $850 $850 Gas & Electric $28,4383 1/1 750 $1,000 $2,950 $1,150 $3,450 Rubbish $21,553$0 $0 <strong>La</strong>ndscaping (Est.) $13,215Total Scheduled Rent: $75,975 $82,275 Maintenance/Repair (Est.) $36,000<strong>La</strong>undry: $1,000 $1,000 Off-Site (Est.) $36,812Utility Reimbursement: $2,662 $2,662 Capital Reserves $14,400Other: $250 $250 Office Admin. Misc $14,400Parking and Storage: $0 $200Monthly Scheduled Gross Income: $79,887 $86,387Annual Scheduled Gross: $958,644 $1,036,644 Total Expenses: $413,806Per Net SqFt: $7.56Per Unit: $5,747** 1.1149% plus $533.60<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
Floor Plans:<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong><strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Rent Roll:Unit Type Sq. Ft. Rent ($) Unit Type Sq. Ft. Rent ($)1 2 Bedroom 1.5 Bath Townhome 900 $1175.00 19 2 Bedroom 1.5 Bath Townhome 900 $1175.002 2 Bedroom 1.5 Bath Townhome 900 $1175.003 2 Bedroom 1.5 Bath Townhome 900 $1175.004 2 Bedroom 1.5 Bath Townhome 900 $1195.005 2 Bedroom 1.5 Bath Townhome 900 $1175.006 2 Bedroom 1.5 Bath Townhome 900 $1195.007 2 Bedroom 1.5 Bath Townhome 900 $1175.008 2 Bedroom 1.5 Bath Townhome 900 $1175.009 2 Bedroom 1.5 Bath Townhome 900 $1175.0010 2 Bedroom 1.5 Bath Townhome 900 $1175.0011 2 Bedroom 1.5 Bath Townhome 900 $1175.0012 2 Bedroom 1.5 Bath Townhome 900 $1175.0013 2 Bedroom 1.5 Bath Townhome 900 $1175.0014 2 Bedroom 1.5 Bath Townhome 900 $1175.0015 2 Bedroom 1.5 Bath Townhome 900 $1195.0016 2 Bedroom 1.5 Bath Townhome 900 $1175.0017 2 Bedroom 1.5 Bath Townhome 900 $1195.0018 2 Bedroom 1.5 Bath Townhome 900 $1195.0020 2 Bedroom 1.5 Bath Townhome 900 $1175.0021 2 Bedroom 1.5 Bath Townhome 900 $1175.0022 2 Bedroom 1.5 Bath Townhome 900 $1195.0023 2 Bedroom 1.5 Bath Townhome 900 $1175.0024 2 Bedroom 1.5 Bath Townhome 900 $1195.0025 2 Bedroom 1.5 Bath Townhome 900 $1175.0026 2 Bedroom 1.5 Bath Townhome 900 $1175.0027 2 Bedroom 1.5 Bath Townhome 900 $1175.0028 2 Bedroom 1.5 Bath Townhome 900 $1175.0029 3 Bedroom 1.5 Bath Townhome 1000 $1400.0030 1 Bedroom 1 Bath Townhome 900 $1175.0031 1 Bedroom 1 Bath Townhome 576 $950.0032 1 Bedroom 1 Bath Townhome 576 $925.0033 1 Bedroom 1 Bath Townhome 576 $950.0034 1 Bedroom 1 Bath Townhome 576 $950.0035 1 Bedroom 1 Bath Townhome 576 $950.0036 1 Bedroom 1 Bath Townhome 576 $950.00<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Unit Type Sq. Ft. Rent ($)37 1 Bedroom 1 Bath Townhome 576 $950.0038 1 Bedroom 1 Bath Townhome 576 $950.0039 1 Bedroom 1 Bath Townhome 576 $925.0040 1 Bedroom 1 Bath Townhome 576 $950.0041 1 Bedroom 1 Bath Townhome 576 $950.0042 1 Bedroom 1 Bath Townhome 576 $950.0043 1 Bedroom 1 Bath Townhome 576 $925.0044 1 Bedroom 1 Bath Townhome 576 $925.0045 1 Bedroom 1 Bath Townhome 576 $900.0046 1 Bedroom 1 Bath Townhome 576 $925.0047 1 Bedroom 1 Bath Townhome 576 $925.0048 1 Bedroom 1 Bath Townhome 576 $900.0049 1 Bedroom 1 Bath Townhome 576 $925.0050 1 Bedroom 1 Bath Townhome 576 $950.0051 1 Bedroom 1 Bath Townhome 576 $925.0052 1 Bedroom 1 Bath Townhome 576 $900.0053 1 Bedroom 1 Bath Townhome 576 $900.0054 1 Bedroom 1 Bath Townhome 576 $925.00Unit Type Sq. Ft. Rent ($)55 1 Bedroom 1 Bath Townhome 576 $950.0056 1 Bedroom 1 Bath Townhome 740 $950.0057 1 Bedroom 1 Bath Townhome 740 $950.0058 1 Bedroom 1 Bath Townhome 740 $1075.0059 1 Bedroom 1 Bath Townhome 740 $1075.0060 1 Bedroom 1 Bath Townhome 740 $950.0061 1 Bedroom 1 Bath Townhome 740 $1050.0062 1 Bedroom 1 Bath Townhome 740 $1075.0063 1 Bedroom 1 Bath Townhome 740 $1075.0064 1 Bedroom 1 Bath Townhome 740 $1075.0065 1 Bedroom 1 Bath Townhome 740 $1075.0066 1 Bedroom 1 Bath Townhome 740 $1075.0067 1 Bedroom 1 Bath Townhome 740 $1075.0068 1 Bedroom 1 Bath Townhome 740 $1075.0069 1 Bedroom 1 Bath Townhome 750 $975.0070 1 Bedroom 1 Bath Townhome 750 $1000.0071 1 Bedroom 1 Bath Townhome 750 $975.0072 Studio 500 $700.00Total Square Feet 54,709Total Rent per Month $75,975.00<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Rent Comparables:Rent/Square FootPrice per Square FootSubject Units 1B/1B 2B/1B 2B/2BYearBuiltVacanciesUtilitiesIncluded<strong>La</strong> <strong>Mancha</strong> <strong>Apartments</strong>4440-4460 Old Redwood HwySanta Rosa, CA72$950/576$176$1075/740$1.452B/1.5B$1182/995$1.201970 1 SewerComparable #1 Units 1B/1B 2B/1B 2B/2BYearBuiltVacanciesUtilitiesIncludedVinyard Creek802 Vineyard Creek DriveSanta Rosa, CA232$1275/750$1.70$1475/950$1.55$1645/1118$1.472005 1 NoneComparable #2 Units 1B/1B 2B/1B 2B/2BYearBuiltVacanciesUtilitiesIncludedSpring Club <strong>Apartments</strong>193 Airport Blvd. EastSanta Rosa, CA142$1195/866$1.38$1250/1000$1.252/1.5$1395/1068$1.318 None<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Rent Comparables:Rent/Square FootPrice per Square FootComparable #3 Units 1B/1B 2B/1B 2B/2BYearBuiltVacanciesUtilitiesIncludedCreekside <strong>Apartments</strong>5209 Old Redwood HwySanta Rosa, CA86$950/650$1.46$1150/910$1.26$1200/1014$1.181986 5 NoneComparable #4 Units 1B/1B 2B/1B 2B/2BYearBuiltVacanciesUtilitiesIncludedThe Overlook200 Bicentennial WaySanta Rosa, CA18$1429/864$1.97$1845/1141$1.622003 0 NoneComparable #5 Units 1B/1B 2B/1B 2B/2BYearBuiltVacanciesUtilitiesIncludedThe Boulders3680 Kelsey KnollsSanta Rosa, CA124$1455/864$1.68$1875/1235$1.512003 0 None<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Rent Comparables Map:123PROPERTY4<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Sold Comparables:SubjectUnitMixPriceYearBuiltPricePer UnitCapRateCOEPricePer SFGRM<strong>La</strong> <strong>Mancha</strong> <strong>Apartments</strong>4400-4460 Old Redwood HwySanta Rosa, CA42-1/128-2/11-3/1.51-studio$9,500,000 1970 $131,944 5.33 OTM $173.65 $170.29Comparable #1UnitsMixPriceYearBuiltPricePer UnitCapRateCOEPricePer SFGRM<strong>La</strong>rkspur Shores700 <strong>La</strong>rkspur Village Circle<strong>La</strong>rkspur, CA150-1/170-2/1122-2/2$114,300,000 1978 $334,211 NA 3/11 $385.27 N/AComparable #2UnitsMixPriceYearBuiltPricePer UnitCapRateCOEPricePer SFGRMMIll Works900 Reichert AvenueNovato, CA49-1/178-2/21-3/22-3/3$67,000,000 2009 $540,323 N/A 4/12 $435.61 N/AComparable #3UnitsMixPriceYearBuiltPricePer UnitCapRateCOEPricePer SFGRM615 Healdsburg AvenueSanta Rosa, CA48-1/131-2/2$15,250,000 2007 193,037 N/A 3/11 $214.96 N/A<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Sold Comparables:Comparable #3UnitsMixPriceYearBuiltPricePer UnitCapRateCOEPricePer SFGRMMontecito Pines6600 Montecito Blvd.Santa Rosa, CA36-1/140-2/2$8,300,000 1978 $105,263 6.23 4/11 $151.80 N/AComments: Master metered heat. Off market deal.<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
<strong>La</strong> <strong>Mancha</strong> 4440-4460 Old Redwood Highway, Santa Rosa <strong>California</strong>Sold Comparables Map:43PROPERTY21<strong>Northern</strong> <strong>California</strong>’s Source for Apartment Brokerage ServicesThe information set forth herein has been received by us from sources webelieve to be reliable. We do not warrant its accuracy or completeness.
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