DUPLEX FOR SALE - LoopNetimages4.loopnet.com/d2/fF8R7WhAEUZypN6FQDNmPuTKIkFdaJOeef4Wr5R1Bas/... ·...

DUPLEX FOR SALE

KEVIN WOLF

831.646.1919 [email protected] #01275946

MAHONEY & ASSOCIATES501 Abrego Street

Monterey, CA 93940831.646.1919

mahoneycommercial.com

Presented by:

33-35 Stone Street, Salinas, CA 93901

STONE STREET DUPLEX

MAHONEY & ASSOCIATES • 501 Abrego Street • Monterey, CA 93940 • 831.646.1919 • mahoneycommercial.com

OFFERING SUMMARY

Sale Price: $475,000

Number Of Units: 2

Current Cap Rate: 4.05%

Proforma Cap Rate: 4.93%

Current NOI: $19,237

Proforma NOI $23,407

Lot Size: 7,100 SF

Year Built: 1936

Updated: 2010

Market: South Salinas

Price / SF: $298.55

PROPERTY HIGHLIGHTS

• Charming Spanish style architecture

• Conveniently located near transportation, jobs, amenities

• Downtown South Salinas location

• Rental upside

• Garage parking

• Fenced-in yards

• Laundry hook-ups

• Hardwood flooring

• Updated in 2010

MULTIFA MILY PROPERT Y FOR SALE

33-35 STONE STREET, SALINAS, CA 93901

EXECUTIVE SUMMARY


This desirable duplex property is comprised of one 1BD/1BA unit and

one 2BD/1BA unit. Exterior features include fenced-in front and

back yards and a storage shed. Interior features include hardwood

flooring with linoleum in the bathrooms and kitchen areas. The

subject property also contains laundry hook-ups and a one car garage

for each unit. This is an ideal investment opportunity for anyone

looking to rent both units or live in one and rent the other.

PROPERTY OVERVIEW

33 - 35 Stone Street is located in South Salinas. The property is well

situated in an inviting rental area with close proximity to South Main

Street and walking distance to neighborhood amenities, shopping,

and services. Sacred Heart Parish and School are located directly

across the street and the train station is nearby.

LOCATION OVERVIEW

SALE HIGHLIGHTS

• South Salinas location

• Strong rental area

• Walking distance to South Main Street

• Garage space and parking for each unit

• Fenced-in yards

OTHER

Listing agent is one of the property ownersPlease do not disturb tenants



PROPERTY DESCRIPTION


SALE PRICE $475,000

Building Name Stone Street Duplex

Street Address 33-35 Stone Street

City, State, Zip Salinas, CA 93901

County/Township Monterey

Market South Salinas

Cross Street Central Ave.

LOCATION INFORMATION

Building Size 1,591 SF

Occupancy % 100.0

Year Built 1936

Roof Spanish Tile / Tar & Gravel

Updated 2010

Units 2

BUILDING INFORMATION

Property Type Multifamily

Property Subtype Low-Rise/Garden

Lot Size 7,100 SF

APN# 002-163-016

Zoning CO

PROPERTY DETAILS

Street Parking Yes

Garage Parking Yes

Transportation Services Nearby

PARKING & TRANSPORTATION

Sewer Paid by Landlord

Water Paid by Tenant

PG&E Paid by Tenant

Garbage Paid by Tenant

Meters Individual

UTILITIES & AMENITIES



PROPERTY DETAILS




ADDITIONAL PHOTOS


Stone Street Duplex



REGIONAL MAP




LOCATION MAPS


Stone Street Duplex



AERIAL MAP

Notes:Assumes 3% vacancySee Income & Expenses for further details

INVESTMENT OVERVIEW CURRENT PROFORMA

Price $475,000 $475,000

Price per Unit $237,500 $237,500

GRM 15.5 13.7

CAP Rate 4.1% 4.9%

Cash-on-Cash Return (yr 1) 4.05 % 4.93 %

Total Return (yr 1) $19,237 $23,407

OPERATING DATA CURRENT PROFORMA

Gross Scheduled Income $30,600 $34,800

Other Income $0 $0

Total Scheduled Income $30,600 $34,800

Vacancy Cost $918 $1,044

Gross Income $29,682 $33,756

Operating Expenses $10,445 $10,349

Net Operating Income $19,237 $23,407

Pre-Tax Cash Flow $19,237 $23,407




FINANCIAL SUMMARY


Notes:Proforma assumes 2% increases in annual costs and 7% management feeProforma assumes $800 annual Maintenance & RepairsLandscaping is currently maintained by tenantAssumes new real estate taxesUtilities (PG&E)

INCOME SUMMARY CURRENT PROFORMA

Gross Income $29,682 $33,756

EXPENSE SUMMARY CURRENT PROFORMA

Utilities $592 $603

Maintenance & Repairs $485 $800

Landscaping $0 $0

Management $2,718 $2,281

Insurance $765 $780

New Real Estate Taxes $5,885 $5,885

Gross Expenses $10,445 $10,349

Net Operating Income $19,237 $23,407



INCOME & EXPENSES


UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

33 2 1 875 $1,300 $1.49 $1,550 $1.77

35 1 1 716 $1,250 $1.75 $1,350 $1.89

Totals/Averages 1,591 $2,550 $1.60 $2,900 $1.83

UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT MARKET RENT/SF

2BD/1BA 1 50.0 875 $1,300 $1.49 $1,550 $1.77

1Bd/1BA 1 50.0 716 $1,250 $1.75 $1,350 $1.89

Totals/Averages 2 100% 1,591 $2,550 $1.60 $2,900 $1.82



RENT ROLL


UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT MARKET RENT/SF

2BD/1BA 1 50.0 875 $1,300 $1.49 $1,550 $1.77

1Bd/1BA 1 50.0 716 $1,250 $1.75 $1,350 $1.89

Totals/Averages 2 100% 1,591 $2,550 $1.60 $2,900 $1.82



UNIT MIX SUMMARY


SUBJECT PROPERTY

33-35 Stone Street | Salinas, CA 93901

$475,000Sale Price: 0.0 ACLot Size:

1936Year Built: 1,591 SFBuilding SF:

$298.55Price PSF: 2No. Units:

$237,500Price / Unit: 15.52GRM:

4.05%Cap: $19,237NOI:

1002 PADRE DRIVE

Salinas, CA 93901

$555,000Sale Price: ACLot Size:


$339.24Price PSF 2No. Units

$277,500Price / Unit 03/08/2017Closed:

1

1

121-123 KATHERINE AVENUE

Salinas, CA 93901




$262,500Price / Unit

2

2

111 GEIL STREET

Salinas, CA 93901




$214,500Price / Unit 03/01/2017Closed:

3

3

REO



SALE COMPS


SUBJECT PROPERTY PRICE

BLDG

SF

PRICE

PER SF

PRICE

PER UNIT

# OF

UNITS

Stone Street Duplex33-35 Stone Street

Salinas, CA 93901

$475,000 1,591 SF $298.55 $237,500 2

SALE COMPS PRICE

BLDG

SF

PRICE

PER SF

PRICE

PER UNIT

# OF

UNITS CLOSE

11002 Padre DriveSalinas, CA

93901

$555,000 1,636 SF $339.24 $277,500 2 03/08/2017

2121-123 Katherine AvenueSalinas, CA

93901

$525,000 1,265 SF $415.02 $262,500 2 On Market

3111 Geil StreetSalinas, CA

93901

$429,000 1,685 SF $254.60 $214,500 2 03/01/2017

PRICE

BLDG

SF

PRICE

PER SF

# OF

UNITS

Totals/Averages $503,000 1,529 SF $328.97 2



SALE COMPS SUMMARY


33-35 Stone Street | Salinas, CA 93901

SUBJECT PROPERTY

1 1002 Padre DriveSalinas, CA 93901

2 121-123 Katherine AvenueSalinas, CA 93901

3 111 Geil StreetSalinas, CA 93901



SALE COMPS MAP


501 Abrego StreetMonterey, CA 93940

T 831.646.1919 x108

C 831.402.4742

[email protected]

BRE #01275946

PROFESSIONAL BACKGROUND

Real estate broker, bringing over 17 years of investment real estate experience,

specializing in the disposition and acquisition of commercial investments with an

emphasis in apartment/multi-family assets.

KEVIN WOLF

Sales Broker



ADVISOR & BIO CONTACT 1




DISCLAIMER

Disclaimer

All materials and information received or derived from Mahoney & Associates its directors, officers, agents, advisors, affiliates and/or anythird 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 theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Mahoney & Associates its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied,as to accuracy or completeness of the any materials 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 todetermine these and other matters of significance to such party. Mahoney & Associates will not investigate or verify any such matters orconduct 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 owninspections and investigations including through appropriate 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 consultingappropriate 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 partyregarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modelingpurposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a partydo not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental 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 publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the conditionof the property and whether the property complies with applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed byMahoney & Associates in compliance with all applicable fair housing and equal opportunity laws.

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