ENSENADA DRIVE APARTMENTS...Apartments at 1304 and 1308 Ensenada Drive, Modesto. The apartment...

O F F E R I N G M E M O R A N D U M

ENSENADA DRIVE APARTMENTS1304 & 1308 E1304 & 1308 Ensenada Drnsenada Dr, M, Mododesto, CA 95355esto, CA 95355

1304 & 1308 Ensenada Dr1304 & 1308 Ensenada Dr

Modesto, CA 95355

Cole ByrdInvestment Advisor

O: [email protected]

CalDRE #02101754

Benjamin MandelSenior Investment Advisor


CalDRE #02064879

Ethan BergerSenior Vice President


CalDRE #01868467

Garrett BlairInvestment Advisor

O: [email protected] #02026908

03PROPERTYINFORMATION

08LOCATIONINFORMATION

13FINANCIALANALYSIS

17SALECOMPARABLES

23DEMOGRAPHICS

25ADVISOR BIOS

Table of Contents

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S E C T I O N 1

ProProperty Iperty Innfoformarmatitioonn

PR

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INFO

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Executive Summary

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PRICE$1,450,000

SQ FT10,176 SF

CAP RATE6.16%

ADD TEXT HERE...Add text here...

ProProperty Hperty Hiigghhliligghhtsts

• Easy access to downtown

• Rental upside (average rent for 2-bedroom in northeast Modesto is$1,402)

• 8.98% market cap rate

• 100% Occupied

Other DetaiOther Detailsls

Lot Size: 23,522 SF

Price / SF: $142.49

NOI: $89,264

Year Built: 1966

Market: Modesto

ProProperty Descriperty Descriptionption

Berger Mandel Associates of NAI Northern California is proud to havebeen selected as the exclusive listing agent for the Ensenada DriveApartments at 1304 and 1308 Ensenada Drive, Modesto. The apartmentbuilding consists of 12 units, all 2-bedroom, 1-bathrooms.

Rent in northeast Modesto has jumped by 4.7% in the past year; theaverage for a 2-bedroom unit is $1,402 per month. With the averagerent for this property at $987, this provides for a unique value-addopportunity.

LocaLocation Descrition Descriptionption

The property is located in the quieter northeastern part of Modesto,providing a more suburban/family living environment. If you are cravinga more urban lifestyle, all the shopping and dining of downtown is onlyminutes away.

Property Description

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LocaLocation Information Informationtion

Building Name Ensenada Drive Apartments

Street Address 1304 & 1308 Ensenada Dr

City, State, Zip Modesto, CA 95355

County Stanislaus

Market Modesto

Signal Intersection No

BuiBuilding Informalding Informationtion

NOI $89,264.16

Cap Rate 6.16

Occupancy % 100.0%

Number of Floors 2

Year Built 1966

Free Standing No

Complete Highlights

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Additional Photos

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S E C T I O N 2

LocaLocatitioon In Innfoformarmatitioonn

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Modesto, CA

Regional Map

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Location Maps

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Aerial Maps

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Retailer Map

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S E C T I O N 3

FFiinananciancial Al Ananallysisysis

FINA

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NA

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Income SIncome Summaryummary CurrentCurrent MarketMarket

Total Gross Rents $142,140 $187,200

Gross Income $142,140 $187,200

Expense SExpense Summaryummary CurrentCurrent MarketMarket

Fixed: Property Insurance "2019 Actual" $7,453 $7,453

Operational: Reserves Estimate @$250/unit "2020 Estimate" $3,000 $3,000

Operational: Maintenance Estimate @$750/unit "2020 Estimate" $9,000 $9,000

Operational: Landscaping "2019 Actual" $1,900 $1,900

Fixed: Property Tax "2020 Est. 1.08309%" $16,246 $16,246

Operational: Trash "2019 Actual" $2,328 $2,328

Operational: Water "2019 Actual" $7,384 $7,384

Operational: PG&E "2019 Actual" $1,300 $1,300

Gross Expenses $48,611 $48,611

Net Operating Income $89,264 $132,972

Income & Expenses

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Investment OverviewInvestment Overview CurrentCurrent MarketMarket

Price $1,450,000 $1,500,000

Price per Unit $120,833 $125,000

GRM 10.2 8.0

CAP Rate 6.2% 8.9%

Cash-on-Cash Return (yr 1) 6.95 % 14.17 %

Total Return (yr 1) $51,866 $95,574

Debt Coverage Ratio 1.65 2.46

OperaOperating Dating Datata CurrentCurrent MarketMarket

Gross Scheduled Income $142,140 $187,200

Other Income - -

Total Scheduled Income $142,140 $187,200

Vacancy Cost $4,264 $5,616

Gross Income $137,875 $181,584

Operating Expenses $48,611 $48,611

Net Operating Income $89,264 $132,972

Pre-Tax Cash Flow $35,268 $78,976

FFinancing Dainancing Datata CurrentCurrent MarketMarket

Down Payment $507,500 $557,500

Loan Amount $942,500 $942,500

Debt Service $53,996 $53,996

Debt Service Monthly $4,499 $4,499

Principal Reduction (yr 1) $16,598 $16,598

Financial Summary

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UniUnittNNumberumber

UniUnittBedBed

UniUnittBaBathth

UniUnittSSize (SF)ize (SF)

LeaseLeaseStartStart

CurrentCurrentRRentent

CurrentCurrentRRent (Pent (Per SF)er SF)

MarketMarketRRentent

MarketMarketRRent/SFent/SF

1 2 1 848 10/01/15 $800 $0.94 $1,300 $1.53

2 2 1 848 09/10/18 $975 $1.15 $1,300 $1.53

3 2 1 848 05/03/17 $850 $1.00 $1,300 $1.53

4 2 1 848 08/18/15 $850 $1.00 $1,300 $1.53

5 2 1 848 01/21/19 $1,150 $1.36 $1,300 $1.53

6 2 1 848 08/08/18 $975 $1.15 $1,300 $1.53

7 2 1 848 12/23/19 $1,050 $1.24 $1,300 $1.53

8 2 1 848 06/22/18 $1,050 $1.24 $1,300 $1.53

9 2 1 848 09/16/19 $1,050 $1.24 $1,300 $1.53

10 2 1 848 08/01/19 $1,050 $1.24 $1,300 $1.53

11 2 1 848 10/01/18 $995 $1.17 $1,300 $1.53

12 2 1 848 09/04/19 $1,050 $1.24 $1,300 $1.53

Totals/Averages 10,176 $11,845 $1.16 $15,600 $1.53

Rent Roll

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S E C T I O N 4

SaSalle Coe Commpaparablrableses

SALE C

OM

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SSubject Proubject Propertyperty1304 & 1308 Ensenada Dr | Modesto, CA 95355

$1,450,000Sale Price: $89,264NOI: 6.16%CAP:

10.2GRM: $120,833Price / Unit: 12No. Units:

$142.49Price PSF: 10,176 SFBuilding SF: 1966Year Built:

Berger Mandel Associates of NAI Northern California is proud to have been selected as the exclusive listing agent for the Ensenada Drive Apartmentsat 1304 and 1308 Ensenada Drive, Modesto. The apartment building consists of 12 units, all 2-bedroom, 1-bathrooms.

Rent in northeast Modesto has jumped by 4.7% in the past year; the average for a 2-bedroom unit is $1,402 per month. With the average rent for thisproperty at $987, this provides for a unique value-add opportunity.

11235 Carver R1235 Carver RddModesto, CA 95350

$3,100,000Sale Price: 02/21/2020Closed: 5.04%CAP:

$147,619Price / Unit: 21No. Units: $171.61Price PSF:

18,064 SFBuilding SF: 1963Year Built: 1.01 AcresLot Size:

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Sale Comps

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2426 S426 Syycamore Acamore AveveModesto, CA 95354




22

33025 Tu3025 Tulllly Ry RddModesto, CA 95350




33

Sale Comps

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41304 B1304 Bywood Lnywood LnModesto, CA 95355




44

5140 Santa Barbara A140 Santa Barbara AveveModesto, CA 95354

$2,000,000Sale Price: 6.09%CAP: $111,111Price / Unit:

18No. Units: $155.26Price PSF: 12,882 SFBuilding SF:

1982Year Built: 0.48 AcresLot Size:

55

Sale Comps

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SSubject Proubject Propertyperty PricePrice Bldg SFBldg SF Price/SFPrice/SF Price/UniPrice/Unitt CAPCAP GRMGRM # of Uni# of Unitsts

Ensenada Drive Apartments1304 & 1308 Ensenada DrModesto, CA 95355

$1,450,000 10,176 SF $142.49 $120,833 6.16% 10.2 12

SaSale Compsle Comps PricePrice Bldg SFBldg SF Price/SFPrice/SF Price/UNITPrice/UNIT CAPCAP GRMGRM # of Uni# of Unitsts CloseClose

11235 Carver RdModesto, CA95350

$3,100,000 18,064 SF $171.61 $147,619 5.04% - 21 02/21/2020

2426 Sycamore AveModesto, CA95354

$1,500,000 8,380 SF $179.00 $136,363 6.15% - 11 04/23/2019

33025 Tully RdModesto, CA95350

$1,600,000 10,330 SF $154.89 $160,000 6.0% - 10 12/04/2019

41304 Bywood LnModesto, CA95355

$2,000,000 11,169 SF $179.07 $222,222 6.0% - 9 07/12/2019

5140 Santa Barbara AveModesto, CA95354

$2,000,000 12,882 SF $155.26 $111,111 6.09% - 18 On Market

PricePrice Bldg SFBldg SF Price/SFPrice/SF Price/UNITPrice/UNIT CAPCAP GRMGRM # of Uni# of Unitsts CloseClose

Totals/Averages $2,040,000 12,165 SF $167.69 $147,826 5.86% - 13.8

Sale Comps Summary

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1Modesto, CA95350

1235 Carver Rd 2Modesto, CA95354

426 Sycamore Ave

3Modesto, CA95350

3025 Tully Rd 4Modesto, CA95355

1304 Bywood Ln

5Modesto, CA95354

140 Santa Barbara Ave

1304 & 1308 Ensenada Dr | Modesto, CA 95355SSubject Proubject Propertyperty

Sale Comps Map

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S E C T I O N 5

DemograDemographphiicscs

DEM

OG

RA

PH

ICS

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PoPopupulalationtion 1 Mi1 Milele 2 Mi2 Milesles 3 Mi3 Milesles

Total Population 22,238 70,277 129,621

Average age 33.8 35.9 35.8

Average age (Male) 31.5 33.8 33.9

Average age (Female) 35.8 38.1 38.0

Households & IncomeHouseholds & Income 1 Mi1 Milele 2 Mi2 Milesles 3 Mi3 Milesles

Total households 7,892 25,596 47,302

# of persons per HH 2.8 2.7 2.7

Average HH income $62,048 $68,083 $69,524

Average house value $284,791 $292,925 $289,876

* Demographic data derived from 2010 US Census

Demographics Map & Report

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S E C T I O N 6

AAddvisovisor Bir Biosos

AD

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BIO

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COLE BYRDInvestment Advisor

O: 415.366.0176C: [email protected] #02101754

EdEducaucationtion

University of San Francisco

ProfessionaProfessional Backgroundl Background

Cole Byrd is an investment advisor, based out of our Oakland office, specializing in acquisitionsand dispositions of multifamily properties in markets extending from San Francisco toSacramento. He began his real estate career in August 2019 when he joined NAI NorthernCalifornia as a market analyst.

Previously, Cole worked in the automotive industry for Sonic Automotive and AW Collision Group.He graduated from the University of San Francisco in 2016 with a bachelor's degree inEntrepreneurship and Innovation.

He was raised in Orlando, FL and Charlotte, NC before making the move to San Francisco, wherehe currently lives.

Cole Byrd

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BENJAMIN MANDELSenior Investment Advisor


EdEducaucationtion

University of Massachusetts Lowell:Finance & Management

MMembershiembershipsps

Urban Land InstituteReal Estate Network Association


Benjamin Mandel is a Senior Investment Advisor Specializing in the Acquisition and Disposition ofMulti-Family Properties Spanning in Locations from San Francisco to Sacramento, California.Berger Mandel Associates Focuses on Representing Buyers and Sellers of All Levels From 1st TimeInvestors Purchasing a 4-Plex to Institutional Managers Selling a 200+ Unit Building.

Mr. Benjamin Mandel joined NAI in June of 2018 after being a partner and licensed real estatebroker in Boston, MA. Benjamin has a passion and undivided interest in helping clients purchaseand sell commercial real estate assets with ease and transparency. He is actively in pursuit ofproviding unequivocal service with his unparalleled drive to learn more each day and invest inon-going education to consistently produce world class results.

RRecent Transactionsecent Transactions

• *2019 Sold $54.75Million

• *2019 Sold 234 Units

• *2019 Completed 20 Transactions

• *2019 Presidents Club

• *2019 Rookie of The Year

Benjamin Mandel

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ETHAN BERGERSenior Vice President


EdEducaucationtion

BA, University of California, Berkeley

MMembershiembershipsps

CAA Contra Costa, Solano Chapter


Ethan began his career in 2009 as a member of the Contra Costa & Solano multifamily brokerageteam at NAI representing buyers and sellers of multifamily properties. He quickly gained areputation of reliability and distinction after selling a number of buildings for record prices whiledelivering attentive service to his clients. Recently he was named Senior Vice President of NAINorthern California Multifamily investments.

Since joining NAI, Berger has been involved in a number of record setting transactions in citiesthroughout Contra Costa and Solano Counties, including Richmond, Concord, Martinez, Antiochand Pleasant Hill. His reputation as a dedicated, aggressive, and client-centric sales professional isevident in his successes and the relationships he has forged.

Berger is an active member of the Contra Costa/Solano County chapter of the CaliforniaApartment Association, and has served the board of directors of the Camelback North IIapartments in Pleasant Hill. He has lived in Contra Costa County for 30 years and has a widebreadth of knowledge of all Contra Costa and Solano County cities and sub-markets, and hasexperience as a Buyer, Seller, and owner of multifamily property.

RRecent Transactionsecent Transactions

• 1091 Mi Casa Ct, Concord - $4.275M, 15 units

• 1872 14th St, San Pablo - $1.925M, 8 units

• 1994 22nd St, San Pablo - $1.45M, 6 units

• 177 El Dorado Dr, Pittsburg - $2.33M, 13 units

• 1300 Costa Ave, Richmond - $3.075M, 18 units

• 1895 San Vincente Dr, Concord - $5.2M, 27 units

• 367-71 Colusa Ave, Kensington - $3.075M, 12 units

• 4576 Appian Way, Rodeo - $8.04M, 42 units

• 500 Hayes St, Richmond - $1.775M, 8 units

• 3535 Brook St, Lafayette - $12M, 25 units

• 2394 Road 20, San Pablo - $4.495M, 18 units

• 1976 Desert Circle, Walnut Creek - $2.04M, 5 units

• 221 Wilbur Ave, Antioch - $3.465M, 28 units

• 1671 Haller Ct, Concord - $1.36M, 6 units

• 1717 Amber Dr, Antioch - $810K, 6 units

• 1531 Adelaide St, Concord - $6.23M, 31 units

• 3801 Nevin Ave, Richmond - $1.075M, 6 units

• 4819 Clayton Rd, Concord - $3.75M, 20 units

• 123 Ramona St, Pittsburg - $740K, 4 units

• 309 Country View Ln, Pleasant Hill - $2.87M, 8 units

• 1530 Willow St, Martinez - $2.8M, 8 units

• 3515 Chestnut Ave, Concord - $5M, 20 units

• 1455 Arnold Dr, Martinez - $8.05M, 30 units

• 811 Brown Ave, Martinez - $3.5M, 12 units

• 1515 West St, Concord - $3.7M, 16 units

• 3550 Chestnut Ave, Concord - $1.95M, 8 units

• 1315 Brown Ave, Martinez - $3.1M, 12 units

• 193 Ramona St, Pittsburg - $1.25M, 8 units

• 2233 7th Ave, Oakland - $2M, 8 units

• 304 Marina Vista Ave, Martinez - $1.25M, 8 units

• 4152 Fran Way, Richmond - $1.43M, 7 units

• 3720 Clayton Rd, Concord - $1.1M, 11 units

• 1551 Lacey Ct, Concord - $2.1M, 12 units

• 2394 Road 20, San Pablo - $2.65M 18 units

• 3202 Nevin Ave, Richmond - $1.3M, 12 units

• 1866 Robin Ln, Concord - $1.175M, 8 units

• 3570 Pacheco Blvd, Martinez - $1.58M, 11 units

• 21 Leisure Ln, El Sobrante - $775K, 4 units

• 1641 Frisbie Ct, Concord - $1.075M, 8 units

• 525 Carpenter St, Fairfield - $1.365M, 16 units

• 1671 Haller Ct, Concord - $1M, 6 units

• 1611 Laguna St, Concord - $925K, 4 units

• 1315 Brown Ave, Martinez - $1.65M

• 1620-40 Frisbie Ct, Concord - $1.975M, 12 units

• 1445 Loeffler Ln, Concord - $987K, 6 Units

• 1491 Bassett Dr, Concord - $1.4M, 10 units

• 1854 Robin Ln, Concord - $1.14M, 8 Units

• 1611 Frisbie Ct, Concord - $900K, 6 Units

• 1601 Frisbie Ct, Concord - $790K, 6 Units

• 1650 Frisbie Ct, Concord - $1.05M 6 Units

• 63 N. Broadway, Bay Point - 2.655M, 63 Units

• 1103 Regent, Alameda - $1.4M, 5 Units

• 43563 Ellsworth St, Fremont - $1.775M, 3 Units

• 120 Buena Vida Ct, Sonoma - $1.498M, 10 Units

• 1520-80 Detroit Ave, Concord - $1.5M, 11 units

• 2067 Riley Ct, Concord - $1.05M, 8 Units

• 1433 Carleton Dr, Concord $585K, 4 Units

• 736 Stubbs Rd, Pleasant Hill - $1.35M, 6 Units

• 600 O st, Antioch - $4.38M, 52 Units

• 1642 Clayton Rd, Concord - $1.465M, 8 Units

• 749 Wilbur Ave, Antioch - $1.025M, 10 units

• 32 Camelback Ct – Pleasant Hill, $812K, 4 units

• 2232 San Jose Ave, Alameda - $1,395M, 7 Units

• 1907 E. 30th St, Oakland - $1.95M, 21 Units

• 12 Camelback Ct, Pleasant Hill - $800K, 4 Units

• 1310 Burnett, Berkeley - $1.04M, 6 Units

• 1455 Bay St, Alameda - $1.3M, 6 Units

• 5088-94 Kenmore Dr, Concord - $750,000, 8 Units

• 3886 Mulberry Dr, Concord - $2.975M, 20 Units

• 153 Maricopa Ct, Pleasant Hill - $900K, 5 Units

• 61-69 Camelback Ct, Pleasant Hill - $1.06M, 5 Unit•

Ethan Berger

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ENSENADA DRIVE APARTMENTS...Apartments at 1304 and 1308 Ensenada Drive, Modesto. The apartment...

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