GRANADA - LoopNet€¦ · Granada’s two wood-frame stucco buildings are situated on quiet and...
Transcript of GRANADA - LoopNet€¦ · Granada’s two wood-frame stucco buildings are situated on quiet and...
G R A NA D AA P A R T M E N T S
F R E M O N T , C A L I F O R N I A
E X E C U T I V ES U M M A R Y
O F F E R I N G S U M M A R Y
Granada Ap ar tments
Gross Square Feet 10,108 SF
Price/Unit $536,364
Price/Square Foot $583.70
CAP 3.67%
Year Built 1973
$5,900,000Total Price 11 Total
Units
E X E C U T I V E S U M M A R Y
G R A N A D AA P A R T M E N T S
VALUATION SUMMARY
*Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.
PROPOSED FINANCING
Amount $2,950,000
Interest Rate 3.00%
Amortization 30
Annual Payment $149,248
Term 7 years
UNIT TYPE # OF UNITS *SQUARE FOOTAGE CURRENT RENT MARKET RENT
Cottage 2 Bedroom / 1 Bath 1 1.000 SF $2,795 $3,2002 Bedroom / 1 Bath 6 848 SF $2,375 - $2,495 $2,7953 Bedroom / 1.5 Bath 4 1,044 SF $2,745 - $2,795 $3,200
*Unit square footage is estimated.
OPERATIONS CURRENT MARKET
Rental Income $341,100 $393,240
Other Income $8,088 $8,088
Total SGI $349,188 $401,328
Vacancy 5.00% $17,459 5.00% $20,066
EGI $331,729 $381,262
Operating Expenses $35,672 $35,672
Non-Operating Expenses $79,252 $79,252
Total Expenses $114,924 $114,924
% Scheduled Gross Rent 33.69% 29.22%
Expenses/Unit $10,448 $10,448
Expenses/Sq Ft $11.37 $11.37
Net Operating Income $216,805 $266,338
Debt Service $149,248 $149,248
Net Cash Flow 2.29% $67,557 3.97% $117,090
DETAILS
Address41342 Roberts Avenue
Fremont, CA 94538
Price $5,900,000
Down Payment $2,950,000
Units 11
Price/Unit $536,364
Rentable Square Feet 10,108
Price/Sq Ft $583.70
Year Built 1973
Land Area (Acres) 28,080
Current CAP Rate 3.67%
Market CAP Rate 4.51%
Current GRM 16.90
Market GRM 14.70
E X E C U T I V E S U M M A R Y
P R O P E R T Y T O U R SProspective purchasers are encouraged to visit the subject property
prior to submitting offers. However, all property tours must be
arranged with the Marcus & Millichap listing agents. At no time shall
the tenants, on-site management or staff be contacted without
prior approval.
S U M M A R Y O F T E R M S
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. Activity ID ZAB0400134 E X E C U T I V E S U M M A R Y
G R A N A D AA P A R T M E N T S
I N V E S T M E N T H I G H L I G H T S
Granada Apartments, an 11-unit boutique apartment community (Owner/Original Builder) is a multi-residential jewel in a city of top-tier apartment communities. Located at 41342 Roberts Avenue in Fremont, California historic “Irvington District”. Granada’s two wood-frame stucco buildings are situated on quiet and private 0.64 total acre parcel, and the current owner is the original family builder. Granada Apartments was constructed in 1973 with a gross livable area of approximately 10,108 square feet. Granada residents enjoy a quiet secure environment with the convenience of a nearby shopping and multiple transit option. Recent exterior renovations include pitched tile roofs, dual-pane windows (most units), crisp exterior paint and trim, elegant wrought iron entry gate and deco wrought iron deck wrap. Residents and guest are greeted by a common area that includes lush landscaping, meditation, and a picnic area anchored by a beautiful secure pool. Additional amenities include 18 on-site carport parking spaces and a clean and convenient laundry facility with three washers and three dryers (WASH). Two stand-alone buildings consist of one two-story with 10 residential units consisting of six (6) two-bedroom/one-bathroom (2x1) of approximately 848 square feet, and four (4) three-bedroom/1.5-bathroom (3x1.5) units at approximately 1,044 square feet. All ground floor units (5) include extra-large enclosed rear patios of approximately 250 square feet. All units have AEK kitchens with dishwasher, and a kitchen pantry with granite counter tops (most units). All unit family rooms have wall-installed AC units and bedroom fans offering resident a pleasant respite on hot summer days. Three-bedroom units have stand-alone gas furnaces and pergo-like flooring accents in most living areas. The stand-alone two-bedroom/one-bathroom cottage building (2) is approximately 1,000 square feet and has AEK with a gas stove range and 100-percent pergo-like flooring throughout. A leasing office, laundry room, and pool room with complex gas water heater are in separate rooms and part of the cottage footprint. This unit will be delivered vacant at the close of escrow. All units are separately metered for PG&E. Landlord pays for trash, water, sewer and common area PG&E. Recent residents pay a monthly utility reimbursement for water, sewer, and garbage.
Neighborhood Conveniences Include: Walk to Safeway Center tenants include Safeway, Safeway Pharmacy, Starbucks, Mountain Mikes Pizza, Chase Bank and Burger King plus additional small businesses. A short drive to Wal Mart anchored Skyway Plaza. Adjacent to “Fremont Innovation District.” with Tech Giants Tesla, Western Digital and Seagate to name a few. Minutes to Fremont’s Library and Central Park and Lake Elizabeth. Transportation and walk scores are driven by nearby Warm Springs/South Fremont and Central Fremont BART Stations. Washington and Kaiser Hospitals offers Fremont residents world class health care. Downtown Fremont is also, home to Whole Foods, 24 Hour Fitness, Chipotle, Walgreens, Cine Grand Movie Theater, The Counter, Panera, and Peets Coffee.
Granada Apartments boutique size, location, and asset class offers todays investor the opportunity to acquire generational real estate with multiple ownership options in a debt market at historic low rates.
GRANADA APARTMENTS4 1 3 4 2 R o b e r t s A v e n u e , F r e m o n t , C A 9 4 5 3 8
Offered at $5,900,000
“Pride of Ownership”
Builder/Owner Since 1973
Desirable Unit Mix - Two-Bedroom and Three-Bedroom Unit Mix
Minutes to Warm Springs “Fremont Innovation District”
Spacious Two-Bedroom “Cottage” Offers Owner-User Opportunity
“Blue Ribbon” Fremont Unified School District
Walk to Safeway Shopping Center
Minutes to BART (Warm Springs/South Fremont) Station
Beautiful Common Area with Pool
E X E C U T I V E S U M M A R Y