82329 VALENCIA AVENUE, INDIO, CA 92201
DRE# 02051182
O: 760.837.1880 72100 Magnesia Falls Drive, Ste 2 Rancho Mirage, CAwilson-meade.com
MULTI-FAMILY PROPERTY | 6 UNIT APARTMENTFOR SALE | $699,000
SCOTT R. WILSONCO-FOUNDERDRE# [email protected]
STEVE SANCHEZEXECUTIVE VICE PRESIDENTDRE# [email protected]
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
PROPERTY INFORMATION
Asking Price: $699,000 Property Type: Multifamily
Subtype: Apartment Building Investment Type: Stabilized
Class: C Square Footage: 4,400 Sq. Ft.
Net Rentable: 4,400 Sq. Ft. Price/Sq. Ft.: $158.86
Cap Rate: 6.10% Pro-Forma Cap Rate: 6.44%
Occupancy: 100% NOI: $42,609
Pro-Forma NOI: $44,989 Units: 6
Year Built: 1960 Buildings: 3
Stories: 1 Permitted Zoning: R-3
Lot Size (acres): 0.28 Acres Broker Co-Op: No
APN: 611-042-012 Price/Unit: $116,500
Ground Lease: No Ownership: Fee Simple
PROPERTY HIGHLIGHTS
DETAILS
• W/D Hookups• Window A/C• Security Gate• Separately Metered Water for units A,B,C, and D (Upside: Renew the
leases and have the tenants pay for their own water)• Units E and F share 1 water meter• Separately Metered Gas (Tenants pay)• Separately Metered Electricity (Tenants pay)• (2) 1 Bedrooms / 1 Baths• (4) 2 Bedrooms / 1 Baths• Single-Story Construction
82329 VALENCIA AVENUE, INDIO, CA 92201
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
PROPERTY INFORMATION
PER THE SELLER:
• Price is firm, please do not make an offer and try to renegotiate the price/terms.• Property is being sold in “as-is” condition.• Due Diligence items are being provided to include: Rent roll, Seller Property Questionnaire, pictures of the property, etc.• Due to COVID-19: Upon a mutually executed purchase agreement, Seller cannot guarantee Buyer will be able to inspect any or
all units; the Tenants do not feel comfortable with allowing anyone in their units. Buyer will be able to walk the grounds/inspect the outside, but there is no guarantee Tenants will cooperate with inspections.
• Seller is pricing the property (Cap Rate/GRM) at a fair price to avoid back and forth negotiations (even if there is a cash-buyer).• Note: When you’re (Buyer) ready to make an offer, Seller wants to make sure you are satisfied with the terms, due diligence
items, and etc.• This is a C-Class property with good income.
As part of the Due Diligence items, Seller will provide:1. Rent Roll2. Lease Agreements3. Seller Property Questionnaire (CAR Form SPQ)4. Estoppel’s (CAR Form)5. Termite Inspection Report (During Escrow)6. Clear Title Report7. Water Bills8. Electric Bills9. Gas Bills10. Trash Paid by Tenants 11. List of repairs/renovations
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
INVESTMENT HIGHLIGHTS
Unit Bed Bath Current Rent 7.2% IncreaseA 1 bed 1 bath $720 $722
B 1 bed 1 bath $950 $1,019C 2 bed 1 bath $899 $964D 2 bed 1 bath $995 $1,067E 2 bed 1 bath $940 $1,008F 2 bed 1 bath $995 $1,067
Total $5,499 $5,757
82329 VALENCIA AVENUE, INDIO, CA 92201
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
INCOME & EXPENSE SUMMARY
Scheduled Gross Income $65,988Less 3% Vacancy ($1,980)TOTAL GROSS OPERATING INCOME $64,008
Tax (New) $12,203Insurance* $1,725Maintenance/Repairs* $2,100Water* $2,256Pest Control* $360Fire Extinguisher* $115Tree Trim $500Manager (4%)* $2,640TOTAL EXPENSES $21,899*Value based on estimated expenses
Gross Operating Income $64,008Less Expenses ($21,899)NET OPERATING INCOME $42,109
INCOME
EXPENSES
SUMMARY SALE PRICE $699,000CAP Rate 6.02%GRM 10.59Cost Per Unit $116,500
82329 Valencia Avenue, Indio, CA 92201
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
PHOTOS
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
PHOTOS
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
PHOTOS
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
AERIAL MAP
SUBJECT PROPERTY
Information has been secured from sources we believe to be reliable, however, WILSON MEADE cannot guarantee its accuracy. WILSON MEADE COMMERCIAL REAL ESTATE | 2020
DRE# 02051182
MEE T THE TE AM
SCOTT WILSONCO-FOUNDER
DRE# [email protected]
760-413-0656
STEVE SANCHEZEXECUTIVE VICE PRESIDENTMARINE CORPS VETERAN
DRE# [email protected]
760-485-1033
O: 760.837.1880 72100 Magnesia Falls Drive, Ste 2 Rancho Mirage, CAwilson-meade.com
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