for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
100% Occupancy | Low Vacancy Market | Excellent Cash Flow!
p rop e rt y b rie f
Two premiere properties near UCSB, centrally located on the desirable
ocean side of Del Playa Drive in Isla Vista. Resting on adjacent parcels in
this low vacancy college town, identical 3bd/3ba houses built in 2008
stand out as two of the newest and best located properties in the area.
Each complete with 2-car garages, granite counters, modern appliances
and gated entry. Large private back yard boasts million dollar views of
the Pacific Ocean and Channel Islands. Each house sleeps up to 12 generating strong cash flow. Houses conform to 75-yr. setback guidelines
eliminating cliff erosion concerns. A geological inspection of the properties was conducted 4/1/15 to examine surface conditions of the top of
the sea cliff area. See Listing Agents for copy of report. Properties currently leased through the 2017/2018 school year at $12,300/Mo./Unit.
Units
▶(2) 3BR/3BA Houses on Adjacent Parcels
Beds
▶24
Lot Size ▶ ±13,068 SF
Building Size ▶ ±4,622 SF
Buildings
▶ 2
Floors
▶ 2
Offered at
$4, 500,000
4.51% CAP | 15.56 GRM | $202,958 NOI | $344/SF Land
Parking
▶(2) 2-Car Garages
APN
▶ 075-202-055, -056
Zoning
▶SR-M-8
Year Built ▶2008
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
University of California,
Santa Barbara
Isla Vista
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
income analysis
Executive Summary
# Units:
Unit Mix & Rent Schedules
2
Price:
$4,500,000
Price/Unit:
$2,250,000
NOI:
# Units
Mix
2
3/3
$202,958
Est. SF
Rent/Unit
$12,300
Monthly Rental Income:
GRM:
15.56
Monthly Laundry Income:
CAP Rate:
4.51%
Potential Gross Monthly Income:
Approx. Lot Size:
13,068 SF
$344/SF
Less: Vacancy & Collection Loss:
Est. Building Size:
4,622 SF
Effective Gross Economic Income:
$24,600
Market Rent For Fall 2018/2019
Rent/Unit
Monthly Income
$13,000
$24,600
Potential Gross Annual Income:
Price/Lot SF:
Zoning:
Fall 2017 Rent
Monthly Income
$26,000
$0
$0
$24,600
$26,000
$295,200
2%
$26,000
$312,000
$5,904
% Rent Upside
$6,240
$289,296
5.7%
$305,760
SR-M-8
APN:
075-202-055, -056
Year Built:
2008
Annual Expenses
Calculations
Fall 2017
Market
Fall 2018
EOI:
$289,296
$305,760
Annual Exp.:
$86,338
$87,161
NOI:
$202,958
$218,599
GRM:
15.56
14.72
CAP Rate:
4.51%
4.86%
Real Estate Taxes:
Advertising:
Insurance:
Utilities:
1.07%
Est.
Act.
Act.
Electric
Water
Gas
Trash
Maint/Repairs:
Grounds:
Off-site Management:
On-site Management:
Pest Control:
Legal & Accounting:
Reserves:
50/50
Est.
Act.
5%
Est.
Act.
Est.
Est.
Annual Expenses Per Unit
Annual Expenses
Current
$48,150
$431
$6,657
$3,252
$49
$78
Tenant
$3,125
$7,500
$2,448
$14,465
$0
$435
$1,000
$2,000
$43,169
$86,338
Current % GOI
16.6%
0.1%
2.3%
1.1%
Market % GOI
15.7%
0.1%
2.2%
1.1%
2.6%
0.8%
5.0%
0.0%
0.2%
0.3%
0.7%
2.5%
0.8%
5.0%
0.0%
0.1%
0.3%
0.7%
29.8%
28.5%
Market
$48,150
$431
$6,657
$3,252
$49
$78
Tenant
$3,125
$7,500
$2,448
$15,288
$0
$435
$1,000
$2,000
$43,581
$87,161
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
comparab l e p rop e rtie s
1
University of
California,
Santa Barbara
Isla Vista
6
3
4
5
2
Subject Property
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
comparab l e p rop e rtie s
Subject Property
Property
APN
Year Built
#Units
Lot Size
Building Size
6631–6633 Del Playa Dr.
075-202-055; -056
2008
2
13,068 SF
4,622 SF
Sale Price
Cap Rate
Price/Unit
$4,500,000
4.51%
$2,250,000
Unit Mix
#Units
3 Bedroom, 3 Bathroom
2
Isla Vista, 93117
Building Amenities:
1
Two blocks from UCSB and steps from the beach with gated entry; Two- car garage, beachside and street side balconies, granite kitchen counter-tops; Modern
appliances, tile floors, and a washer/dryer in each home.
Property
APN
Year Built
#Units
Lot Size
Building Size
Proximity to Subject Property
Sold
6587 Picasso Rd.
075-061-016
1970
4
4,792 SF
3,500 SF
.6 Miles
1/12/2017
Sale Price
Cap Rate
Price/Unit
$1,800,100
3.96%
$450,025
Unit Mix
#Units
1 Bedroom, 1 Bathroom
1
2 Bedroom, 1 Bathroom
3
Goleta, 93117
Building Amenities:
2
On site parking, commom laundry room; Near Santa Barbara Bowl, SB High School, restaurants and shopping; Most units have been updated with new
fixtures, paint and flooring.
Property
APN
Year Built
#Units
Lot Size
Building Size
Proximity to Subject Property
Sold
The Venetian
6636 Del Playa Dr.
075-230-001
2003
4
10,000 SF
4,488 SF
Next Door
2/28/2014
Sale Price
Cap Rate
Price/Unit
$2,385,000
5.4%
$596,250
Unit Mix
#Units
1 Bedroom, 1 Bathroom
4
Isla Vista, 93117
Building Amenities:
6636 Del Playa Dr. is the best sale comp to reflect the listing price of the subject property
with a similar price per bed and sales price. It is directly across the street from the subject
property. There have been no other sales on Del Playa Dr. in the past two years.
Newer condos with tile floors, fireplaces, generous parking; Custom kitchens with dishwashers and private laundry.
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
comparab l e p rop e rtie s
3
Property
APN
Year Built
#Units
Lot Size
6645 Pasado Rd.
075-151-036
1962
2
3,920 SF
Cap Rate
Price/Unit
Building Size
Proximity to Subject Property
Sold
.3 Miles
6/24/2016
Proximity to Subject Property
Sold
.3 Miles
1/22/2016
Isla Vista, 93117
Sale Price
$877,500
$438,750
Unit Mix
#Units
2 Bedroom, 2 Bathroom
2
Building Amenities:
4
Built-in lofts, laundry area, patio, off-street parking; Walking distance to UCSB.
Property
APN
Year Built
#Units
Lot Size
6740 Sabado Tarde Rd.
075-142-047
1962
2
4,792 SF
Sale Price
Cap Rate
Price/Unit
$1,175,000
4%
$587,500
Unit Mix
#Units
2 Bedroom, 2.5 Bathroom
2
Building Size
Goleta, 93117
Building Amenities:
5
Each unit has their own outside space; Newly remodeled, new kitchens with marble countertops and appliances; Baths have newly tiled walk-in showers, new
sinks and toilets.
Property
APN
Year Built
#Units
Lot Size
Building Size
Proximity to Subject Property
Sold
6711 Trigo Rd.
075-142-060
1958
2
5,000 SF
1,664 SF
.3 Miles
7/29/2016
Sale Price
Cap Rate
Price/Unit
$895,000
3.9%
$447,500
Unit Mix
#Units
2 Bedroom, 1 Bathroom
2
Goleta, 93117
Building Amenities:
Two blocks from the ocean, three blocks from UCSB; New kitchens and bathrooms, on-site laundry; Two parking spots per unit.
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m
for sale � t wo prime isl a vista income properties
6 6 3 1 – 6 6 3 3 d e l p l aya d r . | i s l a v i s ta , c a 9 3 1 1 7
comparab l e p rop e rtie s
6
Property
APN
6599 Madrid Rd.
075-161-007
Year Built
#Units
Lot Size
Building Size
Proximity to Subject Property
Sold
4
6,534 SF
4,128 SF
.3 Miles
6/22/2016
Isla Vista, 93117
Sale Price
Cap Rate
Price/Unit
$2,076,750
5.5%
$519,188
Unit Mix
#Units
2 Bedroom, 2 Bathroom
4
Building Amenities:
Each unit has a gated patio, tile floors, granite countertops; New kitchens and bathrooms, on-site laundry; Two parking spots per unit.
Actual Cap Rate
6.00
5.00
4.00
cap r ate co mpar iso n
3.00
2.00
1.00
0.00
Steve Golis
Lori Zahn
Nate Hagon
805.879.9606
[email protected]
805.879.9624
[email protected]
805.879.9629
[email protected]
CA Lic. 00772218
CA Lic. 01914851
CA Lic. 02011627
4.5.17
2 0 5 E . C a r r i l l o s t. S u i t e 1 0 0 | S a n ta B a r b a r a C A 9 3 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s g r o u p.c o m