179 HIGDON AVENUE · 179 HIGDON aee MOUNTa e, Caa DETAILS Address 179 Higdon Ave Mountain View, CA...
Transcript of 179 HIGDON AVENUE · 179 HIGDON aee MOUNTa e, Caa DETAILS Address 179 Higdon Ave Mountain View, CA...
Disclaimer: The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
17-1653/18-03
Presented By:Ryan LaRocca [email protected] BRE#01967232
• Excellent unit mix comprised of(1) 2 bedroom 1.5 bath townhouse styleapartment, and (3) 2 bedroom 1 bathunits
• Over $255,000 in recent capitalimprovements completed with permits
• Improvements and remodeling includenew copper plumbing, modern blackdual pane windows, roof, exterior paint,landscaping, fencing, driveway,property fumigation and section 1 workcompleted
• All 4 units fully remodeled with newmodern bathrooms, kitchens, highend quartz counter tops, stainlesssteel appliance package, LVT flooring,lighting, and more
• Complete turnkey asset with strong inplace rents near market rates
• The property is conveniently locatedclose to downtown Mountain View andmajor employers including Google,LinkedIn, Microsoft, and more
• Easy access to Cal Train, Shoreline Blvd,El Camino Real, 237, 85 and 101 freewaysare minutes away
● I N T R O D U C T I O N ●
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
17-1653/18-03
Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● O F F E R I N G S U M M A R Y ●
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PROPERTY DETAILSAddress
Price
Down Payment
Units
Price/Unit
Rentable Square Feet
Price/Sq Ft
Year Built
Land Area (Acres)
Current Cap Rate
Market Cap Rate
Current GRM
Market GRM
179 Higdon Ave
Mountain View, CA 94041
$2,788,888
$1,663,888
4
$697,222
3,217
866.92
1962
6,000
3.62%
4.40%
20.12
17.41
OPERATIONS SUMMARY CURRENT MARKETScheduled Gross Rent $138,600 $160,200
Vacancy 0.00% ($0) ($0)
Effective Gross Rent $138,600 $160,200
Other income $1,443 $1,443
Total Income $140,043 $161,643
Operating Expenses $9,198 $9,100
Non-Operating Expenses $30,000 $30,000
Total Expenses $39,198.31 $39,900
Net Operating Income $100,845 $122,543
Debt Service $63,675 $63,675
Net Cash Flow 1.3% $37,170 2.1% $58,868
Principal Reduction $20,158 $20,158
Total Return 2.1% $57,328 2.8% $79,026
RENT ROLL SUMMARYUnit # Type Sq Ft Current Rent $/Sq Ft Market Rent $/Sq Ft
1 2 x 1.5 Townhouse 870 $2,700 $3.10 $3,600 $4.13
2 2 x 1 750 $2,675 $3.57 $3,500 $4.66
3 2 x 1 750 $2,675 $3.57 $3,500 $4.66
4* 2 x 1 850 $3,500 $4.12 $3,500 $4.11
Total 3,217 $11,550 $3.59 $14,100 $4.38
FINANCINGLoan Amount $1,125,000.0
Interest Rate 3.90%
Amortization 30
Debt Service $63,675
Details 5-year fixed
*This unit will be vacant and is proforma.
Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
OPERATIONS SUMMARY CURRENT MARKET
$138,600 $160,200
0.00% ($0) ($0)
$138,600 $160,200
Scheduled Gross Rent
Vacancy *
Effective Gross Rent
Other income $1,443 $1,443
$140,043 $161,643
$500 $500
$6,691 $6,961
Total Income
Maintenace ($500 / year)
* Utilities
Landscaping $0 $0
$9,198 $9,100
$30,000 $30,000
Operating Expenses
Real Estate Taxes (1.1%) *
Special Assessments Insurance * $1,287 $1,287
$31,287 $31,287
$40,485 $40,289
29.21% 25.15%
$10,121 $10,072
Non-Operating Expenses
Total Expenses
% Scheduled Gross Rent
Expenses/Unit
Expenses/Sq Ft $11.50 $11.45
Net Operating Income $90,645 $99,695
● O F F E R I N G S U M M A R Y ●
* These are estimates, industry standards, or quoted figures that the new buyer might pay. The seller and his agents make no representation as to the accuracy of these numbers and buyer should conduct his own investigation into what his own expenses will be with the manner in which he intends to operate the building.
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Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
DETAILSAddress 179 Higdon Ave
Mountain View, CA 94041
County Santa Clara
APN 154-02-007
County Use Multi-Family
Submarket Shoreline
ATTRIBUTESUnits 4
Gross Building Square Feet 3,217
Average Unit Size (SqFt) 804
Land Area (SqFt) 6,000
Year Built 1962
Parking 4 Tuck Under + 3 Open
CONSTRUCTIONFoundation Concrete Perimeter
Exterior Walls Wood Siding + Stucco
Roof New Pitched Compositoin
Patio/Balcony No
Laundry Facilities Coin-Operated
Pool/Spa No
● O F F E R I N G S U M M A R Y ●
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Ryan LaRocca [email protected] BRE#01967232
● PROPERTY HIGHLIGHTS ●179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
• Excellent unit mix comprised of (1) 2 bedroom1.5 bath townhouse style apartment, and (3) 2bedroom 1 bath units
• Over $255,000 in recent capital improvementscompleted with permits.
• Improvements and remodeling include newcopper plumbing, modern black dual panewindows, roof, exterior paint, landscaping,fencing, driveway, and property fumigation andsection 1 work completed
• All 4 units fully remodeled with new modernbathrooms, kitchens, high end quartz countertops, stainless steel appliance package, LVTflooring, lighting, and more
• Complete turnkey asset with strong in place rentsnear market rates
• The property is conveniently located close todowntown Mountain View and major employersincluding Google, LinkedIn, Microsoft, and more
• It is directly behind a new development which willinclude a 226-unit apartment complex, and whichwill drive rents up in the immediate area
• Easy access to Cal Train, Shoreline Blvd, El CaminoReal, 237, 85 and 101 freeways are minutes away
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Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● E X T E R I O R P H O T O S ●
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Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● U N I T 2 - I N T E R I O R P H O T O S ●
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Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● P A R C E L M A P ●
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
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Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● A E R I A L V I E W ●
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179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● T R A N S P O R T A T I O N M A P ●
CALTRAIN STATION CALIFORNIA AVENUE
CALTRAIN STATION PALO ALTO
MOUNTAIN VIEWCALTRAIN STATION
SAN ANTONIO
CALTRAIN STATION MOUNTAIN VIEW
CALTRAIN STATION SUNNYVALE CALTRAIN STATION
LAWRENCE
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179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● A M E N I T I E S M A P ●
MOUNTAIN VIEW
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• 24 Hour Fitness• 24 Hour Fitness Super Sport
• Big Frog • Cal Color Academy• Carter’s • Chase Bank• Focus Optical • Food & Grocery• Gamestop
• GNC• Greatful Head• Hunan Home’s Express• Jo-Ann Fabrics• Kohl’s• Krung Thai Restaurant• Luu Noodle House• Mathnasium Of • Mountain View-Los
Altos
• Payless Shoe Source• Pearl Café• Radio Shack• Sally Beauty Supply• San Antonio Dental• Sushi 88• Tea Nails & Spa• T-Mobile• UPS• Walmart
THE VILLAGE AT SAN ANTONIO CENTER
• Charleston Cleaners & Alteratons
• Green Elephant Gourmet
• Mountain Mike’s Pizza• Peet’s Coffee• Pet Food Express• Piazza’s Deli
• Piazza’s Fine Foods• Rick’s Ice Cream• Rojoz Gourmet Wraps• State Farm Insurance
CHARLESTON CENTER SHOPPING CENTER
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
• Abercrombie & Fitch
• Aldo Shoes • American Girl • Ann Taylor • Apple Store • Auntie Anne’s
Pretzels • Aveda Lifestyle
Store • A|X Armani
Exchange • Banana
Republic • Bang & Olufsen • Bank of America • Bare Escentuals • Bath & Body
Works • BCBGMAXAZRIA • Beautyland
Beauty Supply • Bloomingdales • Bose • Brighton
Collectibles • Brooks Brothers • Brookstone • Burberry • Cache• California Pizza
Kitchen • Calypso St. Barth • Chipotle
Mexican Grill
• Coach • Cocola Bakery • Coldwater
Creek • Crate & Barrel • Drybar • Edwards
Luggage • Eileen Fisher • Ermenegildo
Zegna • Express • Fashion Passion • Fleming’s Prime
Steakhouse & Wine Bar
• Free People • Frette• Gap • Gap Kids / Baby
Gap • Gleim the
Jeweler • Godiva
Chocolatier • Going in
Style Travel Accessories
• Gourmet Franks• Gymboree • Hair
International • Howard’s Shoes
For Children • Hugo Boss
• ILORI • J. Jill • J.Crew • Jamba Juice • Janie and Jack • Johnny Was • Juicy Couture • kate spade New
York • Kiehl’s Since
1851 • L’Occitane • La Baguette • LaBelle Day
Spas & Salons • Lacoste • Lavande Nail
Spa • Louis Vuitton • Lucky Brand • Lucy • Macy’s • Marimekko • Max’s Opera
Cafe • MaxMara • McDonald’s • Michael Kors • Microsoft • Naartjie • Kids • Neiman Marcus • Neiman Marcus
Cafe • Nike Running
• Nordstrom • Nordstrom Cafe
Bistro • P.F. Chang’s
China Bistro • Papyrus • Pinkberry • Pottery Barn • Pottery Barn Kids • Pressed Juicery • Prospectacles -
Optometrist • Ralph Lauren• Red Mango
Yogurt & Smoothies
• Schaub’s Meat, Fish, & Poultry
• See’s Candies • Sephora • Shreve & Co • Sigona’s Farmers
Market • Solstice Sunglass
Boutique • Sony • SoulCycle • Splendid
Sprinkles • Starbucks • Stuart Weitzman • Sunglass Hut • Swatch • Teavana• Teuscher
Chocolates of Switzerland
• The Art of Shaving
• The Body Shop • The Container
Store • The Melt• The Stanford
Shop • The Tailor Maid • Tiffany & Co.• Tommy Bahama • Tory Burch • Travelex
Currency Services
• Urban Outfitters • Victoria’s Secret • Vince • Wells Fargo Bank • White House |
Black Market • Wilkes Bashford • Williams-Sonoma
STANFORD SHOPPING CENTER
• Baily Plaza Liquors• Big Bites• California Mochi #2
Mini• Coin Wash• Coinstar
• Joanna’s Nails• Momoya Sushi• Money Gram• Mountain View Hair
& Nails• Redbox
• Regal Bagel Café• Round Table Pizza• Safeway• Squire Barber Shop• Starbucks• Wells Fargo ATM
BAILEY PARK PLAZA SHOPPING CENTER
• 99 Ranch Market• Bowl of Heaven• City Sports Club• Erik’s Deli Café• Heaney Violins• HSBC Bank• Lucky Chinese Bistro
• Marshalls & HomeGoods
• Massage Envy• New York Pizza• Nob Hill Foods• Oasis Laundry• Ocah Tea Café &
Restaurant• Peet’s Coffee & Tea• Sweet Tomatoes• T-Mobile• U.S. Bank• Wells Fargo Bank
GRANT PARK PLAZA SHOPPING CENTER
• C.J. Olson Cherries• Chipotle Mexican Grill• Color Me Mine• Dr. Holbert,
Optometrist
• Elements Therapeutic Massage
• GameStop• Nekter Juice Bar• P.F. Chang’s
• Sport Clips• Sprint• Starbucks Coffee• Sweetgreen• Trader Joe’s
CHERRY ORCHARD SHOPPING CENTER
• 18/8 Salon• Ambassador Toys• Asian Box• Athleta• Belcampo Meat Company• Biondivino• Books, Cards & Stationery• Books, Inc.
• Brandy Melville• Calafia Cafe & Market
a-Go-Go• Chase Bank• Cisco Home• Cotelac• Create It Ceramics• CVS / Pharmacy
• Diptyque• Douce France• ELLA• Fast Tony’s Chicken• Fillmore & 5th• For Eyes• Francesca’s Collections• GNC Live Well
• Gott’s Roadside• Howie’s Artisan Pizza• Hudson Grace• Intermix• J.McLaughlin• Jamba Juice• Jarbo• Joie
• Kara’s Cupcakes• Kirk’s Steakburgers• LaBelle Day Spa & Salon• Lisa DeNeffe Photography• Lulu’s at Town & Country• Marine Layer• Mayfield Bakery & Cafe• Mom’s the Word
• Paper Source• Patrick James• Peet’s Coffee & Tea• pokeLOVE• prAna• RUTI• Scandia Home• Snip-its
• Society• Space.NK• Sprout SF• Sur La Table• Sushi House• Sweaty Betty• Tennis Town & Country• The Bar Method
• The Coin Broker• The Performist• The UPS Store• The Walking Company• Tin Pot Creamery• Toss Designs, Inc.• Town & Country Cleaners• Town & Country Village
Offices Directory• Trader Joe’s• Village Cheese House• Wilby Optical / Dr.
Berkowitz• WILLIAM B + friends
TOWN & COUNTRY VILLAGE
• AMC Theaters• Coinstar• Expert Dealers• In & Out Burgers• Krispy Kreme
Doughnuts• Mexicali Grill• Pho Hoa Noodles• Redbox• Smoke Eaters
• Starbucks• Subway• TJ Maxx & HomeGoods• Walmart Market• World Wrapps
AMC MERCADO 20
Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● M A P O F C O M P A R A B L E S A L E S ●
726 MARIPOSA AVENUEMOUNTAIN VIEW, CALIFORNIA
Price $3,300,000
Units 4
$/Unit $825,000
Sq Ft 5,238
$/Sq Ft $854.83
Unit Mix (4) 3 x 2
Cap Rate (Current) 2.87%
Cap Rate (Market) 3.56%
GRM (Current) 22.62
GRM (Market) 19.64
COE 9/15/17
DOM 16
Comments: Larger property with good rents, but not as fixed up.
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224 BUSH STREETMOUNTAIN VIEW, CALIFORNIA
Price $2,808,000
Units 4
$/Unit $702,000
Sq Ft 3,282
$/Sq Ft $855.58
Unit Mix (3) 2 x 1, (1) 3 x 1
Cap Rate (Current) 3.06%
Cap Rate (Market) 3.56%
GRM (Current) 21.27
GRM (Market) 19.66
COE 4/5/17
DOM 7
Comments: Similar sized property with mostly lower rents and not updated like Higdon was.
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1590 LATHAM STREETMOUNTAIN VIEW, CALIFORNIA
Price $2,591,000
Units 4
$/Unit $647,750
Sq Ft 3,193
$/Sq Ft $811.46
Unit Mix (3) 1 x 1, (1) 2 x 2
Cap Rate (Current) 3.14%
Cap Rate (Market) 3.57%
GRM (Current) 20.71
GRM (Market) 19.63
COE 4/17/18
DOM 14
Comments:Mostly small 1-bedroom units, with a 2- bedroom owner’s unit. Upgraded, but not to the level of Higdon. Lower rents.
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194 GLADYS AVENUEMOUNTAIN VIEW, CALIFORNIA
Price $2,450,000
Units 4
$/Unit $612,500
Sq Ft 3,328
$/Sq Ft $736.18
Unit Mix (4) 2 x 1
Cap Rate (Current) 3.10%
Cap Rate (Market) 3.63%
GRM (Current) 20.94
GRM (Market) 19.26
COE 12/10/17
DOM 23
Comments: Inferior location, building, unit mix, rents, and upgrades.
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Ryan LaRocca [email protected] BRE#01967232
179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
● M A P O F C O M P A R A B L E S A L E S ●
MOUNTAIN VIEW
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179 HIGDON AVENUE MOUNTAIN VIEW, CALIFORNIA
726 MARIPOSA AVENUE MOUNTAIN VIEW, CALIFORNIA
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224 BUSH STREETMOUNTAIN VIEW, CALIFORNIA
2
1590 LATHAM STREET MOUNTAIN VIEW, CALIFORNIA
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194 GLADYS AVENUE MOUNTAIN VIEW, CALIFORNIA
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Ryan LaRocca [email protected] BRE#01967232