2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Offered at $2,150,000

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

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.

property brief

Units ▶ 18 (12) 2BR + 1BA; (6) 1BR + 1BA

Unit Size ▶ ±586SF (1BR+1BA); ±741SF (2BR+1BA)

Building Size ▶ ±12,408 SF

Lot Size ▶ ±20,907 SF

Floors ▶ 2

APN ▶ 091-053-009, -010, -011

Year Built ▶ 1975

CSO ▶ 2.5%

8.17.16

Outstanding Value Add Opportunity

Offered at

$2 ,1 5 0,0 0 04.20% CAP | 13.57 GRM | $98,147 NOI | $119,444/Unit | $103/SF Land

This is an outstanding value-add opportunity to purchase a complex with rents 27% below current market. These apartments consist of (3) 2-story buildings, each with six units, for a total of 18 units. The unit mix is (6) 1BD/1BA and (12) 2BD/1BA apartments. The approx. 20,907 SF property is composed of two separate legal parcels. The Seller is also offering two other nearby apartment properties for sale.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

parcel map & location

WALNUT AVE .

N.

M S

T.

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.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

Cabrillo H

wy.

W. Maple Ave.

E. Ocean Ave.

E. Chestnut Ave.

N. M

St.

Old Town Lompoc

E. Walnut Ave.

210, 214 & 218 N. M St.

1 Lompoc Valley Medical Center2 Spring Arts & Flower Festival3 Vons4 Marshalls5 Lompoc Aquatic Center6 Lompoc High School7 Sushi Teri, Lompoc8 Tom’s Diner9 Bank of America Financial Center

10 Staples11 Lompoc Family YMCA12 Lompoc Recreation Division13 Starbuck’s14 Native Tongue Botique & Lounge15 Collector’s Gallery West 16 Lompoc Valley Middle School

17 Bicycles Unlimited18 D’Vine Wine Bar & Bistro

1

3

45

6

7

81011

13

14

15

17

210, 214 & 218 N. M St.

2

912

16

18

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.

Surrounding area

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

p. 5

income analySiS & Valuation

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.

Executive Summary# Units: 18

Price: $2,150,000Price/Unit: $119,444

NOI: $90,331GRM: 13.57

CAP Rate: 4.20%Lot Size: 20,907SF

Price/Lot SF: $103/SFZoning: Multi 5+ Units

A.P.N 091-053-009, -010,-011Year Built 1975

CalculationsCurrent Level

EOI: $158,467 $201,419

Annual Exp.: $68,136 $70,039

NOI: $90,331 $131,380

GRM: 13.57 10.67

CAP Rate: 4.20% 6.11%

Annual ExpensesCurrent Current % GOI Market % GOI Market

Real Estate Taxes: 1.15% $24,725 15.6% 12.3% $24,725Advertising: Act. $100 0.1% 0.0% $100

Insurance: Est. $5,000 3.2% 2.5% $5,000Utilities: Act. $11,012 6.9% 5.5% $11,012

Electric $1,361 $1,361Water $5,553 $5,553Trash $240 $240

Gas $3,858 $3,858Maint/Repairs: Est. $500/Unit $9,000 5.7% 4.5% $9,000

Grounds: Est. $2,522 1.6% 1.3% $2,522Off-site Management: 5% $8,168 5.2% 5.0% $10,071On-site Management: Est. $0 0.0% 0.0% $0

Pest Control: Est. $1,630 1.0% 0.8% $1,630Legal & Accounting: Act. $1,479 0.9% 0.7% $1,479

Reserves: Est. $250/Unit $4,500 2.8% 2.2% $4,500Annual Expenses Per Unit $3,785 $3,891

Annual Expenses $68,136 43.0% 34.8% $70,039

Unit Mix & Rent Schedules Current Rent Level Rent

# Units Mix Est. SF Rent/Unit Monthly Income Rent/Unit Monthly Income12 2BD/1BA 741 SF $750-$1,050 $9,760 $1,050 $12,6006 1BD/1BA 586 SF $650-$850 $3,650 $750 $4,500

Monthly Rental Income: $13,410 $17,100Monthly Laundry Income: $204 $204

Potential Gross Monthly Income: $13,614 $17,304Potential Gross Annual Income: $163,368 $207,648

Less: Vacancy & Collection Loss: 3% $4,901 % Rent Upside $6,229Effective Gross Economic Income: $158,467 27.1% $201,419

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

comparable SaleS

Property Address Unit Mix Price/Month Square Footage

Subject Property 210, 214, & 218 N. M St., Lompoc

2BR + 1BA 1BR + 1BA $650–$1,050 N/A

N. D St. at E. Laurel Ave., Lompoc 2BR + 1BA $1,275–$1,350 N/A

614–638 N. 3rd St., Lompoc 2BR + 1BA1BR + 1BA

$1,075 $975 N/A

737 N. 4th St., Lompoc 2BR + 1BA $1,050 N/A

1

2

3

4

2

1

3

4

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.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

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.

comparable propertieS Sold

Property Address Sale Price Units Price/Unit CAP Rate GRM Unit Mix Sale Date

223 E. Bunny Ave., Santa Maria $2,270,000 16 $141,875/Unit 6.15% 9.84 (1) Studio(15) 2BD/1BA 3/22/2016

536 N. U St., Lompoc $1,250,000 14 $89,286/Unit 5.94% 9.57 (10) 1BD/1BA(4) 2BD/2BA 11/18/2015

604 & 608 N. 3rd St., Lompoc $1,000,000 14 $71,429/Unit 5.57% 10.11 (14) 1BD/1BA 9/28/2015

625 N. B St., Lompoc $1,127,500 12 $93,958/Unit 5.44% 11.03 (2) 1BD/1BA(10) 2BD/1BA 8/11/2015

632–636 N. 4th St., Lompoc $761,500 8 $95,188/Unit 4.47% 8/27/2015

717 N. 4th St., Lompoc $725,000 7 $103,571/Unit 9/30/2015

601 W. Maple Ave., Lompoc $689,500 6 $114,917/Unit 8/24/2015

Averages $1,117,643 11 $101,460/Unit 5.51% 10.14

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2

34

5

67

2

1

3

4 5

7

6

Santa Maria

Lompoc

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 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 gr o u p.Co m

Jim Turner805.879.9621jturner@radiusgroup.comCA Lic. 00970829

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

for sale � 18-unit apartment building2 1 0, 2 1 4 & 2 1 8 n . m st. | lo m p o c , c a 93 4 3 6

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.

comparable propertieS aVailable for Sale

Property Address Sale Price Units Price/Unit CAP Rate GRM Unit Mix

Sale Pending - 213 E. College Ave., Lompoc $1,699,000 9 $188,778 5.35% 11.66 (8) 3BD/1.5BA(1) 6BD/2.5BA

736 N. E St., Lompoc $2,265,000 18 $137,500 5.21% 10.88 (16) 3BD/2BA(2) 2BD/1BA

310–314 N. L St., Lompoc $1,400,000 8 $175,000 3.69% 15.56 (8) 3BD/2BA

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2

1

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