148 encinal street, soledad, ca · 2017-12-07 · · other agricultural products · california...

SOLEDAD· The population is 25,738 according to the 2010 US Census. · Soledad is located 25 miles south of Salinas and 21 miles north of King City. · Soledad is the 4th largest city in Monterey County. · The major industries in the Salinas Valley include: · Fresh vegetables · Wine grapes & wineries · Berries · Medical marijuana · Other agricultural products · California State Prisons · Commercial printing · The median house price for Soledad is $383,000, Salinas is $507,000, and King City is $352,000 as of August 2017 according to MLSListings.com.

· The City of Soledad population is projected to grow to 58,000.· Soledad has five elementary schools, one middle school, and one high school. · The community has 65 acres of open space encompassed in 13 parks. · Soledad is the western gateway to the Pinnacles National Monument, which has camping, hiking, and many outdoor activities.

COMPLEX NOTES · Rarely available 10+ unit apartment complex in the Salinas Valley · 28 units in two buildings. The main building has 24 units which has the 8 two bedroom units located at both ends of the complex. All the one bedrooms are situated in between the two bedroom units at either end.

· The smaller building features 4 studios above the tuck under parking. · The units feature gas oven/stoves with vent hoods, Formica counters, and newer appliances. · The units are heated with gas wall furnaces· The showers enclosures are tile with cast iron tubs in most units. · The bathrooms have linoleum flooring and exhaust fans. · Recent upgrades include deck repairs and replacements, and dual pane vinyl windows installed throughout the complex.

· Laundry facility with 3 washers and 3 dryers. The equipment is provided by WEB. · The owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own PG&E, cable, and internet.

· There are 20 carport spaces, 8 tuck under parking spaces with two of the 8 having garage doors, and 6 off street parking spaces.

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.

831.372.1922 (p) 831.218.1220 (f ) | www.AlbersRealEstate.com | 2600 Garden Road, Suite 340, Monterey, CA 93940

Hap Albers831.372.1922

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148 Encinal Street, Soledad, CA | 1 of 5

148 Encinal Street, Soledad, CA

Current ProFormaMonthly Scheduled Rents $28,900.00 $1,032.14 $33,800.00 $1,207.14Scheduled Gross Annual Income $346,800.00 $405,600.00 Less: Vacancy Factor @ 3% $10,404.00 $12,168.00Effective Gross Income $336,396.00 $393,432.00 Plus: Laundry Income $4,500.00 $375.00 $4,500.00 $375.00 Plus: Parking & Storage $0 $0 Total Annual Income $340,896.00 $397,932.00

Less: Expenses Property Taxes @ 1.193% $47,421.75 (13.91%) $47,421.75 (11.92%) Repairs & Maintenance $600 $16,800.00 (4.93%) $16,800.00 (7.00%) Off Site Management 4% $13,455.84 (3.95%) $15,737.28 (3.95%) Onsite Management $500/month $7,110.00 (2.09%) $6,000.00 (1.51%) Property Insurance $7,110.00 (2.34%) $7,110.00 (1.79%) Garbage $1,511/month $18,132.00 (5.32%) $18,132.00 (4.56%) Sewer $33.38/unit month $11,364.00 (3.33%) $11,364.00 (2.86%) Water $30,000.00 (8.80%) $30,000.00 (7.54%) PG&E $3,600.00 (1.06%) $3,600.00 (0.90%) Phone $1,200.00 (0.35%) $1,200.00 (0.30%) Landscaping $250 $3,000.00 (0.88%) $3,000.00 (0.75%) Reserves $250 $7,000.00 (2.05%) $7,000.00 (1.76%) Miscellaneous $2,500.00 (0.73%) $2,500.00 (0.63%)

Total Expenses $5,985.13/unit $167,583.59 (49.16%) $169,865.03 (42.69%)

Net Operating Income $173,312.41 $228,066.97Annual Debt Service @ 4.00% $127,226.22 $127,226.22Before Tax Cash Flow $46,086.19 (2.6%) $100,840.75 (5.70%)Principal Reduction $39,226.22 $39,226.22Return Before Taxes $85,312.41 (4.81%) $140,066.97 (7.89%)


$3,975,000$1,775,000$2,200,000 11.324.36%

Listing Price: Down Payment:

Loan Amount: Gross Rent Multiplier:

Current Rent Cap:

Notes: A. Laundry equipment is leased. B. Property taxes are based on 2017/2018 tax bill. C. Insurance is based on the most recent annual insurance bill. D. Resident manager compensation is based on a free apartment plus benefits. E. Sewer and garbage are based upon the most recent bills. F. Phone is based upon $100 per month for manager cell phone. G. Landscaping: Estimated cost. H. The vacancy factor has consistently been less than 3% over the last several years. I. Current income is based on the February 1st, 2018 rent roll.



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Building: Lot:

APN:ProForma GRM:

ProForma Cap:

22,419 sq. ft. 30,000 sq. ft.022-014-0149.695.74%

Total Units: Price Per Unit: Building Age:

Roof:Type:

28$141,9641977 PitchedComp


Notes: 1. ProForma rents are based on the listing brokers rent surveys. 2. Landlord pays water, garbage, sewer, and the house PG&E costs. 3. Tenants pay electricity, cable, internet, and gas for heat and hot water. 4. Square footages are estimated. Buyer to confirm. 5. Re: February 2018 rents. Rent increase notices were given 12/1/2017.



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Rent Roll 9/1/17 Rent 2/1/17 Rent Market RentUnit #1 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #2 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #3 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #4 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #5 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #6 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #7 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #8 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #9 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #10 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #1 1 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #1 2 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #1 3 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #1 4 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #1 5 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #1 6 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #1 7 One Bedroom / One Bathroom $950 $1,000 $1,175Unit #1 8 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #1 9 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #20 Two Bedroom / One Bathroom $1,000 $1,150 $1,350Unit #21 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #22 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #23 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #24 One Bedroom / One Bathroom $900 $1,000 $1,175Unit #25 Studio $800 $925 $1,050Unit #26 Studio $800 $925 $1,050Unit #27 Studio $800 $925 $1,050Unit #28 Studio $850 $925 $1,050 $25,700 $28,000 $33,800 $308,400 $346,800 $405,600 $4,500 $4,500 $4,500 $312,900 $351,300 $410,100

Monthly:Annual:

Laundry:Scheduled Gross Income:

148 encinal street, soledad, ca · 2017-12-07 · · other agricultural products · california...

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