for sale: mixed-use residential/commercial good … · 2021. 1. 18. · the residential units...

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. The prospective purchaser/lessee should independently verify all information.

HL Commercial Real Estate70 Mitchell Blvd., Suite 202 San Rafael, CA 94903www.hlcre.com

Contact:Bob Knez

(415) [email protected]#: 00640535

3320 Mendocino Avenue, Santa Rosa, CA

• High Visibility Location • 6 High Quality Residential Units• 2,100 +/- sf Freestanding Bar/Building• Excess Land for Development• Excellent Income Producer

For Sale: Mixed-Use Residential/Commercial Good Income/Potential Additional Development

Offering Summary

Asking Price: $2,415,000Price Per Sq. Ft.: $314.33 psfCAP Rate: 5.56%Total Building Sq. Ft.: 7,683 +/- sf

MENDOCINO AVE.

BICENTEN

NIAL W

AY

1/18/21

mailto:[email protected]



Contact:Bob Knez


For Sale: Mixed-Use Residential/Commercial Development Opportunity

3320 Mendocino Avenue, Santa Rosa, CA 95403

Building Description:

3320 Mendocino Avenue is a fully leased investment consisting of 6 residential units (2 attached SFR’s, 4 townhouses) and a freestanding commercial building occupied by the Wagon Wheel Bar, all situated on an approximately 1 acre parcel of land. The Wagon Wheel Bar is a Santa Rosa institution in business since the 1940’s. The residential units were all substantially upgraded within the last 24 months. Because of the zoning (O) - Office allows for mixed use a buyer can further develop the property under various scenarios. Contact listing agent for details.

The residential units mostly have new wood/tile floors, newer appliances, furnaces, new fixtures, and show and rent very easily. There is an onsite shared coin laundry owned by landlord. There is abundant onsite parking allowing for the increased development.

This property features the essential real estate mantra – Location! Location! Location!

Potential Development:

The property has several options for holding or re-development. The current owners extensively upgraded the existing residential units and have explored adding additional residential units and replacing the bar building with a commercial office. Call listing agent for more information.




Contact:Bob Knez




Location Description:

3320 Mendocino Avenue is located two blocks west of US 101 at the intersection with Bicentennial Way in the NW area of Santa Rosa. It is adjacent to the Fountaingrove neighborhood which is known to be home to some of the city’s wealthiest residents. Fountaingrove and Skyfarm neighborhoods together comprise the most expensive neighborhoods in the city and the county as a whole. Fountaingrove contains a mix of high quality office buildings and exclusive homes. The NW corner from 3320 Mendocino Ave is occupied by Kaiser Hospital, the SW corner by a Class A office building, and the NE corner is currently slated for redevelopment as a mixture of retail and office space. Directly behind the property up the hill are new apartment complexes and a Home Depot and Lucky Food Store.

Property Details:

Sonoma County Assessor’s Parcel #: 173-060-013Total Square Feet of Building: 7,683 +/- sq. ft. (see rent roll for details)Total Square Feet of Land: 1 +/- acre (as per tax assessor information)Year Constructed: 1844 +/- Type of Construction: Wood frameRoof Type: Composite shingleParking: 44 spaces total in current configuration. (Bar Building has 14 spaces, including 1 ADA space Residential has 20 uncovered; 2 2-car garages; 1 2-car carport and a 4-tandem in front of garages




Contact:Bob Knez




Property Details - Cont.:

Zoning Designation: CO (Office Commercial District) The CO zoning district is applied to areas appropriate for administrative, business, financial, medical, professional, and public office uses, together with similar and related compatible uses. Residential uses may also be accommodated as part of mixed use projects.Utility Metering: 1 House electric and gas meter 8 gas meters/8 electric meters 1 water meter/bar has sub-meter/residential plumbed for sub-metersFire Sprinklers: NoHeating & Air Conditioning: Heat only in residential; swamp cooler on barData/TV: ComcastCoin Laundry: 2 washers and 4 dryers - all owned and purchased in 2016. All served by house meters and separate water heaterFlood Zone Designation: Zone X (An area that is determined to be outside the 100- and 500-year floodplains)

Financial Terms:

Sale Price: $2,415,000GRM: 12.93 x current gross rents 12.01 x proforma rentsCAP Rate: 5.56% current rents 6.39% proforma rents


http://qcode.us/codes/santarosa/view.php?topic=20-2-20_23-20_23_040&frames=off



Contact:Bob Knez







Contact:Bob Knez




City of Santa Rosa:

Santa Rosa is the economic hub of the North Bay Area located 55 miles north of San Francisco. It is the county seat of Sonoma County and is the largest city between San Francisco and Portland, OR. Residents enjoy a high quality of life and employers benefit from a skilled workforce.

The population of Santa Rosa is 175,000 +/- and according to the city’s 2015 Comprehensive Annual Financial Report, the top employers in the city are:

# Employer Employees 1 County of Sonoma 4,058 2 Kaiser Permanente 2,555 3 Sutter Medical Center of Santa Rosa 1,797 4 St. Joseph Health System 1,740 5 Santa Rosa Junior College 1,589 6 Santa Rosa School District 1,502 7 City of Santa Rosa 1,250 8 Keysight/Agilent Technologies 1,200 9 Amy's Kitchen 870 10 Medtronic Aortic and Peripheral Disease Management 840

APN : 173-060-013




Contact:Bob Knez





Uni

tTe

nant

Bed

/BA

Sq. F

t.C

urre

nt R

ent

Mon

thly

Ren

t / S

FM

arke

t Ren

tTe

rmA

Alex

andr

a Ev

ille2B

R/1

BA73

02,

025.

00$

2.69

$

2,

150.

00$

MTM

BM

aris

sa C

ross

2BR

/1BA

730

2,03

5.00

$

2.

79$

2,15

0.00

$

M

TMC

Vale

rie M

olin

ari

2BR

/1.5

BA86

41,

895.

00$

2.08

$

2,

050.

00$

MTM

DM

iriam

Gar

cia

2BR

/1.5

BA86

42,

000.

00$

2.08

$

2,

050.

00$

MTM

EFr

anci

sco

Flor

es2B

R/1

.5BA

960

1,89

5.00

$

2.

03$

2,05

0.00

$

M

TMF

Emil

Sam

pang

Fab

ian

2BR

/1.5

BA96

01,

900.

00$

1.88

$

2,

050.

00$

MTM

3320

Man

doli-

Bunt

ing

Inc.

2,10

05,

000.

00$

1.95

$

5,

500.

00$

MTM

Coi

n La

undr

yIn

com

e Sh

own

is A

vera

ge/M

o17

520

0.00

$

200.

00$

St

orag

e Sh

edVa

cant

300

-$

10

0.00

$

7 U

nits

7,68

316

,750

.00

$

18,0

00.0

0$

Annu

al20

1,00

0.00

$

An

nual

216,

000.

00$

Ren

t Rol

lPr

oper

ty: M

endo

cino

Gro

ve R

esid

ence

s - 3

320

Men

doci

no A

venu

e Sa

nta

Ros

a, C

A 95

403

Uni

ts: A

ctiv

eAs

of:

04/0

1/20

19

Curr

ent R

ent R

oll:

For

Sal

e: M

ixed

-Use

Res

iden

tial/C

omm

erci

al

Dev

elop

men

t Opp

ortu

nity

3320

Men

docin

o Av

enue

, San

ta R

osa,

CA

9540

3

No

war

rant

y or

repr

esen

tatio

n, e

xpre

ss o

r im

plie

d, is

mad

e as

to th

e ac

cura

cy o

f the

info

rmat

ion

cont

aine

d he

rein

, and

sam

e is

sub

mitt

ed s

ubje

ct to

erro

rs, o

mis

sion

s, c

hang

e of

pric

e, re

ntal

or

othe

r con

ditio

ns, w

ithdr

awal

with

out n

otic

e, a

nd to

any

spe

cial

list

ing

cond

ition

s im

pose

d by

our

prin

cipa

ls.

The

pros

pect

ive

purc

hase

r/les

see

shou

ld in

depe

nden

tly v

erify

all

info

rmat

ion.



Contact:Bob Knez




3320 Mendocino Avenue, Santa Rosa, CACurrent Pro-Forma Income and Expenses

INCOME Current Pro-FormaGross Scheduled Rental Income 186,780.00$ 213,600.00$ less vacancy allowance (2%) (3,735.60)$ (4,272.00)$ Laundry Income (*avg $200/mo) 2,400.00$ 2,400.00$ Water Reimbursement (Commercial Tenant) 1,030.00$ 3,000.00$ GROSS OPERATING INCOME 186,474.40$ 214,728.00$

STABILIZED ESTIMATED OPERATING EXPENSESReal Property Taxes(Pro-Forma is 1% + $2,879) * 19,205.00$ 27,029.00$ Estimate NewInsurance * 6,163.00$ 6,150.00$ Landscaping Maintenance * 3,660.00$ 3,660.00$ Offsite Professional Management 4% of GOI) 7,458.98$ 8,589.12$ Locks/Keys 70.00$ 70.00$ Pest Control * 995.00$ 750.00$ Repairs & Maintenance (est. 3% of GOI) 5,594.23$ 6,441.84$ Electric/Gas - House Meter 459.00$ 459.00$ Water & Sewer * 6,950.00$ 7,200.00$ Licenses/Permits 436.00$ 435.00$ Security 400.00$ 400.00$ Supplies 697.00$ 500.00$ TOTAL ESTIMATED OPERATING EXPENSES 52,088.21$ 61,683.96$

NET OPERATING INCOME BEFORE DEBT SERVICE 134,386.19$ 153,044.04$

* current 2020 expense

Current/Proforma Income and Expenses Statement:




Contact:Bob Knez




BICENTENNIAL WAY

Sonoma County Administrative

Center

MEN

DO

CINO

AVE.

Click here to View in Google Maps

Proposed 8,700 SFNew Development

Starbucks, Gas Station/C-Store and Other Retailers


https://goo.gl/maps/ABMVDizwsC62



Contact:Bob Knez




A

NA

P

AG

arag

e

Laun

dry

BG

arag

e

B

CD

FE

Wagon WheelBar

3,320

StorageShed

Bic

ente

nnia

l Way

Mendocino Avenue

PotentialRedevelopment

Area

KEY

EntryEntry

3320 Wagon Wheel3320-A 2BR/1BA + Garage 3320-B 2BR/1BA + Garage3320-C 2BR/1.5BA Townhouse3320-D 2BR/1.5BA Townhouse3320-E 2BR/1.5BA TownhouseStorage Shed


for sale: mixed-use residential/commercial good … · 2021. 1. 18. · the residential units...

Documents