1184 Sonoma Avenue, Seaside, CA

 

8 Units

1184 Sonoma Avenue Apartment Building

 

Download PDF Brochure

 

Complex Notes:

  • The complex consists of two 4-unit apartment complexes located on one parcel.
  • The unit mix is 8 two-bedroom / one-bathroom units.
  • Five units have 9% rent increases effective December 2019.
  • The most recent turnover is Unit E, which rented for $1500 on September 30, 2019.
  • Unit C is vacant and being prepared to rent with an asking rent of $1500.
  • All units have had the kitchens remodeled with new cabinets, countertops, and appliances.
  • All units have had the bathrooms remodeled with cultured marble tub surrounds, new cabinets, and counters.
  • All units have had windows replaced with vinyl replacement windows.
  • All units are heated with natural gas furnaces.
  • Each unit has a rear patio or deck. The decks have been repaired as needed with pressure-treated lumber.
  • The buildings were painted in 2019.
  • There are 8 covered parking spaces in the rear of the property which are accessible from the alley behind the buildings.
  • The property has minimal landscaping.
  • The buildings were painted in 2019.
  • Property is assigned Highland Elementary School, Seaside Middle School,  and Seaside High School according to GreatSchools.com.
  • The owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own PG&E, cable, and internet.

 

 

 

Seaside & Monterey County Facts:

 

  • The estimated population of Seaside is 33,930 according to the US Census bureau in 2018.
  • Cal State University Monterey Bay has an enrollment of 7,200 students as of the Fall 2019.
  • CSUMB staff is 1,000 faculty and staff as of 2014/2015.
  • The projected future enrollment in 12,700 students.
  • CSUMB has a 3,300+ on campus beds.
  • The median sales price of a Seaside single-family home for 2019 is $537,500.
  • The median sales price of a Seaside condominium or townhome for 2019 is $544,500.
  • The estimated population of Monterey County is 431,344.
  • Major employers include Monterey County, Salinas Valley Memorial Hospital, Natividad Medical Center, Taylor Farms, Dole Vegetables, 1st Capital Bank, the hospitality industry, the cannabis industry, and the construction industry.
  • Monterey Peninsula major employers include Pebble Beach Company, Monterey Bay Aquarium, Naval Post Graduate School, Defense Language School, and the CSU Monterey Bay.
  • Marina is a commuter community for the Monterey Peninsula, Salinas, Watsonville, Santa Cruz, Gilroy, Morgan Hill, and the Silicon Valley region.
  • Seaside is a commuter community for the Monterey Peninsula, Salinas, Watsonville, Santa Cruz, Gilroy, Morgan Hill, and the Silicon Valley region.

 

Financials

 

 

Listing Price: $1,825,000 Building Sq. Ft: 6,000 Units 8
Down Payment: $925,000 Lot Square Ft: 10,500 Price/Unit: $228,125
Loan Amount: $900,000 APN: 012-267-011 Age: 1964
Current Rent GRM: 14.08 Market GRM: 12.26 Roof: Flat
Cap Rate: 3.44% ProForma Cap: 4.34% Price/Sq.Ft. $304
  Current: ProForma:
Monthly Scheduled Rents: $10,805 $12,400
Scheduled Gross Annual Income: $129,660 $148,800
Less: Vacancy Factor @ 3% $3,890 $4,464
Effective Gross Income: $125,770 $144,336
Plus: Laundry Income: $0 $0
Total Annual Income: $125,770 $144,336
Less Expenses:
Property Taxes: 1.138% $21,375 17.00% $21,375 14.81%
Repairs and Maintenance: $750 $6,000 4.77% $6,000 4.16%
Off Site Management: 6% $7,546 6.00% $8,660 6.00%
Property Insurance: $3,637 2.89% $3,637 2.52%
Garbage: $390 $4,680 3.72% $4,680 3.24%
Sewer: $288 $3,459 2.75% $3,459 2.40%
Water: $788 $9,456 7.52% $9,456 6.55%
PG&E: $181 $2,172 1.72% $2,172 1.50%
Landscaping: $100 $1,200 0.95% $1,200 0.83%
Reserves: $250 $2,000 1.59% $3,000 2.08%
Miscellaneous: $1,500 1.19% $1,500 1.04%
Total Expenses: $7,878 $63,025 50.11% $65,129 45.13%
Net Operating Income: $62,745 $79,197
Annual Debt Service: 4.00% $52,047 $52.047
Before Tax Cash Flow: $10,698 $27,150
Principal Reduction: $16,047 $16,047
Return Before Taxes: $26,745 $43,197

 

Notes:

1. Property taxes are based on new Proposition 13 tax rates.
2. There is no onsite laundry room.  
3. Repairs & Maintenance is based on $750/unit per year.  
4. Property Insurance is based on the most recent invoice 
5. Garbage & Sewer are based on quotes from Greenwaste & Monterey One Water 
6. Water is based on an average of the 2017, 2018, & 10 months 2019 Cal Am bills.  
7. PG&E is based on an average of the 2017, 2018, & 10 months 2019 PGE bills. 
8. Landscaping is estimated.  

 

 

 

Area Map

 

1184 Sonoma Avenue Seaside Area Map

 

Parcel Map

 

1184 Sonoma Avenue Seaside Plot Map


Download PDF Brochure

 

Subscribe to our Newsletter

Periodic news regarding our listings and services.