233 Carmel Avenue, Marina, CA

 

SOLD


20 Units

233 Carmel Avenue

 

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Complex Notes:

  • This complex consists of 20 one-bedroom apartment units in two ten-unit buildings.
  • 4 units had rent increases in July 2019. (7,10,11,& 14).
  • 15 units, including the four July rent increase units, were increased by 9% effective November 1st, 2019.
  • The current rent financials are based upon the 4 July 2019 rent increase units being rolled back to a 9% rent increase as of January 1st, 2020, which is the rent control law start date.
  • The complex is 11,440 square feet of livable space according to Realist.
  • The lot size is 25,577 square feet according to Realist.
  • All units have newer vinyl replacement windows (2007).
  • Most units have had kitchens remodeled with new cabinets, counter tops and appliances.
  • Most units have remodeled bathrooms with cultured marble tub surrounds and new cabinets and new counters.
  • All units are heated with natural gas wall furnaces, which were installed in 2008.
  • The roofs were replaced in 1998 by Williams Roofing.
  • The sewer line was replaced in 2002.
  • The buildings were painted in 2019.
  • Property is assigned for Marina Vista Elementary School, Los Arboles Middle School, and Marina 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.

 

 

 

Marina & Monterey County Facts:

 

  • The estimated population of Marina is 22,535 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 Marina single family home for 2019 is $645,000.
  • The median sales price of a Marina condominium or townhome for 2019 is $399,000.
  • 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.

 

Financials

 

 

Listing Price: $3,899,000 Building Sq. Ft: 11,440 Units 20
Down Payment: $1,754,000 Lot Square Ft: 25,577 Price/Unit: $194,950
Loan Amount: $2,145,000 APN: 032-192-011 Age: 1970
Current Rent GRM: 13.94 Market GRM: 11.60 Roof: Asphalt Comp
Cap Rate: 3.97% ProForma Cap: 5.34% Price/Sq.Ft. $341
  Current: ProForma:
Monthly Scheduled Rents: $23,314 $28,000
Scheduled Gross Annual Income: $279,767 $336,000
Less: Vacancy Factor @ 3% $8,393 $10,080
Effective Gross Income: $271,374 $325,920
Plus: Laundry Income: $0 $0
Plus: Water Income: 16 Units@$25/month $400 $400
Total Annual Income: $271,774 $326,320
Less Expenses:
Property Taxes: 1.157% $45,718 16.82% $45,718 14.01%
Repairs and Maintenance: $600 $12,000 4.42% $12,000 3.68%
Off Site Management: 6% $16,282 5.99% $19,555 5.99%
On Site Management: $650x1.30x12 $10,140 3.73% $10,140 3.11%
Property Insurance: $8,049 2.96% $8,049 2.47%
Garbage: $437 $5,245 1.93% $5,245 1.61%
Sewer: $307 $3,689 1.36% $3,689 1.13%
Water: $260 $3,120 1.15% $3,120 0.96%
PG&E: $292 $3,504 1.29% $3,504 1.07%
Landscaping: $100 $1,200 0.44% $1,200 0.37%
Reserves: $250 $5,000 1.84% $3,000 0.92%
Miscellaneous: $3,000 1.10% $3,000 0.92%
Total Expenses: $5,847 $116,947 43.03% $118,219 36.23%
Net Operating Income: $154,828 $208,101
Annual Debt Service: 4.00% $124,046 $124,046
Before Tax Cash Flow: $30,782 $84,055
Principal Reduction: $38,246 $38,246
Return Before Taxes: $69,028 $122,301

 

Notes:

1. 16 residents pay a $25 per month water surcharge.
2. Proforma water is based on all residents paying water surcharge. 
3. There is no onsite laundry facility. 
4. Repairs & Maintenance are estimated at $600 per unit per year. 
5. Property taxes are based on new Proposition 13 tax rates. 
6. Garbage bill is quote from Greenwaste. 
7. Sewer bill is quote from Marina Coast Water District 
8. Water is based on an average of 33 months of bills.  
9. PG&E is based on an average of 33 months of bills.  
10. Landscaping is estimated.  

 

 

 

Area Map

 

233 Carmel Avenue Marina Area Map

 

Parcel Map

 

233 Carmel Avenue Marina Plot Map


Download PDF Brochure

 

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