1082 Wanda 5 Units in Seaside

1082 Wanda, Seaside, CA

 

5 Units

 

 

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Complex Notes:

  • The property is located in the city of Seaside..
  • Located on a quiet cul-de-sac.
  • Site can potentially be developed into 12 unit apartment building with City of Seaside General Plan land-use density.
  • Off-street parking.
  • Large open grass area.
  • Each unit has a fenced perimeter, except D & E which share a fenced area.
  • Improvements include window updating, newer gas water heaters, parking lot improvements, flooring updates and some cabinet refinishing.

 

 

 

Seaside & Monterey County Facts:

 

  • The estimated population of Monterey is 34,182 according to the US Census bureau in 2014.
  • The estimated population of the Monterey Peninsula is 104,000.
  • Monterey is the host city for the Naval Postgraduate School, which has approximately 2,600 students, 1,120 faculty and staff, and a $488 million-dollar operating budget.
  • Monterey is host to the Defense Language Institute, which has approximately 3,500 students and over 1,800 faculty and staff.
  • Monterey is also host to the Middlebury Institute of International Studies, which has 751 students and over 155 faculty and staff.
  • Cal State Monterey Bay is a growing campus. The current enrollment is 7,378 students.
  • The Monterey Bay Aquarium employs 500 people and has 1,800,000 annual visitors with an economic impact of $263 million on the local economy as of 2013.
  • Monterey Peninsula major employers include Pebble Beach Company, Monterey Bay Aquarium, Naval Post Graduate School, Defense Language School, and the CSU Monterey Bay.

 

Financials

 

 

Listing Price: $1,090,000 Building Sq. Ft: 2,406 Units 5
Down Payment: $600,000 Lot Square Ft: 17,424 Price/Unit: $218,000
Loan Amount: $490,000 APN: 012-351-020 Age: 1950
Current Rent GRM: 18.63 Market GRM: 12.62 Roof: Flat
Cap Rate: 2.46% 4.79%
  Current: Proforma:
Monthly Scheduled Rents: $4,875 $7,200
Scheduled Gross Annual Income: $58,500 $86,400
Less: Vacancy Factor @ 3% $1,755 $2,592
Effective Gross Income: $56,745 $83,808
 
       
Less Expenses:
Property Taxes: 1.097% $11,957.30 21.07% $11,957.30
Repairs and Maintenance: $500 $2,500.00 4.41% $2,500.00
Off Site Management: 6% $3,404.70 6.00% $5,028.48
On Site Management:
Property Insurance: $2,373.00 4.18% $2,373.00
Garbage:
Sewer: $1,354.00 2.39% $1,354.00
Water: $4,062.00 7.16% $4,062.00
PG&E: $4,297.00 7.57% $4,297.00
Landscaping:
Miscellaneous:
Total Expenses: $5,989.60 $29,948.00 52.78% $31,571.78
Net Operating Income: $26,797.00 $52,236.22
Annual Debt Service: 3.50% $26,641.95 $26,641.95
Before Tax Cash Flow: $26,641.95   $25,594.27

 

Notes:

1. Property taxes are based on the 2020/2021 property tax bill and reflect new Property 13 rates.
2. Repairs & Maintenance is based on $500 per unit per yearl. 
3. Property Insurance is based on Sellers most recent insurance bill. New quote is pending.. 
4. Onsite Management is not required for a 5-unit complex.. 
5. Garbage is paid by the tenant. 
6. Sewer is based upon a $241.682 bi-monthly bill. 
7. Owner is responsible for all PG&E costs, except Unit B
8. Square Footage is estimated.

 

 

 

Area Map

 

1082 Wanda 5 Units in Seaside Area Map

 

 

Parcel Map

 

1082 Wanda Seaside Plot Map


 

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