1128 4th Street, Monterey, CA

 

17 Units

1128 4th Street 17 Unit Aparment in Monterey

1128 4th Street 17 Unit Aparment in Monterey

 

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Complex Notes:

  • The property is located in the Oak Grove neighborhood.
  • The property is three blocks from the Pacific Ocean and Del Monte Beach.
  • The property is two blocks from the Naval Post Graduate School (NPS).
  • NPS students spend 12 months to 30 months on campus. The students make ideal tenants because of their housing allowances and challenging courses.
  • This 17-unit complex is located on three assessors parcels.
  • The unit mix consists of 4 one bed / one bath units, a 3 bed / 2 bath unit, and 12 two bed / one bath units. Each unit is separately metered for water.
  • The complex was painted in 2020.
  • The roof is asphalt composition shingle.
  • The complex has two laundry rooms. The equipment is owned by the complex.
  • There are 16 tuck under parking spaces and 3 open space parking spaces.
  • Each unit has its own natural gas water heater.
  • The units are heated with electric baseboard heating or gas wall furnaces.
  • The owner pays for garbage, sewer, common area PG&E, laundryroom water, and landscaping water.
  • Tenants pay their own PG&E and water bill.

 

 

 

Monterey & Monterey Peninsula Facts:

 

  • The estimated population of Monterey is 28,338 according to the US Census bureau in 2013.
  • The median sales price of a Monterey single-family home as of June 2021 is $1,032,000 according to Redfin.
  • 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.
  • Major employers include Pebble Beach Company, Monterey Bay Aquarium, Dole Vegetable, Naval Post Graduate School, Defense Language School, CSU Monterey Bay, the hospitality industry, and the construction industry.

 

Financials

 

 

Listing Price: $5,850,000  Building Sq. Ft: 14,096  Units 17 
Down Payment: $2,350,000  Lot Square Ft: 22,485  Price/Unit: $344,118 
Loan Amount: $3,500,000  APN: See Notes Age: 1949 & 1982 
Current Rent GRM: 15.57  ProForma GRM: 14.64  Roof: Asphalt Comp
Cap Rate: 4.00%  ProForma Cap: 4.38%  Price/Sq.Ft. $415 
  Current: ProForma:
Monthly Scheduled Rents: $31,052 $33,040
Scheduled Gross Annual Income: $372,622 $396,480
Less: Vacancy Factor @ 3% $11,179 $11,894
Effective Gross Income: $361,443 $384,586
Plus: Laundry Income: $300 $300
Plus: Pet Rent: $90 $90
       
Total Annual Income: $364,533 $387,676
Less Expenses:
Property Taxes: 1.0% $58,500 16.05% $58,500 15.09%
Property Tax Bonds: 0.0626% $3,663 1.00% $3,663 0.94%
Direct Charges: $1,293 0.35% $1,293 0.33%
Repairs and Maintenance: $750 $12,750 3.50% $12,750 3.29%
Off Site Management: 5% $18,072 4.96% $19,229 4.96%
On Site Management: Three Parcels
Property Insurance: $6,026 1.65% $6,026 1.55%
Garbage: $617 $7,404 2.03% $7,404 1.91%
Sewer: $577 $6,929 1.90% $6,929 1.79%
Water: $190 $2,280 0.63% $2,280 0.59%
PG&E: $75 $900 0.25% $900 0.23%
Landscaping: $270 $3,240 0.89% $3,240 0.84%
Pest Control: $114 $1,368 0.38% $1,368 0.35%
Laundry Cleaning: $110 $1,320 0.36% $1,320 0.34%
Reserves: $250 $4,250 1.17% $4,250 1.10%
Miscellaneous: $2,500 0.69% $2,500 0.64%
Total Expenses: $7,676 $130,495 35.80% $131,653 33.96%
Net Operating Income: $234,037 $256,023
Annual Debt Service: 3.50% $190,300 $190,300
Before Tax Cash Flow: $43,738 $65,723

 

Notes:

1. Monthly gross income is based on September 2021 rents.
2. Laundry equipment is owned.
3. Repairs & Maintenance is based on $750 per unit per year.
4. There are three Assessors Parcels. No onsite manager is required.
5. Property taxes are based on 2021/2022 Proposition Tax rates.
6. Garbage bill is based on June 2021 Monterey Disposal bill.
7. Sewer bill is based on the June 2021 bill.
8. Water: All units are separately metered for water. Expense shown is for landscaping and laundry room.
9. PG&E - Common area gas and electric.
10. Landscaping - Based on current landscaping contract with UV Landscaping.
11. Laundry room cleaning is per a contract with Peninsula Apartment Cleaning.
12. APN: 001-838-003, 001-838-004, 001-838-013

Property Map

1128 4th Street Monterey Property Map

 

Area Map

 

1128 4th Street Monterey Area Map

 

 

Parcel Map

 

1128 4th Street Monterey Plot Map


 

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