1161 Driftwood Terrace 4 Units in Gilroy

1161 Driftwood Terrace, Gilroy, CA

 

4 Units

 

 

Download PDF Brochure

 

Complex Notes:

  • Rarely available 4-unit multi-family complex in Gilroy.
  • Unit A is a 2 bedroom / 1 bathroom 896 square foot ground level unit
  • Units B & C are 2 bedroom / 1 bathroom townhouse style apartments. The unit size is 880 square footage.
  • Unit D is a second floor 2 bedroom / 1 bathroom 864 square foot apartment.
  • Unit A moved into the complex in April 2021.
  • Unit B is vacant. Market rent is estimated at $2200.
  • Unit C moved into the complex in April 2004. The last rent increase was in 2018.
  • Unit D moved into the complex in August 2018. There has been no rent increase.
  • The interiors are all similar with tile kitchen and bathroom counters, tile bathroom surrounds, and a mix of flooring. The upstairs units have lots of storage above cabinets.
  • The complex is a short distance to downtown Gilroy with its many restaurants, banks, stores, gyms, and other services. The property is also close to Safeway, Nob Hill, Starbucks, Walgreens, CVS, Wells Fargo, and Anytime Fitness.
  • The roof was replaced in 2017.
  • The complex is 3,520 square feet was constructed in 1966.
  • The units are heated with gas wall furnaces
  • Laundry facility with a washer and dryer. The laundry equipment is leased from WASH.
  • The owner pays water, sewer, garbage, and common area PG&E. Tenants pay their own PG&E, cable, and internet.

 

 

 

Gilroy Facts:

 

  • The estimated population is 48,821 as per the 2010 Census.
  • 37% of the work force commutes to Silicon Valley, which is 34 miles away.
  • Gilroy has rail access via Cal Train to the San Jose Metro and Lite Rail systems.
  • The median sales price of a single-family home as of August 2021 is $1,000,000.
  • The median sales price of a condominium as of August 2021 is $580,000.  
  • Gilroy is known as the Garlic Capitol of the World and is home to the annual Garlic Festival held in July.
  • Gilroy has access to the St. Louise Hospital.
  • Gavilan Community College, with a 7,300 student enrollment, is located in Gilroy.
  • The Gilroy Premium Outlet Center has 150 stores and is one of the nation’s largest.

 

Financials

 

 

Listing Price: $1,549,000 Building Sq. Ft: 3,520 Units 4
Down Payment: $688,000 Lot Square Ft: 8,450 Price/Unit: $387,250
Loan Amount: $861,000 APN: 808-10-031 Age: 1966
Current Rent GRM: 17.56 Market GRM: 14.67 Roof: Composition
Cap Rate: 3.22% Market Cap: 4.13%
  Current: ProForma:
Rent Roll: Sq Ft: Rents 8/21 Market Rents
A: Ground level 896 $1,900 $2,200
B: Two story townhouse 880 $2,200 $2,200
C: Two story townhouse 880 $1,625 $2,200
D: Second floor 864 $1,800 $2,200
Monthly Scheduled Rents: $7,525 $8,800
Scheduled Gross Annual Income: $90,300 $105,600
Less: Vacancy Factor @ 3% $2,709 $3,168
Effective Gross Income: $88,236 $103,080
       
Less Expenses:
Property Taxes: 1.260% $19,517 $19,517
Repairs and Maintenance: $750 $3,000 $3,000
Property Insurance: $2,758 $2,758
Proprerty Management: 5% $4,412 $5,154
Garbage: $106 $1,272 $1,272
Water & Sewer: $304 $3,647 $3,647
PG&E: $2,239 $2,239
Landscaping: $500 $500
Miscellaneous: $1,000 $1,000
Total Expenses: $9,586 $38,345 $39,087
Net Operating Income: $49,891 $63,993
Annual Debt Service: 3.50% $46,814 $46,814
Before Tax Cash Flow: $3,077 $17,179

 

Notes:

1. Property taxes are based on the 2020/2021 property tax bill and reflect new Proposition 13 rates.
2. Repairs and Maintenance is based on $750 per unit per year.
3. Property Insurance is based on Sellers most recent insurance bill.
4. Building square footage is based on Reallist data.
5. Tenants pay PG&E for their units.
6. Owner is paying sewer, water, & garbage.

 

 

 

Area Map

 

1161 Driftwood Terrace Gilroy Area Map

 

 

Parcel Map

 

1161 Driftwood Terrace Gilroy Plot Map


 

Download PDF Brochure

 

Subscribe to our Newsletter

Periodic news regarding our listings and services.