1184 Sonoma Avenue, Seaside, CA

 

<32 class="center2">8 Units

$1,625,000

 

1184 Sonoma Avenue Apartment Building

 

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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.
  • Unit E rented for $1500 on September 30, 2019.
  • Unit C rented November 2019..
  • 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

 

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