1203 Ord Grove, Seaside, CA

 

12 Units

1203 Ord Grove 12 Units in Seaside

 

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Complex Notes:

  • The complex consists of 12 one-bedroom / one-bathroom units located on one parcel.
  • The most recent turnover is Unit L, which rented for $1545 on October 1, 2020.
  • The second 2020 turnover is Unit B, which rented for $1500 on May 31, 2021.
  • 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 have natural gas furnaces.
  • Each unit has a rear patio or deck. The decks were repaired as needed with pressure-treated lumber.
  • The buildings were painted in 2020.
  • There are six tuck-under parking spaces under the north building. There are eight covered parking spaces in the rear of the north building. There are four open-air parking spaces between the upper and lower structures.
  • The property has minimal landscaping.
  • Property is assigned Ord Terrace Elementary School, Seaside Middle School, and Seaside High School, according to GreatSchools.com
  • The owner pays for sewer, garbage, the landscaping water, and common area PG&E. Tenants pay for their water, 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 Fall 2019.
  • CSUMB staff has 1,000 faculty and staff as of 2014/2015.
  • The projected CSUMB future enrollment is 12,700 students.
  • CSUMB has 3,300+ on-campus beds.
  • The median sales price of a Seaside single-family home as of October 2020 is $591,750.
  • 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.

 

Financials

 

 

Listing Price: $2,280,000 Building Sq. Ft: 7,840 Units 12
Down Payment: $750,000 Lot Square Ft: 12,197 Price/Unit: $190,000
Loan Amount: $1,530,000 APN: 011-024-026 Age: 1977
Current Rent GRM: 11.78 Market GRM: 10.92 Roof: Asphalt Comp
Cap Rate: 5.08% ProForma Cap: 5.48% Price/Sq.Ft. $291
  Current: ProForma:
Monthly Scheduled Rents: $16,130 $17,400
Scheduled Gross Annual Income: $193,560 $208,800
Less: Vacancy Factor @ 3% $5,807 $6,264
Effective Gross Income: $187,753 $202,536
Plus: Laundry Income:      
       
Total Annual Income: $187,753 $202,536
Less Expenses:
Property Taxes: 1.18% $26,904 14.33% $26,904 13.28%
Direct Assessments: $534 $534
Repairs and Maintenance: $750 $9,000 4.79% $9,000 4.44%
Off Site Management: 6% $11,265 6.00% $12,152 6.00%
Property Insurance: $3,395 1.81% $8,049 3.97%
Garbage: $435 $5,220 2.78% $5,220 2.58%
Sewer: $368 $4,414 2.35% $4,414 2.18%
Water: $260 $3,120 1.66% $3,120 1.54%
PG&E: $28 $336 0.18% $336 0.17%
Landscaping: $150 $1,800 0.96% $1,800 0.89%
Reserves: $250 $3,000 1.60% $3,000 1.48%
Miscellaneous: $3,000 1.60% $3,000 1.48%
Total Expenses: $5,999 $71,988 38.34% $77,529 38.28%
Net Operating Income: $115,765 $125,007
Annual Debt Service: 3.85% $86,876 $86,876
Before Tax Cash Flow: $28,890 $38,132

 

Notes:

1. Property taxes are based on the 2020/2021 property tax bill.
2. Direct Assessments are from teh 2020/2021 property tax bill.
3. Repairs & Maintenance is estimated at $750 per unit per year.
4. Property Insurance is based upon the most recent premium billing.
5. Garbage is based upon the most recent bill.
6. Sewer is based upon the most recent bill.
7. Water is based upon the 2019 & 2020 year to date water bills. Tenants pay their own water.
8. PG&E is based upon the 2019 annual house electric costs.

 

 

 

Parcel Map

 

1203 Ord Grove Parcel Map

 

 

Area Map

 

1203 Ord Grove Seaside Area Map


 

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