Complex Notes:

The current rents average $1,220/month. The October 2021 average rent will be $1294. Market rents are $1750 to $2000.
The property is centrally located in Marina. The property is a short distance to shopping on Reservation Road, restaurants on Del Monte Avenue and the Dunes On Monterey Bay Retail Center off Imjin Road.
The property is located 1.7 miles to the Marina State Beach and the Pacific Ocean.
The roof and rain gutters were replaced in 2021.
The complex features four 2-bedroom / 1 bathroom units. Units 1, 2, & 3 are upstairs units. Unit 4 is a downstairs unit.
The complex is estimated at 3,248 square feet. The lot size is 8,490 square feet.
The complex has six tuck under parking spaces.
The complex was built in 1980.
The bathrooms have vinyl flooring, tile shower surrounds, and a ceiling fan.
The units have vinyl flooring and carpeting.
The units have gas stoves, dishwashers, and formica kitchen counters.
The units are heated with electric wall insert heaters.
The complex has minimal landscaping.
The driveway is concrete.
The water heater was replaced in 2020.
The owner pays for water, sewer, and garbage. Tenants pay their own PG&E, cable, and internet.

Marina & Monterey County Facts:

The estimated population of Marina is 22,535 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 Marina single family home for 2021 is $799,500.
The median sales price of a Marina condominium or townhome for 2021 is $577,500.
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.

Financials

Listing Price:	$1,379,000	Building Sq. Ft:	3,248	Units	4
Down Payment:	$688,000	Lot Square Ft:	8,490	Price/Unit:	$344,750
Loan Amount:	$691,000	APN:	032-303-012	Age:	1980
Current Rent GRM:	24.23	Market GRM:	15.32	Roof:	Composition
Cap Rate:	1.99%	Market Cap:	4.13%


Rent Roll:		Rents 8/21		Rents 11/21		Market Rents
Unit One		$1,215		$1,300		$1,875
Unit Two		$1,195		$1,260		$1,875
Unit Three		$1,200		$1,275		$1,875
Unit Four		$1,225		$1,320		$1,875
Monthly Scheduled Rents:		$4,835		$5,155		$7,500
Scheduled Gross Annual Income:		$58,020		$61,860		$90,000
Less: Vacancy Factor @ 3%		$1,741		$1,856		$2,700
Additional Income: Laundry		$54		$54		$54
Effective Gross Income:		$56,924		$60,652		$87,948

Less Expenses:
Property Taxes:	1.100%	$15,169		$15,169		$15,169
Repairs and Maintenance:	$750	$3,000		$3,000		$3,000
Property Insurance:		$2,530		$2,530		$2,530
Proprerty Management:	5%	$2,846		$3,033		$4,397
Garbage:	$88	$1,058		$1,058		$1,058
Sewer:	$98	$1,178		$1,178		$1,178
Water:	$180	$2,160		$2,160		$2,160
PG&E:		$0		$0		$0
Landscaping:		$500		$500		$500
Miscellaneous:		$1,000		$1,000		$1,000

Total Expenses:	$7,360	$29,442		$29,628		$30.993

Net Operating Income:		$27,483		$31,024		$56,955
Annual Debt Service:	3.50%	$37,571		$37,571		$37,571

Before Tax Cash Flow:		-$10,088		-$6,547		$19,384

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.