857 Taylor Street 8 Units in Monterey

857 Taylor Street, Monterey, CA

 

8 Units

 

 

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Complex Notes:

  • The property is in the New Monterey neighborhood.
  • The unit mix consists of all two-bedroom / one-bathroom units.
  • Six units have ocean views.
  • Seller installed new water heater in September 2021.
  • Units 7 and 8 have private northwest facing decks.
  • The complex was painted in 2020.  
  • Each unit has a covered carport stall.
  • The roof is a pitched slope asphalt composition roof.
  • The windows are vinyl replacement windows.
  • The complex has a laundry room. The equipment is owned by the complex.
  • Each unit has its own storage locker.
  • The units are heated with natural gas wall furnaces. The owner pays for the natural gas for the heaters.
  • Tenants are responsible for their own electric bill.
  • The owner pays for water, garbage, sewer, & common area PG&E.  
  • The complex is located one mile from the Defense Language Institute.
  • The Community Hospital of the Monterey Peninsula is three miles from this complex.

 

 

 

Monterey Facts:

 

  • The estimated population of Monterey is 28,532. The estimated population of the Monterey Peninsula is 104,000.
  • The median sales price of a Monterey single-family home as of June 2021 is $1,032,000 according to Redfin.
  • 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: $2,899,000 Building Sq. Ft: 6,296 Units 8
Down Payment: $1,500,000 Lot Square Ft: 10,500 Price/Unit: $362,375
Loan Amount: $1,399,000 APN: 001-193-010 Age: 1962
Current Rent GRM: 17.56 ProForma GRM: 15.88 Roof: Flat
Current Cap Rate: 3.09% ProForma Cap: 4.13% Price/Sq.Ft. $460
  Current: ProForma:
Monthly Scheduled Rents: $13,740 $15,200
Scheduled Gross Annual Income: $164,880 $182,400
Less: Vacancy Factor @ 3% $4,946 $5,472
Effective Gross Income: $159,934 $176,928
Plus: Laundry Income: Estimated $200 $200
Total Annual Income   $162,334 $179,328
Less Expenses:
Property Taxes: 1.121% $32,498 20.02% $32,498 18.12%
Repairs and Maintenance: $750 $6,000 3.70% $6,000 3.35%
Off Site Management: 5% $7,997 4.93% $8,846 4.93%
On Site Management: $0 $0
Property Insurance: $3,805 2.34% $3,805 2.12%
Garbage: $181 $2,167 1.33% $2,167 1.21%
Sewer: $269 $3,231 1.99% $3,231 1.80%
Water: $647 $7,764 4.78% $7,764 4.33%
PG&E: $392 $4,704 2.90% $4,704 2.62%
Landscaping: $100 $1,200 0.74% $1,200 0.67%
Reserves: $250 $2,000 1.23% $3,000 1.67%
Miscellaneous: $1,500 0.92% $1,500 0.84%
Total Expenses: $9,108 $72,865 44.89% $74,715 41.66%
Net Operating Income: $89,468 $104,613
Annual Debt Service: 3.50% $76,065 $76,065
Before Tax Cash Flow: $13,403 $28,547

 

Notes:

1. Monthly gross income is based on September 2021 rents.
2. Laundry equipment is owned.
3. Reparis & Maintenance is based on $750 per unit per year.
4. No onsite manager is required.
5. Property taxes are based on 2021/2022 Proposition Tax rates.
6. Garbage bill is based on August 2021 Monterey Disposal bill.
7. Sewer bill is based on the August 2021 bill.
8. Water: Owner pays for the water bill.
9. PG&E. Common area gas & electric. Gas for individual unit wall furnaces.
10. Landscaping is estimated.

 

 

 

Area Map

 

857 Taylor Street Monterey Area Map

 

 

Parcel Map

 

857 Taylor Street Monterey Plot Map


 

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