ExSum Willow Pass bay Point.xlsx
Transcription
ExSum Willow Pass bay Point.xlsx
53 Manor Drive Bay Point, CA 94565 Address: Listing Information Property listing Information List Price $ 2,100,000 Suggested Offer Price NOI $ 137,596 Down payment Listed CAP 6.55% CAM/sf/mo. $ 11,976 Lot size (sq.ft.) 40,228 # of tenants Year built 2004 Parking Plenty $ 1,000,000 loan fees 1.0% $ 10,000 Closing fees 0.5% $ 10,000 $ 2,020,000 Total purchase price 7 2,000,000 $ 1,000,000 Loan Amount 0.54 Building size (sq.ft.) $ 50% Rent Roll Description About the property: The subject property known as Willow Pass Manor is a single story commercial building located at the signalized corner of Willow Pass Road and Manor Drive, in the city of Bay Point, California. Bay Point, formally known as West Pittsburg is a suburb of Contra Costa County with a reported population of 21,350. The PittsburgâBay Point terminal of the Bay Area Rapid Transit (BART) is approximately .55 miles from the subject property and is located at the Bailey Road exit from Highway 4. Newly constructed in 1982, the current owners have recently installed a new roof. The current tenant mix provides services to the neighboring community with one space available for lease with excellent street exposure that may appeal to an owner/user. The property is priced at $2,100,000 which equates to $175.35 per square feet on the improvements with a 7.27 percent CAP rate using a 5 percent vacancy factor and $.10 per square feet reserves. Area demographics are attractive with population of 52,594 within a three mile radius and Average Household Income of $74,772 within the same radius. With aggressive leasing efforts, a buyer can work to raise the existing rents averaging $1.50 square feet gross, thereby increasing the property cash flow. Sq.ft Lease expires rent/sf/mo 2,300 $ 1.50 - $ 3,450 $ Golden State Water Co. 1,344 $ 1.52 7/1/2019 $ 2,043 $ 24,515 817 $ 1.56 M to M $ 1,275 $ 15,294 Big Boots Western Wear 1,237 $ 1.45 9/30/2015 $ 1,794 $ 21,524 El Guamuchilito 2,910 $ 1.36 12/31/2016 $ 3,958 $ 47,491 Panaderia Bakery 1,280 $ 1.80 M to M $ 2,304 $ 27,648 9,353 Fantastic Hair Cuts 41,400 Alfa Appliances 595 $ 1.31 M to M $ 779 $ Services Hispanos 643 $ 1.25 M to M $ 804 $ 9,645 Milton's Insurance Agenc 850 $ 1.85 M to M $ 1,573 $ 18,870 $ 17,978 $ 215,740 $ - $ $ 17,978 $ 215,740 $ 17,978 $ $ 215,740 Total Base rent Less Vacancy 11,976 0% GRI CAM collection Gross rent & CAM $ Expenses - Monthly - Yearly Insurance $ 300 $ 3,600 Water/Trash/Sewer $ 1,600 $ 19,200 Management $ 1,079 $ 12,944 Electricity & Gas (common areas) 6.0% $ 200 $ 2,400 Landscaping/cleaning/Janitorial $ 250 $ 3,000 Maintenance/repairs/Elevator Prop. tax (% of purchase price) $ $ 1,000 2,083 $ $ 12,000 25,000 $ 6,512 $ 78,144 $ 11,466 $ 137,596 $5,846 $ 70,151 5,620 $ 67,445 1.25% Total Operating expenses * Expense PSF/month GRM 9.27 Rent & CAM/Yr Vacant (ProForma) Investment Analysis $ 0.54 Net operating income (NOI) Calculated CAP rate 6.88% Rent & CAM/mo CAM/mo* Debt Servicing (loan information) Cash on Cash 6.74% Loan Amount Debt service ratio 1.96 Interest rate Price / sq.ft. $ avg Rent / sq.ft. / mo $ 167 1.50 Amortization years Principle & Interest Expenses/sq.ft/year $ 0.54 Net Cash Flow $ 1,000,000 5.00% 25 $