Christos Celmayster lic

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1 PRICE REDUCED FOR SALE 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com

2 Property Overview Eight-unit apartment located in the desirable upper State Street neighborhood near restaurants, Whole Foods, Gelson s, SB Municipal Golf Club, parks, schools, and minutes to the beach and downtown. The property provides ample onsite parking, several updated units, and two units with fireplaces. All units are significantly below market allowing a buyer the potential to obtain higher rents in a strong rental market with a vacancy rate of approximately 1%. Price: $2,325,000 Units: 8 Price Per Unit: $290,625 Unit Mix: Building Size: Lot Size: Parking: Laundry Room: Zoning: 6 x 1BD/1BA 2 x Studio Approx. 4,707 SF Approx. 9,583 SF Approx. 12 uncovered spaces, unstriped Hookups, no machines R-3/S-D-2 Year Built: Approx APN: Current Market Cap Rate: 3.36% 4.43% GRM: CSO: 2.5% 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 2

3 PROPERTY DETAILS INCOME & EXPENSE ANLAYSIS and PROPERTY VALUE ANALYSIS UNIT MIX & RENT ROLL Price: $2,325,000 CURRENT RENTS (Note #2) # of Units: 8 Price Per Unit: $290,625 Unit Type # of Units GRM: Current s 1BD/1BA $ 1,400 $ 1,400 $ 16,800 $ 1,800 $ 1,800 $ 21,600 CAP Rate: 3.36% Current s Studio $ 1,250 $ 1,250 $ 15,000 $ 1,350 $ 1,350 $ 16,200 GRM: Market s 1BD/1BA $ 1,350 $ 1,350 $ 16,200 $ 1,750 $ 1,750 $ 21,000 CAP Rate: 4.43% Market s 1BD/1BA $ 1,550 $ 1,550 $ 18,600 $ 1,750 $ 1,750 $ 21,000 Land Area (Sq. Ft.): 9,583 1BD/1BA $ 1,675 $ 1,675 $ 20,100 $ 1,800 $ 1,800 $ 21,600 Price/Land Area: $243 Studio $ 1,150 $ 1,150 $ 13,800 $ 1,350 $ 1,350 $ 16,200 Building Area (Sq. Ft.): 4,707 Estimated 1BD/1BA $ 1,400 $ 1,400 $ 16,800 $ 1,750 $ 1,750 $ 21,000 Price/Building Area: $494 Estimated 1BD/1BA $ 1,275 $ 1,275 $ 15,300 $ 1,750 $ 1,750 $ 21,000 Unit Size (Note #1) Monthly Contract Total Monthly Total Annual Monthly Contract MARKET RENTS (Note #3) Total Monthly Total Annual Down Payment: $1,267,125 TOTALS 8 4,707 $ 11,050 $ 132,600 $ 13,300 $ 159,600 Down Payment (%): 55% Total Loan: $1,057,875 Debt Coverage Ratio: 1.21 INCOME & EXPENSE ANALYSIS Amortization: 30 Years Total Gross Potential al Income $ 11,050 $ 132,600 $ 13,300 $ 159,600 Term: 7 Years Other Income (Note #6) $12/Unit/Month $ 96 $ 1,152 $ 96 $ 1,152 Rate: 4.500% Total Gross Potential Income $ 11,146 $ 133,752 $ 13,396 $ 160,752 Monthly Loan Payment: $5,360 (LESS) Vacancy Rate 2% $ (223) $ (2,675) $ (268) $ (3,215) Annual Loan Payment: $64,321 Annual Interest Payment: $47,255 EFFECTIVE GROSS INCOME (EGI) $ 10,923 $ 131,077 $ 13,128 $ 157,537 Notes % of EGI % of EGI Real Estate Taxes 1.05% 18.59% $ 2,031 $ 24, % $ 2,031 $ 24,372 Property Value: $2,325,000 Insurance: 2016 Act. 2.63% $ 287 $ 3, % $ 287 $ 3,441 % of Improvements: 70% Estimated Gas 2016 Act. 1.39% $ 152 $ 1, % $ - $ 1,825 Depreciable Basis: $1,627,500 Electric 2016 Act. 0.43% $ 47 $ % $ 47 $ 568 Depreciation Schedule: 27.5 Years Water/Sewer/Trash 2016 Act. 4.86% $ 531 $ 6, % $ 531 $ 6,366 Annual Depreciation: $59,182 Repairs & Maintenance $500/Unit/Year 3.05% $ 333 $ 4, % $ 333 $ 4,000 Note #1: Unit sizes are per Roll NOTES Note #2: Current s are per a Current Roll Note #3: Market s are estimates. Note #4: Expenses are 2016 Actuals and Estimates. Note #5: Buyer to verify loan terms FINANCING (Note #5) DEPRECIATION Note #6: Estimated Laundry Income of $12/Unit/Month. Property has hookups but no laundry machines. CURRENT RENTS (Note #2) MARKET RENTS (Note #3) Turnover Expenses $250/Unit/Year 1.53% $ 167 $ 2, % $ 167 $ 2,000 Property Manager 5% Est. 5.00% $ 546 $ 6, % $ 656 $ 7,877 Taxes, Licenses & Prof. Fees 2016 Act. 0.14% $ 15 $ % $ 15 $ 182 Pest Control 2016 Act. 0.13% $ 15 $ % $ 15 $ 175 Advertising Est. 0.00% $ - $ % $ - $ - Gardening Est. 1.46% $ 160 $ 1, % $ 175 $ 2,100 Miscellaneous $200/Unit Est % $ 133 $ 1, % $ 133 $ 1,600 (LESS) TOTAL ANNUAL EXPENSES (Note #4) 40.44% $ (4,417) $ (53,003) 35.37% $ (4,390) $ (54,506) NET OPERATING INCOME (NOI) $ 6,506 $ 78,074 $ 8,738 $ 103, E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 3

4 Floor Plans Unit #5 1BD, 683 SF Unit #6 Studio, 440 SF Deck Deck Unit #7 1BD, 594 SF SECOND FLOOR Unit #1 1BD, 673 SF Unit #2 Studio, 521 SF Unit #3 1BD, 594 SF Unit #8 1BD, 601 SF Laundry room (hookups, no machines) FIRST FLOOR Unit #4 1BD, 601 SF 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 4

5 Photos and Parcel Map 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 5

6 Aerial View Whole Foods SITE Gelson s Market