4 Large units 3BD/2BA Townhome, 2BD/2BA Flat, and 2 x 1BD/1BA Flats Prime Ventura Keys location Two blocks from the beach Potential of 25% upside in rents 2661-2667 E Harbor Blvd Ventura, California The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. This is an Equal Housing Opportunity.
Property Overview Pride-of-ownership fourplex just two blocks from the beach in the Ventura Keys, a short walk to Marina Park and moments to several shops and restaurants. This property has been meticulously maintained, providing for low future maintenance expense for a new owner. Additionally, all units offer expansive floor plans with large living rooms and large bedrooms. Each unit has either a patio or balcony and two parking spaces. On site laundry is coin operated and owned by the sellers. Current rents are well below market, providing possibly up to 25% of upside income. Price: $1,550,000 Units: 4 Unit Mix: 1 X 3BD/2BA townhome 1 X 2BD/2BA flat 2 X 1BD/1BA flat APN: 080-0-320-095 Building Size: Lot Size: Parking: Laundry Room: Zoning: Approx. 4,272 SF Approx. 6,000 SF 4 garage spaces and 4 uncovered On-site, coin operated R-3-3 Year Built: Approx. 1970 Utilities: Cap Rate: Separate meters for electric; house meters for water, gas, and electric (laundry & ext. lights) 2.67% (current) 3.90% (proforma) GRM: 20.02 (current) 15.79 (proforma) CSO: 2.5% Showings: to receiving offer 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 2
PROPERTY DETAILS UNIT MIX & RENT ROLL Price: $1,550,000 CURRENT RENTS (Note #2) # of Units: 4 Price Per Unit: $387,500 GRM: 20.02 Current Rents 2661 Harbor Blvd - 3BD/2BA 1 n/a $ 1,800 $ 1,800 $ 21,600 $ 2,675 $ 2,675 $ 32,100 CAP Rate: 2.67% Current Rents 2663 Harbor Blvd - 1BD/1BA 1 n/a $ 1,495 $ 1,450 $ 17,400 $ 1,550 $ 1,550 $ 18,600 GRM: 15.79 Market Rents 2665 Harbor Blvd - 1BD/1BA 1 n/a $ 1,450 $ 1,495 $ 17,940 $ 1,550 $ 1,550 $ 18,600 CAP Rate: 3.90% Market Rents 2667 Harbor Blvd - 2BD/2BA 1 n/a $ 1,600 $ 1,600 $ 19,200 $ 2,300 $ 2,300 $ 27,600 Land Area (Sq. Ft.): 6,000 Price/Land Area: $258 Building Area (Sq. Ft.): 4,272 Price/Building Area: $363 Unit Type # of Units Unit Size (Note #1) Monthly Rent Total Monthly Rent Total Annual Rent Monthly Rent MARKET RENTS (Note #3) Total Monthly Rent Total Annual Rent FINANCING (Note #5) Down Payment: $852,500 Down Payment (%): 55.00% INCOME & EXPENSE ANALYSIS TOTALS 4 4,272 $ 6,345 $ 76,140 $ 8,075 $ 96,900 Total Loan: $697,500 CURRENT RENTS (Note #2) Debt Coverage Ra]o: 1.00 Per Month Per Year Per Month Per Year Amor]za]on: 30 Years Total Gross Poten]al Rental Income $ 6,345 $ 76,140 $ 8,075 $ 96,900 Term: 30 Years Laundry Income (Note #6) $ 107 $ 1,284 $ 107 $ 1,284 Rate: 4.250% Total Gross Poten]al Income $ 6,452 $ 77,424 $ 8,182 $ 98,184 Monthly Loan Payment: $3,431 (LESS) Vacancy Rate 3% $ (194) $ (2,323) $ (245) $ (2,946) Annual Loan Payment: $41,175 Annual Interest Payment: $29,416 EFFECTIVE GROSS INCOME (EGI) $ 6,258 $ 75,101 $ 7,937 $ 95,238 DEPRECIATION Notes % of EGI % of EGI Real Estate Taxes 1.05% 22.43% $ 1,404 $ 16,846 17.69% $ 1,404 $ 16,846 Property Value: $1,550,000 Insurance EsOmated 2.40% $ 150 $ 1,800 1.89% $ 150 $ 1,800 % of Improvements: 65% EsOmated Gas 2018 Actual 1.35% $ 84 $ 1,011 1.06% $ 84 $ 1,011 Depreciable Basis: $1,007,500 Electric 2018 Actual 0.84% $ 52 $ 628 0.66% $ 52 $ 628 Deprecia]on Schedule: 27.5 Years Water/Sewer/Trash 2018 Actual 4.81% $ 301 $ 3,613 3.79% $ 13 $ 3,613 Annual Deprecia]on: $36,636 Supplies & Services EsOmated 0.23% $ 15 $ 175 0.18% $ 15 $ 175 NOTES Note 1: Unit SF is unknown but total building SF is per public record Note 2: Current Rents are esomated provided by Owner Note 3: Market Rents are esomates based on market condioons Note 4: Expenses are both 2018 Actuals and EsOmates Note 5: Loan terms are esomates. Buyer to verify. Note 6: W &D are Seller owned. Income shown is monthly average MARKET RENTS (Note #3) Repairs & Maintenance Est. $650/Unit/Year 3.46% $ 217 $ 2,600 3.46% $ 217 $ 2,600 Property Manager 5% of EGI 5.00% $ 313 $ 3,755 5.00% $ 397 $ 4,762 Taxes, Licenses & Prof. Fees EsOmated 0.33% $ 21 $ 250 0.26% $ 21 $ 250 Pest Control EsOmated 0.67% $ 42 $ 500 0.52% $ 42 $ 500 Gardening EsOmated 2.40% $ 150 $ 1,800 1.89% $ 150 $ 1,800 Reserves Est. $200/Unit 1.07% $ 67 $ 800 0.84% $ 67 $ 800 (LESS) TOTAL ANNUAL EXPENSES (Note #4) 44.98% $ (2,815) $ (33,778) 37.26% $ (2,611) $ (34,785) NET OPERATING INCOME (NOI) $ 3,444 $ 41,324 $ 5,326 $ 60,454 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 3
E Harbor Blvd Aerial Looking Southwest Peninsula St
Photos Peninsula St E Harbor Blvd 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 5
Photos 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 6
Address Units List Price Price/Unit GRM (current) GRM (mkt rents) Recent Comparable Sales (2017-2019) 2661-7 E Harbor Blvd Ventura Keys 4 $1,550,000 $387,500 20.02 15.79 6 Address Units Sale Price Price/Unit GRM (current) Days on Mkt 3 4 2 1 2594 Seahorse Ave Ventura Keys 4 $1,895,000 $473,750 17.45 2 2 3305 Hilltop Dr Ventura Hillside 4 $1,550,000 $387,500 24.26 46 3 4 892 Church St Ventura Hillside 102 N Kalorama St Downtown Ventura 4 $1,500,000 $375,000 16.46 1 4 $1,475,000 $368,750 19.70 1 Ventura 5 3316 Ocean Dr Hollywood Beach (Oxnard) 4 $1,450,000 $362,500 20.00 38 6 141 E Simpson St Ventura 4 $1,400,000 $350,000 14.60 1 7 1 7 2433 Pierpont Blvd Pierpont 4 $1,375,000 $343,750 18.10 33 Averages $1,520,714 $380,179 18.65 17 5 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 7
Current Asking Rents at Comparable Properties Property BD BA Current Rent 2663-2665 Harbor Blvd 1 1 $1,450 & $1,495 2667 Harbor Blvd 2 2 $1,600 2661 Harbor Blvd 3 2 $1,800 10 15 3 14 Pierpont Blvd 5 13 11 2 16 7 Peninsula St 8 1 12 9 4 E Harbor Blvd 17 Address BD BA Asking Rent 1 E Harbor Blvd & Peninsula St 1 1 $1,400 1 E Harbor Blvd & Peninsula St 1 1 $1,400 2 Hanover Ln & Pierpont Blvd 1 1 $1,595 3 2457 Pierpont Blvd 1 1 $1,600 4 2655 E Harbor Blvd 1 1 $1,600 5 Pierpont Blvd & Weymouth Ln 1 1 $1,625 5 Pierpont Blvd & Weymouth Ln 1 1 $1,625 1 BD Average $1,549 Address BD BA Asking Rent 6 3057 E Harbor Blvd 2 1.5 $1,900 7 2531 E Harbor Blvd 2 1 $1,900 8 2555 E Harbor Blvd 2 1 $2,200 1 E Harbor Blvd & Peninsula St 2 1 $2,200 9 890 Peninsula St 2 1.5 $2,250 1 E Harbor Blvd & Peninsula St 2 2 $2,375 1 E Harbor Blvd & Peninsula St 2 2 $2,375 10 2409 Bayshore Ave 2 1.5 $2,500 11 2709 Bayshore Ave 2 1.5 $2,500 12 Peninsula St & Seahorse Ave 2 2 $2,600 13 Peninsula St & Bayshore Ave 2 2 $2,650 2 BD Average $2,314 6 500 ft Address BD BA Asking Rent 14 2543 Bayshore Ave 3 2 $2,500 15 2415 Bayshore Ave 3 2 $2,650 16 2751 Bayshore Ave 3 2 $2,750 17 914 Sandpiper Ct 3 2 $2,850 Data Source: Rentometer. Asking rents are for listings since February 24, 2018. Placement of markers is approximate. 3 BD Average $2,688 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 8
The City of Ventura Pristine beaches, accessible parks, and a vibrant downtown are all hallmarks of this bike-friendly city on the California coast. The Channel Islands are just a short ferry ride away, while the historical San Buenaventura mission offers a rich Golden State history. And don t forget the Ventura County Fairgrounds, a massive open-space complex charged with year-round possibilities! 1 Ventura County Fairgrounds (4.9 mi) 2 Surfer s Point (4.9 mi) 3 Downtown Ventura (4.5 mi) 4 San Buenaventura State Beach (3.9 mi) 5 Ventura Harbor (5.1 mi) 6 Community Memorial Hospital (2.3 mi) 7 Ventura County Medical Center (2 mi) 8 Pacific View Mall (1.6 mi) American Eagle Outfitters, AT&T, BevMo, California Pizza Kitchen, Express, Forever 21, GNC, JC Penney, Lenscrafters, Macy s, Target 9 Ventura College (0.7 mi) 2 1 3 6 4 Ventura 7 8 9 12 11 SITE 13 10 Telephone Plaza Shopping Center (2.8 mi) Black Angus, Starbucks, Baja Fresh, The Habit, H&R Block, The UPS Store, WinCo Foods 11 Buena High School (0.5 mi) 12 Victoria Plaza (0.7 mi) Starbucks, CVS, Vons, US Bank, Subway, Cask Alehouse, OneWest Bank 13 Balboa Middle School (1.1 mi) 10 14 The Collection (4.5 mi) The Container Store, Century RiverPark 16, Five Guys Burgers, H&M, Los Agaves, MAC Cosmetics, Massage Envy, Panera Bread, REI, Starbucks, Target, ULTA Beauty, Verizon, Victoria s Secret 14 5 222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 HayesCommercial.com 9