4 UNITS 3739 UNDERWOOD DRIVE OFFERING MEMORANDUM • SAN JOSE • CALIFORNIA
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ n g k f . c o m b r i a n . h e n r y @ n g k f . c o m c a R E L i c e n s e # 01268331 c a R E L i c e n s e # 01385537
The distributor of this communication is performing acts for which a real estate license is required. The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 19-0954/19-08 OFFERING MEMORANDUM TABLE OF CONTENTS 3739 UNDERWOOD DRIVE PAGE 2 SAN JOSE • CALIFORNIA
Section I: INVESTMENT HIGHTLIGHTS
Property Overview and Highlights...... 4-5
Area Map...... 6
Transportation Map...... 7
Local Amenities...... 8
San Jose Employers Map...... 9
Campbell Employers Map...... 10
Area Highlights...... 11-12
Section II: FINANCIAL OVERVIEW
Property Photos - Interiors & Exteriors...... 14-15
Valuation Summary...... 16
Rent Roll ...... 17
Operations Statement...... 18
Property Overview...... 19
Parcel Map...... 20
Aerial View...... 21
Section III: COMPARABLE ANALYSIS
Sales Comparable Properties...... 23-24
Sales Comparable Properties Summary...... 25
Sales Comparable Map...... 26
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM 3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
section one investment highlights
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PROPERTY OVERVIEW AND HIGHLIGHTS 3739 UNDERWOOD DRIVE PAGE 4 SAN JOSE • CALIFORNIA
INVESTMENT HIGHLIGHTS • List Price: $1,988,000
• Unit Mix:
• (1) 2+1 with Washer & Dryer and Patio
• (2) 2+1
• (1) 3+2 Owner’s Unit with Washer & Dryer and Patio
• Newer Dual Paned Windows, Roof and Exterior Paint
• 3 Units Completely Renovated
• Brand New Kitchens & Bathrooms, Can Lighting, LVT Flooring Throughout
• Spacious units – average 840 square feet each
• Detached carports – NO tuck under parking
• Strong in Place Rents with Upside Potential
• GRM (Current / Market): 16.88 / 15.90
• Cap Rate (Current / Market): 3.66% / 4.01%
• Ideal Rental Location
• Moments to San Tomas Expressway, Highway 280, Santana Row
• Convenient to Jobs, Shopping, Parks and Schools
• Incredible 30-year Fixed Interest Rates are Available
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PROPERTY OVERVIEW AND HIGHLIGHTS 3739 UNDERWOOD DRIVE PAGE 5 SAN JOSE • CALIFORNIA
NEWER DUAL PANED WINDOWS 2 UNITS - WASHER & DRYER 2 UNITS - PATIOS 3 UNITS - NEW KITCHENS
3 UNITS - LVT FLOORING DETATCHED CARPORTS 3 UNITS - NEW BATHROOMS 3 UNITS - CAN LIGHTING NO TUCK UNDER
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM AREA MAP 3739 UNDERWOOD DRIVE PAGE 6 SAN JOSE • CALIFORNIA
Area Map
SAN JOSE
CAMPBELL
3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM TRANSPORTATION MAP 3739 UNDERWOOD DRIVE PAGE 7 SAN JOSE • CALIFORNIA
REDWOOD CALTRAIN STATION
ATHERTON SANArea JOSE Map CALTRAIN STATION VTA LIGHT RAIL MENLO PARK AND BUS: CALTRAIN STATION Light Rail gets you quickly and PALO ALTO inexpensively through the city, including CALTRAIN STATION the Alum Rock, Almaden and Santa Teresa areas of San Jose, plus neighboring Mountain View and Campbell. The CALIFORNIA AVENUE CALTRAIN STATION extensive bus routes are easy to navigate throughout all of Silicon Valley.
CALTRAIN: Easy access to San Francisco (including MOUNTAIN VIEW AT&T Park, home of the SF Giants) as well CALTRAIN STATION as access to shopping at the Gilroy Outlets is as easy as hopping on a train. Trains run 237 daily with fares starting at $3 and increase
based on zones traveled in and over what SUNNYVALE period of time. CALTRAIN STATION
SAN ANTONIO CALTRAIN STATION DASH (DOWNTOWN 680 AREA SHUTTLE) Y
SHUTTLE: A SANTA CLARA
Take advantage of the free shuttle which W CALTRAIN STATION
hits key areas of Downtown. Shuttles run S
Monday to Friday, from approximately S E
6:30am to 9:15pm. R
85 LAWRENCE P CALTRAIN STATION X
E 87
S A
M SAN JOSE O
H COLLEGE PARK T
CALTRAIN STATION DIRIDON
N CALTRAIN STATION
A S
VIRGINIA TAMIEN CALTRAIN STATION CALTRAIN STATION
17 CAPITOL CAMPBELL CALTRAIN STATION 3739 UNDERWOOD DRIVE 85 SAN JOSE • CALIFORNIA
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM LOCAL AMENITIES 3739 UNDERWOOD DRIVE PAGE 8 SAN JOSE • CALIFORNIA
CAFES & BARS HOTELS 1 7 LEAVES CAFE 1 ALOFT SAN JOSE CUPERTINO 2 BIJAN BAKERY & CAFE 2 DOUBLETREE BY HILTON HOTEL 3 CLOVER BAKERY & CAFE 3 LARKSPUR LANDING CAMPBELL 4 FOCUS MUSIC KTV & CAFE 4 TOWNEPLACE SUITES MARRIOTT 5 ROSE CAFÉ & DONUTS 6 STARBUCKS PERSONAL CARE & HEALTH 7 SNOWFLAKE DESSERT HOUSE 1 24 HOUR FITNESS 8 YEGANEH BAKERY AND KAFE 2 ATELIER STUDIO 3739 UNDERWOOD DRIVE SAN JOSE 3 BELLO HAIR SALON SAN JOSE • CALIFORNIA 880 RESTAURANTS 4 FIT REPUBLIC 1 AMATO'S 5 FITNESS 19 - CAMPBELL 9 2 BAR BAY GRILL 6 KISSNESSA'S DANCE & FITNESS 13 3 FLAVORS OF INDIA 7 LIMON SALON 7 3 4 LE PAPILLON 8 NANA'S HAIR SALON AND SPA 7 8 10 17 2 6 5 5 MIZU SUSHI BAR & GRILL 9 O'CONNOR HOSPITAL 1 3 2 6 POKE PARADISE 10 RUBAL BEAUTY SALON 5 2 7 6 4 11 7 6 7 ROSIE MCCANN'S IRISH PUB 11 SANTA CLARA VALLEY MEDICAL 4 2 6 5 1 8 SANTOUKA 12 TOTAL WOMAN SAN JOSE 3 10 9 SELAM RESTAURANT AND CAFE 1 280 3 7 10 SGD TOFU HOUSE SHOPPING & SERVICES 8 12 1
11 STONE STEW 1 CVS 8 Y 11 6 12 TOMISUSHI RESTAURANT 2 HOME DEPOT A 8 W 13 VIA MIA PIZZA 3 NOB HILL FOODS S 4 PLAZA SHOPPING CENTER 1 S 4 E 9 5 5 ENTERTAINMENT 5 SAFEWAY R 1 AMC SARATOGA 14 6 SANTANA ROW P X
2 CINELUX PLAZA THEATRE 7 SARATOGA SQUARE 13 E
3 SHOWPLACE ICON VALLEY FAIR 8 STRAWBERRY PARK SHOPPING 1 S 4 A
4 WEST SAN JOSE COMMUNITY 9 TRADER JOE'S M
4 O 12 4 H
5 WINCHESTER MYSTERY HOUSE 10 TRADER JOE'S 11 T 17
11 WALGREENS FINANCIAL 12 WEST PARK PLAZA N A
1 BANK OF AMERICA ATM 13 WESTFIELD VALLEY FAIR S 2 CHASE BANK 14 WESTGATE CENTER 15 3 16 4 3 CITIBANK 15 WESTGATE WEST 9 14 2 3 4 COMERICA BANK 16 WHOLE FOODS MARKET 5 UNION BANK 17 WINCHESTER SHOPPING CENTER 2 1 12 6 WELLS FARGO BANK 10 7 WELLS FARGO BANK CAMPBELL 5 3
85 5
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JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM SAN JOSE EMPLOYERS - PRESENT AND PROJECTED 3739 UNDERWOOD DRIVE PAGE 9 SAN JOSE • CALIFORNIA
EMPLOYEES: EMPLOYEES: 1,750 14,000 EMPLOYEES: 3,000 EMPLOYEES: EMPLOYEES: 1,700 Proposed 1,700 Apple Campus EMPLOYEES: TBD Regional Medical Center County of EMPLOYEES: Santa Clara 1,600 Proposed EMPLOYEES: 17,800 EMPLOYEES: Apple 3,000 Campus EMPLOYEES: TBD EMPLOYEES: 2,000
EMPLOYEES: 6,159
EMPLOYEES: 4,480 APPLE PARK (SPACESHIP) EMPLOYEES: APPROX. EMPLOYEES: 1,950 12,000
Proposed ir A BNB EMPLOYEES: 3,100 Adobe Systems EMPLOYEES: TBD EMPLOYEES: Proposed 2,200 NOKIA Proposed EMPLOYEES: Adobe Office TBD Adjacent Bldg Employees: TBD 3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
EMPLOYEES: 2,320
EMPLOYEES: 2,750
EMPLOYEES: 3,000 EMPLOYEES: EMPLOYEES: 1,950 2,500
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM NEARBY CAMPBELL ECONOMY & TOP EMPLOYERS 3739 UNDERWOOD DRIVE PAGE 10 SAN JOSE • CALIFORNIA
CAMPBELL JOBS & ECONOMY
The economy of Campbell,
California, employs 23k
people. The largest industries in
Campbell are Manufacturing
(3,939 people), Professional,
Scientific, & Technical Services
(3,156 people), and Health
Care & Social Assistance
(2,166 people), and the
highest paying industries CAMPBELL are Information ($106,490), Manufacturing ($104,248),
and Professional, Scientific, & 3739 UNDERWOOD DRIVE Technical Services ($99,701). SAN JOSE • CALIFORNIA
Households in Campbell, CA
have a median annual income
of $108,498, which is more than
the median annual income of
$60,336 across the entire United
States. This is in comparison to a
median income of $103,704 in
2016, which represents a 4.62%
annual growth.
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM AREA HIGHLIGHTS - SAN JOSE 3739 UNDERWOOD DRIVE PAGE 11 SAN JOSE • CALIFORNIA
DOWNTOWN SAN JOSE DOWNTOWN SAN JOSE
Downtown San Jose continues its transformation into a major high- tech and transportation hub. It truly is the “Capital of Silicon Valley”. Tenants at Naglee Mansion benefit from a thriving urban center that appeals to their work, live, play lifestyles.
Since late 2016, Google and its development partner Trammel Crow have spent over $220M in acquiring 22+ acres near Diridon Station. In June 2017, the City of San Jose City Council voted to enter into exclusive GOOGLE CAMPUS RENDERING negotiations with Google to sell 16 City owned cites totaling another 21 FUTURE SITE OF acres. This development would be truly transformative as it could support APPLE 1.2M SF more than 20,000 new employees across the 10 million square feet of CAMPUS new mixed-use, transit-oriented development, becoming Google’s largest worldwide campus. This development alone would double the Downtown San Jose’s office footprint.
OTHER MAJOR OFFICE DEVELOPMENTS
In February of 2018, Apple paid over $61M to acquire 16.3 acres of vacant land just across Highway 101 from Mineta International Airport. This purchase gives Apple ownership of over 85 acres in this vicinity. A 1.2 million square foot campus can be built on the 16.3 acres. ADOBE RAIL YARD PLACE
Adobe Systems plans to break ground in early 2019 on its fourth tower at its Downtown San Jose headquarters. Adobe currently houses 3,500 employees in its three office towers and will add an additional 3,000 employees in the new tower.
Railyard Place, a development by Insight Realty, is located just north of Diridon Station and SAP Center and will consist of 230,000 square feet of Class A office and 476 high end multifamily units.
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM NEARBY AREA HIGHLIGHTS - BAY AREA 3739 UNDERWOOD DRIVE PAGE 12 SAN JOSE • CALIFORNIA
SAN FRANCISCO BAY AREA OVERVIEW
The San Francisco Bay Area consists of nine counties with a total population nearing 7.5 million residents, making it the 5th largest metropolitan area in the United States. Of the nine counties, Santa Clara County is the most populous with nearly 2 million inhabitants. Bay Area citizens enjoy outstanding weather, world-class universities, various cultural amenities, well-paying jobs, etc. The Bay Area economy has a GDP above $500B ranking it as one of the top economies in the world.
BAY AREA HIGHLIGHTS
• 7.5 million residents with the highest percentage of graduate and professional degrees in the nation
• Bay Area economy was ranked 19th largest in the world
• Highest GDP per capita ($74,815) in the United States
• Most Fortune 500 companies in the nation, excluding New York
• Highest density of venture capital firms in the world DOWNTOWN SAN JOSE • Home to outstanding higher education – Stanford University, University of California at Berkeley, Santa Clara University, San Jose State University
SILICON VALLEY MAJOR EMPLOYERS
• Facebook • Apple
• Intuit Inc. • Cisco
• SRI International • Microsoft
• TE Connectivity • Lockheed Martin • Google • LinkedIn
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM 3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
section two financial overview
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PROPERTY PHOTOS - EXTERIORS 3739 UNDERWOOD DRIVE PAGE 14 SAN JOSE • CALIFORNIA
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PROPERTY PHOTOS - INTERIORS 3739 UNDERWOOD DRIVE PAGE 15 SAN JOSE • CALIFORNIA
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM VALUATION SUMMARY 3739 UNDERWOOD DRIVE PAGE 16 SAN JOSE • CALIFORNIA
Details Operations Summary Current Market
Address 3739 Underwood Drive Scheduled Gross Rent $117,312 $124,560 San Jose, CA 95117 Vacancy 3.00% ($3,519) ($3,737) Price $1,988,000
Down Payment $596,400 Effective Gross Rent $113,793 $120,823
Units 4 Other income $480 $480 Price/Unit $497,000 Total Income $114,273 $121,303 Rentable Square Feet 3,358 Operating Expenses $11,757 $11,757 Price/Sq Ft $592
Year Built 1962 Non-Operating Expenses $29,757 $29,757
Land Area (SF) 7,015 Total Expenses $41,514 $41,514 Current Cap Rate 3.66% Net Operating Income $72,759 $79,789 Market Cap Rate 4.01%
Current GRM 16.88 Debt Service ($77,337) ($77,337)
Market GRM 15.90 Net Cash Flow -0.77% ($4,578) 0.41% $2,453
Financing Rent Roll Summary
Loan Amount $1,391,600 Type Units % Current Rent Avg. Market Rent
2+1 1 25% $1,979 $2,295 Interest Rate 3.75% 2+1 1 25% $2,295 $2,295 Amortization 30 2+1 Patio & Washer & Dryer 1 25% $2,352 $2,395
Monthly Payment $6,445 3+2 Patio & Washer & Dryer 1 25% $3,150 $3,395
Details 30 year fixed. Total 4 100% $9,776 $10,380
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM RENT ROLL 3739 UNDERWOOD DRIVE PAGE 17 SAN JOSE • CALIFORNIA
UNIT TYPE Current Rent Market Rent 1 3+2 $3,150 $3,395
2* 2+1 $2,352 $2,395
3 2+1 $1,979 $2,295
4 2+1 $2,295 $2,295
Total 4 $9,776 $10,380
* Current rent is $2,240. Tenant is eligible for 5% rent increase.
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM OPERATIONS 3739 UNDERWOOD DRIVE PAGE 18 SAN JOSE • CALIFORNIA
OPERATIONS STATEMENT CURRENT MARKET Scheduled Gross Rent $117,312 $124,560
Vacancy 3.00% ($3,519) ($3,737)
Effective Gross Rent $113,793 $120,823
Laundry $480 $480
Total Income $114,273 $121,303
Repairs & Maintenance $2,000 $2,000
PG&E $1,184 $1,184
Water $4,651 $4,651
Garbage $2,122 $2,122
Landscaping $1,800 $1,800
Operating Expenses $11,757 $11,757
Real Estate Taxes 1.23060% $24,464 $24,464
Special Assessments $1,899 $1,899
Insurance $3,394 $3,394
Non-Operating Expenses $29,757 $29,757
Total Expenses $41,514 $41,514
% Scheduled Gross Rent 35.39% 33.33%
Expenses/Unit $10,379 $10,379
Expenses/Sq Ft $12.36 $12.36
Net Operating Income $72,759 $79,789
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PROPERTY OVERVIEW 3739 UNDERWOOD DRIVE PAGE 19 SAN JOSE • CALIFORNIA
DETAILS Address 3739 Underwood Drive
San Jose, CA 95117
County Santa Clara
APN 299-32-034
County Use Multi Family
ATTRIBUTES Units 4
Rentable Square Feet 3,358
Average Unit Size (Sq 840 Ft)
Land Area (Sq Ft) 7,015
Year Built 1962
Parking (4) Carports
CONSTRUCTION Foundation Concrete Perimeter
Exterior Walls Stucco
Pitched, Composition Roof Shingle
Patio/Balcony (2) Private
2 units w/ Washer & Laundry Facilities Dryer. Common Laundry w/ (1) Washer & (1) Dryer
Pool/Spa N/A
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PARCEL MAP 3739 UNDERWOOD DRIVE PAGE 20 SAN JOSE • CALIFORNIA
3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM PARCEL MAP 3739 UNDERWOOD DRIVE PAGE 21 SAN JOSE • CALIFORNIA
3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM 3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
section three comparable analyses
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM SALES COMPARABLES 3739 UNDERWOOD DRIVE PAGE 23 SAN JOSE • CALIFORNIA
1 2 3 4 5 94 WINSLOW COURT 1705 WHITWOOD LANE 127 WINSLOW COURT 117 WINSLOW COURT 325 GREENDALE WAY CAMPBELL, CA CAMPBELL, CA CAMPBELL, CA CAMPBELL, CA SAN JOSE, CA
Price $2,075,000 Price $2,250,000 Price $2,200,000 Price $2,250,000 Price $1,945,000 Units 4 Units 4 Units 4 Units 4 Units 4 $/Unit $518,750 $/Unit $562,500 $/Unit $550,000 $/Unit $562,500 $/Unit $486,250 Sq Ft 3,188 Sq Ft 3,300 Sq Ft 3,188 Sq Ft 3,300 Sq Ft 3,654 $/Sq Ft $651 $/Sq Ft $682 $/Sq Ft $690 $/Sq Ft $682 $/Sq Ft $532
(2) 1+1, (2) 1+1, (2) 1+1, (2) 1+1, (2) 1+1, Unit Mix (1) 2+1, Unit Mix Unit Mix (1) 2+1, Unit Mix Unit Mix (1) 2+1, (2) 2+2 (2) 2+2 (1) 3+2 (1) 3+2 (1) 3+2
Cap Rate (Current) 2.55% Cap Rate (Current) 2.29% Cap Rate (Current) 2.47% Cap Rate (Current) 3.47% Cap Rate (Current) 3.72% GRM (Current) 22.76 GRM (Current) 24.20 GRM (Current) 23.26 GRM (Current) 18.58 GRM (Current) 16.88 COE On the Market COE In Escrow COE JUN-19 COE MAY-19 COE JAN-19
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM SALES COMPARABLES 3739 UNDERWOOD DRIVE PAGE 24 SAN JOSE • CALIFORNIA
6 7 8 9 10 3150 IMPALA DRIVE 125-131 W. HAMILTON AVE 3192 LANDESS AVENUE 115-121 W. HAMILTON AVE 1587 MAURICE LANE SAN JOSE, CA CAMPBELL, CA SAN JOSE, CA CAMPBELL, CA SAN JOSE, CA
Price $1,911,000 Price $2,075,000 Price $2,095,000 Price $2,150,000 Price $1,920,000 Units 4 Units 4 Units 4 Units 4 Units 4 $/Unit $477,750 $/Unit $518,750 $/Unit $523,750 $/Unit $537,500 $/Unit $480,000 Sq Ft 3,400 Sq Ft 3,625 Sq Ft 3,756 Sq Ft 3,625 Sq Ft 4,126 $/Sq Ft $562 $/Sq Ft $572 $/Sq Ft $558 $/Sq Ft $593 $/Sq Ft $465
(1) 1+1, (3) 2+1, Unit Mix (4) 2+2 Unit Mix (4) 2+1 Unit Mix Unit Mix (4) 2+1 Unit Mix (2) 2+1.5, (1) 3+2 (1) 2+1
Cap Rate (Current) 3.84% Cap Rate (Current) 3.91% Cap Rate (Current) 3.41% Cap Rate (Current) 3.67% Cap Rate (Current) 2.91% GRM (Current) 16.59 GRM (Current) 16.48 GRM (Current) 18.78 GRM (Current) 16.99 GRM (Current) 22.49 COE SEP-18 COE JUN-18 COE MAY-18 COE MAY-18 COE APR-18
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM SALES COMPARABLES SUMMARY 3739 UNDERWOOD DRIVE PAGE 25 SAN JOSE • CALIFORNIA
PROPERTY PRICE UNITS $/UNIT SQ FT $/SQ FT CAP RATE GRM COE
1 94 Winslow Court Campbell, CA $2,075,000 4 $518,750 3,188 $651 2.55% 22.76 On the Market
2 1705 Whitwood Lane Campbell, CA $2,250,000 4 $562,500 3,300 $682 2.29% 24.20 In Escrow
3 127 Winslow Court Campbell, CA $2,200,000 4 $550,000 3,188 $690 2,47% 23.26 Jun-19
4 117 Winslow Court Campbell, CA $2,250,000 4 $562,500 3,300 $682 3.47% 18.58 May-19
5 325 Greendale Way San Jose, CA $1,945,000 4 $486,250 3,654 $532 3.72% 16.88 Jan-19
6 3150 Impala Drive San Jose, CA $1,911,000 4 $477,750 3,400 $562 3.84% 16.59 Sep-18
7 125-131 W. Hamilton Avenue Campbell, CA $2,075,000 4 $518,750 3,625 $572 3.91% 16.48 Jun-18
8 3192 Landess Avenue San Jose, CA $2,095,000 4 $523,750 3,756 $558 3.41% 18.78 May-18
9 115-121 W. Hamilton Avenue Campbell, CA $2,150,000 4 $537,500 3,625 $593 3.67% 16.99 May-18
10 1587 Maurice Lane San Jose, CA $1,920,000 4 $480,000 4,126 $465 2.91% 22.49 Apr-18
19-0954/19-08
JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM OFFERING MEMORANDUM SALES COMPARABLES MAP 3739 UNDERWOOD DRIVE PAGE 26 SAN JOSE • CALIFORNIA
5
1 6 94 WINSLOW COURT 3150 IMPALA DRIVE CAMPBELL, CA SAN JOSE, CA
2 7 1705 WHITWOOD LANE 125-131 W. HAMILTON AVE CAMPBELL, CA CAMPBELL, CA
3739 UNDERWOOD DRIVE SAN JOSE • CALIFORNIA
3 8 127 WINSLOW COURT 3192 LANDESS AVENUE 6 CAMPBELL, CA SAN JOSE, CA 7 10 9
4 9 117 WINSLOW COURT 115-121 W. HAMILTON AVE CAMPBELL, CA CAMPBELL, CA 1 4 2 3
5 10 325 GREENDALE WAY 1587 MAURICE LANE SAN JOSE, CA SAN JOSE, CA
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JUSTIN BRIAN BAUTISTA HENRY 650.996.9384 650.823.1220 j u s t i n . b a u t i s t a @ N GKF.COM b r i a n . h e n r y @ N GKF.COM