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Newer Construction Built in 2012 with State-Of-The-Art FULTON VILLAGE 1759 Fulton Street, Fresno, CA 93721 Listings.Mogharebi.com/FultonVillage Exclusive Multifamily Offering Property Description Pro Forma Income & Expenses RESIDENTIAL APARTMENT UNIT MIX & RENT SCHEDULE 48 Asking Rent UNITS Asking Rent Asking Rent Monthly Estimated Current Pro Forma Pro Forma Pro Forma RENTABLE SF - Units Floor Plan Square Feet Asking Rent (Current) (Year-1) (Year-1) 51,388 RESIDENTIAL 8 0 / 1 464 $850 $6,800 $880 $7,040 7 1 / 1 704 $995 $6,965 $1,020 $7,140 856 $1,225 RETAIL UNITS 3 1 1 / 1 Balcony $1,225 $1,260 $1,260 1 1 / 1 Balcony 908 $1,275 $1,275 $1,310 $1,310 30 2 / 1.5 Townhome 1,314 $1,475 $44,250 $1,520 $45,600 RENTABLE SF - 1,615 1 2 / 2 Live / Work 1,564 $1,700 $1,700 $1,750 $1,750 RETAIL 48 51,388 $62,215 $64,100 RENTABLE SF - RETAIL MIX & RENT SCHEDULE 53,003 Total Asking Rent COMBINED Current Current Asking Rent Monthly Estimated In-Place In-Place Pro Forma Pro Forma Units Floor Plan Square Feet Rent Rent (Year-1) (Year-1) YEAR BUILT 2012 1 Retail 1 495 $735 $735 $760 $760 1 Retail 2 548 $825 $825 $850 $850 APN 466-192-17 1 Retail 3 572 $825 $825 $850 $850 3 1,615 $2,385 $2,460 LOT SIZE 1.19 acres Current TMG Historic Rent Pro Forma Pro Forma (T12 Apr 2017) (Sep 2017) (Year-1) INCOME DENSITY 42.9 units per acre Scheduled Gross Rent $737,060 $746,580 $769,200 Loss-to-Lease 5.3% ($38,855) 5.9% ($44,400) 0.0% $0 PARKING Asphalt Vacancy 8.1% ($59,518) 2.1% ($15,554) 3.0% ($23,076) Bad Debt / Concessions 0.4% ($3,044) 0.4% ($3,083) 0.4% ($3,176) Effective Rental Income $635,644 $683,543 $742,948 50 total spaces (36 SPACES garages, 13 open, & 1 Retail Rent $28,620 $28,620 $29,520 handicap) Other Revenue Collected $28,586 $30,810 $38,152 Total Other Revenue $57,206 $59,430 $67,672 BUILDINGS 16 Residential Effective Gross Income (EGI) $692,850 $742,974 $810,620 Total Expenses $249,405 $273,758 $276,277 STORIES Three Per Unit: $5,196 $5,703 $5,756 Per Square Foot: $4.85 $5.33 $5.38 Percent of EGI: 36.00% 36.85% 34.08% FOUNDATION Slab-on Concrete Net Operating Income (NOI) $443,445 $469,216 $534,343 PRICING Price $ / Unit $ / SF Current Cap Pro Forma Cap FRAMING Wood Listing Price $8,995,000 $187,396 $175 5.22% 5.94% Debt Service ($380,461) ($380,461) Projected Net Cash Flow $88,755 $153,882 EXTERIOR Stucco Cash-on-Cash Return 3.86% 6.69% DSCR-Debt Service Coverage Ratio 123.33% 140.45% 51 Units | Built: 2012 | $8,995,000 Flat Metal EXISTING LOAN Loan Original Amt Est Current Bal Interest Rate Payment Maturity Balance ROOF Existing Loan $800,000 $800,000 1.00% ($3,015) 1/0/1900 12/1/2016 with Solar Panels 1759 Fulton Street, Fresno, CA 93721 PROPOSED 1ST TD Loan Amount LTV Interest Rate Payment Maturity LISTINGS.MOGHAREBI.COM/FULTONVILLAGE ELECTRICITY Tenant - Indv. Metered New Loan Estimate $5,895,000 74% 4.16% ($28,690) 1/0/1900 DEBT SUMMARY Scenario Loan Amt Down Payment Rate LTV Mo. Payment Debt Constant Existing Loan plus Proposed 1st TD $6,695,000 $2,300,000 3.78% 74% ($31,705) 5.68% GAS Tenant - Indv. Metered INCOME AND EXPENSE NOTES 1. Actual Scheduled Rents are derived from the Rent Roll dated September 01, 2017. WATER RUBS - Master Metered 2. Expenses are annualized based on a 12-Month Statement from May 2016 to April 2017. NEWER CONSTRUCTION BUILT IN 2012 3. Property Tax is based on the sale price and an ad valorem tax rate of 1.22978% with no direct assessments. 4. Employee Housing is included in Payroll and is based on the rent roll and adjusted to the current market rent. SEWER RUBS - Master Metered 5. Current Asking Rent is based on a September 01, 2017 rent survey. WITH STATE-OF-THE-ART AMENITIES 6. The projected vacancy allowance includes rollover and potential rent loss. 7. Current In-Place (Sept 2017) - reflects asking rent and September 2017 in-place economic loss, Apr 2017 T6 other income, and Apr 2017 T12 operating expenses that are adjusted for property taxes. TRASH RUBS - Master Metered 8. TMG Pro Forma (Year-1) - reflects asking rents adjusted upward by 3.00%, recapture of loss-to-lease, market occupancy, and adjusted expenses. 9. Retail income has been removed from scheduled gross rent and re-allocated to other income. • Washer / Dryer Hookups • Assumable 1% Loan 10. Bad Debt expense item is an accrual account that has been excluded from analysis. HVAC Centralized (1/Unit) 11. Fulton Village is encumbered by an RDA Loan Owner Participation Agreement agreement that restricts 13 units to an average of 120% AMI for a • Gated Entrances • Major Employment Nearby IMPORTANT INFORMATION & DISCLAIMER: This information has been secured from sources we believe to be reliable, but we • Located in Fresno Urban Core • High Walkability Score WATER HEATER Tankless (1/Unit) make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Income and Expenses are estimates. Buyer must verify the information and bears all risk for any inaccuracies. FIRE Smoke Detector / PROTECTION Sprinkler System ROBIN C. KANE GORDON J. LARKIN BRENDAN KANE ROBIN C. KANE GORDON J. LARKIN BRENDAN KANE Senior Vice President Senior Investment Advisor Senior Investment Advisor Senior Vice President Senior Investment Advisor Senior Investment Advisor PLUMBING Copper 559.761.0020 559.761.0015 559.892.0036 559.761.0020 559.761.0015 559.892.0036 [email protected] [email protected] [email protected] CA BRE #00583537 CA BRE #00305847 CA BRE License #00627647 [email protected] [email protected] [email protected] CA BRE #00583537 CA BRE #00305847 CA BRE License #00627647 Listings.Mogharebi.com/FultonVillage a Mogharebi-Ozen Company FULTON VILLAGE 1759 Fulton Street, Fresno, CA 93721 Listings.Mogharebi.com/FultonVillage Investment Opportunity EMPLOYERS EMPLOYEES Unit Amenities The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for the sale of Fulton Village, a 51-unit Fresno Unified School District 11,162 » EcoSmart Central Ductless Air mixed-use community that comprises 48-residential units and 3 retail units located in Fresno, California. This property provides the right investor County of Fresno 6,400 Conditioning and Heating an opportunity to acquire an asset in one of the nation’s hottest submarkets. » Ceiling Fans Internal Revenue Service 5,600 » Washer / Dryer Hookups Community Regional Medical Center 4,789 » Sprinkler System » Individual Tankless Hot Water City of Fresno 3,321 Heaters Saint Agnes Medical Center 2,812 » Wood Plank Flooring » Granite Countertops California State University, Fresno 2,310 Newer Construction Cutting Edge Design Washer / Dryer Gated » Full “Energy Efficient” Stainless- Kaiser Permanente Medical Center 2,300 Steel Appliance Package with Built in 2012 with State-Of-The- Hookups Entrances Refrigerator, Dishwasher, Electric State Center Community College District 1,630 Art Amenities Stove with Dual Door Oven and Alorica, Inc. 1,300 Microhood » Cable-Ready Location Description Home to an estimated 549,700 residents, the city of Fresno is located in San Joaquin Valley, and is the fifth- Common Area Amenities largest city in the state of California, as well as the seat of Fresno County. Fresno is the financial, industrial, » Flat Metal Roof with Solar Panels Located in Assumable 1% Loan Major Employment High Walkability » Community Courtyard ($800K Loan Will Subordinate trade, and commercial capital of Central California. Located between the San Francisco Bay Area and Los Fast-Growing to New Senior Debt) Centers Nearby Score Angeles, Fresno provides rapid access to West Coast markets via two major freeways: Interstate 5 and » Urban Architecture Fresno Urban Core Highway 99. » Gated, Pet-Friendly Community » Attached One- or Two-Car Garages » Private Patio or Balocny Fresno will benefit from a planned $69 billion high-speed rail line running 520-miles from Northern to Southern » Professional Management On-Site 24/7 California, through the Central Valley. The first phase, connecting the Central Valley to northern Los Angeles » Emergency Maintenance 24/7 County, could be completed by 2022. The project is expected to support 160,000 jobs during construction, along with 450,000 permanent positions created due to the economic growth spurred by the system. Some of the numerous nearby attractions include: Fresno Chaffee Zoo, Chukchansi Park (home of the Fresno Grizzlies baseball and Fuego soccer teams), Fresno Convention Center, Rainbow Ballroom, Selland Arena (home of the Fresno Monsters hockey and Coyotes arena football teams), Club One Casino, Ernest Valdez Hall, Warnors Theater of Performing Arts, Saroyan Theater, and Fulton 55. Major nearby shopping centers include: Fulton Mall, Manchester Center, Fig Garden Village, River Park, Burlington Plaza, Arbor-Broadway Faire and Sierra Vista Mall. Listings.Mogharebi.com/FultonVillage Listings.Mogharebi.com/FultonVillage FULTON VILLAGE 1759 Fulton Street, Fresno, CA 93721 Listings.Mogharebi.com/FultonVillage Investment Opportunity EMPLOYERS EMPLOYEES Unit Amenities The Mogharebi Group is pleased to announce that it has been retained as the exclusive listing agent for the sale of Fulton Village, a 51-unit Fresno Unified School District 11,162 » EcoSmart Central Ductless Air mixed-use community that comprises 48-residential units and 3 retail units located in Fresno, California. This property provides the right investor County of Fresno 6,400 Conditioning and Heating an opportunity to acquire an asset in one of the nation’s hottest submarkets.
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