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843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
Pershing Ave
Property Overview
INVESTMENT HIGHLIGHTS
• 100% occupied
• Very clean and well-maintained
• Excellent upside potential in rents
• Highly Desirable Neighborhood
• Perfect Investment for out of area owner
• Low maintenance landscaping
• Convenient access to Restaurants and Shops
• All units are separately metered for utilities
PROPERTY DESCRIPTION
Clean, well-maintained property that shows pride of
ownership. Renters love this highly desirable area. This
two story stucco apartment building on a corner lot has
16 one bedroom units, strong management, and a very
low vacancy rate. Rents are extremely below market.
Tranquil courtyard at the ground level, and the laundry
room is on the 2nd floor. Fantastic property for an owner
looking for pride of ownership. One gas & water meter,
owner pays water, trash and sewer.
Across from very popular neighborhood shopping strip,
and 3 blocks from Dameron Hospital. Minutes to
Interstate 5 for commuters.
843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
Property Overview
Section 1
ADDRESS 843 N Yosemite Street, Stockton, CA
COUNTY San Joaquin County
APN #
YEAR BUILT 1971
RENTABLE SF 8,209
LAND AREA (ACRES) 0.23
LAND AREA (SF) 10,100
TOTAL UNITS 16
STORIES 2
CONSTRUCTION TYPE WoodFrame
SIDING MATERIAL
FOUNDATION Cement Slab
ROOF TYPE Flat
HVAC Wall-mounted Units
LAUNDRY Facility on Site
PROPERTY SUMMARY
Stucco/wood shingle
BUILDINGS 1
135-411-05
843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
FINANCIAL ANALYSIS
Financial Overview
Estimated Income
Scheduled Base Rent $119,880
Laundry Income ($200/month) $2,400
Less: Vacancy Factor 3.0% $2,397
Scheduled Gross Income $119,882
Estimated Operating Expenses
New Property Taxes (1.2717%) $16,684
Direct Assessments $184.46
Insurance $3,900
Repairs and Maintenance ($200/Unit) $3,200
Water ($210/month) $2,520
Sewer ($550/month) $6,600
Garbage ($170/month) $2,040
PG&E ($650/month) $7,800
Turnover Cost ($200/unit) $3,200
Landscaping ($200/month) $2,400
Pest Control ($75/month) $900
On-Site Management ($400/month) $4,800
Off-Site Management (5% of SGI) $5,994
Estimated Total Expenses $60,223
50%
Estimated Net Operating Income $59,659
INCOME / OPERATING EXPENSES
Section 2
ACTUAL RENT ROLL / MARKET RENTS
UNITSUNIT
TYPEAPPROX SQ FT
MONTHLY
RENT/UNITMARKET RENTS
7 1BD/1BA 515 $625 $800
3 1BD/1BA 515 $600 $800
3 1BD/1BA 515 $620 $800
1 1BD/1BA 515 $650 $800
1 1BD/1BA 515 $630 $800
1 1BD/1BA 515 $675 $800
16 Monthly Gross Rent: $9,990 $12,800
• A recent rent survey shows that in place rents are extremely below market. The next
investor can increase rents without any capital expenditure to $800 for each unit. This is
a conservative estimate based on asking rents for comparable 1 bedroom / 1 bathroom
apartments in the area. (see Comparable Analysis)
• Increasing rents would bring CAP Rate to 6.94% and GRM to 8.54 on current asking
price.
Asking Price $1,312,000
Current
CAP Rate4.55%
Price Per Unit $82,000
GRM 10.94
ACTUAL
Asking Price $1,312,000
Proforma
CAP Rate6.94%
Price Per Unit $82,000
GRM 8.54
PROFORMA / MARKET RENTS
843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
2
126 E Vine St, Stockton, CA
RENT COMPARABLES
419 W Flora St, Stockton, CA
1
344 W Poplar St, Stockton, CA
3
Asking Rent $900
Unit Type 1 BD/1 BA
Notes: Unrenovated unit, vinyl
flooring in living room.
Asking Rent $750
Unit Type 1 BD/1 BA
Notes: Unrenovated unit
turned with new carpet, paint,
W/D hookup.
4
324 E Magnolia St, Stockton, CA
1030 N. San Joaquin Street, Stockton, CA 95202 • 10 Unit Apartment Complex
Comparable Analysis
Asking Rent $900
Unit Type 1 BD/1 BA
Notes: gas stove, fridge, ceiling
fans, wall heater, back patio
area and separate front
entrance.
Asking Rent $925
Unit Type 1 BD/1 BA
Notes: Completely renovated
property inside and out.
843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
1030 N. San Joaquin Street, Stockton, CA 95202 • 10 Unit Apartment Complex
RENT COMPARABLES
1
Comparable Analysis
$-
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
$900.00
$1,000.00
Subject 1 2 3 4
Asking Rent
843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
LOCATION OVERVIEW
1030 N. San Joaquin Street, Stockton, CA 95202 • 10 Unit Apartment Complex
Location Overview
843 N Yosemite Street, Stockton, CA • 16-Unit Apartment Complex
Downtown StocktonHistorically, Downtown Stockton began with a mix of thriving commercial ventures and colorful characters.Today, Downtown Stockton is a vibrant waterfront community with endless opportunities and amenities. TheDowntown is captivated with world-class art and entertainment, renovated historical buildings, museums,theaters, restaurants and attractions.
Stockton Ball ParkThe Stockton Ball Park is home to the Stockton Ports, a minor league baseball team that is an affiliate of theOakland Athletics. The ballpark features 5,200 fixed seats in addition to other seating facilities and amenities.
The WaterfrontWith the remarkable transformation of Stockton’s Downtown Waterfront Community, this historic area boasts thedeep water Stockton Channel, a thriving port that transports goods from the heart of Stockton to the PacificOcean. Beautiful Residential communities, hotels and resorts line the river banks.
San Joaquin County is located in the Central Valley of California, just east of the San Francisco Bay Area. As of the2010 census, the population was 685,306. The county seat is Stockton. The Central Valley is one of the world’smost productive agricultural regions. More than 230 crops are grown there. On less than 1 percent of the totalfarmland in the United State, the Central Valley produces 8 percent of the nation’s agricultural output by value: 17billion USD in 2002. Its agricultural productivity relies on irrigation from both surface water diversions andgroundwater pumping from wells. About on-sixth of the irrigated land in the U.S. is in the Central Valley.
Virtually all non-tropical crops are grown in the Central Valley, which is the primary source for a number of foodproducts throughout the United States, including tomatoes, almonds, grapes, cotton, apricots, and asparagus.There are 6,000 almond growers that produce more than 600 million pounds a year, about 70 percent of the world’ssupply.
Early farming was concentrated close to the Sacramento-San Joaquin Delta, where the water table was high yearround and water transport more readily available, but subsequent irrigation projects have brought many more partsof the valley into productive use. For example, the Central Valley Project was formed in 1935 to redistribute andstore water for agricultural and municipal purposes with dams and canals. The even larger California State WaterProject was formed in the 1950s and construction continued throughout the following decade.
The City of Stockton
San Joaquin County, California
Section 2
SITE
The Bay Area
Even though Stockton is not technically considered part of the Bay
Area, many of its residents commute to the Bay Area for jobs and
therefore is directly influenced by the Bay Area’s economic health.
The San Francisco Bay Area, commonly known as the Bay Area, is a
metropolitan region that encompasses metropolitan areas such as
San Francisco-Oakland (12th largest in the country). San Jose (31st
largest in the country), and smaller urban and rural areas. The
United States Census Bureau defines the Bay Area as a Combined
Statistical Area (CSA) with approximately 7.4 million people,
including the nine counties bordering San Francisco Bay (Alameda,
Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara,
Solano, and Sonoma) as well as Santa Cruz and San Benito
Counties, making it the fifth largest CSA in the United States. The
combined urban area of San Jose and San Francisco is the 43rd
largest urban area in the world.
The Bay Area is anchored by three major cities. San Francisco is the
cultural and financial center of the metropolitan area and Northern
California in general. It is the second-most densely populated major
city (population greater than 200,000) in the United States. The
largest city in the Bay Area in terms of both land and population is
San Jose, which is located in the South Bay and is part of the world
renowned technology hub known as Silicon Valley. Oakland, the
third most populous city, is a central hub for the East Bay, is a major
industrial center, and contains the Port of Oakland, the fifth busiest
container port in the United States. The region’s northern counties
encompass California’s famous Wine Country, home to hundreds of
vineyards and wineries while the region’s Pacific Ocean coastline
hosts numerous beaches.
The San Francisco Bay Area has the 2nd most Fortune 500
Companies in the United States, and is known for its natural beauty,
liberal politics, entrepreneurship, and diversity. With excellent
colleges in proximity, the area ranks second in highest density of
college graduates, and performs above the state median household
income in the 2010 census. Based on a 2013 population report from
the California Department of Finance, the Bay Area is the only region
in California where the rate of people migrating in from other areas
in the United States is greater than the rate of those leaving the
region. Additionally, In 2011, the San Francisco Bay Area had a GDP
of $535 billion, which would rank 19th among countries.