ExSum Willow Pass bay Point.xlsx

53 Manor Drive Bay Point, CA 94565
Address:
Listing Information
Property listing Information
List Price $
2,100,000
Suggested Offer Price
NOI $
137,596
Down payment
Listed CAP
6.55%
CAM/sf/mo. $
11,976
Lot size (sq.ft.)
40,228
# of tenants
Year built
2004
Parking
Plenty
$ 1,000,000
loan fees
1.0%
$
10,000
Closing fees
0.5%
$
10,000
$
2,020,000
Total purchase price
7
2,000,000
$ 1,000,000
Loan Amount
0.54
Building size (sq.ft.)
$
50%
Rent Roll
Description
About the property:
The subject property known as Willow Pass Manor is a single story commercial building located at the signalized corner of Willow Pass Road and Manor Drive, in the city of Bay Point, California. Bay Point, formally known as West Pittsburg is a suburb of Contra Costa County with a reported population of 21,350.
The Pittsburg‐Bay Point terminal of the Bay Area Rapid Transit (BART) is approximately .55 miles from the subject property and is located at the Bailey Road exit from Highway 4. Newly constructed in 1982, the current owners have recently installed a new roof. The current tenant mix provides services to the neighboring community with one space available for lease with excellent street exposure that may appeal to an owner/user. The property is priced at $2,100,000 which equates to $175.35 per square feet on the improvements with a 7.27 percent CAP rate using a 5 percent vacancy factor and $.10 per square feet reserves. Area demographics are attractive with population of 52,594 within a three mile radius and Average Household Income of $74,772 within the same radius. With aggressive leasing efforts, a buyer can work to raise the existing rents averaging $1.50 square feet gross, thereby
increasing the property cash flow.
Sq.ft
Lease
expires
rent/sf/mo
2,300
$
1.50
-
$
3,450
$
Golden State Water Co.
1,344
$
1.52
7/1/2019
$
2,043
$
24,515
817
$
1.56
M to M
$
1,275
$
15,294
Big Boots Western Wear
1,237
$
1.45
9/30/2015
$
1,794
$
21,524
El Guamuchilito
2,910
$
1.36
12/31/2016
$
3,958
$
47,491
Panaderia Bakery
1,280
$
1.80
M to M
$
2,304
$
27,648
9,353
Fantastic Hair Cuts
41,400
Alfa Appliances
595
$
1.31
M to M
$
779
$
Services Hispanos
643
$
1.25
M to M
$
804
$
9,645
Milton's Insurance Agenc
850
$
1.85
M to M
$
1,573
$
18,870
$
17,978
$
215,740
$
-
$
$
17,978
$
215,740
$
17,978
$
$
215,740
Total Base rent
Less Vacancy
11,976
0%
GRI
CAM collection
Gross rent & CAM
$
Expenses
-
Monthly
-
Yearly
Insurance
$
300
$
3,600
Water/Trash/Sewer
$
1,600
$
19,200
Management
$
1,079
$
12,944
Electricity & Gas (common areas)
6.0%
$
200
$
2,400
Landscaping/cleaning/Janitorial
$
250
$
3,000
Maintenance/repairs/Elevator
Prop. tax (% of purchase price)
$
$
1,000
2,083
$
$
12,000
25,000
$
6,512
$
78,144
$
11,466
$
137,596
$5,846
$
70,151
5,620
$
67,445
1.25%
Total Operating expenses
* Expense PSF/month
GRM 9.27
Rent &
CAM/Yr
Vacant (ProForma)
Investment Analysis
$
0.54
Net operating income (NOI)
Calculated CAP rate 6.88%
Rent &
CAM/mo
CAM/mo*
Debt Servicing (loan information)
Cash on Cash 6.74%
Loan Amount
Debt service ratio 1.96
Interest rate
Price / sq.ft. $
avg Rent / sq.ft. / mo $
167
1.50
Amortization years
Principle & Interest
Expenses/sq.ft/year $
0.54
Net Cash Flow
$ 1,000,000
5.00%
25
$