1601 Santa Clara St,Santa Clara, CA 95050 ; Multifamily Property For Sale ; A-1 in Santa Clara county

1601 Santa Clara St,Santa Clara, CA 95050 ; Multifamily Property For Sale ; A-1 in Santa Clara county


601 Santa Clara St,Santa Clara, CA 95050 ; Multifamily Property For Sale ; A-1 in Santa Clara county

investment information

For Sale Price: $10,750,000 Avg Asking Rent: $1,944.00 ($2.50/sf) Sale Status: Active

Price/Unit: $298,611 Avg Effective Rent: – Days on Market: 87

Cap Rate: 4.18% Avg Concessions: –

GRM: 13.22

Sale Conditions: –

Parcel No: 269-25-094

Attachment: Marketing Brochure/Flyer

investment notes

The Lincoln Park Apartments is an a?? rac?? ve 2-story apartment

building with Stucco exterior over a single level parking garage.

This premier property is comprised of 36 units and is situated in

a highly desirable Santa Clara neighborhood. The main building

at 1601 Santa Clara Street consists of 30 units and the second

building located at 750 Lincoln Street consists of 6 two bedroom

townhouse style units.

income expense data

FY 2014
Income Gross Scheduled Income $809,448
+ Other Income $33,825
– Vacancy Allowance ($26,307)
Effective Gross Income $816,966
Expenses – Taxes $123,896
– Operating Expenses $244,172
Total Expenses $368,068
Net Income Net Operating Income $448,898
– Debt Service
– Capital Expenditure
Cash Flow $448,898
listing broker
Newmark Cornish & Carey Search Google for "Newmark Cornish & Carey"
245 Lytton Ave
Suite 150
Palo Alto, CA 94301
(650) 322-2600
Keith Suddjian 
Apartment Broker
(650) 688-8514 phone
(650) 321-0719 fax
building information
Type:
Apartments
# of Units: 36 Const Type: Wood Frame
Style: Low-Rise Building Size: 26,267 SF Elevators: 1
Building Status: Built 1986 Avg Unit Size: 776 SF Land Area: 1 AC
Star Rating: Stories: 2 Zoning: R3
Class: C # of Bldgs: 2 Owner Type: Developer/Owner-RGNL
Rent Type: Market Unit Vacancy: Avg Asking Rent: $1,944.00 ($2.50/sf)
Affordable Subtype: Units Vacant: Avg Effective Rent:
Affordable Units: Net Absorp (12 mos): 0 Units Avg Concessions:
Market Segment: All Stabilized Building: Yes
Condo/Co-Op: Date Stabilized: Jul 1987
Expenses: 2014 Tax @ $3441.56/Unit; 2014 Ops @ $6782.56/Unit
Parking: 36 free Covered Spaces are available; 31 free Surface Spaces are available; Ratio of 2.28/1,000 SF; 1.86/Unit
For Sale Info: For sale at $10,750,000 ($298,611/Unit) – Active
Attachment: Marketing Brochure/Flyer
Web Site: www.wres.com/multi-family/lincoln-park/#.VDKerdJARkw
unit mix
Units Asking Rent Effective Rent Concessions
Bed/Bath # % Avg SF Vacant Min/Unit Max/Unit Min/SF Max/SF Min/Unit Max/Unit Min/SF Max/SF %
Studio/1.0 8 22.2 473 $1,718 $1,718 $3.63 $3.63
1/1.0 14 38.9 746 $1,958 $1,958 $2.62 $2.62
2/1.0 6 16.7 899 $2,208 $2,208 $2.46 $2.46
2/1.5 3 8.3 972 $2,528 $2,528 $2.60 $2.60
2/2.0 2 5.6 1,062 $2,348 $2,348 $2.21 $2.21
2/2.0 3 8.3 1,100 $1,100 $1,100 $1.00 $1.00
Last updated November 2014
location information
Metro Market: South Bay/San Jose
Submarket: Santa Clara MF/Outer Santa Clara MF
County: Santa Clara
building notes
There are two buildings on one parcel. The first building, 1601 Santa Clara, consists of 30 units with 8 of those units being studios. The second building, 750 Lincoln, consists of 6 townhouses.

The complex has a 20 year old roof, with balconies, separate electric meters, wall heaters, one storage locker per unit, as well as one assigned parking spot per unit as well as open spaces totaling 72 parking spaces.

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sales summary
Previous Sales: Sold for $5,750,000 ($218.91/SF; $159,722/Unit) on 8/31/2007
Sold on 11/8/2012
sale contacts
Recorded Buyer: G.W. Williams Co
True Buyer: GW Williams Co.
Tom Door  
3190 Clearview Way, Suite 200
San Mateo, CA 94402
(650) 372-9711
Buyer Type: Developer/Owner-RGNL
Recorded Seller: Santa Clara Lincoln Apts Llc
True Seller: Newmark Cornish & Carey
Richard Spieker
245 Lytton Ave, Suite 150
Palo Alto, CA 94301
(650) 322-2600
Seller Type: Developer/Owner-NTL
Buyer Broker: Listing Broker:
transaction details
Supporting Docs: DeedPDF file(44K)
Sale Date: 11/8/2012 Sale Type: Investment
Escrow Length: Bldg Type: Multi-Family – Apartments
Sale Price: Year Built/Age: Built 1986  Age: 26
Asking Price: Building Size: 26,267 SF
Price/SF: Land Area: 1 AC (43,560 SF)
Price/AC Land Gross:
Unit Vacancy:
GRM:
Actual Cap Rate:
Sale Conditions:
Percent Improved: 47.6%
Total Value Assessed: $5,865,681 in 2011
Improved Value Assessed: $2,789,947
Land Value Assessed: $3,075,734
Land Assessed/AC: $3,075,734
income expense data
FY 2012
Income Gross Scheduled Income
+ Other Income
– Vacancy Allowance
Effective Gross Income
Expenses – Taxes $70,271
– Operating Expenses
Total Expenses $70,271
Net Income Net Operating Income
– Debt Service
– Capital Expenditure
Cash Flow
research & sources
CoStar Research: Lina Collier    
(888) 503-7212 phone
(800) 934-0190 fax
Last Updated: 11/30/2012

Publication Date: 11/21/2012