casa del rey courtyard del rey...casa del rey (16 units), was built in 1915 and is a classic...

O F F E R I N G M E M O R A N D U M

1617 I STREET / 826 17TH STREET, SACRAMENTO, CA

Casa Del Rey&

Courtyard Del Rey

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should

not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to

prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus

& Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the

property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the

physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The

information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information

contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the

information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not

intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing

of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

S P E C I A L C O V I D - 1 9 N O T I C EAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given

the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective

purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals

cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and

accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility

created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

ACTIVITY ID ZAB0030215 and ZAB0030216

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y .P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

EXCLUSIVELY L ISTED BY

Tony DeLoneySenior Vice President Investments

National Multi Housing GroupOffice: 916.724.1363Cell: 916.833.8346

[email protected]: CA 01920427

David DeLoneySenior Associate



Casa Del Rey&

Courtyard Del Rey

S ec tion 1 S ec t ion 2 S ec t ion 3

S ec t ion 4 S ec t ion 5

TABLE OF CONTENTS

EXECUTIVESUMMARY

PAGES 1-5

PROPERTYDESCRIPTION

PAGES 7-17

FINANCIALANALYSIS

PAGES 19-23

COMPETITIVEPROPERTY SET

PAGES 25-37

MARKETOVERVIEW

PAGES 39-43

1617 I STREET / 826 17TH STREET, SACRAMENTO, CA 95811 / 95814

Casa Del Rey&

Courtyard Del Rey

S ec tion 1

EXECUTIVESUMMARY

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. All rights reserved.ACTIVITY ID: ZAB0030215 and ZAB0030216

Casa Del Rey&

Courtyard Del Rey

UNIT MIX *

# OF UNIT S UNIT T YPE APPROX. SQUARE FEET

16 CASA One Bedroom / One Bathroom 595 8 CY One Bedroom / One Bathroom 525 4 CY One Bedroom / One Bathroom Large 600 1 CY One Bedroom / One Bathroom Small 500

*Living square footages enhanced by large interior hallways and spacious common area amenities, providing residents a sense of communal privacy.

OFFERING SUMMARY1 6 1 7 I S T R E E T / 8 2 6 1 7 T H S T R E E T, S A C R A M E N T O , C A

Price $7,250,000

Number of Units 29

Rentable Square Feet 16,620

Number of Buildings Three

Number of Stories Four

Year Built 1915 / 1922

Current Physical Occupancy 97%

Average Monthly Rent Per Unit $1,346.00

Asset/Location Class A

Asset Type Multi-Family

PROPERT Y DETAILS

Casa Del Rey&

Courtyard Del Rey

PROPERT Y TOURS

Prospective buyers are encouraged to tour Casa Del Rey and Courtyard

Del Rey with a listing agent prior to submitting an offer. Please contact the

listing agents to schedule a site visit.

Proposed Financing

Loan Amount $17,250,000

Down Payment $5,750,000

Loan to Value 75%

Interest Rate 4.15%

Amortization Period 30 Years

Years of Interest Only 0 Years

Annual Loan Constant 5.83%

Loan Term 5 Years

Debt Service Coverage - Year 1 1.32

Debt Service Coverage - Year 2 1.36

SUMMARY OF TERMS

Marcus & Millichap is pleased to present Casa Del Rey & Courtyard Del Rey, two charming turn of the century apartments communities located in Sacramento’s highly desirable Boulevard Park neighborhood. The two adjacent buildings exclusively consist of One-Bedroom / One-Bathroom units, which is an attractive unit mix for Midtown’s renter community as urban apartment dwellers demand smaller, more affordable living spaces.

Although on separate parcels and quite different architecturally, Casa Del Rey & Courtyard have been owned and operated together for the past 20 years as current ownership realized the functional benefits of operating the properties together. Courtyard (13 units), was built in 1922 and features highly coveted Spanish Revival architecture with rounded arch entry ways, transom windows, and Spanish Clay Barrel tile roofing. Casa Del Rey (16 units), was built in 1915 and is a classic four-story elevator-serviced Italian Renaissance apartment building. The building contains an unfinished large basement and a potential roof top patio area, which provides the next savvy investor an opportunity to follow a value-add model of creating common area amenities in urban cores, proven out by comps in the area. In recent years, investors have flocked to the Downtown/Midtown Sacramento area to modernize and restore the charm of early 20th century gems such as Casa Del Rey & Courtyard. Both properties, although in exceptionally good physical condition currently, provide the new investor an opportunity to create the next modern, yet classic urban Sacramento oasis.

The properties are specifically located in the “Boulevard Park” neighborhood of Midtown, one of Sacramento’s most affluent and desirable places to live. Boulevard Park boasts a median household value of over $500,000, which ranks 68-percent higher than the rest of Sacramento. Developers have taken note and Boulevard Park is now home to numerous new housing and commercial projects, most notably the recent completion H16 Apartments (90 units) and the construction of Elements of Mansion Inn (190 units), both one block north from Casa Del Rey & Courtyard.

Residents want and will continue to live at Casa Del Rey & Courtyard Del Rey because of the properties’ proximity to boutique shopping, some of the “Farm to Fork Capital’s” most famous eateries, and being walking distance to Downtown Sacramento, the California Central Valley’s largest employment hub. As coastal Californians continue to move east and accelerate Sacramento’s renaissance, Casa Del Rey & Courtyard Del Rey represent a unique investment opportunity to purchase 29 venerable apartments units in the heart of the of the fastest growing city in the state.

Please do not disturb management or residents. All tours must be scheduled with listing agents.

INVESTMENT HIGHLIGHT S

Casa Del Rey&

Courtyard Del Rey

E X E C U T I V E S U M M A R Y04

Casa Del Rey&

Courtyard Del Rey

Ì Charming Turn of the Century Architecture

Ì Elevator Serviced

Ì Rare Income-Producing Downtown Parking Space

Ì Multi-Faceted Value-Add Opportunity

Ì Multiple Common Area Balconies and Grassy Courtyard

PROPERT Y HIGHLIGHT S

Ì Walking Distance to California State Capitol and Golden 1 Center

Ì Adjacent to 16th Street Commercial Corridor

Ì Minutes to Interstate 5, Interstate 80, and US-50

Ì Path of Progress. Multiple New Developments within Two Blocks of Property

Ì Minutes to Midtown’s Boutique Shopping and Esteemed Restaurants

LO CATION HIGHLIGHT S

TREMEND OUS VALUE-ADD

OPPORTUNIT Y

INC OME- PRODUCING

PARKING

DESIR ABLELO CATION

POSITIVE REGIONAL

TRENDS

Casa Del Rey&

Courtyard Del Rey

E X E C U T I V E S U M M A R Y 05

S ec tion 2

PROPERTYDESCRIPTION


Casa Del Rey&

Courtyard Del Rey

UNITS

29

P R O P E R T Y D E S C R I P T I O N08

Casa Del Rey&

Courtyard Del Rey

Cour t yard Del Re y Inter iors

P R O P E R T Y D E S C R I P T I O N 09

Casa Del Re y Inter iors


Casa Del Rey&

Courtyard Del Rey

THE OFFERINGProperty Casa Del Rey & Courtyard Del Rey

Property Address 1617 I Street / 826 17th Street

Assessor’s Parcel # 006-0063-010 & 006-0063-012

Zoning Residential

SITE DESCRIPTIONDensity 26 Parking Spaces

Parking Ratio 0.90

UTILITIESWater City of Sacramento

Electric SMUD

Gas SMUD

CONSTRUCTION AND MECHANICALFoundation Raised

Framing Redwood

Exterior Stucco

Parking Surface Asphalt

Roof TPO Membrane Roof / Spanish Clay Barrel Tile

HVAC Wall HVAC

PROPERT Y DETAILS


Casa Del Rey&

Courtyard Del Rey


Casa Del Rey&

Courtyard Del Rey

C o m m o n A r e aA M E N I T I E S

L i v i n g U n i tA M E N I T I E S

Ì Hardwood Flooring

Ì Crown Molding

Ì Coved 10-Foot Ceilings

Ì Upgraded Appliances and Kitchen Finishes

Ì Oversized Vinyl Windows

Ì Transom Windows

Ì Two Onsite Laundry Rooms Ì Three Charming Patio Decks Overlooking

17th Street

Ì Classic Early 20th Century Elevator Ì Old Growth Redwood Wainscoting Molding

Panels

Ì Grand Entry Way Ì Opportunity to Convert Roof to Common Area

Amenity

Ì Massive Basement Area to Convert to Common Area Amenity


VALUE-ADD OPTIONS

Potential De velopment on “Hi stor ic Al le y”


Casa Del Rey&

Courtyard Del Rey

VALUE-ADD OPTIONS

E xample of Roof top Ter race at Nearby H16 Apar tments

Basement Renovation at Nearby Mayden stone Apar tments Unit Renovation at Nearby The Flats


U n b e a t a b l e “ B o u l e v a r d P a r k ”

L o c a t i o n

S ec tion 3

FINANCIALANALYSIS


Casa Del Rey&

Courtyard Del Rey

RENT ROLL SUMMARY *

UNIT DISTRIBU TION UNIT RENT

SCHEDULED POTENTIAL RENOVATION

UNIT TYPE # OF UNITS

AVG SQUARE

FEET

RENTAL RANGE

AVERAGE RENT

MONTHLY INCOME

AVERAGE RENT

MONTHLY INCOME

MONTHLY INCOME

MONTHLY INCOME

Casa One Bedroom / One Bathroom 16 595 $1,256 - $1,400 $1,355 $21,676 $1,440 $23,036 $1,850 $29,600

CY One Bedroom / One Bathroom 13 525 $1,250 - $1,450 $1,333 $10,667 $1,426 $11,405 $1,795 $14,360

Totals/Weighted Averages 29 573 $1,346 $39,037 $1,433 $41,553 $1,830 $53,060

Gross Annualized Rents $468,439 $498,636 $636,720

*Living square footages enhanced by large interior hallways and spacious common area amenities, providing residents a sense of communal privacy.

F I N A N C I A L A N A L Y S I S20

Casa Del Rey&

Courtyard Del Rey

PRICING DETAILS

*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.

PRICE $7,250,000

Down Payment $2,537,500 / 35%

Number of Units 29

Price Per Unit $250,000

Price Per Sq Ft $436.22

Rentable Sq Ft 16,620

Lot Size 0.50 Acres

Approx. Year Built 1915/1922

RETURNS CURRENT PROFORMA POST RENOVATION

CAP Rate 4.02% 5.03% 6.82%

GRM 15.48 13.46 11.39

Cash-on-Cash 2.09% 4.97% 10.10%

Debt Coverage Ratio 1.22 1.53 2.07

Finanacing 1st Loan

Loan Amount $4,712,500

Loan Type New

Interest Rate 3.00%

Amortization 30 Years

Year Due 2025

INCOME CURRENT PROFORMA POST RENO

Gross Scheduled Rent $468,439 $538,527 $636,720

Less: Vacancy/Deductions 3.0% $14,053 3.0% $16,156 -$19,101

Total Effective Rental Income $454,386 $522,371 $655,821

Other Income $23,220 $31,445 $31,445

Effective Gross Income $477,606 $553,816 $687,266

Less: Expenses 39.0% $186,247 34.2% $189,296 $192,611

Net Operating Income $291,359 $364,520 $494,655

Cash Flow $291,359 $364,520 $494,655

Debt Service $238,417 $238,417 $238,417

Net Cash Flow After Debt Service 2.09% $52,942 4.97% $126,103 $256,238

Principal Reduction $98,388 $101,380 $101,380

Total Return 5.96% $151,329 8.96% $227,483 $357,618

EXPENSES CURRENT PROFORMA POST RENO

Real Estate Taxes $82,440 $82,440 $82,440

Insurance $12,049 $12,049 $12,049

Utilities - Electric $2,449 $2,449 $2,449

Utilities - Water & Sewer $28,573 $28,573 $28,573

Utilities - Gas $2,528 $2,528 $2,528

Trash Removal $4,009 $4,009 $4,009

Repairs & Maintenance $21,750 $21,750 $21,750

Payroll $7,545 $7,545 $7,545

Operating Reserves $5,800 $5,800 $5,800

Management Fee $19,104 $22,153 $25,468

Total Expenses $186,247 $189,296 $192,611

Expenses/Unit $6,422 $6,527 $6,642

Expenses/SF $11.21 $11.39 $11.59

F I N A N C I A L A N A L Y S I S 21

OPER ATING STATEMENT

INCOME CURRENT PROFORMA POST RENOVATION NOTES PER UNIT PER SF

Gross Potential Rent 498,636 538,527 636,720 18,570 32.40

Loss / Gain to Lease (30,197) 6.1% 0 0 0.00

Gross Scheduled Rent 468,439 538,527 636,720 18,570 32.40

Physical Vacancy (14,053) 3.0% (16,156) 3.0% 19,101 [1] (557) (0.97)

Total Vacancy ($14,053) 3.0% ($16,156) 3.0% $19,101 ($557) ($1)

Effective Rental Income 454,386 522,371 655,821 18,013 31.43

Other Income

Utility Bill-Back 9,175 17,400 17,400 [2] 600 1.05

All Other Income 14,045 14,045 14,045 [3] 484 0.85

Total Other Income $23,220 $31,445 $31,445 $1,084 $1.89

Effective Gross Income $477,606 $553,816 $687,266 $19,097 $33.32

EXPENSES CURRENT PROFORMA POSTRENOVATION NOTES PER UNIT PER SF

Real Estate Taxes 82,440 82,440 82,440 [4] 2,843 4.96

Insurance 12,049 12,049 12,049 [3] 415 0.72

Utilities - Electric 2,449 2,449 2,449 [3] 84 0.15

Utilities - Water & Sewer 28,573 28,573 28,573 [3] 985 1.72

Utilities - Gas 2,528 2,528 2,528 [3] 87 0.15

Trash Removal 4,009 4,009 4,009 [3] 138 0.24

Repairs & Maintenance 21,750 21,750 21,750 [5] 750 1.31

Payroll 7,545 7,545 7,545 [3] 260 0.45

Operating Reserves 5,800 5,800 5,800 [6] 200 0.35

Management Fee 19,104 4.0% 22,153 4.0% 25,468 [7] 764 1.33

Total Expenses $186,247 $189,296 $192,611 $6,527 $11.39

Expenses as % of EGI 39.0% 34.2% 28.0%

Net Operating Income $291,359 $364,520 $494,655 $12,570 $21.93

Notes and assumptions to the above analysis are on the following page.

F I N A N C I A L A N A L Y S I S22

NOTES TO THE OPER ATING STATEMENT

[1] Submarket Vacancy Rate at 3%

[2] Current is from July 2020 T-12. ProForma assumes $50/unit/month

[3] July 2020 T-12

[4] Real Estate Taxes at List Price multipled by 1.1371%

[5] Submarket Norm of $750/Unit/Year

[6] Submarket Norm $200/Unit/Year

[7] Management Fee 4% of EGI

F I N A N C I A L A N A L Y S I S 23

S ec tion 4

COMPETITIVEPROPERTY SET


Casa Del Rey&

Courtyard Del Rey

2

101112

18

39

4

5

137

6

5

1

4

3

2

76

Casa Del Rey&

Courtyard Del Rey

C O M P E T I T I V E P R O P E R T Y S E T26

Casa Del Rey&

Courtyard Del Rey

PROPERT Y PRICE # OF UNIT S PRICE/ UNITSALE DATE

1 T H E K E N SI NG TON // 608/614 10th Street, Sacramento, CA $2,600,000 8 $325,000 9/17/2019

2 C A PI TOL L A NA I // 1300-1312 G Street, Sacramento, CA $6,780,000 32 $211,875 4/1/2020

3 2819 E ST R E ET // 2819 E Street, Sacramento, CA $2,175,000 9 $241,666 9/11/2019

4 2615 H STREET // 2615 H Street, Sacramento, CA $2,885,000 13 $221,923 9/20/2019

5 2626 J STREET // 2626 J Street, Sacramento, CA $1,700,000 6 $283,333 11/21/2019

6 T H E M A N SION & T H E F L AT S // 1511 - 1517 G Street, Sacramento, CA $5,200,000 24 $216,666 4/29/2019

7 SI XT E E N 2 0 G // 1620 G Street, Sacramento, CA $5,087,500 20 $254,375 4/30/2019

CASA DEL REY & C OURT YARD DEL REY // 1617 I Street / 826 17th Street, Sacramento, CA $7,250,000 29 $250,000 -

SALES COMPARABLES

C O M P E T I T I V E P R O P E R T Y S E T 27

Price $7,250,000

Price/Unit $250,000

Price/SF $436.22

CAP Rate 4.02%

Total No. of Units 29

Year Built 1915 / 1922

CASA DEL REY & COURTYARD DEL REY1617 I STREET / 826 17TH STREET, SACRAMENTO, CA

Close of Escrow 9/17/2019Total No. of Units 8Year Built 1895Sales Price $2,600,000 Price/Unit $325,000 Price/SF $438 CAP Rate 4%

THE KENSINGTON608/614 10TH STREET, SACRAMENTO, CA

1

SALES COMPARABLES

Units Square Feet/Unit # of UnitsCasa Del Rey 595 SF 16Courtyard Del Rey 546 SF 13Total 29

Unit Type Square Feet Units2 Bdr / 1 Bath 741 SF 8Total 8


Casa Del Rey&

Courtyard Del Rey

Close of Escrow 4/1/2020Total No. of Units 32Year Built 1970Sales Price $6,780,000 Price/Unit $211,875 Price/SF $358.56 CAP Rate 4.30%

CAPITOL LANAI1300-1312 G STREET, SACRAMENTO, CA

2


2819 E STREET2819 E STREET, SACRAMENTO, CA

3

SALES COMPARABLES


Unit Type Square Feet Units1 Bdr / 1 Bath 600 SF 82 Bdr / 1 Bath 800 SF 1Total 9



2615 H STREET2615 H STREET, SACRAMENTO, CA

4

Close of Escrow 11/21/2019Total No. of Units 6Year Built 1900Sales Price $1,700,000 Price/Unit $283,333 Price/SF $561 CAP Rate 3.50%

2626 J STREET2626 J STREET, SACRAMENTO, CA

5

SALES COMPARABLES

Unit Type Square Feet Units1 Bdr / 1 Bath 550 SF 122 Bdr / 1 Bath 1,000 SF 1Total 13

Unit Type Units1 Bdr / 1 Bath 53 Bdr / 1 Bath 1Total 6



Casa Del Rey&

Courtyard Del Rey

Close of Escrow 4/29/2019Total No. of Units 24Year Built 1910/1953Sales Price 5,200,000Price/Unit $216,666.00 Price/SF $350.00 CAP Rate 4.25%

THE MANSION & THE FLATS1511-1517 G STREET, SACRAMENTO, CA

6 SIXTEEN 20 G1620 G STREET, SACRAMENTO, CA

7

SALES COMPARABLES


Total No. of Units 20Year Built 1959Sales Price $5,087,500 Price/Unit $254,375 Price/SF $431.44 CAP Rate 4.90%

Unit Type Square Feet UnitsStudio / 1 Bath 475 SF 41 Bdr / 1 Bath 615 SF 142 Bdr / 1 Bath 750 SF 2Total 20


2

101112

18

39

4

5

137

6

1

4

3 2

65

Casa Del Rey&

Courtyard Del Rey


Casa Del Rey&

Courtyard Del Rey

PROPERT Y # OF UNIT S

1 SI XT E E N 2 0 G // 1620 G Street, Sacramento, CA 20

2 T H E F L AT S // 1517 G Street, Sacramento, CA 10

3 THE MANSION // 1511 G Street, Sacramento, CA 14

4 19J // 1827 J Street, Sacramento, CA 175

5 G OV E R NOR’ S C OR N E R // 1600 H Street, Sacramento, CA 44

6 H 1 6 // 731 16th Street, Sacramento, CA 95

CASA DEL REY & C OURT YARD DEL REY // 1617 I Street / 826 17th Street, Sacramento, CA 29

RENT COMPARABLES


Total No. of Units 29Year Built 1915 / 1922

CASA DEL REY & COURTYARD DEL REY1617 I STREET / 826 17TH STREET, SACRAMENTO, CA

Total No. of Units 10Occupancy 100%Year Built 1959

SIXTEEN 20 G1620 G STREET, SACRAMENTO, CA

1

RENT COMPARABLES

Unit Type Units Square Feet Rent Rent/SFStudio 4 475 $1,355 $2.85 One Bedroom / One Bathroom 14 570 $1,795 $3.15 Two Bedroom / One Bathroom 2 696 $1,700 $2.44 Total 10 580.33 $1,616.67 $2.81

Unit Type Units Square Feet Rent Rent/SF

CASA 1 Bedroom / 1 Bathroom 16 595 $1,256 - $1,400 $1.41

CY One Bedroom / One Bathroom 8 525 $1,250 - $1,450 $1.42

CY One Bedroom / One Bathroom Large 4 600 $1,250 - $1,450 $1.31

CY One Bedroom / One Bathroom Small 1 500 $1,250 - $1,450 $1.33

Total 29

$1,250 - $1,450$1,250 - $1,450

COMMENTS: Quartz Counter Tops, Stainless Steel Appliances, Vinyl Plank Flooring, New Cabinetry


Casa Del Rey&

Courtyard Del Rey

THE FLATS1517 G STREET, SACRAMENTO, CA

2 THE MANSION1500 G STREET, SACRAMENTO, CA

3

RENT COMPARABLES



One Bedroom / One Bathroom 10 520 $1,700 $3.27 Total 10 520 $1,700 $3.27


COMMENTS: W/D, Quartz Counter Tops, New Cabinetry, Stainless Steel Appliances


One Bedroom / One Bathroom 14 629 $1,500 $2.38 Total 14 629 $1,500 $2.38

COMMENTS: Hardwood Flooring, 10-Foot Ceilings, Tile Counter Tops, New Appliances


19J1827 J STREET, SACRAMENTO, CA

4 GOVERNOR’S CORNER 1600 H STREET, SACRAMENTO, CA

5

RENT COMPARABLES

Total No. of Units 175Year Built 2019


Unit Type Units Square Feet Rent Rent/SFStudio 132 464.5 $1,795.00 $3.86 One Bedroom / One Bathroom 43 715.5 $3,322.50 $4.64 Total 175 590 $2,558.75 $4.25

COMMENTS: 2019 Contruction, Quartz Counter Tops, W/D, Social Lounge, Private Balconies

Unit Type Units Square Feet Rent Rent/SFStudio 40 548 $1,849.00 $3.37 One Bedroom / One Bathroom 2 785 $2,056.00 $2.62 Two Bedroom / One Bathroom 2 964 $2,300.00 $2.39 Total 44 765.6 $2,068.33 $2.79


Casa Del Rey&

Courtyard Del Rey

H16731 16TH STREET, SACRAMENTO, CA

6

RENT COMPARABLES

Total No. of Units 95Year Built 2020

Unit Type Units Square Feet Rent Rent/SFStudio 42 530.5 $1,892.50 $3.65 One Bedroom / One Bathroom 40 682 $2,435.50 $3.37 Two Bedroom / One Bathroom 13 1,008 $3,072.50 $3.22 Total 95 740.16 $2,466.83 $3.41

COMMENTS: 2020 Construction, W/D, Rooftop Terrace/BBQ, Quartz Counters, Private Balconies, Fitness Center


S ec tion 5

MARKETOVERVIEW


Casa Del Rey&

Courtyard Del Rey

SACRAMENTOCALIFORNIA

POPULATION508,529

SACRAMENTO ROSEVILLE

ARDEN-ARCADE

M A R K E T O V E R V I E W40

Casa Del Rey&

Courtyard Del Rey

Rentals

M A R K E T S TAT SSACRAMENTO

ROSEVILLE ARDEN-ARCADE

3.1% VACANCY

$5.1%

RENT GROWTH

S a c r a m e n t o C o u n t yLARGEST EMPLOYERS

1400 UNIT COMPLETIONS

SACRAMENTO ISTHE FASTEST GROWING CITY

IN CALIFORNIAM A R K E T O V E R V I E W 41

DEMO GRAPHICS

363,306To t a l P o p u l a t i o n W i t h i n 5 - M i l e R a d i u s

$77,967Average Household Income within

3-Mile R adius

148,851To t a l H o u s e h o l d s i n a 5 - M i l e R a d i u s

8.03%From 2010

Casa Del Rey&

Courtyard Del Rey

M A R K E T O V E R V I E W42

Casa Del Rey&

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POPUL ATION 1 Mi le 3 Mi les 5 Mi les2000 Population 23,560 132,024 320,2222010 Population 24,365 133,950 340,0412019B Population 26,491 144,003 363,3062024 Population 27,157 147,405 370,151

HOUSEHOLDS 1 Mi le 3 Mi les 5 Mi les2000 Households 13,167 58,939 130,8382010 Households 14,037 60,326 136,8952019B Households 15,731 66,176 148,8512024 Households 16,285 68,097 152,2592019 Average HH Size 1.4869 2.1164 2.3841

HOUSING UNIT S 1 Mi le 3 Mi les 5 Mi les2000 Owner Occupied Housing Units 10.3% 37.3% 40.6%2000 Renter Occupied Housing Units 81.7% 55.8% 53.2%2000 Vacant 8.0% 6.9% 6.2% 2010 Owner Occupied Housing Units 11.3% 39.2% 43.0%2010 Renter Occupied Housing Units 88.7% 60.8% 57.0%2010 Vacant 12.6% 9.5% 9.5% 2019 Owner Occupied Housing Units 11.5% 38.1% 41.2%2019 Renter Occupied Housing Units 88.5% 61.9% 58.8%2019 Vacant 6.2% 4.1% 4.3% 2024 Owner Occupied Housing Units 11.5% 37.9% 40.9%2024 Renter Occupied Housing Units 88.5% 62.1% 59.1%2024 Vacant 6.1% 4.0% 4.2%

HOUSEHOLDS BY INC OME 1 Mi le 3 Mi les 5 Mi les2019 Estimate

$ 0 - $ 14,999 23.1% 16.9% 16.2%$ 15,000 - $24,999 13.1% 11.1% 11.2%$ 25,000 - $34,999 10.3% 8.6% 9.9%$ 35,000 - $49,999 13.3% 12.2% 13.2%$ 50,000 - $74,999 15.1% 16.9% 17.4%$ 75,000 - $99,999 8.9% 10.9% 11.0%$100,000 - $124,999 6.5% 8.5% 8.0%$125,000 - $149,999 3.2% 4.2% 4.0%$150,000 - $200,000 2.6% 4.9% 4.4%$200,000 to $249,999 1.6% 2.7% 2.2%$250,000 + 2.5% 3.2% 2.6%

Median HH Income $38,367 $51,702 $49,500Per Capita Income $39,200 $36,398 $30,330Average HH Income $62,742 $77,967 $73,154

M A R K E T O V E R V I E W 43

E XC LU SI V E LY L I S T E D B Y

Tony DeLoneySenior Vice President Investments



David DeLoneySenior Associate



Casa Del Rey&

Courtyard Del Rey

casa del rey courtyard del rey...casa del rey (16 units), was built in 1915 and is a classic...

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