historic tioga apartments · • rare opportunity to purchase a nationally known property ......

EXCLUSIVE OFFERING

PCG COMMERCIAL | PCGCOMMERCIAL.COM9984 NIBLICK DR, STE. 1, ROSEVILLE, CA 95747

P R I V A T E C L I E N T G R O U P

HISTORIC TIOGA APARTMENTS1715 N ST. , MERCED, CA 95340

$4,900,000 | 90 UNITS + RETAIL | 9 .13% CAP | $67 PSF

D. 916.303.0133BRE #[email protected]

ADRIAN DEL RIOD. 916.622.3947BRE #[email protected]

BRIAN HOOD


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D. 916.303.0133BRE #01431059adelr [email protected]


BRIAN HOOD

T H E H I S T O R I C T I O G A A P A R T M E N T S | 1 7 1 5 N S T . , M E R C E D , C A 9 5 3 4 0

CONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from PCG Commercial its directors, officers, agents, advisors, affiliates and/or any thirdparty sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither PCG Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied,as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own duediligence to determine these and other matters of significance to such party. PCG Commercial will not investigate or verify any suchmatters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party. All financialdata should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. PCG Commercial makes no warranties and/or representations regarding the veracity, completeness, orrelevance of any financial data or assumptions. PCG Commercial does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do notnecessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for theproperty.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding thecondition of the property and whether the property complies with applicable governmental requirements should be discussed by theparty with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services aremarketed by PCG Commercial in compliance with all applicable fair housing and equal opportunity laws.

PRESENTED BY:

ADRIAN DEL RIOT [email protected]

BRIAN HOODT 916.622.3947C [email protected]


EXECUTIVE SUMMARY


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DEMOGRAPHICS 1 Mile 3 Miles 5 Miles

Total Households: 4,987 24,603 33,154

Total Population: 15,549 79,546 107,433

Average HH Income: $35,101 $48,155 $53,927

PROPERTY HIGHLIGHTS

• Historic Trophy property on National Register List of Historic Places

• Immeasurable replacement cost

• Located just One-Block from UC Merced expansion building

• Upside potential in rents plus additional income with office/mezzanine

• Existing Gross Income to off-set expenses while making improvements

• Great Mixed-Use project with majority Apartment units and ground floor

retail. Potential to convert Office into Apartment Suites

• Recently undergone extensive renovations

OFFERING SUMMARY

Sale Price: $4,900,000

Number Of Units: 90

Price Per Unit: $54,444

Price / SF: $67

Occupancy: 63%

Pro-Forma Cap Rate: 9.13%

GRM: 4.8

PRO-FORMA NOI: $447,590

Lot Size: 0.34 Acres

Year Built: 1928

Building Size: 73,670 SF

Zoning: C-C


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PROPERTY OVERVIEW

The Tioga Apartment Homes is the largest building in Mercedand is a Historic Building that previously functioned as a GrandHotel. The Tioga was built in 1928 and has hosted dignitariesfrom all over the world such as JFK, Calvin Coolidge, EleanorRoosevelt, Marilyn Monroe, John Wayne, King Albert of Belgium,and many others. The architecture is incredible andrepresentative of the roaring 1920s. The cost to replace theTioga is immeasurable.

When built, the Tioga Hotel, was the center of social andcommercial commerce. With the addition of UC Merced plus thenew construction underway in Downtown Merced, Tioga willhave the opportunity to be the focal point of this area.

The Tioga Hotel was placed on the National Register of HistoricPlaces in 1980 with the conversion to Apartment Homes noted inthe recorded document.

LOCATION

The Tioga Apartments is located at the corner of N St. and WestMain St. in historic Downtown Merced which is considered thegateway to Yosemite. The Tioga is the largest building in Mercedand is surrounded by street retail, shops, restaurants, officebuildings, and close to the Court House.

DESCRIPTION

Tioga Apartment Homes is a Six (6) Story building with a large7,400 SF Basement. The property is approximately 73,123 SFsituated on 0.35 Acres. Tioga is comprised of 90 ResidentialApartment Homes situated on Floors 2-6 that are allself-contained with kitchens totaling 46,184 SF consisting of (40)Studios - 264 SF; (40) 1B/1B - 576 to 648 SF; (8) 2B/2B; and (2)large 6th Floor Penthouses 960 to 1,060 SF. There's alsovalue-add in converting the Office/Mezz space into LiveableApartment units.

The Ground Floor Street Retail is comprised of +/-11,,000 SF ofmulti-tenant spaces plus the 2nd Floor features 14,900 SF ofOffice, Ballroom, and Banquet area space.


PROPERTY DESCRIPTION


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UC MERCED EXPANDING TO DOWNTOWN

Below is an excerpt of a recent article written by Nathalie Grandaof ABC Channel 30.

"MERCED, Calif. (KFSN) -- UC Merced kicks offa 2020 expansion project as the city of Merced starts a project ofits own. The city plans to renovate two iconic downtownbuildings and develop a multi-purpose building for newapartments and businesses. The projects are expected to take acouple of years."A successful city is one that has a thrivingdowntown, and right now, we're on our way," said SteveCarrigan, Merced City Manager.

The El Capitan building now looks empty and tattered, but in twoyears it will be a 100 room contemporary-style boutique hotel."Itwill be a lot bigger and it's going to be an iconic building. It'll beone that people say, "ah, I remember Merced and that thebuilding, I remember from it," said Frank Quintero, EconomicDevelopment. City officials said UC Merced is the catalyst forthese projects. They also plan to build a multi-purpose buildingthat will have more than 50 apartments on top, while somebusinesses will be housed in the bottom.

Carrigan said these projects bring jobs during their constructionas well as new jobs once their doors open. He said they want tostay close to their roots, but attract more activity and visitors tothe area."We want to keep our agricultural base, but want to be acollege town like Chico or Davis where it's vibrant and exciting.And UC Merced is the catalyst behind this.

The university will soon open their downtown facility capable ofhousing hundreds of employees next year. While it willstrengthen their partnership with downtown, they also hopemore alumni will stay and live in the city.

"As they graduate from UC Merced some are staying in Mercedand opening businesses and starting those opportunities toreally create a strong community partnership," said Charles Nies,UC Merced Vice Chancellor.

The city said they do not have a timeline yet, but do say theyexpect the projects to be ready within two years."

ADD HEADER

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DOWNTOWN UPDATE - UC MERCED


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PROPERTY NAME: TIOGA APARTMENT HOMES

PROPERTY ADDRESS: 1715 N St.

Merced, CA 95340

OFFERING PRICE: $4,900,000

NUMBER OF APARTMENTS: 90

PRICE PER UNIT: $54,444

NUMBER RETAIL / OFFICE SPACES: 14

APN: 031-131-008

BUILDING SF: 73,123

PRICE / SF: $66.51

LOT SIZE: 0.34 AC

BUILDING CLASS: Historic; National Register

ZONING: C-C

YEAR BUILT: 1928

NUMBER OF STORIES: 6

FOUNDATION: Raised Concrete

WALLS: Concrete

NUMBER OF TOTAL UNITS: 105

ROOF: Flat - Membrane

BASEMENT: 7,452 SF

UTILITIES: All Electrical; Separately Metered

ELEVATOR: (1) Recently Renovated

KITCHENS: Each residential unit has its own

Kitchen with stove and refrigerator.

HVAC: Wall Units; Leasing Office +

Mezzanine = Central

BATHROOMS: Each Residential unit has its own

individual bathroom.


PROPERTY DETAILS


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PROPERTY HIGHLIGHTS

• Historic Trophy property

• Immeasurable replacement cost

• 67% Occupancy on Apartments; 58% on total project

• Huge upside in Rent Potential with capital improvements

• Upside in converting office/mezz to (10) Apartment units

• Located near UC Merced within a Strong Rental Market

• Potential to lease units to UC Merced Students and Staff

• Concrete building with incredible architecture

• Great Mixed-Use project with majority apartments and groundfloor retail

• Rare opportunity to purchase a Nationally known property

• Recently undergone extensive renovations

• * Each Apartment Unit is Self-Contained with their ownKitchen and Bathroom.

• New Carpets through out Common Area and turned apartmentunits

• All Electrical Utilities separately metered

• Video Surveillance

• Walking Distance to the Court House

• Tioga has hosted famous US Presidents and Celebrities suchas JFK, Marilyn Monroe, Calvin Coolidge, and TheodoreRoosevelt.

• Known as the 'Gateway' to Yosemite National Forrest

• Tallest Building in Merced


COMPLETE HIGHLIGHTS


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PHOTOS


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INTERIOR PHOTOS


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UNIT TYPE COUNT%

TOTALSIZE(SF) RENT RENT/SF MIN RENT MAX RENT

MARKETRENT

MARKET RENT/SF

Studio/1 40 37.7 264 $480 $1.82 $425.00 $550.00 $550 $2.08

1 x 1 40 37.7 612 $635 $1.04 $620.00 $650.00 $750 $1.23

2 x 2 8 7.5 546 VACANT $800 $1.47

Penthouses 2 1.9 1,010 $780 $0.77 $1,100 $1.09

Retail - Leased 6 5.7 1,007 $660 $0.60 $650 $0.65

Retail - Vacant 4 3.8 1,240 VACANT

Cell Tower 1 0.9 N/A VACANT

Offices - Mezz 4 3.8 2,685 VACANT

Mezzanine 1 0.9 10,000 VACANT

Basement 7,452

Totals / Averages 106 100% 73,670 $39,197 $0.92 $41,800.00 $48,000.00 $1.41


UNIT MIX SUMMARY


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LOCATION MAPS


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RETAILER MAP


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AERIAL MAP


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* Demographic data derived from 2010 US Census

1 MILE 3 MILES 5 MILES

Total households 4,987 24,603 33,154

Total persons per hh 3.1 3.2 3.2

Average hh income $35,101 $48,155 $53,927

Average house value $256,964 $274,450 $291,549

1 MILE 3 MILES 5 MILES

Total population 15,549 79,546 107,433

Median age 28.6 27.9 28.3

Median age (male) 29.2 27.1 27.4

Median age (female) 29.1 29.2 29.7


DEMOGRAPHICS REPORT


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* Demographic data derived from 2010 US Census

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 15,549 79,546 107,433

MEDIAN AGE 28.6 27.9 28.3

MEDIAN AGE (MALE) 29.2 27.1 27.4

MEDIAN AGE (FEMALE) 29.1 29.2 29.7

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 4,987 24,603 33,154

# OF PERSONS PER HH 3.1 3.2 3.2

AVERAGE HH INCOME $35,101 $48,155 $53,927

AVERAGE HOUSE VALUE $256,964 $274,450 $291,549


DEMOGRAPHICS MAP

historic tioga apartments · • rare opportunity to purchase a nationally known property ......

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