Memorandum Example - 1

Multi-Family Investments
OFFERING MEMORANDUM
Drake Drive Apartments
1312-1322 Drake Drive, Davis, CA 95616
Caleb Khan
916-617-4246
caleb.khan@ctbt.com
LIC #01332934
Northern Californias Source for
Apartment Brokerage Services
www.ctbtapartments.com
Northern Californias Source for Apartment Brokerage Services
Caleb Khan
916-617-4246
caleb.khan@ctbt.com
LIC #01332934
520 Capitol Mall, 5th Floor

Sacramento, California 95814
ph: 916-375-1500
fx: 916-376-8840
Cassidy Turley Northern California
www.ctbtapartments.com
Table of Contents
Confidentiality & Disclaimer
Section I: Asset Overview

Property Description.................................................................................................3
Investment Highlights...............................................................................................4
Property Photographs................................................................................................5
Floor Plans...............................................................................................................6
Property Overview.....................................................................................................7
Operations Statement...............................................................................................8
Section II: Location Maps

Aerial View...............................................................................................................9
Parcel Map............................................................................................................10
Local Map..............................................................................................................10
Area Retail Trade Map.............................................................................................11
Demographics........................................................................................................12
Section III: Rent Survey

Rent Comparable Properties...............................................................................13-14
Rent Comparable Properties Summary......................................................................15
Rent Comparable Map & Legend..............................................................................16
Section IV: Sales Survey

Sales Comparable Properties...............................................................................17-19
Sales Comparable Properties Summary.....................................................................20
Sales Comparable Map & Legend.............................................................................21
The information contained in this marketing brochure (Materials) is proprietary

and confidential. It is intended to be reviewed only by the person or entity
receiving it from Cassidy Turley Northern California Real Estate (Agent). The
Materials are intended to be used for the sole purpose of preliminary evaluation
of the subject property (Property) for potential purchase.
The Materials have been prepared to provide unverified summary financial,
physical, and market information to prospective buyers to enable them to
establish a preliminary level of interest in potential purchase of the Property.
The Materials are not to be considered fact. The information contained in the
Materials is not a substitute for thorough investigation of the financial, physical,
and market conditions relating to the Property.
The information contained in the Materials has been obtained by Agent from
sources believed to be reliable, however, no representation or warranty is
made regarding the accuracy or completeness of the Materials. Agent makes
no representation or warranty regarding the Property, including but not limited
to income, expenses, or financial performance (past, present, or future); size,
square footage, condition, or quality of the land and improvements; presence or
absence of contaminating substances (PCBs, asbestos, mold, etc.); Compliance
with laws and regulations (local, state, and federal); or, financial condition
or business prospects of any tenant (tenants intentions regarding continued
occupancy, payment of rent, etc). Any prospective buyer must independently
investigate and verify all of the information set forth in the Materials. Any
prospective buyer is solely responsible for any and all costs and expenses incurred
in reviewing the Materials and/or investigating and evaluating the Property.
By receiving the Materials you are agreeing to the Confidentiality and Disclaimer
set forth herein.
The information set forth herein has been received by us from sources we believe
to be reliable. We do not warrant its accuracy or completeness.
All Property showings are by appointment only and must be coordinated

through the Agent.
Combined Asset Overview
1312 Drake Drive Overview
Location Maps
Sale Comparables
Davis, California
Property Description
Drake Drive is a well located property in the north west
submarket of Davis, California. The property consists of two
four-plexes and has an attractive mix of all two-bedroom onebath units. Each building has its own parcel number and shares
a single parking lot that provides ample space for the tenants.
The property is conveniently located in close proximity to the
major arterial, West Covell Blvd, which provides easy access to
Downtown Davis and Highway 113. In addition, Drake Drive
is approximately 2 miles from the University of California,
Davis and is an easy walk to many amenities, such as grocery
shopping and eating.
Submarket Description
Davis is situated in Yolo County, 11 miles west of Sacramento,
385 miles north of Los Angeles, and 72 miles northeast of
San Francisco. Yolo County has been one of the fastest growing
counties based on percentage of change. Davis has been
characterized by robust economic and population growth and
is home to the University of California, Davis. The work force
is engaged in a broad spectrum of employment with primary
representation in professional, technical, and government
occupations. This distribution is due mainly to the Citys close
relationship with the University of California campus and the
professional and technical environment the University creates.
CALI
F O R N IA
113
WILDHORSE
NORTH DAVIS
1312-1322 Drake Drive

EAST DAVIS
INTERSTATE
CALIFORNIA
80
CENTRAL DAVIS
WEST DAVIS
CORE AREA/
DOWNTOWN
SOUTH DAVIS
El Macero
WEST CAMPUS
UNIVERSITY
CALI
F O R N IA
113
INTERSTATE
CALIFORNIA
80
For more information, ple
Jim Gray, CCIM

916-617-4255
jgray@ctbt.com
LIC #00775072
Location Maps
Sale Comparables
Investment Highlights
Conveniently located near the Marketplace
Shopping Center
Attractive unit mix of all 2 bedroom, 1 bath
Off street parking
Ten minute bike ride to center of UC Davis Main
Campus
Unit Features
Central heat and air
Dishwashers
Patio/Balconies
Property Overview
Address
Price
Down Payment
Units
Price/Unit
Rentable Sq Ft
Price/Sq Ft

Davis, CA 95616
$1,190,000
$357,000
8
$148,750
6,000
$198
Current Cap Rate
4.19%
Market Cap Rate
4.95%
Current GRM
12.00
Market GRM
11.26
Year Built
Average Unit Size
Land Area
Parking
N/A
750
.40 Acres
8/1.00 space per unit
Location Maps
Sale Comparables
Property Overview
Income/Expense
Details
Property Address
City, CA
County
APN

Davis, CA
Davis
034-012-010-000/034-012009-000
Submarket
North/West Davis
County Use
Quadplex
Attributes
8
Rentable Sq Ft
6,000
Land Area
Parking
Year Built
750
Exterior Walls
Roof
Patio/Balcony
Market
Scheduled Gross Rent
$98,112
$105,120
Vacancy
($4,906)
($3,154)
Effective Gross Rent
$93,206
$101,966
$580
$580
$93,786
$102,546
OPERATING EXPENSES
$22,747
$22,043
NON-OPERATING EXPENSES
$20,420
$20,420
$2,000
$2,000
TOTAL EXPENSES
$45,167
$44,463
NET OPERATING INCOME
$48,619
$58,083
Other Income
TOTAL INCOME
0.40 Acres
8/1.00 space/unit
N/A
Construction
Foundation
Current
Capital Reserves
Rentable Units
Average Unit Size
Operations Summary
Rent Roll
Type
Est. AVG Sq Ft
AVG
In Place Rent
$/Sq Ft
AVG
Market Rent
$/Sq Ft
2x1
100%
750
$1,022
$1.36
$1,095
$1.46
Slab
Stucco
Flat
Select Units
Laundry Facilities
Yes
Pool/Spa
No
Mechanical Systems
HVAC
Hot Water
Central Heat & Air

1 - Water Heater per Building
Location Maps
Sale Comparables
Operations Statement - Combined

Operations
Pro Forma Current
Pro Forma Market
Schedule Gross Rent
$98,112
$105,120
Vacancy
($4,906)
($3,154)
$93,206
$101,966
$580
$580
$93,786
$102,546
ANNUAL
ANNUAL
$300
$300
$1,200
$1,200
Other Income
Total Income
Expenses
Administrative
Contract Services
Marketing & Promotion
$320
$320
Management Fee
$6,857
$6,153
Repairs & Mainteance
$4,800
$4,800
Utilities
$9,270
$9,270
$22,747
$22,043
Operating Expenses
Real Estate Taxes
$11,900
$11,900
Special Assessments
$3,520
$3,520
Insurance
$5,000
$5,000
$20,420
$20,420
Non-Operating Expenses
Capital Reserves
$2,000
$2,000
Total Expenses
$45,167
$44,463
Net Operating Income
$48,619
$58,083
Debt Service
$44,760
Net Cash Flow
$13,323
Principal Reduction
$15,854
Total Return
$29,177
Location Maps
Sale Comparables
1312 Drake Drive

Property Overview
Income/Expense
Details
Operations Summary
Current
Market
$48,816
$52,560
Vacancy
($2,441)
($1,577)
$46,375
$50,983
$290
$290
$46,665
$51,273
OPERATING EXPENSES
$11,741
$11,444
Attributes
$10,210
$10,210
Rentable Units
Capital Reserves
$1,000
$1,000
Rentable Sq Ft
3,000
TOTAL EXPENSES
$22,951
$22,654
$23,714
$28,619
Property Address
City, CA
County
APN
1312 Drake Drive

Davis, CA
Davis
034-012-010-000
Submarket
North/West Davis
County Use
Quadplex
Average Unit Size

Land Area
Parking
Year Built
750
Exterior Walls
Roof
Patio/Balcony
TOTAL INCOME
0.19 Acres
4/1.00 space/unit
N/A
Construction
Foundation
Other Income
Rent Roll
Type
Est. AVG Sq Ft
AVG
In Place Rent
$/Sq Ft
AVG
Market Rent
$/Sq Ft
2x1
100
750
$1,017
$1.36
$1,095
$1.46
Slab
Stucco
Flat
Select Units
Laundry Facilities
Yes
Pool/Spa
No
Mechanical Systems
HVAC
Hot Water
Central Heat & Air

1 - Water Heaters
Rent
Comparables
Location
Maps
Sale Comparables
1312 Drake Drive

Operations Statement
Operations
Pro Forma Current
Pro Forma Market
Schedule Gross Rent
$48,816
$52,560
Vacancy
($2,441)
($1,577)
$46,375
$50,983
$290
$290
$46,665
$51,273
ANNUAL
ANNUAL
Administrative
$150
$150
Contract Services
$600
$600
$160
$160
Management Fee
$3,373
$3,076
$2,400
$2,400
Utilities
$5,058
$5,058
$11,741
$11,444
Real Estate Taxes
$5,950
$5,950
Special Assessments
$1,760
$1,760
Insurance
$2,500
$2,500
$10,210
$10,210
$1,000
$1,000
Total Expenses
$22,951
$22,654
$23,714
$28,619
Other Income
Total Income
Expenses
Operating Expenses
Reserves
Debt Service
($23,976)
Net Cash Flow
$4,643
Principal Reduction
$8,493
Total Return
$13,136
Location Maps
Sale Comparables
1322 Drake Drive

Property Overview
Income/Expense
Details
Property Address
City, CA
County
APN
1322 Drake Drive

Davis, CA
Davis
034-012-009-000
Submarket
North/West Davis
County Use
Quadplex
Attributes
4
Rentable Sq Ft
3,000
Land Area
Parking
Year Built
Current
Market
$49,296
$52,560
Vacancy
($2,465)
($1,577)
$46,831
$50,983
$290
$290
$47,121
$51,273
OPERATING EXPENSES
$11,006
$10,598
$10,210
$10,210
$1,000
$1,000
TOTAL EXPENSES
$22,216
$21,808
$24,905
$29,465
Other Income
TOTAL INCOME
Capital Reserves
Rentable Units
Average Unit Size
Operations Summary
750
0.20 Acres
4/1.00 space/unit
N/A
Rent Roll
Construction
Type
Est. AVG Sq Ft
AVG
In Place Rent
$/Sq Ft
AVG
Market Rent
$/Sq Ft
Foundation
2x1
100%
750
$1,027
$1.37
$1,095
$1.46
Exterior Walls
Roof
Patio/Balcony
Slab
Stucco
Flat
Select Units
Laundry Facilities
Yes
Pool/Spa
No
Mechanical Systems
HVAC
Hot Water
Central Heat & Air

1 - Water Heaters
Location Maps
Sale Comparables
1322 Drake Drive

Operations Statement - Combined
Operations
Pro Forma Current
Pro Forma Market
Schedule Gross Rent
$49,296
$52,560
Vacancy
($2,465)
($1,577)
$46,831
$50,983
$290
$290
$47,121
$51,273
ANNUAL
ANNUAL
Administrative
$150
$150
Contract Services
$600
$600
$160
$160
Management Fee
$3,484
$3,076
$2,400
$2,400
Utilities
$4,212
$4,212
$11,006
$10,598
Real Estate Taxes
$5,950
$5,950
Special Assessments
$1,760
$1,760
Insurance
$2,500
$2,500
$10,210
$10,210
$1,000
$1,000
Total Expenses
$22,216
$21,808
$24,905
$29,465
Other Income
Total Income
Expenses
Operating Expenses
Reserves
Debt Service
($23,976)
Net Cash Flow
$5,489
Principal Reduction
$8,493
Total Return
$13,982
Location Maps
Sale Comparables
Birds Eye Map

N
SYCAMORE LANE
DRAK
E DR
IVE
Location Maps
Sale Comparables
Local Map
Parcel Map
N
CALI
F O R N IA
113

W COVELL BLVD
Location Maps
SYCAMORE LANE
VE
E DRI
DRAK
Sale Comparables
TO Woodland
Area Map
F O R N IA
jones
hn
anderson rd
west covell blvd
TO I-80
sycamore ln
jo
SUTTER PL
rd
CALI
113
Location Maps
Sale Comparables
Sales Comparable Properties

Subject
Price
Davis, CA
Units
Drake Drive Apartments
$/Unit
$1,190,000
8
Sq Ft
$/Sq Ft
Cap Rate (Current)
4.19%
Cap Rate (Market)
4.95%
$148,750
GRM (Current)
12.00
6,000
GRM (Market)
11.26
$198.33
Unit Mix
8-2x1
Comparable #1
1351 Drake Drive
Price
$640,000
Davis, CA 95616
Units
$/Unit
$160,000
Sq Ft
--
GRM (Current)
--
COE
9/2012
3700
$/Sq Ft
Unit Mix
Cap Rate (Current)
$172.97
2-2x1, 2-3x1.5
Comparable #2
1331 Drake Drive
Price
$649,000
Davis, CA 95616
Units
$/Unit
$162,250
Sq Ft
--
GRM (Current)
--
COE
4/2012
5104
$/Sq Ft
Unit Mix
Cap Rate (Current)
$127.16
2-2x1, 2-3x2
Location Maps
Sale Comparables
Sales Comparable Properties

Comparable #3
1342 Drake Drive
Price
Davis, CA 95616
Units
$632,500
4
$/Unit
$158,125
Sq Ft
GRM (Current)
COE
--11/2011
5632
$/Sq Ft
Unit Mix
Cap Rate (Current)
$112.30
2 Studios, 2-3x1.5
Location Maps
Sale Comparables
Sales Comparable Properties Summary

Properties
Price
Units
$/Unit
Sq Ft
$/Sq Ft
Cap Rate
GRM
COE
$1,190,000
$148,750
6,000
$198.33
4.95%
11.26
$640,000
$160,000
3,700
$172.97
9/2012
$649,000
$162,250
5,104
$127.16
4/2012
$632,500
$158,125
5,632
$112.30
11/2011
Davis, CA
1.
1351 Drake Drive

Davis, CA 95616
2.
1331 Drake Drive

Davis, CA 95616
3.
1342 Drake Drive

Davis, CA 95616
Location Maps
Sale Comparables
Sales Comparable Map & Legend

Properties
Davis, CA
1.
1351 Drake Drive
CALI
F O R N IA
113
Davis, CA 95616
2.
1331 Drake Drive

Davis, CA 95616
3.
1342 Drake Drive

Davis, CA 95616
2
3
Location Maps
Sale Comparables

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Multi-Family Investments

520 Capitol Mall, 5th Floor

Cassidy Turley Northern California

Confidentiality & Disclaimer

Section I: Asset Overview

Section II: Location Maps

Section III: Rent Survey

Section IV: Sales Survey

The information contained in this marketing brochure (Materials) is proprietary

All Property showings are by appointment only and must be coordinated

Combined Asset Overview

1312 Drake Drive Overview

1322 Drake Drive Overview

Combined Asset Overview

1312 Drake Drive Overview

1312-1322 Drake Drive

For more information, ple

Jim Gray, CCIM

1322 Drake Drive Overview

1312-1322 Drake Drive

Current Cap Rate

Market Cap Rate

Combined Asset Overview

1312 Drake Drive Overview

1322 Drake Drive Overview

1312-1322 Drake Drive

Scheduled Gross Rent

Effective Gross Rent

NET OPERATING INCOME

Combined Asset Overview

Central Heat & Air

1312 Drake Drive Overview

1322 Drake Drive Overview

Operations Statement - Combined

Pro Forma Current

Pro Forma Market

Schedule Gross Rent

Effective Gross Rent

Repairs & Mainteance

Net Operating Income

Net Cash Flow

Combined Asset Overview

1312 Drake Drive Overview

1322 Drake Drive Overview

1312 Drake Drive

Scheduled Gross Rent

Effective Gross Rent

NET OPERATING INCOME

1312 Drake Drive

Average Unit Size

Combined Asset Overview

Central Heat & Air

1312 Drake Drive Overview

1322 Drake Drive Overview

1312 Drake Drive

Pro Forma Current

Pro Forma Market

Schedule Gross Rent

Effective Gross Rent

Marketing & Promotion

Repairs & Mainteance

Real Estate Taxes

Net Operating Income

Net Cash Flow