Premier Offering

The Independent

  • 15% Projected Investor Return*
  • 5Yrs. Projected Hold Period

*Projections are not guarantees and any investment carries risk. Investors are encouraged to consult their financial advisor before making any investment

Status

Active!

0%
Funded

Minimum $50,000 Investments

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Investment Overview

Objective

Long-term growth

  • $20.0 M

    Purchase Price

  • $35.0 M

    Projected Exit Price

Price Per Unit$327K
Going in Cap Rate5.6%
Projected Hold Period5 yrs.
Projected Price Per Unit$575K
Projected Investor Return15%
Projected Investor Multiple1.9x

The Property

Located less than a mile from the coast, the Independent is a 61-unit midrise multifamily asset. Floor plans are evenly spread among studio, 1-bedroom, and 2-bedroom configurations in a four-story concrete and steel construction. The building went through extensive renovations in 2014 to convert previous office and commercial space into apartments on the 1st and 2nd floors. A single commercial tenant and 11,000 s.f. of vacant commercial space remain on the 1st floor. Unit amenities include washer/dryers, stainless steel appliances, floor-to-ceiling windows, and outstanding views.

The Independent

Why Independent

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Property Stats

Location: Sand City, CA (Monterey)

The Location

The Independent – located just outside the Monterey Peninsula – presents an incredible value-add investment opportunity in the burgeoning Sand City submarket. The building was originally conceived as a mixed-use property, with offices, commercial space, and multifamily units, and built in 2008. The Independent is ideally positioned to make the most of the market in an area where multifamily housing is in limited supply. A prime location near the stunning California coast – including quick access to Big Sur and Pebble Beach golf course – makes this an exciting investment opportunity.

Investment Strategy

Originally constructed as a mixed-use property, the Independent is well-priced for its location in a market with limited supply to meet a growing demand. A value-add strategy that includes the potential for increased revenue through lease of existing vacant commercial space or conversion to additional multifamily units creates a dynamic opportunity for single-asset investors.

Investment Details

Strong rental demand in an affluent location positions the Independent to set the market for multifamily rents in the Salinas/Monterey submarket. There is high potential to realize the expected submarket rent growth projection of 15.6% (through 2027).

Documents

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