The Independent
15% Projected Investor Return*
5 Yr. Projected Hold Period*Projections are not guarantees and any investment carries risk. Investors are encouraged to consult their financial advisor before making any investment*
Investment Overview
Objective
Long-term growth
$20.0 M
Purchase Price
$35.0 M
Projected Exit Price
| Price Per Unit | $327K |
|---|---|
| Going in Cap Rate | 5.1% |
| Projected Hold Period | 5 yrs. |
| Projected Price Per Unit | $575K |
| Projected Investor Return | 15% |
| Projected Investor Multiple | 1.9x |
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.
Invest In The Independent
Property Stats
Location: Sand City, CA (Monterey)
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.
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.
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).
Still not sure if this offering is right for you or need additional information?
Speak with a member of our investor relations team.
Schedule a call with us