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Underwriting Co·Pilot
Deal X-Ray · Northgate Apartments
AI underwriting co-pilot for 1840 Northgate Blvd, San Jose CA · 184 units · value-add B/C multifamily
Confidential Offering Memorandum
Northgate Apartments
1840 Northgate Blvd · San Jose, CA · 184 units
Table 2 · Operating Summary
Gross Potential Rent$6,420,000
Going-in Cap5.00%
In-place NOI$2,910,000
Occupancy91%
p.4 / 22
100%
38 fields 23 high 14 med 1 low
Overall 81%
- Property NameNorthgate Apartments
- Address1840 Northgate Blvd, San Jose, CA 95112
- APN / Parcel06085-1182-007
- Units184
- Asset ClassMultifamily · value-add B/C
- Year Built1,986
- Ask Price$58,200,000
- Going-in Cap5.0%AI medium confidence — please verify
OM cap on broker pro-forma — verify against trailing NOI
- Gross Potential Rent$6,420,000
- Vacancy & Credit Loss−$410,000AI medium confidence — please verify
verify — 6.4% loss vs 9% reported occupancy gap
- Other Income$318,000
- Effective Gross Income$6,328,000
- Payroll & Mgmt−$742,000AI medium confidence — please verify
- Repairs & Maintenance−$498,000AI medium confidence — please verify
- Real Estate Taxes−$688,000
- Insurance−$214,000AI medium confidence — please verify
- OpEx Ratio42.0%AI medium confidence — please verify
verify — below market for 1986 vintage
- In-place NOI$2,910,000AI medium confidence — please verify
- Stabilized NOI (yr-3)$3,640,000AI medium confidence — please verify
projected — confirm renovation budget supports the lift
- Occupancy91.0%
- Avg In-place Rent$1,865
- Avg Market Rent (est)$2,340AI low confidence — please verify
low conf · estimated from comps, not in OM
- Rent Gap25.50%AI medium confidence — please verify
medium · driven by the estimated market rent above
- Unit Mix52% 1BR · 38% 2BR · 10% studio
- Avg Unit SF812
- Avg Lease Remaining7AI medium confidence — please verify
months — short MTM exposure on 14 units
- Concessions1 mo free · 11 unitsAI medium confidence — please verify
- Delinquency3.10%AI medium confidence — please verify
- Senior Debt$37,800,000
- LTV65.0%
- Rate7.35%
- Index / TypeSOFR + 285 · IO 36mo
- DSCR (in-place)1.18xAI medium confidence — please verify
below the 1.20x institutional floor
- Equity Required$20,400,000
- BrokerMarcus Reyes
- FirmWestbay Capital Markets
- Received2 days ago
- Call for Offerssoft · no hard dateAI medium confidence — please verify
15 fieldsneed a look before you trust the model
Extraction complete.