Section 01
Owner's Overview
Executive summary, contact information, and loan details
Property Management
Owner
3831-3855 North Freeway Blvd, LLC
Management
Chavez Management Group, Inc.
Director of Operations
Andrea Wolff
Property Manager
Andrea Wolff
Accounting Contact
Lily Loke
Address
3831-3855 N. Freeway Blvd
Sacramento, CA 95834
Sacramento, CA 95834
Loan & Ownership
Lender
JP Morgan Chase
Policy #
02-1140696-4
Outstanding Principal
$8,763,750.89
Maturity Date
06/01/2031
Marco Chavez
50% Ownership
George Chavez
50% Ownership
📈 April 2026 Performance Highlights
Total income of $299,800 for the month with NOI of $32,282. Net income was -$151,384, driven by $154,563 of unbudgeted capital work — $129,741 in tenant improvements and $24,823 in vacancy improvements. Excluding these one-time items, operations were broadly in line with plan. Occupancy held at 81.06% (47 of 55 suites), with a PrideStaff lease pending on suite 31-105. YTD net income stands at $323,853.
May 2026 — Actual vs Budget
Section 02
Occupancy & Vacancy History
Current occupancy status and historical vacancy trends
Occupied Units
47 / 55
169,181 sq ft leased
Rental Income (MTD)
$322,942
April 2026 billed rent
Total Building
208,718 sf
55 total units · 5 buildings
Vacancy Trend (4-Year)
Occupancy Mix
| Year | Occupied | Vacant | Total Units | Vacant Area | Vacancy % | Trend |
|---|---|---|---|---|---|---|
| Apr 2026 | 47 | 8 | 55 | 39,537 | 18.94% | Current |
Comments & Analysis
- Current occupancy: 47 of 55 suites leased (81.06% by area), with 39,537 sq ft vacant across 8 suites in the 3831, 3835, 3841, and 3851 buildings.
- Lease pipeline: Suite 31-105 (1,915 sq ft) has a PrideStaff lease pending with commencement scheduled for 8/1/2026.
- Recent move-ins: Ghilotti Construction (31-120), All Things Pretty (35-105), and Viceroy Improvement (35-115) became current during the period.
- Largest vacancy: Suite 51-110 (19,416 sq ft) in the 3851 building represents roughly half of total vacant area.
- Multi-year vacancy history is not yet loaded for this property; the table above reflects the current April 2026 snapshot. Live vacancy detail is maintained in the Leasing tab.
Section 03
Property Operations
Maintenance accomplishments and capital improvements
Operations & Maintenance
- Janitorial services across all buildings by Deal Cleaning Services Inc. ($17,327 for the month)
- HVAC repair and maintenance by Cooper Oates Air Conditioning and Slakey Brothers ($8,566)
- Parking lot patching and repaving by Ray Stanley / JustPave ($11,781)
- Plumbing and leak detection by Empire Leak Detection ($5,697 plumbing total)
- Landscaping by GP Landscape ($5,427)
- Janitorial supplies / glass restock ($6,997)
- Pest control by AANTEX Pest Control Norcal; security service by Solara Security ($2,250)
- Fencing work by S&S Fence Co. (capitalized to land improvement + rebill)
Capital Improvements
- Tenant improvements of $129,741 (CMGI Inv #26) — the largest single item driving the month's net loss.
- Vacancy improvements of $24,823 across multiple suites.
- Combined capital work of $154,563 was unbudgeted for the period.
Operational Issues
Routine maintenance plus significant build-out activity. The month's net loss is attributable to one-time capital spend rather than operating performance.
Inter-Property Transfers & Loan
$200,000 transferred to CMGI during the period. April loan payment of $66,002.80 comprised $29,103 interest and $14,562 principal, with $22,338 routed to the property tax escrow.
Operating Expenses Breakdown
Section 04
Income Statement
Profit & loss summary for April 2026
| Category | Month to Date | Year to Date |
|---|---|---|
| Total Income | $299,800 | $1,202,998 |
| Total Operating Expenses | $267,271 | $562,228 |
| Total Non-Recoverable Expenses | $106 | $5,769 |
| Mortgage Interest | $29,103 | $113,904 |
| Commissions / Improvements | $154,563 | $193,709 |
| Net Operating Income | $32,282 | $631,466 |
| Net Income | -$151,384 | $323,853 |
NOI Margin (MTD)
10.8%
Operating income before debt service
NOI Margin (YTD)
52.5%
Healthy YTD performance
Mortgage Interest (MTD)
$29,103
Below-NOI item
Income vs. Expenses (YTD)
Section 05
Budget Comparison
Period-to-Date actual vs. budget analysis
| Category | PTD Actual | PTD Budget | Variance | % Var |
|---|---|---|---|---|
| Total Income | $299,800 | $292,280 | +$7,520 | +3% |
| Total Operating Expenses | $267,271 | $201,438 | -$65,832 | -33% |
| Mortgage Interest | $29,103 | $29,103 | $0 | 0% |
| Commissions / Improvements | $154,563 | $0 | -$154,563 | N/A |
| Net Operating Income | $32,282 | $90,841 | -$58,559 | -64% |
| Net Income | -$151,384 | $61,739 | -$213,122 | -345% |
Budget Variance Visualization
Operating Expense Variances
- Building (-$23,804): Over budget on HVAC ($8,566), Janitorial ($17,327), and Janitorial Supplies ($6,997).
- Exterior (-$19,254): Parking lot repaving ($11,781) and landscaping drove the overage.
- General (-$20,877): Includes $14,518 rebill (fencing) and $5,697 plumbing, both largely unbudgeted.
- Utilities (+$1,679): Gas came in well under budget, offsetting water.
- Property Taxes ($0 variance): $136,438 escrow-funded, on budget.
- Improvements (-$154,563): Tenant + vacancy build-outs were unbudgeted and account for the net loss.
Section 06
Leasing Activity
Vacant units, lease pipeline, and upcoming expirations
Loading vacancies…
Connecting to Firestore.
Upcoming Lease Expirations
| Suite | Tenant | Expiration Date | Days Until Expiration |
|---|---|---|---|
| Loading lease expiration schedule… | |||
Section 07
Floor Plans
Floor plan PDFs for every vacant suite — auto-populated from Leasing
Loading…Fetching vacancy floor plans.
Section 08
Balance Sheet
Assets, liabilities, and capital as of April 2026
Cash & Current Assets
Cash - FRSC Sweep$2,500,000
Cash - First Republic$134,854
Property Tax Escrow$39,832
Total Cash$2,674,687
Total Assets$23,311,683
Liabilities & Equity
Loan - 1st Mortgage$8,763,751
Deferred Gain (Like-Kind Exch.)$9,511,795
Security Deposits$232,097
Total Liabilities$18,709,252
Total Capital$4,602,431
Total Liab. & Capital$23,311,683
Inter-Property Receivables
Due from 10GC$40,000
Due from 13SCO$100,000
Due from 1440-1470ML$1,000,000
Due from 25N14$88,000
Due from 28PP$275,000
Due from 355GEL$1,850,000
Due from 41HB$5,028
Due from CMGI$685,390
Section 09
Tenant Aging Detail
Outstanding balances as of 5/31/2026
Overall Position
| Tenant | Suite | Current Owed | 0-30 Owed | Status |
|---|
Section 10
Work Orders
Recent work orders and maintenance activity · manager notes save live
Total Orders
77
Completed
68
In Progress
3
| WO # | Suite | Description | Category | Priority | Vendor | Status | Notes |
|---|
Section 11
Multi-Month Comparison
Compare key metrics across reporting periods
VS
Quarterly Trend