4193 illinois street, san diego, ca 92104 · and new paved concrete. previous owner replumbed the...
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4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
1
4193 Illinois Street, San Diego, CA 92104
Brian Raynoha, MBA - #01798711 President/Principal 858.869.9290
Scott Edelstein - #02043672 Investment Associate 619.630.9327
Prime North Park location
Each unit is 1,000+ SF with private patio
Renovated Turn Key Property
Low Maintenance
Offers off-street parking and storage rooms
www.ApartmentAdvisorsInc.com | 2525 Camino Del Rio S #155, San Diego, CA 92108
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
2
Property Breakdown
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
3
Property Overview
Property Address 4193 Illinois Street
San Diego, CA 92104
Assessor Parcel No. 446-322-01-00
Lot Size 5,002 SF/0.12 acres
*Estimated - Buyer to verify
Building Size 4,196 SF
*Estimated - Buyer to verify
Unit No. 4
Year Built 1964; Renovated 2015/2016
Unit Mix (3) 2 Bed/1.5 Townhome; 1,025 SF
(1) 3 Bed/1.5 Bath Townhome; 1,125 SF
Highlights Spacious units, approximately 1,000 sqft
each; 4 on-site parking spaces.
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
4
Property Breakdown
Recent Improvements
Popcorn ceiling removed
Refurbished kitchens
New kitchen cabinets & stainless steel appliances
Quartz counter tops w/ subway tile back splash.
Vinyl wood plank flooring
Stainless steal double sinks
GFCIs in kitchen and baths
New Vanity in downstairs half bath
Designer mirrors (Downstairs bath)
New toilets (new everything; Downstairs bath)
Stairs are carpeted
3 bedroom unit has custom iron railing
Carpet upstairs
New vanities in 3 of the bathrooms
New lighting; new fans
New Electrical
Grounded and new Breaker boxes, new GFCIs
Plumbing is copper; was replumbed by previous owner
New windows
Building was painted
Newly landscaped
New fencing
New pavers; new concrete for portion of parking and
sidewalk
Laundry is leased - Month to Month agreement
Just a 12 minute drive to Down-
town San Diego or 30 minute com-
mute via public transportation. Lo-
cated close by to varies restaurants
and shopping stores that make run-
ning errands a breeze.
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
5
Property Breakdown
Be ahead of the game! Don’t miss out on this investment opportunity right around the corner from
a variety of multi-family unit developments! Where would you rather buy investment property?
Where business and development is booming or where the area is unchanged or underdeveloped.
This property has a lot to offer. Not only is it a prime location, but the units are spacious with
plenty of room! There are (3) 2 bed/1.5 baths with a SF of 1,025 and a (1) 3 bed/1.5 baths with a
SF of 1,125! Units have been completely updated including new exterior paint, newly landscaped
and new paved concrete. Previous owner replumbed the plumbing and new electrical work has
been done! This won’t last!
Check out new development projects in North Park:
North Park Property Sells For $2.4 M - San Diego Business Journal
Apartment Complex Sold For $10.7M - San Diego Business Journal
Church Sells North Park Property For Future Development - San Diego Business Journal
Developer's Good Neighbor Policy Pays Off for Project - San Diego Business Journal
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
6
Financials
INVESTMENT SUMMARY
Units Address City APN
4 San Diego 446-322-01-00
Price $ / Unit Parking
$1,679,000 Current Market Current Market
15.91 15.13 3.94% 4.25% $419,750 4 Spaces
$ / Square Foot Gross Sq. Ft. Parcel Size Yr. Built Lot
(Approx.) Average size (Approx.) (Approx.) Zoning (+/-) Dimmensions
$400.14 1,049 5,596 RM-1-2 1964 105 X 46
Monthly Annual
1 2 bed 1.5 Bath $2,200 $2,200 $180 $2,400
1 2 bed 1.5 Bath $2,100 $2,100 $80 $1,200
1 2 bed 1.5 Bath $2,100 $2,100 $0 $0
1 3 bed 1.5 Bath $2,395 $2,395 $75 $300
$25 $495
$250 $3,000
Total Monthly Income $8,795 $0 $0
$463 $5,550
$0 $0
$0 $0
3 2 bed 1.5 Bath $2,250 $6,750 $133 $1,600
1 3 bed 1.5 Bath $2,450 $2,450 $175 $2,100
$1,679 $20,148
Laundry $50 Total Estimated Expenses $3,060 $36,793
Total Market Monthly Income $9,250
Current Market
Gross Scheduled Income $105,540 $111,000 Down Payment $750,000
Less: Vacancy Factor 2.50% $2,639 $2,775 Proposed Financing: $929,000
Gross Operating Income $102,902 $108,225 Interest Rate: 5.00%
Less: Expenses $36,793 $36,793 Amortized over: 30
Net Operating Income $66,109 $71,432 Debt Coverage Ratio: 1.10
LTV 55%
Less: 1st TD Payments ($59,845) ($59,845)
Pre-Tax Cash Flow $6,264 $11,587 $0.00
Cash on Cash Return 0.84% 1.54% Total Capital $750,000.00
Principal Reduction $13,706 $13,706
Total return before tax shelter 2.66% 3.37%
CAP Rate
Market Cap Rate Including
Annual Operating Proforma
Zip
4193 Illinois St
GRM
92104
Caplital Improvments
Financing Summary
4,196
4.25%
(Estimated)
Annual Operating Expenses
Spa/Pool
Management (Off Site) 5%
Market Monthly Income
Maintenance
Management (On Site)
Current Monthly Income
Water & Sewer
Gas & Electric
Trash Removal
Landscaping
Pest Control
Capital Improvemtns
Miscellaneous
Reserves
Insurance
Taxes
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
7
Sales Comparables
Sale Price $1,447,000 # Units Unit Type
Units 4 4 2 Bed 1 Bath
Price/Unit $361,750
Building Sqft 2,428
Price/Sqft $596
Market Cap Rate 4.58%
Sale Date 2/16/2018 Market GRM 14.39
Year Built 1929
Notes:
Sale Price $1,408,125 # Units Unit Type
Units 4 2 2 Bed 1 Bath Hse
Price/Unit $352,031 2 1 Bed 1 Bath
Building Sqft 2,824
Price/Sqft $499
Market Cap Rate 4.40%
Sale Date 3/2/2018 Market GRM 14.76
Year Built 1939
Notes:
5 garages; Full-size lot; Only house have in-unit laundry
All units have been fully renovated; Garage per unit; private yards; In-unit laundry
San Diego, CA 92104
4382-4388 Ohio Street
2502-2508 Wightman Street
San Diego, CA 92104
* Adjusted Buyer Credited commision
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
8
Sales Comparables
Sale Price $1,420,000 # Units Unit Type
Units 4 1 3 Bed 2 Bath
Price/Unit $355,000 1 2 Bath 2 Bath
Building Sqft 3,101 2 1 Bed 1 Bath
Price/Sqft $458
Market Cap Rate 4.41%
Sale Date 3/6/2018 Market GRM 14.61
Year Built 1940
Notes:
Sale Price $1,350,000 ` # Units Unit Type
Units 4 4 2 Bed 1 Bath
Price/Unit $337,500
Building Sqft 3,224
Price/Sqft $419
Market Cap Rate 3.98%
Sale Date 11/1/2017 Market GRM 15.63
Year Built 1943
Notes:
4473-79 North Avenue
San Diego, CA 92116
4 Garages; Courtyard property with each unit with large deck with exclusive-use yards
4529-4535 Wilson Ave
San Diego, CA 92116
Private yards; 4 On-site parkingspaces; In-unit laundry
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
9
Sales Comparables
Sale Price $1,679,000 ` # Units Unit Type
Units 4 3 2 Bed 1 Bath TWN
Price/Unit $419,750 1 1 Bed 1 Bath
Building Sqft 3,450
Price/Sqft $469
Market Cap Rate 4.06%
Sale Date 1/18/2017 Market GRM 15.7
Year Built 2017
Notes:
4642-4644 Boundary Street
San Diego, CA 92116
(2) Garages; (4) On-site parking spaces; Loft style construction; In-unit laundry
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
10
Sales Comparables
Sale Price $1,460,825 ` # Units Unit Type
Units 4 2 1 Bed 1 Bath
Price/Unit $365,206 4 2 Bed 1 Bath
Building Sqft 3,005 1 2 Bed 2 Bath
Price/Sqft $488 2 2 Bed 1 Bath HSE
Market Cap Rate 4.29% 3 2 Bed 1 Bath TWN
Market GRM 15 1 3 Bed 2 Bath
Year Built 1954
Sale Price $1,679,000 ` # Units Unit Type
Units 4 3 2 Bed 1.5 Bath TWN
Price/Unit $419,750 1 3 Bed 1.5 Bath TWN
Building Sqft 4,196
Price/Sqft $400
Market Cap Rate 4.32%
Market GRM 15.13
Year Built 1964
Notes:
On-site laundry, (4) On-site parking spaces; Roof replaced around 2014
4193 Illinois Street, San Diego, CA 92104
Property
Averages
Subject Property
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
11
Finacnials
3.60%3.70%3.80%3.90%4.00%4.10%4.20%4.30%4.40%4.50%4.60%4.70%
2502-2508Wightman
Street
4382-4388Ohio Street
4473-79North Avenue
4529-4535Wilson Ave
4642-4644Boundary
Street
Subject
Market Cap Rate
Cap Rate Average of 4.29%
13.5
14
14.5
15
15.5
16
2502-2508Wightman
Street
4382-4388Ohio Street
4473-79North Avenue
4529-4535Wilson Ave
4642-4644Boundary
Street
Subject
Market GRM
GRM Average of 15
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
12
Financials
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
2502-2508Wightman
Street
4382-4388Ohio Street
4473-79North
Avenue
4529-4535Wilson Ave
4642-4644Boundary
Street
Subject
Price/Unit
Price/Unit Average of $365,206
$0
$100
$200
$300
$400
$500
$600
$700
2502-2508Wightman
Street
4382-4388Ohio Street
4473-79North Avenue
4529-4535Wilson Ave
4642-4644Boundary
Street
Subject
Price/SF
Price/SF Average of $488
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
13
Rental Survey
# PROPERTY PHOTO PROPERTY NAME FEATURES RENT $ SqFt $/SqFT
4061 Utah Street $2,500 812 $3.08
1 San Diego, CA
92104
4178 32nd Street $2,050 800 $2.56
2 San Diego, CA
92104
4133 Kansas Street $2,100 1,100 $1.91
3 San Diego, CA
92104
4364 35th Street $2,250 1,130 $1.99
4 San Diego, CA
92104
3042 Palm St $2,295 1,200 $1.91
5 San Diego, CA
92104
RENT $ SqFt $/SqFT
$2,198 1,043 $2.11
$2,300 956 $2.41
2
RENTAL AVERAGES**
# UNITS UNIT MIX
5
2 Bed 2 Bath
4
2 Bed 1 Bath
9
1 2 Beds 2 Bath
TOTAL UNITS UNIT MIX
Brand new kitchen;
Off-street parkingl On-
site laundry;
Renovated exterior;
large bedrooms
Large shared
backyard; In-unit
Laundry; storage
shed; Shared front
porch
1 2 Bed 2 Bath
Hardwood
Floors;Remodeled
unit; Underground
garage; Fitness room
Spacious; Patio
balcony; Upgraded
unit; On-site laundry
2 Bed 1 Bath
2 Bed 1 Bath
1-car garage; In-unit
laundry; upgrade
kitchen; private
patio; gated
2 bed 1 bath
1
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
14
Rental Survey
# PROPERTY PHOTO PROPERTY NAME FEATURES RENT $ SqFt $/SqFT
4435 Ohio Street $2,295 900 $2.55
1 San Diego, CA
92116
4539 Cleveland Ave $2,850 1,200 $2.38
2 San Diego, CA
92104
2661 A Street $2,700 1,350 $2.00
3 San Diego, CA
92102
4188 Illinois Street $2,995 1,048 $2.86
4 San Diego, CA
92104
2242 Gill Village $2,592 1,324 $1.96
5 San Diego, CA
92108
RENT $ SqFt $/SqFT
$2,686 1,164 $2.31
1
RENTAL AVERAGES**
# UNITS UNIT MIX
9
25
3 Bed 2 Bath
5
2 3 Beds 2 Baths
TOTAL UNITS UNIT MIX
Tenant garages; in-
unit laundry; Prime
location; Patio
balcony
In-unit laundry; patio
balcony; 9' ceilings;
spa/fitness center
10 3 Bed 2 Bath
1 car garage; In-unit
laundry; private
backyard
Spacious; Patio
balcony; Upgraded
unit; On-site laundry
3 Bed 2 Bath
3 Bed 2 Bath HSE
Remodeled; In-unit
laundry; Quartz
countertops
3 Bed 2 Bath
4193 Illinois Street
San Diego, CA 92104
Brian Raynoha, MBA
858.869.9290
©2016 Apartment Advisors, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
15
Apartment Advisors, Inc. offers exclusive seller representation. When we list and market your property we
only represent your interest. We focus on marketing your property and cooperating with the 14,000 Real-
tors in San Diego. Apartment Advisors, Inc. has all the marketing expertise and capabilities of the large
firms but with the individual and exclusivity that the large firms can not and will not provide.
Brian Raynoha is the owner and founder of Apartment Advisors, Inc. After ten years of working in the in-
vestment property industry, Brian opened his own brokerage to provide clients exceptional real estate ser-
vices. Brian specializes in handling 1031 exchanges. He enjoys building lifelong relationships with clients
from their first apartment investment to the day they cash out and achieve their retirement goals. We wel-
come you to Apartment Advisors, Inc. and we look forward to working with you.
~ The Apartment Advisors, Inc. Team
Brian Raynoha, MBA
President/Principal
CalBRE #01798711
858.869.9290 | phone
ApartmentAdvisorsInc.com | web
[email protected] |email
2525 Camino Del Rio S #155, San Diego, CA 92108