brian raynoha m.b.a. offering memorandum for senior ... · san diego, ca 92102 2907 30th street...

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Exclusively Listed by: Brian Raynoha M.B.A. Senior Associate CalBRE # 01798711 858.869.9290 [email protected] OFFERING MEMORANDUM FOR 2973 FIR STREET, SAN DIEGO, CA 92102 Building Your Wealth Through Apartment Investments

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Page 1: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

Exclusively Listed by: Brian Raynoha M.B.A.

Senior Associate

CalBRE # 01798711

858.869.9290

[email protected]

OFFERING MEMORANDUM FOR 2973 FIR STREET, SAN DIEGO, CA 92102

Building Your Wealth Through

Apartment Investments

Page 2: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

PROPERTY LOCATION Building Your Wealth Through

Apartment Investments

2973 Fir Street

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

2973 Fir Street, San Diego, CA 92102

AREA MAP

Page 3: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

PROPERTY LOCATION Building Your Wealth Through

Apartment Investments

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

2973 Fir Street, San Diego, CA 92102

2973 Fir Street

The property is located in the historic and trendy community of

South park, blocks from Balboa Park and close proximity to

downtown. This property has a fantastic tenant profile and is

combines cash flow and location.

60’

60’

62’ 62’

3D AERIAL MAP

Page 4: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

PROPERTY LOCATION Building Your Wealth Through

Apartment Investments

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

2973 Fir Street

PROPERTY ADDRESS 2973 Fir Street, San Diego, CA 92102

ASSESSOR PARCEL NO. 539-225-15-00

LEGAL ST CLSD ADJ & E 60 FT LOTS 23 & 24 BLK 43 TR 264

2973 Fir Street, San Diego, CA 92102

NEIGHBORHOOD MAP

Page 5: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

THE OFFERING Building Your Wealth Through

Apartment Investments

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

ACI Apartments is pleased to offer 2973 Fir Street. The property is located in South park a high demand rental

market. 2973 Fir Street is close to the Balboa Park, Downtown, and all that south park has to offer. The property

has convenient access to public transportation and the Freeways.

The property was renovated in 2014 & 2015 with refinished hardwood floors, upgraded kitchens with gas stoves,

and new paint, fencing, patio, stairs, landscaping and too many interior improvements to mention. There is a

large outdoor communal area with BBQ and picnic table. No off street parking , however there is plenty of street

parking in this quite pocket.

The immediate surrounding area is comprised of other small multi-family buildings as well single family homes.

With its quaint feel and close proximity to everything this property is a renters and owners dream come true.

Dre dream.

2973 Fir Street, San Diego, CA 92102

THE OFFERING

Page 6: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

RENTAL SURVEY Building Your Wealth Through

Apartment Investments

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

2973 Fir Street, San Diego, CA 92102

# PROPERTY NAME YEAR BUILT OCCUPANCY FEATURES RENT $ SqFt $/SqFT

De Ansza 1952 97% $1,100 590 $1.86

1 2444 30th St

San Diego, CA

92102

2907 30th Street 1959 94% $1,100 450 $2.44

2 San Diego, CA

92102

1907-1923 30th St 1939 75% $1,395 500 $2.79

3 San Diego, CA

92102

3144 E Grape St 1959 90% $1,375 550 $2.50

4 San Deigo CA

92102

3065 Hawthorn St 1964 90% $1,475 600 $2.46

5 San Diego, CA

92102

YEAR BUILT OCCUPANCY RENT $ SqFt $/SqFT

1952 89% $1,100 520 $2.15

$1,415 550 $2.58

RENTAL AVERAGES UNIT MIX

Studio

1 Bed 1 Bath

4 1 Bed 1 Bath

Stuido

TOTAL UNITS UNIT MIXPROPERTY PHOTO

30 Studio

11

16

Gated, Off-

Street Parking,

Laundry On-Site

Gated, Laundry

On-Site, Carports,

Patio

Laundry On-Site,

Off-Street Parking,

Patio

Off-Street Parking,

Garages

Available

TOTAL UNITS

14

1 Bed 1 Bath

Laundry On-Site,

Covered Parking,

Patio

11 1 Bed 1 Bath

RENTAL SURVEY

Page 7: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

RENTAL SURVEY Building Your Wealth Through

Apartment Investments

1

2

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

2973 Fir Street

3

4

5

1) 1907-1923 30th St 2) 3144 E Grape St 3) 2444 30th St

4) 2907 30th Street 5) 3065 Hawthorn St

MAP LEGEND

2973 Fir Street, San Diego, CA 92102

Page 8: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

EXECUTIVE SUMMARY Building Your Wealth Through

Apartment Investments

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

2973 Fir Street, San Diego, CA 92102

EXECUTIVE SUMMARY City State Zip

San Diego CA 92102

Price Current Market Current Market # Units $ / Unit Lot $ / Sq Ft

13.47 12.38 5.18% 5.81% 3 Plus 2 $366,333 2792 3,598 $393.62Estimated Average Monthly Income Analysis Estimated Operating Expenses

No. Floor Plan Rent Total Market Rent Total Actual PROFORMA

2 Studios $1,175 $2,350 $1,250 $2,500 Mgt-Off Site $0 Mgt-Of Site $0

1 1 Bed 1 Bath $1,600 $1,600 $1,700 $1,700 Mgt-On Site $0 Mgt-On Site $0

1 1/1 w/ Deck Yard $1,450 $1,450 $1,650 $1,650 Gas & Elec. $4,413 Gas & Elec. $4,413

1 1 Bed 1 Bath $1,400 $1,400 $1,550 $1,550 Wrt & Swr $1,400 Wrt & Swr $1,400

Landscaping $600 Landscaping $600

5 Actual $6,800 Market $7,400 Trash $0 Trash $0

Pest Control $0 Pest Control $0Garage Income (Estimated) $0 $0 Maintenance $1,800 Maintenance $1,800Laundry Income $0 $0 Miscellaneous $0 Miscellaneous $0Other Income $0 $0 Insurance $1,050 Insurance $1,050Total Monthly Other Income $0 $0 Taxes $12,309 Taxes $12,309

Reserves $600 Reserves $600Total Rental & Other Income $6,800 $7,400 Legal $0 Legal $0

Annual Operating Proforma License $75 License $75Actual Proforma Total $22,247 Total $22,247

Gross Rental Income $81,600 $88,800Plus Other Income $0 $0 Total Expenses Per Est Sq Ft: $6.18 Total Expenses Per Est Sq Ft: $6.18

Gross Scheduled Income $81,600 $88,800 Total Expenses Per Unit: $4,449.36 Total Expenses Per Unit: $4,449.36

Less: Vacancy Factor 3% $2,448 $2,664 Total Expenses Per GSI: 27.26% Total Expenses Per GSI: 25.05%

Gross Operating Income $79,152 $86,136

Less: Operating Income 27.26% $22,247 $22,247 Financing InformationNet Operating Income $56,905 $63,889 Down Payment 45% Amount $400,000

Interest Rate 4.3%

Less: First TD Payments ($41,264) ($41,264) # of Years Amortized Over 30

Proposed Loan Amount Amount $699,000

Pre-Tax Cash Flow $15,641 $22,625 Loan Points 0%

Cash On Cash Return 3.90% 5.65% Other Loan Costs $750

Principal Reduction $11,784 $11,784

Total Potential Return 6.8% 8.6% Deb Coverage Ratio Current $1.38 Market $1.55

Add'l Capital for Repairs (1st year) $0 $0 Property Description & AmenitiesAcquisition Costs $0 $0 Turn Key Charmer in Core South Park location with Cash Flow.Financing Costs $750 $750

Down Payment $400,000 $400,000 Contact InformationTotal 1st Year Cost $400,750 $400,750 Name Brian Raynoah CalBRE#

Cell: 858.869.9290 Email: [email protected]

2635 Camino Del Rio South #300, San Diego, CA, 92108

APNYear Built

NA 539-225-15-00

Address

O1798711

$1,099,000

2973 Fir Street

SqFt

Rentable

GRM CAP Rate %

Page 9: Brian Raynoha M.B.A. OFFERING MEMORANDUM FOR Senior ... · San Diego, CA 92102 2907 30th Street 1959 94% $1,100 450 $2.44 2 San Diego, CA 92102 1907-1923 30th St 1939 75% $1,395 500

ACI 2635 Camino Del Rio South, Suite 300

San Diego, CA 92108

Phone: 619.277.0670 Fax: 619.295.3737

Website: http://aciapartments.com

Apartment Consultants Inc. (ACI) is the most successful income

property brokerage firm in San Diego County. Since 1982, we have

specialized in apartment and investment property transactions, and

maintained a solid performance despite changing economic cycles.

With an average of more than 140 closed escrows per year, ACI has

closed more San Diego County income property escrows than any

other firm in the county – that’s more properties than the number two

and number three firms combined. Whether you’re new to apartment

investing or an experienced investor looking to upgrade your

portfolio, ACI is the right choice to achieve your long-term investment

goals.

©2016 Apartment Consultants, 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. Property Owner must verify the information and bears all risk for any inaccuracies.

Brian Raynoha

Senior Associate

CalBRE # 01798711

858.869.9290

[email protected]