brian raynoha m.b.a. offering memorandum for senior ... · san diego, ca 92102 2907 30th street...
TRANSCRIPT
Exclusively Listed by: Brian Raynoha M.B.A.
Senior Associate
CalBRE # 01798711
858.869.9290
OFFERING MEMORANDUM FOR 2973 FIR STREET, SAN DIEGO, CA 92102
Building Your Wealth Through
Apartment Investments
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
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
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
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
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
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
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 %
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