Imperial House PRESENTED BY JIM SCOTT

OFFERING MEMORANDUM

IMPERIAL HOUSEAddress Units Year BuiltPrice Cap RateGBA

2828 Upshur Street44

1960$17,250,000

2.6%33,000SF

EXCLUSIVELY LISTED BYJIM SCOTT(619) 920-9511jimscotthomes@gmail.comDRE#00830226

Contact Andrea for tour information.

Andrea Zeman(619) 988-6747andrea@sqre.comDRE# 01987527

PROPERTY FEATURES• 44 units • 32 - 1 bedroom units• 10 - 2 bedroom units• 2 - penthouse units• Parking garage• Laundry facilities • Pool

Historic 44 unit Mid-Century masterpiece located steps from the Bay. A property like this comes along only once in a generation. Spacious and bright units with balconies. Underground parking with 46 spaces. Elevator served, this three-story building captures the essence of an early time in San Diego. The exterior is very original and the architect is significant; although not certain, it is possible this building would be eligible for Mills Act status. The Asian Pacific theme of the exterior is carried into the interior common and the units themselves.

PROPERTY HISTORY

❖ John August Reed was the architect for this mid-century masterpiece; built in 1960.

❖ Reed was an associate of Lloyd Ruocco, Lloyd Wright and Sim Bruce Richards, three significant mid-century architects in Southern California.

❖ He is responsible for designing over 500 projects including Imperial House and several others in San Diego.

Current101 1 $1,410104 1 $1,550107 1 $1,450108 1 $1,295111 1 $1,460112 1 $1,435113 1 $1,435118 1 $1,390119 1 $1,500120 1 $1,440121 1 $1,450122 1 $1,460123 1 $1,550124 1 $1,440125 1 $1,485126 1 $1,550201 1 $1,460204 1 $1,460207 1 $1,400208 1 $1,450211 1 $1,435212 1 $1,430213 1 $1,490218 1 $1,500219 1 $1,500220 1 $1,450221 1 $1,490222 1 $1,460223 1 $1,490224 1 $1,490225 1 $1,600226 1 $1,500103 2/2 $1,900105 2/2 $1,450109 2/2 $1,785203 2/2 $1,785205 2/2 $1,950115 2/2 $1,830116 2/2 $1,950209 2/2 $1,780215 2/2 $1,820216 2/2 $1,830

Pent A 2/2 $3,200Pent B 2/2 $3,200

Laundry $750

Monthly $72,135GSI $865,620

Includes manager’s unit projected rent

CURRENT RENT ROLL

FINANCIAL INFORMATION

ACTUAL 2017 ACTUAL 2018 Thru 10/17/2019

GROSS INCOME $831,130 $790,063 $678,737

UTILITIES $38,005 $51,481 $46,377

TRASH $5,210 $5,854 $5,152

PROPERTY TAXES $19,085 $19,484 $36,727

SUPPLIES $34,433 $26,783 $16,162

PEST CONTROL $1,091 $1,213 $2,111

PAYROLL $58,705 $69,245 $57,539

MANAGEMENT & OFFICE EXPENSE $43,060 $57,000 $36,000

MAINTENANCE $8,239 $17,883 $15,437

MISCELLANEOUS TAXES $3,754 $457 $3,300

INSURANCE $14,561 $23,131 $2,170

ACCOUNTING $4,215 $3,920

EXPENSES $226,143 $276,746 $224,895.45

NET OPERATING INCOME $604,987 $513,317 $453,841.55

❖ Enhancement of La Playa trailhead❖ Increase or decrease of up to 10% in vessel slip quantity ❖ Increase in hotel rooms, retail & meeting space❖ Reconfiguration of Shelter Island Drive to expand park space❖ Reconfiguration of Scott Street to improve pedestrian and bike connections❖ Increased water mobility opportunities

PROPOSED SHELTER ISLAND REDEVELOPMENT

For more information contact the Port of San Diego

INVESTMENT SUMMARY

PURCHASE PRICE: $17,250,000

$/UNIT: $392,045

$/SF: $522

CAP RATE: 2.80%

GRM: 19.6