property description & amenities offering memorandum · 2019-11-01 · building your wealth...
TRANSCRIPT
Building Your Wealth Through Apartment
InvestmentsChuck Hoffman - DRE#0524883
OFFERING MEMORANDUM4036 Oregon Street, San Diego, CA 92104
(619) 686-6122 [email protected]
Property Description & Amenities
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
TABLE OF CONTENTS
Property Overview - 1
Property Photo - 2
Overhead Map - 4
Area Description - 5
San Diego Overview - 6
Executive Summary - 9
Sales Comparables - 10
Rent Comparables - 11
4036 OREGON ST
THE OPPORTUNITY
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Smaller mid-sized properties, such as this, are rarely on the market in North Park. This 20 unit property has a favorable mix of eight
2BR/1BA units and twelve 1BR/1BA units. Without catwalks to the second floor all units have a more private entrance and feeling. A
pleasant large, secure landscaped courtyard contributes to a more resort like ambiance. Parking for all residents is available in a
variety of options consisting of seven garages, two carports and eleven open spaces.
The location is considered one of the best in San Diego. North Park is well known as a hipster area that includes dining, shopping, art
galleries and night life. This particular property has a Walk score of 91 (according to Walk.com) making many activities easily within
walking distance. For those that use public transportation, rideshare or your own vehicle the offering has a location that is central to
downtown, the airport, Balboa Park, the Zoo, beaches and a myriad of other destinations.
An opportunity exists to renovate the property and increase rents and operational efficiency while reaping the benefits from future
increases in net cash flow and appreciation.
All offers are to be submitted by 5:00PM on Tuesday November 5th for review by the seller.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
PROPERTY OVERVIEW
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
PROPERTY PHOTOS
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
PROPERTY PHOTOS
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
OVERHEAD MAP
NORTH PARK - SAN DIEGO'S HEART FOR BEING HIP
North Park is on of San Diego’s most sprawling urban neighborhoods with a population of approximately
38,000. It is one of San Diego’s most centralized neighborhoods providing close proximity to the major
highways which can take you directly to many of the San Diego attractions including: Pacific Beach, Mission
Beach, La Jolla Shores, Downtown, and Qualcomm Stadium. This neighborhood provides a vibrant and artsy
central business district filled with a mix of office buildings, retail stores, farmers markets, locally owned coffee
shops, food trucks, restaurants, bars and nightclubs.
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
AREA DESCRIPTION
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
SAN DIEGO OVERVIEW
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
SAN DIEGO OVERVIEW
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
SAN DIEGO OVERVIEW
City Zip Lot Size
Address 4036 Oregon Street San Diego 92104 13,985
GRM Rentable
Current Market Current Sq Ft
16.33 13.05 4.08%
No. Rent Total Market Total Actual Market
8 $1,444 $11,555 $1,795 $14,360 Mgt-Off Site $16,754 $18,789
12 $1,278 $15,340 $1,495 $16,364 Mgt-On Site $7,200 $7,200
0 Gas & Elec. $5,018 $5,260
0 Wrt & Swr $13,574 $14,000
0 Landscaping $1,440 $1,440
Trash $4,552 $4,552
Pest Control $2,020 $2,020
Maintenance $19,631 $22,000
Miscellaneous $7,200
Insurance $7,031 $7,200
20 Actual $26,895 Market $30,724 Taxes $21,435 $58,289
Garage Income and Parking $0 $1,900 Turnover Costs $0 $0
Laundry Income $150 $160 Pool $0 $0
Other Income $0 $1,050 Reserves $0 $0
Total Monthly Other Income $150 $3,110 Total $98,655 $147,950
Total Rental & Other Income $27,045 $33,834 Total Per Est Sq Ft: Total Per Est Sq Ft:
Total Per Unit: $4,933 Total Per Unit: $7,398
Total Per GSI: 30% Total Per GSI: 46%
Annual Operating Proforma
Down Payment 36% $1,889,000 Amount $1,889,000
Gross Rental Income Interest Rate 3.48%
Plus Other Income # of Years Amortized Over 30
Gross Scheduled Income Proposed Loan $3,410,000 Amount $3,410,000
Less: Vacancy Factor 3% Loan Points 1%
Gross Operating Income Other Loan Costs $0
Less: Operating Expenses Debt Coverage Ratio Current 1.15 Market 1.20
Net Operating Income
Less: First TD Payments
Name: Chuck Hoffman CalBRE#
Pre-Tax Cash Flow Phone: 619-686-6122 Email: [email protected]
Cash On Cash Return 2635 Camino Del Rio South #300, San Diego, CA, 92108
Principal Reduction
Total Potential Return
Add'l Capital for Repairs (1st Year)
Acquisition Costs
Financing Costs
Down Payment
Total 1st Year Cost
Actual Market
Wrt & Swr
# Units Address State Yr Built (Aprx.) APN
20 California 1965 445-591-28-00
CAP Rate %
Price Market $ / Unit
$314,857 $394,947
$98,655 $147,950
$322,740 $368,688
$1,800 $37,320
$324,540 $406,008
Contact Information
0524883
$27,419 $58,214
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
Rare larger apartment building in the heart of North Park near the 30th and University epicenter of
night life that includes restaurants, breweries and art galleries. A walk score of 91 supports its
outstanding location. Market rents assume a renovation.
Property Description & Amenities
$0 $0
$1,889,000 $1,889,000
$1,889,000 $1,889,000
$0 $0
$ / Sq Ft
$5,299,000 4.90% $264,950
Estimated Average Monthly Income Analysis Estimated Operating Expenses
Mgt-Of Site
Mgt-On Site
Gas & Elec.
Floor Plan
2BR/1BA
1BR/1BA
Financing Information
Landscaping
Trash
Pest Control
Maintenance
Miscellaneous
Insurance
Taxes
Turnover Costs
Pool
Reserves
Total
4.9% 6.6%
1.45% 3.08%
$65,721 $65,721
($188,783) ($188,783)
$216,202 $246,997
$9,682 $11,061
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
CASH FLOW SHEET
ZIP # OF UNITS GRM % CAP YR BUILT COE
12 18.07 3.21%
S) 1) 2) 3)
UNIT MIX
2814-32 30th Street 8 - 2 BR / 1 BA
$365,0002 - 1 BR / 1 BA
ADDRESS LIST PRICE $/UNIT
17.90 3.80% 1915 9/9/2019
4021 32nd Street 4 - 2 BR / 1 BA
292104 $2,655,500 10 $265,500 18.30
192104 $3,650,000 10
3.04% 1964 10/1/20196 - 1 BR / 1 BA
4553 Texas Street 9 - 2 BR / 1 BA
392104 $2,200,000 9 $244,444 18.00 2.80% 1964 9/6/2019
Averages $2,835,167 $291,648
4036 Oregon Street 8 - 2 BR / 1 BA
12 - 1 BR / 1 BA
S92104 $5,299,000 20 $264,950 16.33 4.08% 1965 TBD
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
MAP LEGEND4036 Oregon Street 2814-32 30th Street 4021 32nd Street 4553 Texas Street
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
SALES COMPARABLES
1
2
3
S
Place Map Over
ZIP
92104
92104
92104
92104
92104
92104
ADDRESS RENT UNIT SQFT RENT PER SQFT UNIT MIX
4121 Idaho Street
1
$1,840 N/A
N/A 1BR / 1BA
3940 Oregon Street
1BR / 1BA
2
$1,695 672 $2.52
4116 Oregon Street
1BR / 1BA
3
$1,550 600 $2.58
3821 Arizona Street
2BR / 1BA
4
$2,050 650 $3.15
4463 Idaho Street
2BR / 1BA
5
$1,995 N/A N/A
4374.5 Oregon Street
2BR / 1BA
6$1,895 N/A N/A
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
AVERAGES 1BR/1BA Rent Avg 2BR/1BA Rent Avg $1,695 $1,980
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
RENT COMPARABLES
1
2
3
4
5
6
1) 2) 3)
4) 5) 6)
4121 Idaho Street 3940 Oregon Street 4116 Oregon Street
©2019 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. Buyer must verify the information and bears all risk for any inaccuracies.
3821 Arizona Street 4463 Idaho Street 4374.5 Oregon Street
Building Your Wealth Through
Apartment Investments
4036 Oregon St, San Diego, CA 92104
SALES COMPARABLES
Place Map Over
S)MAP LEGEND
4036 Oregon Street
2635 Camino Del Rio South, Suite 300
San Diego, CA 92108
Phone: 619.299.3000 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 incomeproperty escrows than any other firm in the
county
looking toupgrade your portfolio, ACI is the right choice to achieve your long-term investment goals.
Chuck Hoffman - DRE#0524883
Phone: 619.686.6122
Email: [email protected]