roman villas apartments - loopnet · 2017-11-20 · roman villas apartments 7240 el cajon...

ROMAN VILLAS APARTMENTS7240 El Cajon Boulevard, San Diego, CA 92115

Benn VogelsangVice President(619) [email protected]

Phone: (619) 226-6011 ● Fax: (866) 861-7803 ● 3405 Kenyon St #411 ● San Diego, CA 92110 ● www.scc1031.com

PROPERTY HIGHLIGHTS

Extensive, Recent Interior andExterior Upgrades

●

Strong Unit Mix; Majority 2Bedroom Units

●

Strong Rental Market; AdditionalUpside In Rents

●

Located Close to SDSU and LaMesa

●

Table of Contents

Investment Details .................................................................. 3

Property Description .............................................................. 4

Property Photos ...................................................................... 5

Property Photos ...................................................................... 6

Regional Map .......................................................................... 7

Location Map ........................................................................... 8

Aerial Map ................................................................................ 9

Executive Summary ................................................................ 10

Pro Forma Summary .............................................................. 11

Unit Mix Report ....................................................................... 12

Cash Flow Analysis ................................................................ 13

Loan Analysis ......................................................................... 14

Cash In Cash Out .................................................................... 15

Investment Return ...................................................... 17

Internal Rate of Return ................................................ 18

Demographics ......................................................................... 19

Demographics ......................................................................... 20

APOD....................................................................................... 22

Comps ...................................................................................... 23

Rent Survey ............................................................................. 28

INVESTMENT DETAILSRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Lora JohnsonAssociate(858) [email protected]

Analysis

Analysis Date November 2017

Property

Property Roman Villas Apartments

Property Address 7240 El Cajon BoulevardSan Diego, CA 92115

Year Built 1972

Financial Information

Down Payment $2,700,000

Purchase Information

Property Type MultiFamily

Purchase Price $7,295,000

Units 28

Total Rentable Sq. Ft. 20,822

Loans

Type Debt Term Amortization Rate Payment

Fixed $4,595,000 30 years 30 years 4.0% $21,937

Income & Expenses

Gross Operating Income $491,432

Monthly GOI $40,953

Total Annual Expenses ($165,504)

Monthly Expenses ($13,792)

Contact Information

Benn Vogelsang

(619) 794-0381

[email protected]

01883437

PROPERTY DESCRIPTIONRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Roman Villas AparmentsThe Roman Villas Apartments is a 28 unit apartment complex that consists of 20,822 rentable square feet built in 1972situated on a 14,043 square foot lot with approximately 16 parking spaces. The unit mix consists of (24) 2 Bedroom / 1Bath units, (2) 1 Bedroom / 1 Bath units and (2) studios as well as onsite laundry facilities with 3 washers and 4 dryers.Select 2 Bedroom units have in-unit stackable washers and dryers. There is a secure courtyard with a picnic table at thecenter of the property and a unique foyer behind the private entry to the property. Ownership has made significantexterior, interior and systems upgrades. The property has new windows, bathrooms and kitchens have been completelyrebuilt, and there is laminate flooring throughout the units. The units feature new appliances, dishwashers, A/C units,and built in microwaves as well as new window coverings. The property has spacious floorplans and offers an investoradditional upside in rents in the burgeoning Rolando Village Neighborhood near the College East District.

DO NOT WALK ON THE PROPERTY OR DISTURB TENANTS.

The property is located just East of where Montezuma Road and El Cajon Blvd meet in the College East District right bythe Rolando Village Neighborhood. Rolando is a fully developed suburban community with homes, churches,businesses, parks, and schools. Rolando is a model suburb of San Diego. The exclusive suburban design of theRolando Village area with its curved streets allows for the retention of its majority older single-family homes and is notan area inundated with apartment buildings. The area is just West of La Mesa and East of San Diego State University.Rolando has seen significant rent growth and an improvement in the tenant-base with college students, youngprofessionals, and families residing there.

PROPERTY PHOTOSRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Roman Villas Aparments

PROPERTY PHOTOSRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

REGIONAL MAPRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

LOCATION MAPRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

AERIAL MAPRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

EXECUTIVE SUMMARYRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Acquisition Costs

Purchase Price, Points and Closing Costs $7,295,000

Investment - Cash $2,700,000

First Loan $4,595,000

Investment Information

Purchase Price $7,295,000

Price per Unit $260,536

Price per Sq. Ft. $350.35

Income per Unit $18,090

Expenses per Unit ($5,911)

Income, Expenses & Cash Flow

Gross Scheduled Income $506,520

Total Vacancy and Credits ($15,088)

Operating Expenses ($165,504)

Net Operating Income $325,928

Debt Service ($263,247)

Cash Flow Before Taxes $62,682

Financial Indicators

Cash on Cash Return Before Taxes 2.32%

Debt Coverage Ratio 1.24

Capitalization Rate 4.47%

Gross Rent Multiplier 14.40

Gross Income / Square Feet $24.33

Gross Expenses / Square Feet ($7.95)

Operating Expense Ratio 33.68%

PRO FORMA SUMMARYRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

UNIT MIX & MONTHLY SCHEDULED

Type Units Actual Total Market Total 2 bd / 1 ba 6 $1,585 $9,510 $1,675 $10,0502 bd / 1 ba 18 $1,525 $27,450 $1,650 $29,7001 bd / 1 ba 2 $1,350 $2,700 $1,350 $2,700Studios 2 $1,125 $2,250 $1,200 $2,400TOTALS 28 $41,910 $44,850

ANNUALIZED INCOME Description Actual Market

Gross Potential Rent $502,920 $538,200Less: Vacancy ($15,088) ($16,146)Misc. Income $3,600 $3,600Effective Gross Income $491,432 $525,654Less: Expenses ($165,504) ($167,088)Net Operating Income $325,928 $358,566Debt Service ($263,247) ($263,247)Net Cash Flow after Debt Service $62,682 $95,319Principal Reduction $80,920 $80,920Total Return $143,601 $176,239

ANNUALIZED EXPENSES Description Actual Market

Property Management Fee $25,326 $26,910Building Insurance $8,584 $8,584Grounds Maintenance $7,219 $7,219Licenses & Fees $420 $420Maintenance $14,000 $14,000Management (On-site) $3,600 $3,600Pest Control $822 $822Taxes - Real Estate $82,434 $82,434Trash Removal $3,000 $3,000Utilities - Gas & Electric $8,610 $8,610Utilities - Water & Sewer $11,489 $11,489Total Expenses $165,504 $167,088Expenses Per RSF $7.95 $8.02Expenses Per Unit $5,911 $5,967

INVESTMENT SUMMARY

Price: $7,295,000

Year Built: 1972

Units: 28

Price/Unit: $260,536

RSF: 20,822

Price/RSF: $350.35

Lot Size: 14,043 sf

Floors: 2

APN: 469-091-22-

Cap Rate: 4.47%

Market Cap Rate: 4.92%

GRM: 14.4

Market GRM: 13.46

FINANCING SUMMARY

Loan Amount: $4,595,000

Down Payment: $2,700,000

Loan Type: Fixed

Interest Rate: 4%

Term: 30 years

Monthly Payment: $21,937

DCR: 1.24

UNIT MIX REPORTRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly

6 2 bd / 1 ba 780 $1,585 $9,510 $1,675 $10,05018 2 bd / 1 ba 780 $1,525 $27,450 $1,650 $29,7002 1 bd / 1 ba 600 $1,350 $2,700 $1,350 $2,7002 Studios 451 $1,125 $2,250 $1,200 $2,40028 20,822 $41,910 $44,850

UNIT MIX UNIT MIX SQUARE FEET

● 2 bd / 1 ba

● 2 bd / 1 ba

● 1 bd / 1 ba

● Studios

● 2 bd / 1 ba

● 2 bd / 1 ba

● 1 bd / 1 ba

● Studios

UNIT MIX INCOME UNIT MIX MARKET INCOME

● 2 bd / 1 ba

● 2 bd / 1 ba

● 1 bd / 1 ba

● Studios

● 2 bd / 1 ba

● 2 bd / 1 ba

● 1 bd / 1 ba

● Studios

CASH FLOW ANALYSISRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

GROSS SCHEDULED INCOME $506,520 $521,716 $537,367 $553,488 $570,093 $587,196 $604,811 $622,956 $641,644 $660,894

Turnover Vacancy ($15,088) ($15,540) ($16,006) ($16,487) ($16,981) ($17,491) ($18,015) ($18,556) ($19,113) ($19,686)

Total Operating Expenses ($165,504) ($166,264) ($167,046) ($167,852) ($168,683) ($169,538) ($170,419) ($171,326) ($172,260) ($173,223)

NET OPERATING INCOME $325,928 $339,912 $354,314 $369,149 $384,429 $400,167 $416,377 $433,074 $450,272 $467,985

Loan Payment ($263,247) ($263,247) ($263,247) ($263,247) ($263,247) ($263,247) ($263,247) ($263,247) ($263,247) ($263,247)

NET CASH FLOW (b/t) $62,682 $76,665 $91,067 $105,902 $121,182 $136,920 $153,131 $169,827 $187,025 $204,738

Cash On Cash Return b/t 2.32% 2.84% 3.37% 3.92% 4.49% 5.07% 5.67% 6.29% 6.93% 7.58%

* b/t = before taxes;a/t = after taxes

LOAN ANALYSISRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115


LOAN 1

Debt Service Analysis

Principal Payments $80,920 $84,216 $87,648 $91,218 $94,935 $98,803 $102,828 $107,017 $111,377 $115,915

Interest Payments $182,327 $179,030 $175,599 $172,028 $168,312 $164,444 $160,419 $156,229 $151,869 $147,332

Total Debt Service $263,247 $263,247 $263,247 $263,247 $263,247 $263,247 $263,247 $263,247 $263,247 $263,247

Principal Balance Analysis

Beginning Principal Balance $4,595,000 $4,514,080 $4,429,864 $4,342,216 $4,250,998 $4,156,063 $4,057,261 $3,954,433 $3,847,415 $3,736,038

Principal Reductions $80,920 $84,216 $87,648 $91,218 $94,935 $98,803 $102,828 $107,017 $111,377 $115,915

Ending Principal Balance $4,514,080 $4,429,864 $4,342,216 $4,250,998 $4,156,063 $4,057,261 $3,954,433 $3,847,415 $3,736,038 $3,620,123

CASH IN CASH OUTRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115


Rental Income $502,920 $518,008 $533,548 $549,554 $566,041 $583,022 $600,513 $618,528 $637,084 $656,197

Parking and Laundry Income $3,600 $3,708 $3,819 $3,934 $4,052 $4,173 $4,299 $4,428 $4,560 $4,697

GROSS SCHEDULED INCOME $506,520 $521,716 $537,367 $553,488 $570,093 $587,196 $604,811 $622,956 $641,644 $660,894

Turnover Vacancy ($15,088) ($15,540) ($16,006) ($16,487) ($16,981) ($17,491) ($18,015) ($18,556) ($19,113) ($19,686)

GROSS OPERATING INCOME $491,432 $506,175 $521,361 $537,001 $553,111 $569,705 $586,796 $604,400 $622,532 $641,208

Expenses

Property Management Fee ($25,326) ($26,086) ($26,868) ($27,674) ($28,505) ($29,360) ($30,241) ($31,148) ($32,082) ($33,045)

Building Insurance ($8,584) ($8,584) ($8,584) ($8,584) ($8,584) ($8,584) ($8,584) ($8,584) ($8,584) ($8,584)

Grounds Maintenance ($7,219) ($7,219) ($7,219) ($7,219) ($7,219) ($7,219) ($7,219) ($7,219) ($7,219) ($7,219)

Licenses & Fees ($420) ($420) ($420) ($420) ($420) ($420) ($420) ($420) ($420) ($420)

Maintenance ($14,000) ($14,000) ($14,000) ($14,000) ($14,000) ($14,000) ($14,000) ($14,000) ($14,000) ($14,000)

Management (On-site) ($3,600) ($3,600) ($3,600) ($3,600) ($3,600) ($3,600) ($3,600) ($3,600) ($3,600) ($3,600)

Pest Control ($822) ($822) ($822) ($822) ($822) ($822) ($822) ($822) ($822) ($822)

Taxes - Real Estate ($82,434) ($82,434) ($82,434) ($82,434) ($82,434) ($82,434) ($82,434) ($82,434) ($82,434) ($82,434)

Trash Removal ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000)

Utilities - Gas & Electric ($8,610) ($8,610) ($8,610) ($8,610) ($8,610) ($8,610) ($8,610) ($8,610) ($8,610) ($8,610)

Utilities - Water & Sewer ($11,489) ($11,489) ($11,489) ($11,489) ($11,489) ($11,489) ($11,489) ($11,489) ($11,489) ($11,489)

TOTAL OPERATING EXPENSES ($165,504) ($166,264) ($167,046) ($167,852) ($168,683) ($169,538) ($170,419) ($171,326) ($172,260) ($173,223)

NET OPERATING INCOME $325,928 $339,912 $354,314 $369,149 $384,429 $400,167 $416,377 $433,074 $450,272 $467,985

* Cash Flow IRR based upon net cash flow and principal payments

CASH IN CASH OUTRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115


Debt Service

Loan Interest ($182,327) ($179,030) ($175,599) ($172,028) ($168,312) ($164,444) ($160,419) ($156,229) ($151,869) ($147,332)

Principal Payments ($80,920) ($84,216) ($87,648) ($91,218) ($94,935) ($98,803) ($102,828) ($107,017) ($111,377) ($115,915)

NET CASH FLOW (b/t) $62,682 $76,665 $91,067 $105,902 $121,182 $136,920 $153,131 $169,827 $187,025 $204,738

Cash Flow IRR N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Projected Property Value $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000

Resale Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Proceeds b/f Debt Payoff $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000 $7,295,000

Loan Principal Balance ($4,514,080) ($4,429,864) ($4,342,216) ($4,250,998) ($4,156,063) ($4,057,261) ($3,954,433) ($3,847,415) ($3,736,038) ($3,620,123)

Net Proceeds From Sale $2,780,920 $2,865,136 $2,952,784 $3,044,002 $3,138,937 $3,237,739 $3,340,567 $3,447,585 $3,558,962 $3,674,877

Net Resale IRR 5.32% 5.55% 5.77% 5.99% 6.20% 6.40% 6.59% 6.77% 6.95% 7.12%

* Cash Flow IRR based upon net cash flow and principal payments

INVESTMENT RETURN ANALYSISRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115


Cash Flow - To Date $62,682 $139,346 $230,414 $336,316 $457,498 $594,418 $747,549 $917,376 $1,104,401 $1,309,140

Net Resale Proceeds $2,717,380 $2,735,285 $2,756,621 $2,781,528 $2,810,151 $2,842,642 $2,879,159 $2,919,864 $2,964,930 $3,017,306

Invested Capital ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000) ($2,700,000)

Net Return on Investment $80,062 $174,631 $287,035 $417,844 $567,649 $737,061 $926,708 $1,137,241 $1,369,331 $1,626,445

Internal Rate of Return 2.97% 3.22% 3.51% 3.80% 4.10% 4.39% 4.68% 4.96% 5.23% 5.50%

Modified IRR 2.97% 3.18% 3.42% 3.66% 3.89% 4.10% 4.31% 4.49% 4.66% 4.83%

NPV (cash flow + reversion) $143,601 $304,482 $483,197 $680,318 $896,435 $1,132,158 $1,388,116 $1,664,961 $1,963,363 $2,284,017

PV (NOI + reversion) $7,620,928 $7,960,840 $8,315,154 $8,684,303 $9,068,732 $9,468,899 $9,885,277 $10,318,351 $10,768,622 $11,236,608

* a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income

INTERNAL RATE OF RETURN ANALYSISRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

BEFORE TAX IRR

Time Future Cash Flows

Initial Investment ($2,700,000)

End of Year 1 $62,682









End of Year 10* $3,879,615

IRR = 7.12% * ($204,738 + $3,674,877)

AFTER TAX IRR

Time Future Cash Flows

Initial Investment ($2,700,000)










End of Year 10* $3,222,044

IRR = 5.5% * ($204,738 + $3,017,306)

DEMOGRAPHICSRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Population Characteristic 1 Mile 3 Mile 5 Mile

Ages 0-4 1,478 10,652 31,936

Ages 5-9 1,657 12,033 36,602

Ages 10-14 1,396 10,354 32,138

Ages 15-19 1,240 9,583 30,552

Ages 20-24 1,346 10,554 32,198

Ages 25-29 1,584 11,981 33,717

Ages 30-34 1,888 13,013 34,141

Ages 35-39 2,146 13,473 34,338

Ages 40-44 2,228 13,225 34,300

Ages 45-49 2,197 12,822 34,185

Ages 50-54 2,016 11,907 32,051

Ages 55-59 1,720 10,579 28,502

Ages 60-64 1,429 8,993 23,845

Ages 65-69 1,135 7,193 18,737

Ages 70-74 873 5,649 14,053

Ages 75-79 660 4,484 10,375

Ages 80-84 489 3,375 7,164

Household Income 1 Mile 3 Mile 5 Mile

Median Household Income $53,195 $54,571 $54,839

< $10000 707 4,362 10,321

$10000-$14999 782 4,021 9,660

$15000-$19999 724 3,832 9,216

$20000-$24999 563 3,939 9,492

$25000-$29999 567 3,494 8,680

$30000-$34999 778 3,947 9,286

$35000-$39999 587 2,925 8,710

$40000-$44999 607 3,407 8,515

$45000-$49999 488 2,593 7,052

$50000-$60000 1,035 5,638 14,928

$60000-$74000 1,346 5,867 17,048

$75000-$99999 1,558 9,815 23,738

$100000-$124999 944 5,821 14,214

$125000-$149999 349 3,250 8,663

$150000-$199999 433 2,624 6,687

> $200000 191 1,987 5,212

Race Characteristic 1 Mile 3 Mile 5 Mile

Non Hispanic White 18,847 115,987 272,315

Population Black 2,012 14,019 45,681

Population Am In/AK Nat 80 344 920

Characteristic Housing 1 Mile 3 Mile

Housing Units 13,008 74,789

Occupied Housing Units 12,211 70,546

Owner Occupied Housing Units 5,504 34,685

Renter Occupied Housing Units 6,707 35,861

Vacant Housing Units 797 4,243


Population 1 Mile 3 Mile 5 Mile

Male 13,099 (49.52 %) 86,279 (48.89 %) 235,299 (48.87 %)

Female 13,355 (50.48 %) 90,181 (51.11 %) 246,211 (51.13 %)

Total Population 26,454 176,460 481,510

Age Breakdown 1 Mile 3 Mile 5 Mile

Ages 0-4 1,478 (5.59 %) 10,652 (6.04 %) 31,936 (6.63 %)

Ages 5-9 1,657 (6.26 %) 12,033 (6.82 %) 36,602 (7.60 %)

Ages 10-14 1,396 (5.28 %) 10,354 (5.87 %) 32,138 (7.60 %)

Ages 15-19 1,240 (4.69 %) 9,583 (5.43 %) 30,552 (6.35 %)

Ages 20-24 1,346 (5.09 %) 10,554 (5.98 %) 32,198 (6.69 %)

Ages 25-29 1,584 (5.99 %) 11,981 (6.79 %) 33,717 (7.00 %)

Ages 30-34 1,888 (7.14 %) 13,013 (7.37 %) 34,141 (7.09 %)

Ages 35-39 2,146 (8.11 %) 13,473 (7.64 %) 34,338 (7.13 %)

Ages 40-44 2,228 (8.42 %) 13,225 (7.49 %) 34,300 (7.12 %)

Ages 45-49 2,197 (8.30 %) 12,822 (7.27 %) 34,185 (7.10 %)

Ages 50-54 2,016 (7.62 %) 11,907 (6.75 %) 32,051 (6.66 %)

Ages 55-59 1,720 (6.50 %) 10,579 (6.00 %) 28,502 (5.92 %)

Ages 60-64 1,429 (5.40 %) 8,993 (5.10 %) 23,845 (4.95 %)

Ages 65-69 1,135 (4.29 %) 7,193 (4.08 %) 18,737 (3.89 %)

Ages 70-74 873 (3.30 %) 5,649 (3.20 %) 14,053 (2.92 %)

Ages 75-79 660 (2.49 %) 4,484 (2.54 %) 10,375 (2.15 %)

Ages 80-84 489 (1.85 %) 3,375 (1.91 %) 7,164 (1.49 %)

Ages 85+ 972 (3.67 %) 6,590 (3.73 %) 12,676 (2.63 %)


Household Income 1 Mile 3 Mile 5 Mile

Median Income $53,195 $54,571 $54,839

Less than $10,000 707 4,362 10,321

$10,000 -$14,999 782 4,021 9,660

$15,000 - $19,999 724 3,832 9,216

$20,000 -$24,999 563 3,939 9,492

$25,000 - $29,999 567 3,494 8,680

$30,000 - $34,999 778 3,947 9,286

$35,000 - $39,999 587 2,925 8,710

$40,000 - $44,999 607 3,407 8,515

$45,000 - $49,999 488 2,593 7,052

$50,000 - $59,999 1,035 5,638 14,928

$60,000 - $74,999 1,346 5,867 17,048

$75,000 - $99,999 1,558 9,815 23,738

$100,000 - $124,999 944 5,821 14,214

$125,000 - $149,999 349 3,250 8,663

$150,000 - $199,999 433 2,624 6,687

Greater than $200,000 191 1,987 5,212

Housing 1 Mile 3 Mile 5 Mile

Housing Units 13,008 74,789 187,014

Occupied Units 12,211 70,546 176,951

Owner Occupied Units 5,504 34,685 87,235

Renter Occupied Units 6,707 35,861 89,716

Vacant Units 797 4,243 10,063

Race Demographics 1 Mile 3 Mile 5 Mile

Population Non Hispanic White 18,847 115,987 272,315

Population Black 2,012 14,019 45,681

Population Am In/Ak Nat 80 344 920

APODRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

# Units Zip

28 92115 Roman Villas Apartments

Current Market Current Market14.4 13.5 4.4% 4.9%

.Gross Sq. Ft. Parcel Size

(Approx.) (Approx.) (Approx.)$350.35 20822 14,043

# Units Type Rent TotalRent Range Advertising $0 Management (Off Site) $25,260

6 2Br/1Ba $1,585 $9,510 Elevator $0 Management (On Site) $3,60018 2Br/1Ba $1,525 $27,450 Gas & Electric $8,610 Licenses & Fees $4202 1Br/1Ba $1,295 $2,590 Water & Sewer $11,489 Miscellaneous $02 Studios $1,125 $2,250 Landscaping $7,219 Reserves $0

Trash Removal $3,000 Pool $0Parking & Laundry Income $300 Pest Control $822 Insurance $8,584Total Monthly Income $42,100 Maintenance $14,000 Taxes $82,434

Total Annual Operating Expenses (estimated): $165,438

6 2Br/1Ba $1,675 $10,05018 2Br/1Ba $1,650 $29,700 Expenses Per: Unit $5,9082 1Br/1Ba $1,350 $2,700 % of Actual GSI 33%2 Studios $1,200 $2,400

Parking & Laundry Income $300Total Monthly Income $45,150Estimated Annual Operating Proforma Financing Summary

Actual MarketGross Scheduled Income $505,200 $541,800 Downpayment: $2,700,000Less: Vacancy Factor 3% $15,156 $16,254 37%Gross Operating Income $490,044 $525,546 Interest Rate: 4.000%Less: Expenses 33% $165,438 $165,438 Amortized over: 30 YearsNet Operating Income $324,607 $360,109 Proposed Loan Amount: $4,595,000

Less: 1st TD Payments ($263,247) ($263,247) Debt Coverage Ratio:Current: 1.23

Pre-Tax Cash Flow $61,360 $96,862 Market: 1.37Cash On Cash Return 2.3% 3.6%Principal Reduction $80,920 $80,920Total Potential Return (End of Year One) 5% 7%

PLEASE DO NOT WALK ON THE PROPERTY OR DISTURB TENANTS

Benn Vogelsang 619-794-0381 BRE # 01883437 [email protected]

advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. BRE # 01846358

Income Detail

Estimated Market Rents

Estimated Actual Average Rents

The information contained herein has been obtained from sources believed reliable. While South Coast Commercial does not doubt its accuracy, we have not verified it and make no guarantee,

warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates are used for

example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax, financial and legal advisors. You and your

Comments

7240 El Cajon Blvd

$/Square Foot

$260,536

Estimated Annual Operating Expenses

Yr. Built(Approx.)

1972

Map Code

$7,295,000

APARTMENT INVESTMENT INFORMATION

Address CitySan Diego

GRM CAP Rate$/UnitPrice

CASHFLOWANALYSIS

COMPSRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

1 4471 44th St - Talmadge on 44th SOLD

San Diego, CA 92115 San Diego County

Sale Date:

– Research Status:

PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$338.96$5,125,000 - Confirmed09/07/2017 Bldg Type:

Zoning:Sale Conditions:

Year Built/Age:GBA:

-4.53%

Parcel No:Financing:

471-032-15Down payment of $5,125,000 (100.0%)

Confirmed

Class C Multi-FamilyApartmentsBuilt 1965 Age: 5215,120 SF

MR25-

GRM/GIM: -

# of Units: 18Price/Unit: $284,722Price/SF:

4004446Comp ID:

Map Page: Thomas Bros. Guide1269-H4

2 4424 51st St - El Camino Apartments SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:

$347.16$2,930,000 - Confirmed01/31/2017 (209 days on mkt) Bldg Type:


Year Built/Age:GBA:

-5.20%


472-011-17-00Down payment of $2,930,000 (100.0%)

Confirmed

Class C Multi-FamilyApartmentsBuilt 1965 Renov 2016 Age: 528,440 SF

MR10B, San Diego1031 Exchange, Debt Assumption

GRM/GIM: 13.40/-


3821866Comp ID:

Map Page: Thomas Bros. Guide1270-A4

3 4747-4753 67th St SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

-4.35%


468-330-21, 468-330-33Down payment of $4,025,000 (100.0%)

Confirmed


R2-

GRM/GIM: -


3835307Comp ID:

Copyrighted report licensed to South Coast Commercial, Inc. - 505729. 11/16/2017

Page 1


4 5015 Comanche Dr SOLD

La Mesa, CA 91942 San Diego County

Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

6.11%5.37%


470-091-32Down payment of $945,000 (29.3%); $2,275,000 from Burbank Financial Inc

Confirmed


R4Deferred Maintenance

GRM/GIM: 13.15/-


4045289Comp ID:

5 6345 El Cajon Blvd - BLVD63 SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

--


467-300-38-

Confirmed

Class A Multi-FamilyApartmentsBuilt 2014 Age: 2564,272 SF

-Deed Restriction

GRM/GIM: -


3754211Comp ID:

6 7394 La Mesita Pl SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

-5.40%


469-211-10Down payment of $1,925,000 (32.5%); $4,000,000 from Mission Federal Credit Union

Confirmed

Class A Multi-FamilyApartmentsBuilt 201720,904 SF

R-31031 Exchange

GRM/GIM: 13.92/-


4001230Comp ID:


Page 2


7 7400 Parkway Dr - The Cove SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

-4.50%


464-480-04-00$21,998,000 from Berkadia Commercial Mortgage, LLC; Conventional loan type

Confirmed


--

GRM/GIM: -


4018311Comp ID:

8 4474 Winona Ave - Talmadge SOLD


Sale Date:


PrFrma Cap Rate:

Sale Price:

Actual Cap Rate:



Year Built/Age:GBA:

-4.80%


471-151-05, 471-151-05-00$1,312,500 from Homestreet Bank

Confirmed


R-4, San Diego1031 Exchange

GRM/GIM: 13.90/-


3816259Comp ID:


Page 3


4471 44th St1 Sold: $5,125,000 ($284,722/Unit)San Diego 15,120 SF Multi-Family/Apartments

4424 51st St2 Sold: $2,930,000 ($266,364/Unit)San Diego 8,440 SF Multi-Family/Apartments

4747-4753 67th St3 Sold: $4,025,000 ($268,333/Unit)San Diego 15,791 SF Multi-Family/Apartments

5015 Comanche Dr4 Sold: $3,220,000 ($268,333/Unit)La Mesa 11,649 SF Multi-Family/Apartments

6345 El Cajon Blvd5 Sold: $156,000,000 ($469,880/Unit)San Diego 564,272 SF Multi-Family/Apartments

7394 La Mesita Pl6 Sold: $5,925,000 ($455,769/Unit)La Mesa 20,904 SF Multi-Family/Apartments

7400 Parkway Dr7 Sold: $33,950,000 ($253,358/Unit)La Mesa 107,725 SF Multi-Family/Apartments

4474 Winona Ave8 Sold: $2,625,000 ($262,500/Unit)San Diego 6,880 SF Multi-Family/Apartments

Address City Property Info Sale Info


Page 4


8Sale Price

Building Size

Price per SF

Actual Cap Rate

Days on Market

Sale Price to Asking Price Ratio 96.41%

$2,625,000

6,880 SF

$254.89

4.35%

70

$26,725,000

93,848 SF

$284.77

4.88%

143

98.31%

$4,575,000

15,456 SF

$299.30

4.80%

118

99.06%

$156,000,000

564,272 SF

$381.54

5.40%

235

99.16%

8

8

7

5

5

Gross Income Multiplier

Gross Rent Multiplier

# of Units

Price per Unit $253,358

-

13.15

10

-

13.64

68

$393,015

-

13.65

14

$268,333

-

13.92

332

$469,880

-

4

8

8

Totals

Sold Transactions $213,800,000 Total Sales Transactions:Total Sales Volume: 8

Survey Criteria

basic criteria: Type of Property - Multi-Family; Sale Date - from 11/1/2016; Sale Status - Sold; Return andSearch on Portfolio Sales as Individual Properties - Yes; Exclude Non-Arms Length Comps - Yes

multi-family specific criteria: Price/Unit - from $200,000.00; - Include Undisclosed Sale Price

geography criteria: Zip Code - 91941, La Mesa, CA; 91942, La Mesa, CA; 92115, San Diego, CA

Comps Statistics

CountHighMedianAverageLow

Quick Stats Report


Page 5

RENT SURVEYRoman Villas Apartments7240 El Cajon Boulevard | San Diego, CA 92115

Location Rent UnitMix SF Rent/SF Amenities

4474WinonaAve $1,780 2Br/1Ba 800 $2.23 Granite,laminateflooring,dishwasher,stainlesssteelappliances,commonlaundry,1parkingspace

4474WinonaAve $1,475 1Br/1Ba 600 $2.46 Granite,laminateflooring,dishwasher,stainlesssteelappliances,commonlaundry,1parkingspace

4433WinonaAve $1,895 2Br/2Ba 900 $2.11 Dishwasher,Granite,PlankFlooring,garage,inunitlaundry

442451stStreet $1,750 2Br/2Ba 900 $1.94 NewKitchensandBathrooms,commonlaundry

5502AdelaideAve $1,750 2Br/2Ba 850 $2.06 Dishwasher,Granite,PlankFlooring,garage,inunitlaundry

4380VanDykeAve $1,650 2Br/2Ba 900 $1.83 TileFlooring,NewKitchen,dishwasher

4380VanDykeAve $1,395 1Br/1Ba 550 $2.54 LaminateFlooring,NewKitchen,nodishwasher

442451stStreet $1,415 1Br/1Ba 550 $2.57 Granite,laminateflooring,dishwasher,stainlesssteelappliances,commonlaundry,1parkingspace

$1,639 756 $2.22

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