3233 HERMAN AVENUE - LoopNet · 3233 HERMAN AVENUE . San Diego, CA. ACT ID Z0090009. NON-...

3233 HERMAN AVENUE

Offering Memorandum 3233 Herman Ave • San Diego, CA 92104

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3233 HERMAN AVENUE San Diego, CA ACT ID Z0090009

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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P R E S E N T E D B Y

Carson Trujillo Associate Member - National Multi Housing Group San Diego Office Tel: (858) 373-3285 Fax: (858) 373-3110 [email protected] License: CA 01974818

Raymond S. Choi First Vice President Investments Director - National Multi Housing Group San Diego Office Tel: (858) 373-3136 Fax: (858) 373-3110 [email protected] License: CA 01297138

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3233 HERMAN AVENUE

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INVESTMENT

OVERVIEW

PROPERTY OVERVIEW

3233 HERMAN AVENUE

PROPERTY OVERVIEW

Marcus & Millichap is pleased to present for sale an eight unit apartment complex located in San Diego's North Park Neighborhood. Situated on an approx. 6200 SF lot, this value add property offers investors the opportunity to acquire a premiere asset in one of San Diego's most lucrative rental markets.

First time to market in almost 40 years and has always been self-managed. It is comprised of 5 one-bedroom/one-bathroom units and 3 two-bedroom/one-bathroom units. Tenants enjoy ideal parking that includes 2 double car garages and 4 off street parking spaces. The property also has an active condo map, giving the new owner the flexibility to one day sell off as individual condos.

This building lends investors the opportunity to acquire a value add property in one of San Diego's most desired rental markets. Located in North Park, this complex is minutes away from attractions on University Ave and the renown Balboa Park. Being within a few blocks of the various cafes, restaurants, and entertainment, this property is centrally located with the investor's longevity in mind.

PROPERTY OVERVIEW

First Time to Market in Nearly 40 Years

Value Add - Significantly Under Market Rents

Active Condo Map

New Plumbing - $45k Job

Off Street Parking - 2 Double Car Garages & 4 Spaces

Pride of Ownership Location - North Park

Onsite Laundry

Secure Gated Entry

Walking Distance from Shops and Entertainment

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PROPERTY PHOTOS

3233 HERMAN AVENUE

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PROPERTY PHOTOS

3233 HERMAN AVENUE

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REGIONAL MAP

3233 HERMAN AVENUE

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LOCAL MAP

3233 HERMAN AVENUE

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AERIAL PHOTO

3233 HERMAN AVENUE

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North Park, founded in the early 1900s, is a neighborhood in San Diego located northeast of Balboa Park. North Park is bounded by Lincoln Avenue to the north, Florida Street to the west, Switzer Canyon and South Park neighborhood to the South, and Interstate 805 and City Heights to the east. North Park’s downtown area is marked by a large sign in the middle of University Avenue near 30th Street. Due to the bustle of this eclectic neighborhood, North Park has a high rate of pedestrian activity and hosts a mix of coffee houses, retail shops, art galleries and San Diego's up-and-coming restaurant row near University Avenue and 30th Street. In recent years, North Park has been recognized by Forbes and the Los Angeles Times as one of the trendiest neighborhoods of San Diego. Forbes magazine says "culturally diverse North Park is home to Craftsman cottages, cafes and diners, coffee shops, several microbreweries, boutiques, and the North Park Farmers Market. The North Park Theater and the Ray Street Arts District are also bastions of creativity in the area.” “North Park has all the ingredients for the cool school: It's culturally diverse and has art galleries, boutiques, trendy bars with handcrafted cocktails and local brews, and foodie-approved eateries” as stated in The Los Angeles Times.

LOCATION OVERVIEW

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Neighborhood Overview

North Park | San Diego, CA

3233 HERMAN AVENUE

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FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

3233 HERMAN AVENUE

RENT ROLL SUMMARY

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FINANCIAL ANALYSIS

3233 HERMAN AVENUE

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RENT ROLL DETAIL

FINANCIAL ANALYSIS

3233 HERMAN AVENUE

PRICING DETAIL

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3233 HERMAN AVENUE

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MARKET

COMPARABLES

3233 HERMAN AVENUE

SALES COMPARABLES MAP

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3233 HERMAN AVENUE (SUBJECT)

3548 Georgia Street

4025 Texas Street

4026 Arizona Street

3675 Arizona Street

2208-2224 30th Street

2814 30th Street

4157 Utah Street

4440 Boundary Street

SALES COMPARABLES

ON MARKET COMPARABLES

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PROPERTY NAME

3233 HERMAN AVENUE

SALES COMPARABLES

Avg. $501.14

Avg. $555.83

$0.00

$70.00

$140.00

$210.00

$280.00

$350.00

$420.00

$490.00

$560.00

$630.00

$700.00

3233 Herman Avenue

3548 Georgia Street

4025 Texas Street

4026 Arizona Street

3675 Arizona Street

2208-2224 30th Street

2814 30th Street

4157 Utah Street

4440 Boundary

Street

Average Price Per Square Foot

Avg. $339,888 Avg. $375,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

3233 Herman Avenue

3548 Georgia Street

4025 Texas Street

4026 Arizona Street

3675 Arizona Street

2208-2224 30th Street

2814 30th Street

4157 Utah Street

4440 Boundary

Street

Average Price Per Unit

SALES COMPARABLES

ON MARKET COMPARABLES

SALES COMPS AVG

ON MARKET COMPS AVG

PROPERTY NAME

MARKETING TEAM

3233 HERMAN AVENUE

SALES COMPARABLES

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SALES COMPARABLES ON MARKET COMPARABLES

Units Unit Type Offering Price: $2,200,000 5 1 Bdr 1 Bath

Price/Unit: $275,000 3 2 Bdr 1 Bath

Price/SF: $352.00

CAP Rate: 2.04%

GRM: 23.97

Total No. of Units: 8

Year Built: 1972

Underwriting Criteria Income $90,546 Expenses $45,577

NOI $44,969 Vacancy ($2,754)

3233 HERMAN AVENUE 3233 Herman Ave, San Diego, CA, 92104

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Units Unit Type Close Of Escrow: 2/1/2018 7 1 Bdr 1 Bath

Sales Price: $3,550,000 2 2 Bdr 1 Bath


Price/SF: $506.27

GRM: 22.64


Year Built: 1966

3548 GEORGIA STREET 3548 Georgia St, San Diego, CA, 92103




Price/SF: $428.62 1 3 Bdr 2 Bath


Year Built: 1988

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4025 TEXAS STREET 4025 Texas St, San Diego, CA, 92104

PROPERTY NAME

MARKETING TEAM

3233 HERMAN AVENUE

SALES COMPARABLES

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Year Built: 1988

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4026 ARIZONA STREET 4026 Arizona St, San Diego, CA, 92104

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CAP Rate: 3.61%

GRM: 17.23


Year Built: 1987

NOTES Under contract with Marcus & Millichap, Carson Trujillo & Raymond Choi

3675 ARIZONA STREET 3675 Arizona St, San Diego, CA, 92104


Sales Price: $2,545,000 1 2 Bdr 1.5 Bath House

Price/Unit: $282,778

Price/SF: $520.56

CAP Rate: 3.20%

GRM: 19.70


Year Built: 1922

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2208-2224 30TH STREET 2208 30th St, San Diego, CA, 92104

PROPERTY NAME

MARKETING TEAM

3233 HERMAN AVENUE

SALES COMPARABLES

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Price/SF: $497.50

CAP Rate: 2.37%

GRM: 23.33


Year Built: 1915

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2814 30TH STREET 2814 30th St, San Diego, CA, 92104

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Price/SF: $624.32

CAP Rate: 3.56%

GRM: 20.00


Year Built: 1987

4157 UTAH STREET 4157 Utah St, San Diego, CA, 92104

Units Unit Type On Market 8 1 Bdr 1 Bath

List Price: $4,500,000 2 2 Bdr 1 Bath


Price/SF: $555.83

CAP Rate: 4.09%

GRM: 16.00


Year Built: 1973

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4440 BOUNDARY STREET 4440 Boundary St, San Diego, CA, 92116

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3233 HERMAN AVENUE

RENT COMPARABLES MAP

3233 HERMAN AVENUE (SUBJECT)

3728-38 Herman Avenue


3656 31st Street

4440 Boundary Street

4184 32nd Street

4125 Iowa Street

3333 Nile Street

3373-79 30th Street

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PROPERTY NAME

3233 HERMAN AVENUE

RENT COMPARABLES

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AVERAGE RENT - MULTIFAMILY

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

3233 Herman Avenue



4440 Boundary

Street

4184 32nd Street

4125 Iowa Street

3373-79 30th Street

1 Bedroom

$0

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

$2,400

$2,700

$3,000

3233 Herman Avenue



3656 31st Street

4440 Boundary

Street

4184 32nd Street

4125 Iowa Street

3333 Nile Street

2 Bedroom

PROPERTY NAME

MARKETING TEAM

3233 HERMAN AVENUE

RENT COMPARABLES

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rentpropertyname1


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YEAR BUILT: 1972

rentpropertyname1 rentpropertyaddress1

Unit Type Units SF Rent Rent/SF

1 Bdr 1 Bath 5 $900 $0.00

2 Bdr 1 Bath 3 $1,050 $0.00

Total/Avg. 8 $956

3233 HERMAN AVENUE 3233 Herman Ave, San Diego, CA, 92104

YEAR BUILT: 1981

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NOTES - Newly Renovated - Private Outdoor Patios/Decks - On-Site Laundry


2 Bdr 1 Bath 8 885 $2,295 $2.59

1 Bdr 1 Bath 6 595 $1,695 $2.85

Total/Avg. 14 761 $2,038 $2.68

3728-38 HERMAN AVENUE 3728 Herman Ave, San Diego, CA, 92104

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YEAR BUILT: 2005 NOTES - Recently Renovated - Pitched Roofs - 8 Off Street Parking Spaces


1 Bdr 1 Bath 2 750 $1,600 $2.13

2 Bdr 1 Bath 3 1,000 $2,100 $2.10

Total/Avg. 5 900 $1,900 $2.11

3373-79 HERMAN AVENUE 3373 Herman Ave, San Diego, CA, 92104

PROPERTY NAME

MARKETING TEAM

3233 HERMAN AVENUE

RENT COMPARABLES

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YEAR BUILT: 1958

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2 Bdr 1 Bath 1 850 $2,095 $2.46

Total/Avg. 1 850 $2,095 $2.46

3656 31ST STREET 3656 31st St, San Diego, CA, 92104

OCCUPANCY: 100% | YEAR BUILT: 1973

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Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath Select One

... 8 560-660 $1,795 $2.90

2 Bdr 1 Bath 2 800-835 $2,395 $2.88

2 Bdr 2 Bath 2 780-780 $2,495 $3.20

Total/Avg. 12 673 $1,989 $2.96

4440 BOUNDARY STREET 4440 Boundary St, San Diego, CA, 92116

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YEAR BUILT: 1978 NOTES - Newly Renovated: Quartz Counter Tops & Stainless Steel Appliances - Off Street Parking


1 Bdr 1 Bath 4 600 $1,688 $2.81

2 Bdr 1.5 Bath 2 900 $1,995 $2.22

3 Bdr 2 Bath 1 1,200 $2,700 $2.25

Total/Avg. 7 771 $1,920 $2.49

4184 32ND STREET 4184 32nd St, San Diego, CA, 92104

PROPERTY NAME

MARKETING TEAM

3233 HERMAN AVENUE

RENT COMPARABLES

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YEAR BUILT: 1987

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1 Bdr 1 Bath 3 500 $1,695 $3.39

2 Bdr 1 Bath 5 825 $2,095 $2.54

Total/Avg. 8 703 $1,945 $2.77

4125 IOWA STREET 4125 Iowa Street, San Diego, CA, 92104

YEAR BUILT: 1945

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2 Bdr 1 Bath 2 900 $2,600 $2.89

Total/Avg. 2 900 $2,600 $2.89

3333 NILE STREET 3333 Nile St, San Diego, CA, 92104

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YEAR BUILT: 1923


1 Bdr 1 Bath 1 450 $1,895 $4.21

Total/Avg. 1 450 $1,895 $4.21

3373-79 30TH STREET 3373 30th St, San Diego, CA, 92104

www.MarcusMillichap.com

Carson Trujillo

Associate Member - National Multi Housing Group San Diego Office Tel: (858) 373-3285 Fax: (858) 373-3110 [email protected] License: CA 01974818

Raymond S. Choi

First Vice President Investments Director - National Multi Housing Group San Diego Office Tel: (858) 373-3136 Fax: (858) 373-3110 [email protected] License: CA 01297138

P R E S E N T E D B Y

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3233 HERMAN AVENUE - LoopNet · 3233 HERMAN AVENUE . San Diego, CA. ACT ID Z0090009. NON-...

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