5th Avenue Villas · 2020-03-11 · 5th Avenue Villas CONTENTS Exclusively Marketed by: Suzanne...
Transcript of 5th Avenue Villas · 2020-03-11 · 5th Avenue Villas CONTENTS Exclusively Marketed by: Suzanne...
OFFERING MEMORANDUM
5th Avenue Villas
2926-2934 5th AveSan Diego, CA 92103
5th Avenue VillasCONTENTS
Exclusively Marketed by:
Suzanne Hoyem Louis Scotti Tim BarzalAssociate Principal Principal(619) 291-2229 (619) 316-3828 (619) 992-0382
Lic: [email protected] [email protected] [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions,change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of theproperty. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
2358 University Ave #33San Diego, CA 92104
01 Executive Summary Investment Summary 5
Unit Mix Summary 6
Location Summary 7
02 Property Description Property Features 9
Aerial Map 10
Property Images 11
03 Rent Comps Rent Comparables 16
Rent Comparables Summary 22
Rent Comparables Map 25
04 Sale Comps Sale Comparables 27
Sale Comparables Summary 30
Sale Comparables Charts 31
Sale Comparables Map 32
05 Financial Analysis Income & Expense Analysis 34
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from
LuxView Properties and it should not be made available to any other person or entity without the written consent of LuxView Properties.
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient
further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return
this offering memorandum to LuxView Properties. This offering memorandum has been prepared to provide summary, unverified financial and physical information to
prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. LuxView Properties has not made any investigation, and makes no warranty
or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of
the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the
physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of
the subject property.
The information contained in this offering memorandum has been obtained from sources we believe reliable; however, LuxView Properties has not verified, and will not verify,
any of the information contained herein, nor has LuxView Properties conducted any investigation regarding these matters and makes no warranty or representation
whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set
forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
5th Avenue Villas Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONTACT LUXVIEW PROPERTIES FOR MORE DETAILS.
Copyright © 2020 CREOP, LLC. All Rights Reserved.
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Executive Summary
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Unit Mix Summary
Location Summary
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OFFERING SUMMARY
ADDRESS 2926-2934 5th AveSan Diego CA 92103
BUILDING SF 3,440 SF
NUMBER OF UNITS 5
YEAR BUILT 1936
YEAR RENOVATED 2015
APN 452-662-07
FINANCIAL SUMMARY
OFFERING PRICE $1,999,000
PRICE PSF $581.10
PRICE PER UNIT $399,800
OCCUPANCY 97.00 %
NOI (CURRENT) $78,160
NOI (Pro Forma) $91,317
CAP RATE (CURRENT) 3.91 %
CAP RATE (Pro Forma) 4.57 %
PROPOSED FINANCING
LOAN TYPE
DOWN PAYMENT $778,211
LOAN AMOUNT $1,220,789
INTEREST RATE 3.88 %
ANNUAL DEBT SERVICE $68,927
LOAN TO VALUE 61 %
2015 Property Renovation
Beautifully Remodeled
Gourmet Kitchens
Granite Countertops
New Stainless Appliances
Travertine Showers
Washer/Dryer Hookups
The Spanish Style Apartments constructed in 1936 and remodeledin 2015 consists of 4 large 1 Bedroom /1 Bath units, 1 large 2Bedroom / 1 Bath unit, onsite parking, plus 4 garages and islocated just 1 block from Balboa Park and 5 minutes fromdowntown San Diego. The classic units have built-ins, originalhardwood floors, coved ceilings, and original maple doors. Thisproperty has the opportunity for increased rents.
5th Avenue Villas Unit Mix Summary | 06
Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent
PSFMarket Income
1 bd + 1 ba 2 648 $1,995 $3.08 $3,990 $2,150 $3.32 $4,300
2 bd + 1 ba 1 848 $2,300 $2.71 $2,300 $2,400 $2.83 $2,400
1 bd + 1 ba 2 648 $2,095 $3.23 $4,190 $2,150 $3.32 $4,300
Totals/Averages 5 688 $6,390 $3.07 $10,480 $6,700 $3.22 $11,000
5th Avenue Villas Location Summary | 07
Banker’s Hill, sometimes referred to as Park West, issprinkled with old-world charm and many houses thatdate back to the late 19th century, contrasting with aplethora of contemporary and hip restaurants andcafes for foodies.
The property’s walkability to restaurants, cafes, bars,and the world-famous Balboa park, make it one of thebest urban neighborhoods in San Diego. Additionally,major retail and employment centers beyonddowntown are within an easy commute via Interstate5 and 163 freeway.
Regional Map
Locator Map
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Property Description
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Aerial Map
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5th Avenue Villas Property Features | 09
PROPERTY FEATURES
NUMBER OF UNITS 5
BUILDING SF 3,440
YEAR BUILT 1936
YEAR RENOVATED 2015
NUMBER OF STORIES 2
NUMBER OF PARKING SPACES 5
WASHER/DRYER in Unit
5th Avenue Villas Aerial Map | 10
5th Avenue Villas Property Images | 11
5th Avenue Villas Property Images | 12
5th Avenue Villas Property Images | 13
5th Avenue Villas Property Images | 14
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Rent Comparables Summary
Rent Comparables Map
5th Avenue Villas Rent Comparables | 16
1
2466 1st St, San Diego, CA 92101
Property Summary
UNITS 21
YEAR BUILT 2018
DISTANCE 0.6 miles
Notes Rent Comps represent standard log-term rental.
Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF
1 bd + 1 ba 6 436 $2,445 $5.60
2 bd + 1 ba 7 910 $3,295 $3.62
Studio + 1 ba 6 450 $2,095 $4.65
Total/Avg 19 599 $2,612 $4.62
Unit Mix Breakdown
Comparables Rent Analysis
1 bd + 1 ba $1,975 - $2,445
LOW HIGH
2 bd + 1 ba $2,300 - $3,295
LOW HIGH
5th Avenue Villas Rent Comparables | 17
2
2234 Brant St, San Diego, CA 92101
Property Summary
UNITS 10
YEAR BUILT 2010
DISTANCE 1.0 miles
Notes Rent Comps represent standard log-term rental.
Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF
1 bd + 1 ba 2 $0
2 bd + 2 ba 8 1,600 $3,195 $1.99
Total/Avg 10 1,600 $3,195 $1
Unit Mix Breakdown
Comparables Rent Analysis
1 bd + 1 ba $1,975 - $2,445
LOW HIGH
5th Avenue Villas Rent Comparables | 18
3
598 W Laurel Street, San Diego, CA 92101
Property Summary
UNITS 11
DISTANCE 0.9 miles
Notes Rent Comps represent standard log-term rental.
Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF
Studio + 1 ba 11 $2,100 $0
Total/Avg 11 $2,100 $0
Unit Mix Breakdown
5th Avenue Villas Rent Comparables | 19
4
2130 1st Ave, San Diego, CA 92101
Property Summary
UNITS 8
YEAR BUILT 1925
DISTANCE 1.0 miles
Notes Rent Comps represent standard log-term rental.
Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF
1 bd + 1 ba 8 550 $1,975 $3.59
Total/Avg 8 550 $1,975 $3.59
Unit Mix Breakdown
Comparables Rent Analysis
1 bd + 1 ba $1,975 - $2,445
LOW HIGH
5th Avenue Villas Rent Comparables | 20
5
326 Juniper St, San Diego, CA 92101
Property Summary
UNITS 98
YEAR BUILT 1922
DISTANCE 0.6 miles
Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF
1 bd + 1 ba 9 619 $2,175 $3.51
Studio + 1 ba 89 478 $2,000 $4.18
Total/Avg 98 549 $2,088 $3.85
Unit Mix Breakdown
Comparables Rent Analysis
1 bd + 1 ba $1,975 - $2,445
LOW HIGH
5th Avenue Villas Rent Comparables | 21
S
5th Avenue Villas
2926-2934 5th Ave, San Diego, CA 92103
Property Summary
UNITS 5
YEAR BUILT 1936
OCCUPANCY 97.00 %
Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Summary Rent per SF
1 bd + 1 ba 2 648 $1,995 $3.08
2 bd + 1 ba 1 848 $2,300 $2.71
1 bd + 1 ba 2 648 $2,095 $3.23
Totals/Averages 5 688 $6,390 $3.07
Unit Mix Breakdown
Comparables Rent Analysis
1 bd + 1 ba $1,975 - $2,445
LOW HIGH
2 bd + 1 ba $2,300 - $3,295
LOW HIGH
1 bd + 1 ba $1,975 - $2,445
LOW HIGH
5th Avenue Villas Rent Comparables Summary | 22
Rents shown in ascending order.
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Rents shown in ascending order.
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Rents shown in ascending order.
5th Avenue Villas Rent Comparables Map | 25
# Address City
S 2926-2934 5th Ave San Diego
1 2466 1st St San Diego
2 2234 Brant St San Diego
3 598 W Laurel Street San Diego
4 2130 1st Ave San Diego
5 326 Juniper St San Diego
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Sale Comparables Summary
Sale Comparables Charts
Sale Comparables Map
5th Avenue Villas Sale Comparables | 27
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5968-5978 Lauretta StSan Diego, CA 92110
TOTAL UNITS 6
YEAR BUILT 2016
SALE PRICE $3,950,000
PRICE/UNIT $658,333
PRICE/SF $434.30
CAP RATE 4.40 %
BUILDING SF 9,095
CLOSING DATE 1/17/2019
DISTANCE 4.8 miles
Cap Rate Range 3.91 % - 5.25 %
LOW HIGH
Price/Unit Range $399,800 - $750,000
LOW HIGH
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1134-1148 Fresno StSan Diego, CA 92110
TOTAL UNITS 6
YEAR BUILT 2017
SALE PRICE $4,350,000
PRICE/UNIT $725,000
PRICE/SF $375.10
CAP RATE 4.30 %
BUILDING SF 11,597
CLOSING DATE 3/29/2018
DISTANCE 4.6 miles
Cap Rate Range 3.91 % - 5.25 %
LOW HIGH
Price/Unit Range $399,800 - $750,000
LOW HIGH
5th Avenue Villas Sale Comparables | 28
3
5541 Lindo PaseoSan Diego, CA 92115
TOTAL UNITS 8
YEAR BUILT 2018
SALE PRICE $6,000,000
PRICE/UNIT $750,000
PRICE/SF $533.33
CAP RATE 5.00 %
BUILDING SF 11,250
CLOSING DATE 10/1/2018
DISTANCE 7.7 miles
Cap Rate Range 3.91 % - 5.25 %
LOW HIGH
Price/Unit Range $399,800 - $750,000
LOW HIGH
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4045 30th StSan Diego, CA 92104
TOTAL UNITS 10
YEAR BUILT 2017
SALE PRICE $5,700,000
PRICE/UNIT $570,000
PRICE/SF $1,584.65
CAP RATE 5.25 %
BUILDING SF 3,597
CLOSING DATE 2/8/2019
DISTANCE 2.8 miles
Cap Rate Range 3.91 % - 5.25 %
LOW HIGH
Price/Unit Range $399,800 - $750,000
LOW HIGH
5th Avenue Villas Sale Comparables | 29
5
2143 2nd AveSan Diego, CA 92101
TOTAL UNITS 4
YEAR BUILT 2017
SALE PRICE $2,020,000
PRICE/UNIT $505,000
PRICE/SF $561.58
CAP RATE 4.54 %
BUILDING SF 3,597
CLOSING DATE 1/5/2018
DISTANCE 1.0 miles
Cap Rate Range 3.91 % - 5.25 %
LOW HIGH
Price/Unit Range $399,800 - $750,000
LOW HIGH
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5th Avenue Villas2926-2934 5th AveSan Diego, CA 92103
TOTAL UNITS 5
YEAR BUILT 1936
ASKING PRICE $1,999,000
PRICE/UNIT $399,800
PRICE/SF $581.10
CAP RATE 3.91 %
OCCUPANCY 97.00 %
BUILDING SF 3,440
Cap Rate Range 3.91 % - 5.25 %
LOW HIGH
Price/Unit Range $399,800 - $750,000
LOW HIGH
5th Avenue Villas Sale Comparables Summary | 30
PROPERTY Units Built Sale Price Price/Unit PSF Cap Rate Close Date DISTANCE (mi)
1 5968-5978 Lauretta StSan Diego, CA 92110 6 2016 $3,950,000 $658,333 $434.30 4.40% 1/17/2019 4.80
2 1134-1148 Fresno StSan Diego, CA 92110 6 2017 $4,350,000 $725,000 $375.10 4.30% 3/29/2018 4.60
3 5541 Lindo PaseoSan Diego, CA 92115 8 2018 $6,000,000 $750,000 $533.33 5.00% 10/1/2018 7.70
4 4045 30th StSan Diego, CA 92104 10 2017 $5,700,000 $570,000 $1,584.65 5.25% 2/8/2019 2.80
5 2143 2nd AveSan Diego, CA 92101 4 2017 $2,020,000 $505,000 $561.58 4.54% 1/5/2018 1.00
AVERAGES 7 2017 $4,404,000 $641,667 $697.79 4.70%
SUBJECT 5 1936 $1,999,000 $399,800 $581.10 3.91%
5th Avenue Villas Sale Comparables Charts | 31
5th Avenue Villas Sale Comparables Map | 32
# Address City
S 2926-2934 5th Ave San Diego
1 5968-5978 Lauretta St San Diego
2 1134-1148 Fresno St San Diego
3 5541 Lindo Paseo San Diego
4 4045 30th St San Diego
5 2143 2nd Ave San Diego
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5th Avenue Villas Income & Expense Analysis | 34
INCOME CURRENT PRO FORMA
Gross Potential Rent $126,960 $132,000
Parking $7,200
RUBS $3,000
Gross Potential Income $126,960 $142,200
Less: General Vacancy $3,809 $3,960
Effective Gross Income $123,151 $138,240
Less: Expenses $44,991 $46,923
Net Operating Income $78,160 $91,317
EXPENSES CURRENT PRO FORMA
Real Estate Taxes $4,655 $23,276 $4,787 $23,937
Insurance $1,243 $6,216 $1,243 $6,216
Management Fee $985 $4,926 $1,103 $5,517
Repairs & Maintenance $1,133 $5,665 $1,269 $6,345
Water / Sewer $528 $2,640 $528 $2,640
Landscaping $192 $960 $192 $960
Utilities $262 $1,308 $262 $1,308
Total Operating Expense $8,998 $44,991 $9,385 $46,923
Annual Debt Service $13,785 $68,927 $13,785 $68,927
Expense / SF $13.07 $13.64
% of EGI 36.53 % 33.94 %
Per Unit Per Unit
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
5th Avenue Villas
Exclusively Marketed by:
Suzanne Hoyem Louis Scotti Tim BarzalAssociate Principal Principal(619) 291-2229 (619) 316-3828 (619) 992-0382
Lic: [email protected] [email protected] [email protected]
2358 University Ave #33, San Diego, CA 92104 powered by CREOP