The JORDANHOUSE - LoopNet...Air nb operation for substantial upside on ROI. The Jordan House is...
Transcript of The JORDANHOUSE - LoopNet...Air nb operation for substantial upside on ROI. The Jordan House is...
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© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real Estate, Inc. An Equal
Housing/Equal Opportunity Company. Information deemed accurate but not guaranteed.
Buyer to verify all before close of escrow. If your property is currently listed for sale,
this is not intended as a solicitation.
The JORDANHOUSE 1203 23rd Street, San Diego, CA 92102
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Table of Contents:
Executive Summary
Property Summary
Property Location
Photographs
Financial Analysis Data
Rent Roll
Sale Comps
Rental Comps
Neighborhood Highlights
Confidentiality Agreement
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1203 23rd Street, San Diego 92102
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Executive Summary
The Jordan House is a charming 11 unit (room) SRO rooming house, with additional on-site office located in Golden
Hill. It is located close to Downtown and a block from Balboa Park. The Property is in excellent condition and very
well managed and immaculately maintained. Most of the tenants are long term quality tenants notwithstanding the
short term rental nature of this asset. Tenants pay weekly with rents adjusted to size and view from room. All units
are rented fully furnished and rent includes all utilities. This property is a great cash flow investment, with minimal
expenses and available with residential financing.
Investment Highlights:
Excellent Cash Flow Property
5.05% CAP based on actual expenses
Immaculately maintained property in excellent condition
Mostly longer-term tenants
Charming Prairie-Style, character-rich historic Architecture
Golden Hills location / Views of Downtown
Close proximity to a multitude of transit hubs
Walking distance to abundance of restaurants, shops & cafes
1203 23rd Street, San Diego 92102
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Property Summary The Jordan House - A beautiful Prairie-Style turn-of-the-century residence that operates as a Single Room Occupancy
(SRO) in the strong submarket of Golden Hill, directly adjacent to Downtown San Diego. The savvy investor will
appreciate this investment as a solid performing addition to their portfolio, or a well-suited 1031 exchange upleg.
The property is comprised of (11) single-room occupancy (SRO) rooms/units, which share common kitchen and
bathrooms. All of the units are furnished by owner, and managed impeccably. The property has potential upside in
rental income as it stands, and could be re-positioned and run as a high-turnover vacation/short term rental or
AirBnb operation for substantial upside on ROI. The Jordan House is located in Golden Hill, and is within walking
distance to shops, cafes, several small fast-casual eateries, public transit lines, and at the doorstep of Downtown San
Diego. Centrally located to all of San Diego's attractions, this opportunity will likely not last long.
Location Highlights:
Suburb location in the prime part of Golden Hill
Strong rental submarket, with little to no vacancy
Steps to downtown and Balboa Park
Great views into downtown
Incredibly walk-able, pleasant residential location
1203 23rd Street, San Diego 92102
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Property Location
1203 23rd Street, San Diego 92102
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Photographs—Exterior
1203 23rd Street, San Diego 92102
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Photographs—Exterior
1203 23rd Street, San Diego 92102
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Photographs—Exterior
1203 23rd Street, San Diego 92102
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Photographs—Interior
1203 23rd Street, San Diego 92102
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Photographs—Bedrooms
1203 23rd Street, San Diego 92102
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Financial Analysis
Price $1,649,000
Down Payment $900,000
Number of Units 11
Price Per Unit $149,900
Price Per Sq. Ft. $595
Gross Sq. Ft. 2768
Lot Size 3909
Approx. Year Built 1905 (remodeled 2009)
Summary
Cap Rate 5.05% 6.18%
GRM 13.1 11.4
Cash-On-Cash 4.05% 6.11%
Debt Coverage Ratio 1.77 2.17
Returns Current Year 1
Loan Amount (estimated) $749,000
Loan Type Conventional
Interest Rate 4.75%
Amortization Period / Due 30 years / 2049
Annual Debt Service $46,886
Financing 1st Loan
#
of Units
Unit
Type ESF
Current
Rents
Market
Rents
11 (SRO) 1 bedroom n/a $195-220/
week
$210-
$245/
week
Unit Mix
1203 23rd Street, San Diego 92102
© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real Estate, Inc. An Equal Housing/Equal Opportunity Company. Information deemed accurate but not guaranteed. Buyer to verify all
before close of escrow. If your property is currently listed for sale, this is not intended as a solicitation.
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Financial Analysis—Operating Data Income Current Year 1
Gross Scheduled Rent $125,688 $144,201
Less: Vacancy/Deductions $0 $721
Total Effective Rental Income $125,688 $143,480
Other Income $3478 $3478
Effective Gross Income $129,166 $147,062
Less: Expenses $45,824 $59,000
Net Operating Income $83,342 $101,855
Cash Flow $36,456 $54,969
Debt Services (new loan @ $749k, 4.75% Amortized over 30 years) $46,886 $46,886
Total Return (Cash on Cash) 4.05% 6.11%
Expenses Current Year 1
Real Estate Taxes $9153 $18,469 (est)
Insurance $1721 $1773
Utilities $12,782 $13,165
Repairs & Maintenance $4957 $5106
General & Administrative $2641 $2720
Management Fee $11,775 $12,128
1203 23rd Street, San Diego 92102
© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real Estate, Inc. An Equal Housing/Equal Opportunity Company. Information deemed accurate but not guaranteed. Buyer to verify all
before close of escrow. If your property is currently listed for sale, this is not intended as a solicitation.
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Sales Comparison
3030 C Street 835-847 27th Street 2870 Broadway Sale Price $1,950,000
Close of Escrow 12/23/2016
Number of Units 8
Year Built 1980
Price/Unit $256,250
Cap Rate 4.11%
Sale Price $2,137,500
Close of Escrow 9/28/2017
Number of Units 8
Year Built Not disclosed
Price/Unit $275,000
Cap Rate 3.71%
Sale Price $2,072,500
Close of Escrow 10/17/2017
Number of Units 9
Year Built 1964
Price/Unit $266,667
Cap Rate 3.17%
UNITS UNIT TYPES
8 1 BR / 1 BA
UNITS UNIT TYPES
7 2 BR / 1 BA
1 1 BR / 1 BA
UNITS UNIT TYPES
6 1 BR / 1 BA
3 2 BR / 1 BA
1203 23rd Street, San Diego 92102
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Sales Comparison
255 22nd Street 1903-1911 K Street Sale Price $2,320,000
Close of Escrow 4/18/2017
Number of Units 12
Year Built Not disclosed
Price/Unit $208,333
Price/SF $421
Cap Rate 3.9%
Sale Price $2,275,000
Close of Escrow 9/06/2018
Number of Units 28
Year Built 1920
Price/Unit $96,250
Price/SF $391
Cap Rate Not disclosed
UNITS UNIT TYPES
12 1 BR / 1 BA
UNITS UNIT TYPES
1 0 BR / 1 BA
2 1 BR / 1 BA
25 SRO single room
1203 23rd Street, San Diego 92102
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Neighborhood Highlights—GOLDEN HILL
The Greater Golden Hill Community includes bustling
South Park and its low-key hip neighbor Golden Hill,
known as a hotspot for local artists and musicians. The
historic neighborhood shares its name with adjacent
Balboa Park’s southeast quarter, home to peaceful hiking
trails, a golf course, and stunning exotic trees planted by
Kate Sessions herself. Dotted with locally famous food
options — notably Pizzeria Luigi, gastropub & wine-bar
Counterpoint, popular hole-in-the-wall 55 Thai Kitchen,
Krakatoa, Dark Horse and Starbucks Coffee spots, and the
grill-your-own-cut Turf Supper Club — Golden Hill also
offers the benefits of nearby downtown and South Park
without attracting the traffic of either. Even with its bay
views and the convenience of three nearby freeways, this
neighborhood rich in classic Victorian, craftsman and
Spanish style homes is surprisingly overlooked and
peaceful.
Shopping, Eating & Drinking
Turf Supper Club
Krisp Market
CounterPoint Wine Bar
Starbucks, Dark Horse, Krakatoa Coffee
Recreational
Balboa Park
Balboa Park Golf Course
Kate Sessions Festival
Golden Hill Rec Center
1203 23rd Street, San Diego 92102
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For more information or offer submission….
Michael Wolf, GRI & Author
CalBRE#01709065
Ascent Real Estate
410 Kalmia St – San Diego CA 92101
858-722-6847
619-923-3201 (fax)
www.mikeandjessica.net
1203 23rd Street, San Diego 92102
© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real
Estate, Inc. An Equal Housing/Equal Opportunity Company. Information deemed
accurate but not guaranteed. Buyer to verify all before close of escrow. If your
property is currently listed for sale, this is not intended as a solicitation.
https://office.ascentrealestate.net/owa/[email protected]://office.ascentrealestate.net/owa/redir.aspx?C=uD28AIU3k0uc3m9ypetsOI0HoPeZNtYILh7HDTgQn0zxmmcoyESrtH4-izx18p2W5ytmPTw0ewU.&URL=http%3a%2f%2fwww.mikeandjessica.net%2f