offering memorandum for sale

FOR SALEOFFERING MEMORANDUM

Team Cairncross858.859.3370

[email protected] 00859218

5526 LAURETTA STREET | SAN DIEGO30-UNIT APARTMENT BUILDING BLOCKS FROM USD

BRAND NEW 2021 CONSTRUCTION

SUMMARYThirty-unit apartment building built in 2021 consisting of all 2 bedroom, 2 bathroom units. Units feature open concept kitchen and living room, vinyl flooring throughout, quartz countertops in baths and kitchen, central AC, in-unit laundry, and balcony(s). All units are ADA compliant.

Building has keyed and code entry, elevator, solar for common areas, and secure garage parking for 30 vehicles.

Fully approved condo map.

2021 construction will have final approval by 9/20/2021. Leasing to commence immediately.

Team Cairncross 858.859.3370


Central and highly walkable location 3 blocks to the west entrance of the University of San Diego campus, 0.5 walking-miles to Mission Valley YMCA, 0.4 walking-miles to the Morena/Linda Vista Trolley Stop, 1.5 driving-miles to the Fashion Valley Mall, and a short stroll to many more neighborhood attractions including Starbucks and many restaurants. Easy access to I-8 and I-5 for trips to the airport, downtown, and nearby beaches.

Unit # Livable SqFt Feet

Beds / Baths Parking Spaces Projected Rent101 1,161 2 / 2 1 $3,300102 1,161 2 / 2 1 $3,300103 1,161 2 / 2 1 $3,300104 1,161 2 / 2 1 $3,300105 914 2 / 2 1 $3,300106 957 2 / 2 1 $1,260107 957 2 / 2 0 $3,300108 957 2 / 2 0 $3,300109 957 2 / 2 1 $1,260110 914 2 / 2 1 $3,300201 1,061 2 / 2 1 $3,300202 1,061 2 / 2 1 $3,300203 1,061 2 / 2 1 $3,300204 1,061 2 / 2 1 $3,300205 914 2 / 2 1 $3,300206 957 2 / 2 1 $3,300207 957 2 / 2 1 $3,300208 957 2 / 2 1 $3,300209 957 2 / 2 1 $1,260210 914 2 / 2 1 $3,300301 993 2 / 2 1 $3,300302 993 2 / 2 1 $3,300303 993 2 / 2 1 $3,300304 993 2 / 2 1 $3,300305 914 2 / 2 1 $3,300306 957 2 / 2 1 $3,300307 957 2 / 2 1 $3,300308 957 2 / 2 1 $3,300309 957 2 / 2 1 $3,300310 914 2 / 2 1 $3,300

APARTMENT MIX

Low Income Units

All units are 2 bedrooms, 2 full bathrooms. Units 106, 109, and 209 are designated as low income units.

Market rates for units should vary depending on views. Please verify all including low income rates as calculations are subject to change.



UTILITIESTenants pay for utilities in addition to rent. Each tenant has their own electric meter. Each tenant has a sub meter on both hot and cold water. The total of those will be billed pro rata to the tenant for water use. Their pro rata share of the hot water will become their share of the gas meter bill. Each tenant will also pay 1/30 of the trash bill.

Building has a solar system in place for the house power only, which will offset the cost of operating the vehicle gate, elevator, and common area/lobby power.

All apartments are pre-wired for individual solar. Panels are not installed for individual apartments.

Estimated Income (Projected)

Beds / Baths # Vacant # Occupied Average SqFt Total SqFt Monthly Rent ($) Annual Rent ($)

2/2 (Market) 27 0 998 26,957 $89,100 $1,069,200

2/2 (Low Income) 3 0 957 2,871 $3,780 $45,360

Total 30 0 994 29,828 $91,530 $1,114,560

Estimated Operating Expenses (Projected)

Operating Expenses (Estimated 30%) $334,368



Estimates (Based on $19,500,000 Purchase)

Net Operating Income $780,192

Gross Rent Multiplier (at $19,500,000 Purchase) 17.50

CAP Rate (at $19,500,000 Purchase) 4.00%

*Figures are estimates and based on projections. Buyer to verify all.

Square Footage

Area/Floor Square Feet *GFA

*Ground Floor (Parking Garage) 15,537 12,065

1st Floor (Residential) 11,201 11,201

2nd Floor (Residential) 10,517 10,517

3rd Floor (Residential) 10,245 10,245

Total 47,933 44,362

ASSIGNED GARAGE PARKINGThere are 28 assigned parking spaces and 2 handicap spaces. Units 107 and 108 are currently advertised without assigned parking.



offering memorandum for sale

Documents