property description & amenities offering memorandum · 2019-11-01 · building your wealth...

Building Your Wealth Through Apartment

InvestmentsChuck Hoffman - DRE#0524883

OFFERING MEMORANDUM4036 Oregon Street, San Diego, CA 92104

(619) 686-6122 [email protected]

Property Description & Amenities

©2019 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Building Your Wealth Through

Apartment Investments

4036 Oregon St, San Diego, CA 92104

TABLE OF CONTENTS

Property Overview - 1

Property Photo - 2

Overhead Map - 4

Area Description - 5

San Diego Overview - 6

Executive Summary - 9

Sales Comparables - 10

Rent Comparables - 11

4036 OREGON ST

THE OPPORTUNITY


Smaller mid-sized properties, such as this, are rarely on the market in North Park. This 20 unit property has a favorable mix of eight

2BR/1BA units and twelve 1BR/1BA units. Without catwalks to the second floor all units have a more private entrance and feeling. A

pleasant large, secure landscaped courtyard contributes to a more resort like ambiance. Parking for all residents is available in a

variety of options consisting of seven garages, two carports and eleven open spaces.

The location is considered one of the best in San Diego. North Park is well known as a hipster area that includes dining, shopping, art

galleries and night life. This particular property has a Walk score of 91 (according to Walk.com) making many activities easily within

walking distance. For those that use public transportation, rideshare or your own vehicle the offering has a location that is central to

downtown, the airport, Balboa Park, the Zoo, beaches and a myriad of other destinations.

An opportunity exists to renovate the property and increase rents and operational efficiency while reaping the benefits from future

increases in net cash flow and appreciation.

All offers are to be submitted by 5:00PM on Tuesday November 5th for review by the seller.




PROPERTY OVERVIEW





PROPERTY PHOTOS





OVERHEAD MAP

NORTH PARK - SAN DIEGO'S HEART FOR BEING HIP

North Park is on of San Diego’s most sprawling urban neighborhoods with a population of approximately

38,000. It is one of San Diego’s most centralized neighborhoods providing close proximity to the major

highways which can take you directly to many of the San Diego attractions including: Pacific Beach, Mission

Beach, La Jolla Shores, Downtown, and Qualcomm Stadium. This neighborhood provides a vibrant and artsy

central business district filled with a mix of office buildings, retail stores, farmers markets, locally owned coffee

shops, food trucks, restaurants, bars and nightclubs.





AREA DESCRIPTION





SAN DIEGO OVERVIEW

City Zip Lot Size

Address 4036 Oregon Street San Diego 92104 13,985

GRM Rentable

Current Market Current Sq Ft

16.33 13.05 4.08%

No. Rent Total Market Total Actual Market

8 $1,444 $11,555 $1,795 $14,360 Mgt-Off Site $16,754 $18,789

12 $1,278 $15,340 $1,495 $16,364 Mgt-On Site $7,200 $7,200

0 Gas & Elec. $5,018 $5,260

0 Wrt & Swr $13,574 $14,000

0 Landscaping $1,440 $1,440

Trash $4,552 $4,552

Pest Control $2,020 $2,020

Maintenance $19,631 $22,000

Miscellaneous $7,200

Insurance $7,031 $7,200

20 Actual $26,895 Market $30,724 Taxes $21,435 $58,289

Garage Income and Parking $0 $1,900 Turnover Costs $0 $0

Laundry Income $150 $160 Pool $0 $0

Other Income $0 $1,050 Reserves $0 $0

Total Monthly Other Income $150 $3,110 Total $98,655 $147,950

Total Rental & Other Income $27,045 $33,834 Total Per Est Sq Ft: Total Per Est Sq Ft:

Total Per Unit: $4,933 Total Per Unit: $7,398

Total Per GSI: 30% Total Per GSI: 46%

Annual Operating Proforma

Down Payment 36% $1,889,000 Amount $1,889,000

Gross Rental Income Interest Rate 3.48%

Plus Other Income # of Years Amortized Over 30

Gross Scheduled Income Proposed Loan $3,410,000 Amount $3,410,000

Less: Vacancy Factor 3% Loan Points 1%

Gross Operating Income Other Loan Costs $0

Less: Operating Expenses Debt Coverage Ratio Current 1.15 Market 1.20

Net Operating Income

Less: First TD Payments

Name: Chuck Hoffman CalBRE#

Pre-Tax Cash Flow Phone: 619-686-6122 Email: [email protected]

Cash On Cash Return 2635 Camino Del Rio South #300, San Diego, CA, 92108

Principal Reduction

Total Potential Return

Add'l Capital for Repairs (1st Year)

Acquisition Costs

Financing Costs

Down Payment

Total 1st Year Cost

Actual Market

Wrt & Swr

# Units Address State Yr Built (Aprx.) APN

20 California 1965 445-591-28-00

CAP Rate %

Price Market $ / Unit

$314,857 $394,947

$98,655 $147,950

$322,740 $368,688

$1,800 $37,320

$324,540 $406,008

Contact Information

0524883

$27,419 $58,214


Rare larger apartment building in the heart of North Park near the 30th and University epicenter of

night life that includes restaurants, breweries and art galleries. A walk score of 91 supports its

outstanding location. Market rents assume a renovation.

Property Description & Amenities

$0 $0

$1,889,000 $1,889,000

$1,889,000 $1,889,000

$0 $0

$ / Sq Ft

$5,299,000 4.90% $264,950

Estimated Average Monthly Income Analysis Estimated Operating Expenses

Mgt-Of Site

Mgt-On Site

Gas & Elec.

Floor Plan

2BR/1BA

1BR/1BA

Financing Information

Landscaping

Trash

Pest Control

Maintenance

Miscellaneous

Insurance

Taxes

Turnover Costs

Pool

Reserves

Total

4.9% 6.6%

1.45% 3.08%

$65,721 $65,721

($188,783) ($188,783)

$216,202 $246,997

$9,682 $11,061




CASH FLOW SHEET

mailto:[email protected]

ZIP # OF UNITS GRM % CAP YR BUILT COE

12 18.07 3.21%

S) 1) 2) 3)

UNIT MIX

2814-32 30th Street 8 - 2 BR / 1 BA

$365,0002 - 1 BR / 1 BA

ADDRESS LIST PRICE $/UNIT

17.90 3.80% 1915 9/9/2019

4021 32nd Street 4 - 2 BR / 1 BA

292104 $2,655,500 10 $265,500 18.30

192104 $3,650,000 10

3.04% 1964 10/1/20196 - 1 BR / 1 BA

4553 Texas Street 9 - 2 BR / 1 BA

392104 $2,200,000 9 $244,444 18.00 2.80% 1964 9/6/2019

Averages $2,835,167 $291,648

4036 Oregon Street 8 - 2 BR / 1 BA

12 - 1 BR / 1 BA

S92104 $5,299,000 20 $264,950 16.33 4.08% 1965 TBD


MAP LEGEND4036 Oregon Street 2814-32 30th Street 4021 32nd Street 4553 Texas Street




SALES COMPARABLES

1

2

3

S

Place Map Over

ZIP

92104

92104

92104

92104

92104

92104

ADDRESS RENT UNIT SQFT RENT PER SQFT UNIT MIX

4121 Idaho Street

1

$1,840 N/A

N/A 1BR / 1BA

3940 Oregon Street

1BR / 1BA

2

$1,695 672 $2.52

4116 Oregon Street

1BR / 1BA

3

$1,550 600 $2.58

3821 Arizona Street

2BR / 1BA

4

$2,050 650 $3.15

4463 Idaho Street

2BR / 1BA

5

$1,995 N/A N/A

4374.5 Oregon Street

2BR / 1BA

6$1,895 N/A N/A


AVERAGES 1BR/1BA Rent Avg 2BR/1BA Rent Avg $1,695 $1,980




RENT COMPARABLES

1

2

3

4

5

6

1) 2) 3)

4) 5) 6)

4121 Idaho Street 3940 Oregon Street 4116 Oregon Street


3821 Arizona Street 4463 Idaho Street 4374.5 Oregon Street




SALES COMPARABLES

Place Map Over

S)MAP LEGEND

4036 Oregon Street

2635 Camino Del Rio South, Suite 300

San Diego, CA 92108

Phone: 619.299.3000 Fax: 619.295.3737

Website: http://aciapartments.com

Apartment Consultants Inc. (ACI) is the most successful income property brokerage firm in San Diego County.Since 1982, we have

specialized in apartment and investment property transactions, and maintained a solid performance despite changing economic cycles. With an

average of more than 140 closed escrows per year, ACI has closed more San Diego County incomeproperty escrows than any other firm in the

county

looking toupgrade your portfolio, ACI is the right choice to achieve your long-term investment goals.

Chuck Hoffman - DRE#0524883

Phone: 619.686.6122

Email: [email protected]

property description & amenities offering memorandum · 2019-11-01 · building your wealth...

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