1 Presents: Charming 2 BR/1 BA Single Family Home PLUS 2 Townhouses - One 3 BR/2.5 BA and One 2 BR/1.5 BA 4005, 4007A, 4007B Gresham Street $1,995,000 Location! Location! Location! Less than ½ block to tranquil Sail Bay! One of San Diego s premier bays, used almost exclusively by sailboats. And Only one block to Fanuel Street Park, with large open grass area, children s playground with slides, swings, etc. Lifeguard tower with showers and toilets. It s a great spot for family BBQs, providing both sun and large shade trees! Located on one of Pacific Beach s quietest kinda cul-de-sac streets, with no alley! It s a very special, unique block! Pristine property has been meticulously maintained and continuously upgraded by 27+ year owner! Turnkey operation. One of the nicest 3 unit complexes available in Pacific Beach or anywhere in San Diego County. Under market rents. One tenant there for more than 11 ½ years! Rents have lots of upside potential!! 4 water heaters - one for each unit and one for the laundry. Tenants pay for heating of their water, SDG&E, cable, etc. Tiled laundry room with shelving and coin operated washer and dryer. Laundry machines are owned. Perfect for Owner Occupant or Discriminating Investor who understands the value of quality and wants only the best! Please do not go on property. Tenants not aware of sale! ******* MUST SEE TROPHY PROPERTY *******
3 PROPERTY SUMMARY Address: Sales Price: $ 1,995,000 Price per unit: $ 665,000 # of Units: 3 Year Built: 4005, 4007 A, 4007 B Gresham Street SD CA SFR & 1978 Duplex *Buyer to Verify Building Size: 3,420 SF (Per Property Profile) *Buyer to Verify. Current GRM: Projected GRM: Cost/Sq/Ft.: $ Map Code: 1248-A7 Parcel No Parcel Size: 5,502 SF per Assessor *Buyer to Verify Parking Info: Open Space & Street 4007A *2 Car Garage & Carport 4007B 1 Open Space & Street MLS # *1/2 of 2 Car Garage is used for Storage Current CAP: 3.16 Projected CAP: 4.14 UNIT MIX & INCOME Unit# Unit Type Estimated SF Garage & Parking Total Rent *Buyer to Verify Current Projected BR 1 BA (w/ Porch) Open Space & Street $2,495 $3, A 3 BR 2.5 BA 1,261 *2 Car Garage & Carport $3,495 $3, B 2 BR 1.5 BA 1,190 1 Open Space & Street $2,795 $3,195 2 Car Garage Laundry Income (1 Washer / 1 Dryer $1.00 per load) Projected laundry income calculated at $2.00 per wash and $2.00 per dry $ 65 $ 130 Total Monthly Income $8,850 $10,515 Total Annual Income $106,200 $126,180 *1/2 of 2 Car Garage is used for Storage **All info deemed reliable but not guaranteed. Buyer to verify ALL info, including sqft & age, prior to close of escrow.
4 ESTIMATED EXPENSES FINANCIAL PROFORMA Taxes $ 23,342 (1.17%) Property Insurance $ 1,725 Gas/Electric $ 600 ($50 monthly reimbursement for laundry electric) Water & Sewer $ 2,620 ($73/Unit/Month or approx. $220 monthly) Trash $ ---- Repairs/Maintenance $ 3,960 ($110/Unit/Month) Professional Mgmt. $ 5,310 (5%) Landscaping $ 2,320 ($160 monthly + approx. $400/year tree trimming) Pest Control $ ---- Advertising $ ---- Miscellaneous $ 1,200 Total Expenses: $ 41,077 ACTUAL MARKET Gross Scheduled Income (GSI) $106,200 $126,180 Vacancy (2.0% Estimate) - 2,124-2,524 Gross Operating Income (GOI) $104,076 $123,656 Total Expenses - 41,077-41,077 Net Operating Income (NOI) $ 62,999 $ 82,579 Conforming 1 st Trust Deed loan limit for 3 units is $948,500 Price $ 1,995,000 Down payment $ 1,046,500 Loan $ 948,500 Loan financing alternatives shown below as of 10/24/17: 30 Year fixed rate for owner occupied is 4.375% 30 Year fixed rate for investor is 4.75% 7 Year fixed / 30 Year amortization for owner occupied is 3.75% 7 Year fixed / 30 Year amortization for investor is 4.125% See attached flyers for excellent jumbo alternative loan options.
5 OTHER PROPERTY HIGHLIGHTS Great unit mix! One 2 Bedroom, 1 Bath Single Family Home plus Duplex in rear with one 3 Bedroom 2 ½ Bath Townhouse and one 2 Bedroom 1 ½ Bath Townhouse, plus laundry, 2 car garage, carport, and more! First time on market since Same owner/family for over 27 years. Perfect for owner occupant or investor who wants turnkey property with additional upside. Stable, high end professional tenant mix, with tenants that would like to stay. Property has been meticulously maintained and improved, yet there is still upside potential. Mid-century single family home (with 11 ½ year tenant) has tremendous potential for upgrades refinish hardwood floors, open up and remodel kitchen, remodel bath, etc. Home had brand new Milguard windows installed throughout. July Stand alone home has shingled pitched roof. New gutter and downspout installed. Duplex built approximately Duplex has flat roof. New gutters and downspouts installed. Both townhouses in duplex have real wood burning marble fireplaces. Both townhouses have granite countertops in kitchens & baths, and ceramic tile on the floors. One townhouse has luxury vinyl plank (LVP) flooring in common areas with quality carpet elsewhere. Duplex has backyard with low maintenance artificial turf with custom brickwork, azaleas and powderpuff trees that provide privacy and screening from adjacent neighbors. Property has all concrete parking areas and newly stained or painted fences. Property has 1 water meter, 1 gas meter, 3 electric meters, and 1sub-meter, for laundry room electricity Tenants pay for their own gas and electric, which includes the heating of their hot water. Washer and dryer are owned, not leased, with upside potential for increased laundry income. Exterior completely repainted within the last 3 months, with top of the line Premium Dunn & Edwards Evershield paint. Drifting (Flat), Palomino Pony (Low Sheen), Burnt Crimson (Low Sheen) and White Shadow no yellow (Semi Gloss). Behr Solid Color Palomino Pony 15 year stain on fences. Quiet street Tucked Away between Riviera, Pacific Beach Drive and Sail Bay on a kinda cul-de-sac block. You ll understand if you know it, or see it. It s a very special, unique block! It s a GREAT location!! Plus It s one of the few streets in Pacific Beach with no alley, so it s relatively quiet, as PB goes. FABULOUS, FABULOUS LOCATION!! Only ½ block to Sail Bay and one block to Fanuel Street park!
6 OTHER PROPERTY HIGHLIGHTS PHOTOS
7 IMPROVEMENTS AND PROPERTY DETAILS (SINGLE FAMILY HOUSE 4005 GRESHAM ST.) 4005 Gresham Street - House: Charming 2 Bedroom, 1 Bath Mid-Century stand-alone home has been well maintained, and upgraded, but has tremendous potential and room for additional improvements. The home sits on raised foundation, and has an attic (providing easy access to plumbing and electrical) and has a multidimensional composition shingled pitched roof. Original hardwood floors under the existing Berber carpet. New top quality Milguard windows and blinds were installed throughout, within the last 4 months. There are 12 windows in the house, so it is very light and airy. Milguard windows come with screens. The house is quite charming, as it is, but there is still tremendous potential for improvement, if you want to upgrade by refinishing the original hardwood floors, opening up the kitchen to the living room, remodeling the kitchen and bathroom, etc. There is significant room to increase rent with improvements. Existing tenants have been there for 11 + years. Closets were professionally organized, about 5 years ago, to give the tenants more room. Kitchen and bathroom floors were tiled during their occupancy, about 7 years ago. Original pink and grey mid-century tile in tub/shower surround. There are ceiling fans in both bedrooms and in the dining area (2 were replaced within the last 2 years). Kitchen has no dishwasher or microwave, but does have a refrigerator, gas stove and new stove hood. New water heater shed houses a gas water heater for their individual use. Front house tenants have exclusive use of custom built storage shed and 1 off-street parking space. House has 2 entry doors, with wooden screen doors Traditional front door, accessed from large covered front porch, and kitchen door, with window in it, in back, with easy access from parking space. Large covered front porch, with room for table and chairs, overlooks the lush, private front yard. Front yard has thick, cushioned, established grass area, with automatic sprinkler system, and has been relandscaped within the last 3 months, with 17 new Pittosporum Wheeler's, 2 Podocarpus Gracilior Columns, flanking the bedroom window, a red Azalea, 2 white Iceberg rose shrubs, and 3 sweet smelling Double Delight pink rose bushes. Landscape lighting illuminates an expansive older shade tree in the evening.
8 MID-CENTURY FRONT HOUSE (4005 GRESHAM STREET) PHOTOS
9 IMPROVEMENTS AND PROPERTY DETAILS (TOWNHOUSES IN REAR 4007 A AND 4007 B GRESHAM ST.) 4007 A and 4007 B Gresham Street (Townhouses in Rear) General Information: Duplex in rear, behind the house, is an all-electric building, built in approximately Building houses two townhomes, a two-car garage, a carport and a common laundry room. You enter the townhouses through two separate gates, and their front doors are accessed from the back. This particular property and building are quite unusual for Pacific Beach, as there is no back alley (and that is a very rare thing in PB, so you have no alley noise and the property remains generally quiet, when compared to other PB properties!) The backyard area is landscaped with artificial turf, custom brick border work, white azaleas and soft mulch. Mature powderpuff trees are quiet tall, go the full width of the property, in the rear, are in front of the newly stained fence, and add a lovely softness, with their green leaves and pinkish/reddish powderpuff looking flowers. They create a wonderful screen of privacy from the condos located on Riviera Drive. This landscaped backyard area is shared by the townhouse tenants in the back building, and the tenants in the front house access the laundry room here.
10 4007 A Gresham Street - Townhouse: 3 Bedroom 2.5 Bath Townhouse with real wood burning marble fireplace. Open great room on second floor combines living room, dining room and kitchen. Master bedroom and bedroom/office are on the second floor, with a full bath and a ½ bath. Third bedroom/guest room is downstairs with attached ¾ bath. Full shower/bathtub combination (upstairs) has a curved shower bar and both showers have Waterpik massage shower heads (walk-in shower downstairs). Granite countertops in the kitchen and all bathrooms. Bathrooms and kitchen have ceramic tile on the floor. Remodeled kitchen has a side-by-side refrigerator, with ice maker, reverse osmosis (RO) water filtration system (that is also hooked up to the ice maker in refrigerator), self-cleaning oven, built-in microwave, dishwasher (less than 1 year old), garbage disposal, and mirrored backsplash. Dining room has built-in lighted buffet and display cabinets with mirror. Track lighting in dining room & kitchen. Pass through granite breakfast bar opens from kitchen to living room. Master bedroom has customized walk in closet with very large attached ½ bath. Downstairs room, with attached ¾ bath, has customized closet and mirrored closet doors, and when not used as a bedroom, has often been used as a guest room and/or office. Downstairs bedroom is currently being used as home office. New water heater installed within the last 2 months. Tenant has access to shared backyard area, with townhouse next door, and use of private 2 car garage (with remote control access and keypad) plus tenant uses the 1 covered carport space. Private 2 car garage can be used to park one car and second ½ can be used for storage, so that other cars on the property can navigate in and out. Garage is currently being used to store equipment and supplies. Tenant is in his 3 rd year of occupancy and desires to stay.
11 4007 A GRESHAM STREET TOWNHOUSE PHOTOS
12 4007 B Gresham Street - Townhouse: 2 Bedroom 1.5 Bath Townhouse with real wood burning marble fireplace. Large living room will fit two full sized couches, plus large screen TV and much more. Flooring in living room and through to dining area has new Cortec Brand LVP Luxury Vinyl Plank flooring, installed less than 1 year ago, with the appearance of wood, but easier to maintain. Cortec LVP Messix Oak Bruin flooring is a light grey and goes well with the light grey carpet on the staircase and in the upstairs bedrooms. The kitchen and both bathrooms have ceramic tile on the floors. Both bathrooms and the kitchen have granite countertops that were installed about 10 months ago. With the remodeling, the bathrooms got new high-quality sinks and spa like faucets. Large open remodeled kitchen has white cabinets and chrome pulls and opens to a separate dining room (which is unusual in PB. It is not a dining area, but rather a dining room). There is a breakfast bar that separates the two rooms, and the large open kitchen has lots of cabinets, and lots of countertop space, and has a refrigerator, stove, dishwasher, and garbage disposal. The large dining room has a ceiling fan and is often used both as a dining room and a home office. There is a large storage closet under the stairs, across from the extra-large downstairs ½ bath. Upstairs has two large bedrooms, each with a full wall of professionally customized mirrored closets. One bedroom directly accesses the full bathroom and the second bedroom occupant can access the bathroom from the hall. There is a curved shower bar for the tub/bath combination. It has a Waterpik massage shower head. There is a floor to ceiling linen closet, across from the bathroom, between the two bedrooms upstairs. Tenants are very pleased with size of the townhouse, the bedrooms, and the amount of storage. This townhouse comes with one assigned off-street parking space.