EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH APARTMENTS OVER RETAIL

Transcription

1 University Avenue EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH APARTMENTS OVER RETAIL KIPP GSTETTENBAUER, CCIM Senior Vice President Lic # RYAN KING, CCIM Vice President Lic #

2 SWIFT AVENUE ON-SITE PARKING UNIVERSITY AVENUE BUILDING FEATURES Dense Urban-infill, North Park mixed-use opportunity with apartments over retail. Rare parking available on site with room for 11 cars. Asset has excess real estate behind the building with room to build a nice outdoor area with a barbecue or seating space. Great corner location 2 blocks from I ,000 SF RETAIL SPACE 8 UNITS APARTMENTS 1,500 SF AVAILABLE RETAIL SPACE ONE (1) VACANCY

3 $3,495,000 ASKING PRICE 8,000 SF BUILDING SIZE 4.43% IN-PLACE CAP RATE 5.82% PROFORMA TREMENDOUS UPSIDE Tremendous upside and the ability to push rents. Largest retail space is vacant and is the best space in the asset. REINVESTMENT OPPORTUNITY Perfect Opportunity Zone Property with ability to reinvest into the asset. UNPARALLELED LOCATION Great location in North Park on University adjacent to I-805. Total population in 5-miles is over 600,000 people. PROPERTY IMPROVEMENT POTENTIAL Ability to continue to improve property with new exterior look, potential barbecue area and other amenities. INVESTMENT HIGHLIGHTS

4 RETAIL RENT ROLL ADDRESS TENANT ACTUAL RENT MARKET EXPIRATION SF SCHEDULE & NOTES 3435 ALTERATIONS $1,389 $1,750 M-to-M 500 5% annual increases 3437 BEAUTY SALON $1,432 $1,750 6/30/ % increase 7/1/ DOG GROOMING $1,432 $1,750 6/30/ % increase 7/1/ TATTOO PARLOR $1,750 $1,750 7/31/ % annual increases 3443 HERBALIFE $1,313 $1,750 M-to-M 500 5% annual increases 3445 VACANT $0 $3,500 N/A 1500 Coffee shop tenant here would do great TOTAL $7,316 $12,250 4,000 APARTMENT RENT ROLL UNIT BD/BR ACTUAL RENT MARKET A Small Studio $991 $1,000 B 1 BR/1BA $1,400 $1,400 C 1 BR/1BA $1,350 $1,400 D 1 BR/1BA $1,220 $1,400 E STUDIO $1,225 $1,250 F 1 BR/1BA $1,350 $1,400 G 1 BR/1BA $1,300 $1,400 H STUDIO $1,000 $1,000 TOTAL $9,836 $10,250 8 PARKING STALLS $400 $400 ACTUAL RENT MARKET GROSS TOTAL $17,552 $22,900 ANNUAL TOTAL $210, $274,800 RENT ROLL

5 NET OPERATING INCOME IN-PLACE PROFORMA OCCUPIED SPACE $210, $274, Vacancy (5%) $0.00 ($13,740.00) EFFECTIVE GROSS REVENUE $210, $261, EXPENSES Reassessed Real Estate Taxes $38, $38, Management (4%) $8, $10, Insurance $3, $3, Water & Trash $2, $2, SDGE $ $ Maintenance $2, $2, TOTAL EXPENSES $55, $57, NET OPERATING INCOME $154, $203, PRICE: $3,495,000 IN-PLACE CAP RATE: 4.43% PROFORMA CAP RATE: 5.82%

6 APARTMENT SALE COMPARABLES ADDRESS SALE PRICE PRICE PER SF CAP RATE SALE DATE BUILDING SIZE NUMBER OF UNITS Illinois Street $1,675,000 $ % 5/7/2018 4,196 SF Monroe Avenue San Diego, CA $2,255,000 $ % 4/20/2018 4,976 SF Wabash Avenue $1,745,000 $ % 2/28/2018 5,610 SF Wilson Avenue $1,460,000 $ % 2/14/2018 4,519 SF th Street San Diego, CA $1,915,00 $ % 1/22/2018 4,946 SF Felton Street $1,850,000 $ % 11/29/2017 5,224 SF Bancroft Street San Diego, CA $2,385,000 $ % 10/17/2017 4,292 SF th Street $2,642,500 $ % 9/29/2017 7,660 SF Bancroft Street San Diego, CA $2,310,000 $ % 9/29/2017 5,562 SF Wabash Avenue $1,925,00 $ % 8/15/2017 6,360 SF 8 AVERAGE $ %

7 RETAIL SALE COMPARABLES ADDRESS SALE PRICE PRICE PER SF SALE DATE BUILDING SIZE University Avenue $3,975,000 $442 9/18/2018 9,000 SF th Street (2 Properties) $3,800,000 $517 5/29/2018 7,348 SF th Street (2 properties) San Diego, CA $3,100,000 $557 11/21/2017 5,570 SF El Cajon Boulevard San Diego, CA El Cajon Boulevard (2 properties) th Street $750,000 $449 10/13/2017 1,671 SF $1,375,000 $404 9/15/2017 3,407 SF $1,300,000 $517 1/31/2017 2,516 SF El Cajon Boulevard $1,425,000 $648 1/26/2017 2,200 SF El Cajon Boulevard $4,800,000 $612 8/15/2016 7,837 SF El Cajon Boulevard $750,000 $560 3/30/2016 1,340 SF Grim Avenue $950,000 $459 2/10/2016 2,068 SF AVERAGE $517

8 EL CAJON BOULEVARD IDAHO STREET APARTMENTS (CAP RATE 3.86%) RETAIL (AVERAGE PRICE/SF: $517) 11 KANSAS STREET 30TH STREET 18 30TH STREET UNIVERSITY AVENUE GRIM AVENUE ILLINOIS STREET 31ST STREET IOWA STREET 32ND STREET 7 9 BANCROFT STREET UNIVERSITY AVENUE SAN DIEGO, CA TH STREET FELTON STREET TH STREET ORANGE AVENUE SWIFT AVENUE 35TH STREET ADAMS AVENUE 4 MONROE AVENUE 8 EL CAJON BOULEVARD 37TH STREET LANDIS STREET UNIVERSITY AVENUE KENSINGTON DRIVE ADAMS AVENUE 42ND STREET 14 ORANGE AVENUE WIGHTMAN STREET

9 DOWNTOWN SAN DIEGO LANDIS STREET 188,000 CPD WABASH AVENUE SWIFT AVENUE UNIVERSITY AVENUE 21,795 CPD UNIVERSITY AVENUE

10 Mission Valley West 15 8 Westfield Mission Valley Kindred Hospital UCSD Medical Center Scripps Mercy Hospital San Diego Campus UNIVERSITY Balboa Park San Diego Zoo

11 TRAFFIC COUNTS 188,000 University Avenue + Interstate 805 5,998 University Avenue + Interstate ,849 University Avenue + 33rd Street 21,795 Wabash Avenue + University Avenue POPULATION 1 MILE 3 MILE 5 MILE 2018 Total Population: 56, , , Population: 58, , ,059 Pop Growth : 3.57% 4.00% 4.23% HOUSEHOLDS 1 MILE 3 MILE 5 MILE 2018 Total Households: 23, , ,351 HH Growth : 3.35% 3.86% 4.31% Median Household Inc: $46,641 $55,974 $58,705 Median Home Value: $495,237 $484,483 $472,620

12 KIPP GSTETTENBAUER, CCIM Senior Vice President Lic # RYAN KING, CCIM Vice President Lic # La Jolla Village Drive, Suite 100, La Jolla, CA F Licensed as Real Estate Brokers & Salesperson by the DRE. The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it Voit Real Estate Services, Inc. All Rights Reserved.