TH STREET, SAN DIEGO, CA I 14 UNITS Bedroom/1 Bathroom Units 1 Studio Unit. Offering Memorandum

Transcription

1 TH STREET, SAN DIEGO, CA I 14 UNITS 13-1 Bedroom/1 Bathroom Units 1 Studio Unit Offering Memorandum Pamela Macias CalBRE Lic. # Valle De Oro Financial Services Inc. CalBRE Lic. # (619)

2 Table of Contents THE OFFERING....3 INVESTMENT HIGHLIGHTS.. 4 PROPERTY DESCRIPTION FINANCIALS... 6 PROPERTY PHOTOS....7 Gaslamp Mission Valley Balboa Park Investment Contact Pamela Macias (619) pammy.macias@gmail.com CalBRE Lic. # Valle De Oro Financial Services Inc. CalBRE Lic. # North Park Petco Park Kensington SDSU Subject Property TH STREET, SAN DIEGO, CA I 14 UNITS

3 The Offering th Street, San Diego, Ca Studio Unit 13-1 Bedroom/1 Bath Units Price $3,500, $/Unit $250, $/SF $ Down Payment 30% % Down $1,050, Market Cap Rate 4.85% Valle de Oro Financial Services, Inc. is pleased to present the opportunity to acquire a 14-unit apartment building located in City Heights, a rapidly growing area between North Park and Kensington. This property features a unit mix of one studio and thirteen one-bedroom apartments units with each unit individually metered for gas and electric. Each bottom unit features a private yard, optimizing rent potential. This complex features a tremendous upside in rent potential as unit rents are currently lower than market value. With significant redevelopment within this community, rents have consistently risen over the last decade, providing for significant rental earnings and a greater investment potential. This property is located near the unique and rapidly growing North Park community, and is just minutes from downtown. The neighborhood is nicely balanced between both residential and commercial properties and is a few blocks away from the Interstate 15 entrance where residents are just minutes away from the beaches, Coronado and downtown. The property s location is enhanced by its proximity to Petco Park, Balboa Park, a wide variety of museums, the world famous San Diego Zoo, shopping centers, trendy restaurants and boutiques, universities and theaters. Don't miss the opportunity to own this hidden gem in one of San Diego s hottest rental markets! TH STREET, SAN DIEGO, CA I 14 UNITS

4 Investment Highlights Opportunity to Implement RUBS There is a great value-add potential for additional income to be earned by implementing a RUBs program. The RUBs program would provide for a utility bill back method for water, sewer and trash. Walkable to Weekly Farmer s Market Residents are a short walk or bike ride away from North Park and Kensington s weekly Farmer s Market. These weekly Farmer s Markets consist of vendors offering a wide variety of locally grown fruits, produce, gifts, arts and crafts and flowers. Walkable to Retail, Restaurants and Shopping The property is just minutes away from trendy boutiques and restaurants located in North Park and Kensington areas. Local North Park and Kensington Famer s Markets, provides a great alternative to the typical large grocery store chain, offering fresh food selections. Neighborhood favorite hangouts include Encontro, Urban Solace, Bleu Boheme, and Cucina Sorella. Abundant Nearby Employment The featured property is centrally located and is within close proximity to most of San Diego s largest employment regions such as Downtown, Mission Valley and a short drive to La Jolla and Sorrento Valley. Downtown is a short distance away and is home to over 5,000 businesses, providing an abundance of employment opportunities within law firms, government jobs within county and state buildings, restaurants, the airport and retail opportunities. Convenient Transportation Network This property is conveniently located within blocks of the 15 freeway entrance, which connects to other San Diego freeways. The property is within walking distance to several bus lines, providing limited stop service to all areas of San Diego County TH STREET, SAN DIEGO, CA I 14 UNITS

5 Building Details Address th Street, San Diego, California Units: Total 14 APN: Rentable Area: Lot Area: Building Construction: Interior Walls: Windows: Flooring: 5,856 SF 6,252 SF One, two-story building with wood exterior and composition shingle roofing Drywall Dual Pane Carpet Utilities Sewer: City of San Diego Water: City of San Diego Trash Renewal: Waste Management Gas/Electric: SDG&E Unit Mix # of Units: Type: 1 Studio 13 One-bedroom, One-bathroom 14 TOTAL PROPERTY DESCRIPTION Parking: 5 Parking Spaces Zoning: RM 1-1 Laundry: Community Laundry Room Mechanical/Metering Heating Source: Water Heater: Wall heaters Gas water heater

6 INCOME SUMMARY Unit # Unit Type Current Rent Market Rent 101 Res. 1bd/1ba $ $1, Res. 1bd/1ba $ $1, Res. 1bd/1ba $ $1, Res. 1bd/1ba $1, $1, EXPENSES Property Taxes: $13, Insurance - Liability: $1, Utilities: $6, Contract Services (Landscaping & Pest): $1, Trash $6, FINANCIALS 105 Res. 1bd/1ba $ $1, Res. 1bd/1ba $ $1, Repair & Maintenance: $6, Total: 35, Res. 1bd/1ba $1, $1, Res. 1bd/1ba $ $1, Res. 1bd/1ba $1, $1, Res. 1bd/1ba $1, $1, Res. 1bd/1ba $0 $1, Res. 1bd/1ba $ $1, Res. 1bd/1ba $ $1, Res. 1bd/1ba $ $1, Total/Avg. $11, $17, Current Rent Market Rent ANNUALIZED GROSS INCOME $ 143, $ 211, Vacancy/Loss to Lease 3 % ($ 4, ) ($ 6, ) ADJUSTED GROSS INCOME $ 139, $ 205, Washing Machines $ 1, $ 1, EFFECTIVE GROSS INCOME $ 140, $ 206, Less Expenses ($ 35, ) ($ 35, ) NET OPERATING INCOME $ 105, $ 171,499.18

7 Street View Street View EXTERIOR PHOTOS Sidewalk View Back Parking Lot View

8 Courtyard View Courtyard View EXTERIOR PHOTOS Second Floor Exterior Second Floor Exterior