OFFERING MEMORANDUM CLICK TO PLAY VIDEO POINT LOMA, CALIFORNIA

Transcription

1 OFFERING MEMORANDUM CLICK TO PLAY VIDEO L U X U R Y A P A R T M E N T S POINT LOMA, CALIFORNIA

2 NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. OFFICES THROUGHOUT THE U.S. AND CANADA

3 L U X U R Y A P A R T M E N T S EXCLUSIVELY LISTED BY CONOR BRENNAN Senior Associate National Multi Housing Group Tel: // Cell: conor.brennan@marcusmillichap.com License: CA: RAYMOND CHOI First Vice President Investments Director, National Multi Housing Group Tel: // Cell: raymond.choi@marcusmillichap.com License: CA

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5 L U X U R Y A P A R T M E N T S TABLE OF CONTENTS 01 EXECUTIVE SUMMARY // 1 Investment Overview Investment Highlights 02 PROPERTY DESCRIPTION // 5 Property Details Regional Map Property Photos 03 FINANCIAL ANALYSIS // 19 Pricing Details Operating Data Rent Roll 04 COMPETITIVE COMPARABLES // 25 Sales Comparables Rent Comparables 05 MARKET OVERVIEW // 45 Location Overview Location Highlights Market Aerial Demographics

6 L U X U R Y A P A R T M E N T S SUMMARY OF TERMS INTEREST OFFERED Marcus & Millichap has been selected to exclusively market for sale The View, a 34-unit multifamily property located in Point Loma, California. TERMS OF SALE Price to be determined by market. PROPERTY TOURS Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.

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8 34 2 NUMBER OF UNITS NUMBER OF BUILDINGS 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Y

9 L U X U R Y A P A R T M E N T S EXECUTIVE SUMMARY S E C T I O N 01

10 L U X U R Y A P A R T M E N T S INVESTMENT OVERVIEW EXECUTIVE SUMMARY THE VIEW 2 Marcus & Millichap has been selected to exclusively market for sale The View, a 34-unit multifamily property located in Point Loma, California. Point Loma is one of San Diego s most highly desired coastal neighborhoods because of its close proximity to a wide range of popular areas including Liberty Station, downtown San Diego, Sea World, Mission Beach, Mission Bay, Shelter Island and the Valley View Casino Center. The View combines an irreplaceable location with unobstructed panoramic views of Ocean Beach, Mission Bay and the Pacific Ocean. The site is in an excellent demographic area with a population of approximately 291,000 and average household income of more than $91,000 within a 5-mile radius. The View provides a qualified investor the rare opportunity to acquire an exceptional multifamily property with tremendous upside. In The View underwent full exterior renovations, upgrading the property with fresh paint, new pool furniture, a thermoplastic polyolefin (TPO) roof, and new landscaping. In addition, 19 units underwent a substantial interior renovation, upgrading the apartments with condo-quality features including quartz countertops, stainless steel appliances, new bathrooms, ceiling fans, mirrored closets, new flooring, and light fixtures. The remaining non-renovated units provide investors with considerable rental upside because of the existing renovation plan and high market rents. Many of the renovated units are already occupied at premium market rents, and the completion of the rest of the units will provide tremendous rental upside. The View has an excellent unit mix and amenities to attract desirable tenants. The project is comprised of an advantageous mix of 21 2-bedroom units, nine 1-bedroom/1.5-bathroom units, and four 1-bedroom/1-bathroom units. The 2-bedroom units range from 1,135 to 1,335 square feet and the 1-bedroom units range from 835 to 1,010 square feet. Each apartment features a washer/dryer in unit, spacious floor plan, FAA sound proof windows and doors, and private balcony with great views of the ocean. Amenities provided at The View include a brand new fitness room, solar heated pool, recreation/barbecue area, large community patio area, and carport parking.

11 INVESTMENT HIGHLIGHTS Irreplaceable Point Loma location Exceptionally large units Majority of units are 2-bed / 2-bath Unobstructed panoramic ocean views Tremendous upside by completing remaining units Fitness room, pool, community area, and carport parking Select units upgraded with condo-quality features PANORAMIC OCEAN VIEWS FITNESS ROOM,POOL, COMMUNITY AREA & CARPORT PARKING THE VIEW EXECUTIVE SUMMARY 3 EXCEPTIONALLY LARGE UNITS CONDO-QUALITY FEATURES IN SELECT UNITS

12 1.12 AC 37,745 LOT SIZE RENTABLE SF 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Y

13 L U X U R Y A P A R T M E N T S PROPERTY DESCRIPTION S E C T I O N 02

14 PROPERTY DETAILS PROPERTY DESCRIPTION THE VIEW 6 Property The View Property Address 3788 Elliott Street, San Diego, CA Parcel ID Zoning City of San Diego, R-4:MULTI Number of Units 34 Number of Buildings 2 Number of Stories 3 Year Built 1966 Lot Size 1.12 acres / 48,787 sq. ft Type of Ownership Fee Simple Parking 37 Carports UTILITIES UTILITY PAID BY Water Owner Pays Electric/ Gas Tenant Pays CONSTRUCTION Foundation Concrete Slab Exterior Wood Frame Parking Surface Concrete Roof Flat

15 COMMUNITY AMENITIES Beautiful convenient location Swimming pool Entertainment area Online residents portal for rent payments and service sequests RESIDENT LUXURIES 8 loft exposed ceilings Custom kitchen and bath vanity cabinets Custom quartz counter-tops and backsplashes New custom showers and tile surrounds Custom plank flooring and carpet in bedrooms THE VIEW PROPERTY DESCRIPTION 7 Custom plumbing finishes Washers and dryers in units New light fixtures Fantastic views of Ocean Beach and Point Loma Large floor plans

16 Richmond Street 6th Avenue Columbia Street Front Street 25th Avenue S 32nd Street S 31st Street S 28th Street PROPERTY DESCRIPTION THE VIEW 8 Ocean Beach Sunset Cliffs Blvd Sunset Cliffs Narraganseit Avenue Point Loma Heights La Playa Point Loma Cabrillo Memorial Drive Voltaire Street Chatsworth Blvd Cahon Street Temecula Heights Nimitz Blvd Loma Portal Rosecrans Street Sports Arena Drive Rosecrans Street Midway Drive Barnett Avenue San Diego Naval Supply Center Pacific Highway Midway District N Harbor Drive San Diego Bay 5 Mission Hills San Diego International Airport Coronado Pacific Highway Midtown Kettner Blvd Washington Street Hillcrest Park West 5 4th Avenue 5th Avenue San Diego Silver Strand Blvd Ash Street Market Street B Street East Village San Diego Coronado Bridge Park Blvd 5 National Avenue University Avenue Balboa Park Golden Hill Barrio Logan North Park Upas Street Pershing Drive 94 Commercial Street San Diego Bay El Cajon Blvd Fern Street South Park Logan Heights 15 Cherokee Point Mt. Hope Mountain View Market Street 5 National Avenue Alpha Street Shelltown Orange Avenue University Avenue 805 Fairmont Village Fairmont Avenue Imperial Avenue Ocean View Blvd Kimball Park Horris Avenue Ridgeview Webster 805 Euclid Avenue 94 National City 805 El Cerrito Emerald Hills Oak Park Paradise Valley Division Street Division Street East 4th Street East 8th Street East 24th Street JFK Park East 16th Street East 18th Street Euclid Avenue Euclid Avenue El Toyon Park East Plaza Blvd Las Palmas Park East 30th Street Paradise Valley Hospital Market Street 94 Cypress Glen Encanto East 16th Street Reo Drive 54 Skyline Drive S Bay Fwy 54 Pacific Ocean Sea Vale St Broadway C Street Eucalyptus Park 4th Ave D Street 2nd Ave 2nd Ave E Street 805 Silver Strand Blvd Sweetwater Marsh National Wildlife Refuge 5 E Street F Street 5th Ave G Street Hilltop Drive H Street Bayside Park H Street Broadway Scripps Mercy Hospital Chula Vista 3rd Ave J Street J Street Hilltop Park Chula Vista Bayfront Park 4th Av L Street

17 2 miles away THE VIEW PROPERTY DESCRIPTION 9

18 S 28TH ST 30TH ST RUFFIN 40TH ST SANTO 43 ST EUCLID AVE GOVERNOR DR PROSPECT ST PROSPECT PL AATH PEARL ST GIRA AVE 52 PORTOBELO DR LA JOLLA BLVD CLAIREMONT MESA BLVD LA JOLLA MESA DR CAENO DR JUTLAND DR MORAGA AVE BURGENER BLVD BALBOA AVE CONVOY ST TIERRASANTA BLVD AERO DR PROPERTY DESCRIPTION THE VIEW 10 TURQUOISE ST MISSION BLVD PACIFIC BEACH DR BACON ST RIVIERA DR LAMONT ST W MISSION BAY DR W POINT LOMA BLVD NIMITZ BLVD BALBOA AVE GRAND AVE Sea World SEA WORLD DR LYTTON ST MOUNT ACADIA BLVD FORT STOCKTON DR PACIFIC HWY LINDA VISTA BEAGLE ST MISSION CENTER San Diego W UNIVERSITY AVE TEXAS ST MISSION VILLAGE DR ZION AVE EL CAJON BLVD PRINCESS VIEW DR MONTEZUMA 54TH ST COLLEGE AVE San Diego Zoo CATALINA BLVD NARRAGANSETT AVE Naval Train Ctr LAUREL ST COLLEGE GROVE DR 94 N HARBOR DR ROSECRANS BLVD ALAMEDA BLVD 1ST ST 15 CHURCHWA ST LOGAN AVE

19 THE VIEW PROPERTY DESCRIPTION 11

20 BUILDING DETAILS Current Rent Renovated Rent Back Building Unit A 1 Bed, 1 Bath 835 SF $1,150 $2,300 Unit B 1 Bed, 1 Bath 835 SF $2,300 $2,300 Unit C 1 Bed, 1 Bath 835 SF $1,855 $1,855 Unit D 1 Bed, 1 Bath 1,010 SF $1,920 $2,450 PROPERTY DESCRIPTION THE VIEW 12 Floor 3 Floor 2 Floor 1 Unit 22 1 Bed, 1 Bath 870 SF $2,250 $2,450 Unit 11 1 Bed, 1.5 Bath 870 SF $2,450 $2,450 Unit 1 1 Bed, 1.5 Bath 870 SF $2,350 $2,450 Unit 23 1 Bed, 1.5 Bath 870 SF $1,200 $2,450 Unit 12 1 Bed, 1.5 Bath 870 SF $1,650 $2,450 Unit 2 1 Bed, 1.5 Bath 870 SF $1,490 $2,450 Unit 24 2 Bed, 2 Bath 1,220 SF $2,950 $2,950 Unit 14 2 Bed, 2 Bath 1,220 SF $1,875 $2,950 Unit 3 2 Bed, 2 Bath 1,220 SF $1,750 $2,950 Unit 25 2 Bed, 2 Bath 1,135 SF $2,825 $2,875 Unit 15 2 Bed, 2 Bath 1,135 SF $2,430 $2,875 Unit 4 2 Bed, 2 Bath 1,135 SF $2,435 $2,875 Unit 26 1 Bed, 1.5 Bath 985 SF $2,240 $2,550 Unit 16 1 Bed, 1.5 Bath 985 SF $2200 $2550 Unit 5 1 Bed, 1.5 Bath 985 SF $2,200 $2,550 Unit 27 2 Bed, 2 Bath 1,335 SF $1,597 $3,025 Unit 17 2 Bed, 2 Bath 1,335 SF $3,025 $3,025 Unit 6 2 Bed, 2 Bath 1,335 SF $2,535 $3,025 Unit 28 2 Bed, 2 Bath 1,335 SF $2,400 $3,025 Unit 18 2 Bed, 2 Bath 1,335 SF $1,900 $3,025 Unit 7 2 Bed, 2 Bath 1,335 SF $1,860 $3,025 Unit 29 2 Bed, 2 Bath 1,220 SF $2,950 $2,950 Unit 19 2 Bed, 2 Bath 1,220 SF $2,950 $2,950 Unit 8 2 Bed, 2 Bath 1,220 SF $2,950 $2,950 Unit 30 2 Bed, 2 Bath 1,220 SF $1,650 $2,950 Unit 20 2 Bed, 2 Bath 1,220 SF $1,600 $2,950 Unit 9 2 Bed, 2 Bath 1,220 SF $1,700 $2,950 Unit 31 2 Bed, 2 Bath 1,220 SF $2,150 $2,950 Unit 21 2 Bed, 2 Bath 1,220 SF $3,066 $2,950 Unit 10 2 Bed, 2 Bath 1,220 SF $1,835 $2,950 Unit 22 Unit 23 Unit 24 Unit 25 Unit 26 Unit 27 Unit 28 Unit 29 Unit 30 Unit 31 Unit 11 Unit 12 Unit 14 Unit 15 Unit 16 Unit 17 Unit 18 Unit 19 Unit 20 Unit 21 Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 Unit 6 Unit 7 Unit 8 Unit 9 Unit 10

21 THE VIEW PROPERTY DESCRIPTION 13 EACH APARTMENT FEATURES WASHER/ DRYER IN UNIT, SPACIOUS FLOOR PLAN, FAA SOUND PROOF WINDOWS AND DOORS, AND PRIVATE BALCONY WITH GREAT VIEWS OF THE OCEAN

22 PROPERTY DESCRIPTION THE VIEW 14

23 THE VIEW PROPERTY DESCRIPTION 15

24 PROPERTY DESCRIPTION THE VIEW 16

25 THE VIEW PROPERTY DESCRIPTION 17

26 $16,500,000 OFFERING PRICE 3.44% 5.1% CAP RATE PROFORMA CAP RATE 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Y

27 L U X U R Y A P A R T M E N T S FINANCIAL ANALYSIS S E C T I O N 03

28 PRICING DETAILS SUMMARY CAPITAL OUTLAY Price $16,500,000 Total Cap Invest. $8,295,000 Down Payment $7,920,000 48% Vac. Loss $110,000 Number of Units 34 Reno. Costs (25k/u) $375,000 Price Per Unit $485,294 ROI 4.2% FINANCIAL ANALYSIS THE VIEW 20 Price Per SqFt $ Rentable SqFt 37,745 Lot Size 1.12 Acres Approx. Year Built 1966 RETURNS CURRENT MARKET STABILIZATION RENO CAP Rate 3.44% 4.28% 5.10% GRM Cash-on-Cash 0.96% 2.71% 4.42% Debt Coverage Ratio Financing 1st Loan Loan Amount $8,580,000 Loan Type New Interest Rate 4.00% Amortization 30 Years Year Due 2022 Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative. # OF UNITS UNIT TYPE SQFT/UNIT CURRENT MARKET RENOVATED RENTS RENTS UNITS 21 2 Bed / 2 Bath 1241 $2,306 $2,598 $2, Bed / 1.5 Bath 908 $2,003 $2,150 $2, Bed / 1 Bath 879 $1,806 $1,987 $2,338

29 OPERATING DATA INCOME CURRENT MARKET STABILIZATION POST RENOVATION Gross Scheduled Rent $884,256 $982,200 $1,126,500 Less: Vacancy/Deductions 3.0% $26, % $29, % $33,795 Total Effective Rental Income $857,728 $952,734 $1,092,705 Other Income $23,640 $70,986 $70,986 Effective Gross Income $881,368 $1,023,720 $1,163,691 Less: Expenses 35.6% $313, % $317, % $322,136 Net Operating Income $567,702 $705,783 $841,555 Cash Flow $567,702 $705,783 $841,555 Debt Service $491,547 $491,547 $491,547 Net Cash Flow After Debt Service 0.96% $76, % $214, % $350,008 Principal Reduction $151,097 $157,253 $157,253 Total Return 2.87% $227, % $371, % $507,261 EXPENSES CURRENT MARKET STABILIZATION POST RENOVATION Real Estate Taxes $193,763 $193,763 $193,763 Insurance $13,260 $13,260 $13,260 Utilities - Electric $14,591 $14,591 $14,591 Utilities - Water & Sewer $28,823 $28,823 $28,823 Trash Removal $3,888 $3,888 $3,888 Repairs & Maintenance $8,500 $8,500 $8,500 Pest Control + Landscaping $2,600 $2,600 $2,600 On Site Manager $13,800 $13,800 $13,800 Pool Maintenance $1,200 $1,200 $1,200 Operating Reserves $6,800 $6,800 $6,800 Management Fee $26,441 $30,712 $34,911 Total Expenses $313,666 $317,937 $322,136 Expenses/Unit $9,225 $9,351 $9,475 Expenses/SF $8.31 $8.42 $8.53 THE VIEW FINANCIAL ANALYSIS 21

30 NOTES TO OPERATING DATA Other Income: Water/Sewer RUBS - Tenants pay 80% of bill, Trash RUBS - tenants pay 100% of bill, Pet Rent - assumes $75 per pet & 50% of tenants having them, Storage Lockers - can be rented for 1 $50 each for $20,400 2 Operating Reserves based on $200 per Unit 3 Management Fee based on 3% of EGR FINANCIAL ANALYSIS THE VIEW 22 RENT ROLL SUMMARY UNIT TYPE # OF UNITS AVG SQ FEET RENTAL RANGE AVERAGE RENT CURRENT MARKET STABILIZATION POST RENOVATION MONTHLY INCOME AVERAGE RENT MONTHLY INCOME AVERAGE RENT 2 Bed / 2 Bath - Large 6 1,335 $1,597 - $3,025 $2,220 $13,317 $2,713 $16,275 $3,025 $18,150 2 Bed / 2 Bath - Medium 12 1,220 $1,600 - $3,066 $2,286 $27,426 $2,483 $29,800 $2,950 $35,400 2 Bed / 2 Bath - Small 3 1,135 $2,430 - $2,825 $2,563 $7,690 $2,825 $8,475 $2,875 $8,625 1 Bed / 1.5 Bath - Large $2,200 - $2,240 $2,213 $6,640 $2,350 $7,050 $2,550 $7,650 1 Bed / 1.5 Bath - Small $1,200 - $2,450 $1,898 $11,390 $2,050 $12,300 $2,450 $14,700 1 Bed / 1 Bath - Large 1 1,010 $1,920 - $1,920 $1,920 $1,920 $2,250 $2,250 $2,450 $2,450 MONTHLY INCOME 1 Bed / 1 Bath - Small $1,150 - $2,300 $1,768 $5,305 $1,900 $5,700 $2,300 $6,900 Totals/Weighted Averages 34 1,110 $2,167 $73,688 $2,407 $81,850 $2,761 $93,875 Gross Annualized Rents $884,256 $982,200 $1,126,500

31 RENT ROLL UNIT UNIT TYPE SQUARE FEET CURRENT RENT / MONTH CURRENT RENT / SF/ MONTH MARKET STABILIZATION RENT / MONTH MARKET STABILIZATION RENT/ SF/ MONTH POST RENOVATION RENT / MONTH POST RENOVATION RENT/ SF/ MONTH 1* 1 Bed / 1.5 Bath - Small 870 $2,350 $2.70 $2,450 $2.82 $2,450 $ Bed / 1.5 Bath - Small 870 $1,490 $1.71 $1,650 $1.90 $2,450 $ Bed / 2 Bath - Medium 1,220 $1,750 $1.43 $2,150 $1.76 $2,950 $2.42 4* 2 Bed / 2 Bath - Small 1,135 $2,435 $2.15 $2,825 $2.49 $2,875 $2.53 5* 1 Bed / 1.5 Bath - Large 985 $2,200 $2.23 $2,350 $2.39 $2,550 $2.59 6* 2 Bed / 2 Bath - Large 1,335 $2,535 $1.90 $3,025 $2.27 $3,025 $ Bed / 2 Bath - Large 1,335 $1,860 $1.39 $2,400 $1.80 $3,025 $2.27 8* 2 Bed / 2 Bath - Medium 1,220 $2,950 $2.42 $2,950 $2.42 $2,950 $ Bed / 2 Bath - Medium 1,220 $1,700 $1.39 $2,150 $1.76 $2,950 $ Bed / 2 Bath - Medium 1,220 $1,835 $1.50 $2,150 $1.76 $2,950 $ * 1 Bed / 1.5 Bath - Small 870 $2,450 $2.82 $2,450 $2.82 $2,450 $ Bed / 1.5 Bath - Small 870 $1,650 $1.90 $1,650 $1.90 $2,450 $ Bed / 2 Bath - Medium 1,220 $1,875 $1.54 $2,150 $1.76 $2,950 $ * 2 Bed / 2 Bath - Small 1,135 $2,430 $2.14 $2,825 $2.49 $2,875 $ * 1 Bed / 1.5 Bath - Large 985 $2,200 $2.23 $2,350 $2.39 $2,550 $ * 2 Bed / 2 Bath - Large 1,335 $3,025 $2.27 $3,025 $2.27 $3,025 $ Bed / 2 Bath - Large 1,335 $1,900 $1.42 $2,400 $1.80 $3,025 $ * 2 Bed / 2 Bath - Medium 1,220 $2,950 $2.42 $2,950 $2.42 $2,950 $ Bed / 2 Bath - Medium 1,220 $1,600 $1.31 $2,150 $1.76 $2,950 $ Bed / 2 Bath - Medium 1,220 $3,066 $2.51 $2,950 $2.42 $2,950 $ * 1 Bed / 1.5 Bath - Small 870 $2,250 $2.59 $2,450 $2.82 $2,450 $ Bed / 1.5 Bath - Small 870 $1,200 $1.38 $1,650 $1.90 $2,450 $ * 2 Bed / 2 Bath - Medium 1,220 $2,950 $2.42 $2,950 $2.42 $2,950 $ * 2 Bed / 2 Bath - Small 1,135 $2,825 $2.49 $2,825 $2.49 $2,875 $ * 1 Bed / 1.5 Bath - Large 985 $2,240 $2.27 $2,350 $2.39 $2,550 $ * 2 Bed / 2 Bath - Large 1,335 $1,597 $1.20 $3,025 $2.27 $3,025 $ Bed / 2 Bath - Large 1,335 $2,400 $1.80 $2,400 $1.80 $3,025 $ * 2 Bed / 2 Bath - Medium 1,220 $2,950 $2.42 $2,950 $2.42 $2,950 $ Bed / 2 Bath - Medium 1,220 $1,650 $1.35 $2,150 $1.76 $2,950 $ Bed / 2 Bath - Medium 1,220 $2,150 $1.76 $2,150 $1.76 $2,950 $2.42 A 1 Bed / 1 Bath - Small 835 $1,150 $1.38 $1,500 $1.80 $2,300 $2.75 B* 1 Bed / 1 Bath - Small 835 $2,300 $2.75 $2,100 $2.51 $2,300 $2.75 C* 1 Bed / 1 Bath - Small 835 $1,855 $2.22 $2,100 $2.51 $2,300 $2.75 D* 1 Bed / 1 Bath - Large 1,010 $1,920 $1.90 $2,250 $2.23 $2,450 $2.43 Total 37,745 $73,688 $1.95 $81,850 $2.17 $93,875 $2.49 THE VIEW FINANCIAL ANALYSIS 23 *Renovated/ under construction

32 $485,294 PRICE PER UNIT $ PRICE PER SQUARE FOOT 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Y

33 L U X U R Y A P A R T M E N T S SALES COMPARABLES S E C T I O N 04

34 L U X U R Y A P A R T M E N T S SALES COMPARABLES PROPERTIES # OF UNITS YEAR BUILT THE VIEW // 3788 Elliott Street, San Diego COMPARABLES THE VIEW LOMA VISTA // 3720 Yonge Street, San Diego THE LOFTS // 3244 Nimitz Boulevard, San Diego CARLSBAD BLVD // 3710 Carlsbad Boulevard, San Diego SOFIA LIVING AT GOLDEN HILL // 2856 C Street, San Diego PARK EAST // 111 W Pennsylvania Avenue, San Diego THE CHARMER // 3625 India Street, San Diego BILLBOA LOFTS // 320 W. Ash Street, San Diego STRUCTURE LOFTS // 440 Upas Street, San Diego THE UNION // th Street, San Diego OCEAN VILLAGE // 401 N Coast Highway, Oceanside IN EDEN // Prospect Street, La Jolla DYLAN POINT LOMA // 2930 Barnard Street, San Diego SOFIA LOFTS // 3045 Broadway, San Diego NORTH PARKER // th Street, San Diego MR. ROBINSON // 3752 Park Boulevard, San Diego

35 ES A KARI LN LE R CIRC 76 GOPHER CANYON Hidden Meadows N AVE SIO MIS N SAN TA Oceanside FE AVE OSBORNE ST E VISTA WAY 3 COLE GRADE DO UG LA S DR N RIVER VALLEY CENTER E BLVD COLLEG HE IG W BOBIER DR LEY VALLEY CENTER S VAL MEADOW N OAK W TWI HT S DR N MELROSE DR 76 VIS DR TA DR SA ME GH 76 FOOTHILL DR HI 5 LE MOUNTAIN MP LAKE WOHLFO Valley Center TE S EL CAMINO REAL WOODS VALLEY OCEANSIDE BLVD San Diego DEER SPRINGS ND MO JES Y WA DE TA NE VIS Y T HW AS S CO I DR LIN BE RO S SA E AV E BLV D LR ND ME HLA OS E DR DR N ASH Vista ELM AVE HIG San Marcos A FE NT LAK Y ER GH PKW RTE NO L BOU LN Escondido E AV CO AH DR LIN NO BUSINESS PARK DR HAM AVE RUS ION 78 CIT W MISS DR CENTRE CITY PKWY L RK PA BOEN DR REA WAY INO E VALLEY AV CAM MID EL TWIN OAKS VALLEY K AV AC ST Y N BROADWA ON AVE RINC E RE MO CA SY E E BAR PALOMAR AIRPORT BLVD N DAT L DR E ST VIN AR EY OA K HIL GTO HIN WAS D HO NC FE S RA A NT SA N AVE E AV NY ON AC BL D AVE EL FUE RTE DR ST ENCINO TRE CIT San Diego Wild Animal Park Y PK ES WY QU REAL TH AV EN FELICITA 78 S HW Y LA COSTA AVE OLD PASQUAL FO RE ST NO REAL DEL EL CAMI IN DIO ELF E Y GR ON RA W VIA NC PK HO WY OV EY PKW Y RM ON Y CANY BAND PILE ST FE TA NC HO SAN MAGNOLIA AVE BEAR VALL HA W HAVERFO WILLOWSPRING DR N PA SQ D ST 3R IN ST MA ST EL CAMINO 7TH ENCINITAS BLVD DEL NORTE MONTECITO Ramona PA VE SEO RA DE NO L NO RT Encinitas E VIST A RAM ONA 10TH ST A San Diego Country Es DE HIE FO ARC RT UN ASHLEY VIA MO RIA NO LA CK BLA DE SAN VICENTE ORE N TAI UN S IA LIC RANC MO HO BERN WARNOCK DR STA GE AVE NA O PK WY DYE RAMONA OAKS LIN EA DE L CIE LO TS 67 Poway IGH RAMONA ST ESPOLA BER HE NN ELIJO N LIA SAN CAMINO SAN BERNAO AO JU O SE PA GU SANTA FE DR 78 UA L 15 SA N 101 ELM ST RA HIGHLAND VALLEY COMPARABLES ALGA CEN N EL CAMINO TTIA LN K CA CITR O BLV AV 17TH POINSE US AVE AV DID D BLV COUNTRY CLUB DR 5TH ON S ESC AD LSB CAR E W E W 9TH JU LIA N LEGE COL CA MI NO Solana Beach DE L NO RT E DE PENASQUITOS DR VIA DE SA N LA DI VA Y GRA EG LL E UI SSE TO MU LOMAS SANTA FE DR HIGHLAND DR TWIN PEAKS OLD COMMUNITY SAB SPR RE ING PKW S Y E AV 27 SU ND AN CE LANSD ALE DR OLD POMERADO 56 ABING AVE 67 POWAY COMMUNITY Del Mar PARK VILLAGE LEY RCY ME SCRIPPS POWAY PKWY SPRING CANYON SCRIPPS RANCH BLVD WIL CAMINO RUIZ VAL BLACK MOUNTAIN MEL THE VIEW 56 CAR D CA T CA NY ON EL CAMIN O REAL EL RM Y CA LLE VA DO RA ME PO D TO REN LEY BLV VAL SOR D A BLV MIR A MES ITA ZAN ST UR EH PIN MAN DR GEN ESEE N TORREY PINES AVE R Santee MA RA MI R WAY REGENTS MIRAMA Lakeside OA CR K EE K DR IDE 5 Alpine DR ERS RIV ON NY CA EY LL VA M GS RIN SP BL OS SO 8 INN AIL QU FL MAGNOLIA AVE EL CHANN 11 LA KE PA JENNIN RK GS JULIAN AVE GOVER AR N OAKS 67 VICTORIA PARK TER LO S CO DR TOB CH ES ME MI BLVD 52 SA GO RG SS IO N REMO PROSPECT AVE PEPPER DR BLV D W BRADLEY AVE ON NY N DR BLV D T AC E MORE VIS DA E DR LIN LAG DR W MAIN ST BL VD AY RR MU KE LA LAUREL ST COLLEGE GROVE DR D ALA MED A BLV NS BLVD ROSECRA ST DR CAM PO JA MA CH A GRAND AVE 1ST DR LISBON ST S 28TH ST OR EN 94 BROADWAY RB 94 BL VD Naval Train Ctr N HA GL R N CENTE MISSIO BLVD PO PALM ST San Diego Zoo S BARCELONA ST CATA CAM 54TH ST MISSION BLVD E AVOCADO BLVD N ST E AV BA CO AS FUR Y LN CAIFF ST E AV SWEETWATER LINA CH ST AV HILLSDALE E ITY RS MASSACHUSETTS AVE TT ING ROLANDO BLVD SE DR IVE AG AN TE BLVD NA RR SPR 70TH ST Y ER 125 UN EL CAJON 43 ST TZ BLVD IC HW FU EUCLID AVE NIMI PACIF W UNIVERSITY AVE TO N ST 8 San Diego FORT STOCKTON DR LYT 8 40TH ST BLVD 6 TC MONTEZUMA 30TH ST W POINT LOMA DR E AVE SEA WORLD 5 LEG Sea World TEXAS ST DR COL N BAY E WASHINGTON AVE A DR AY AM WY HE FLE SA DEHE VISTA GRANDE A DR SIO R PK JAMACHA RIVIER W MIS Harbison Canyon GRANITE HILLS DR ZION AVE PACIFI 163 CA ISO RB HA DR N VIL TA SIO C BEACH N E MADISON AVE BALTI MIS D AVE STA E BROADWAY ST S 1ST ST MO UN AV GRAN N MAGNOLIA AVE OA LB BA NAVAJO S VIEW DR AD IA PRINCES NT ST LAMO BEAGLE ST TRAVELODGE DR UOISE TURQ LA CRE N MOLLISON AVE SO CK JA GREENFIELD DR AERO DR ST W ME LA TA DR JOL AN SANTO BLVD LA AS ES ENER AVE CONVOY ST DR AGA BURG SA MOR RR NC FRA CAENO DR TIE A AVE BALBO LLO BLVD D DR AN TL JU ALPINE BLVD TAVERN LA JOLLA RUFFIN D AVE GIRAR E MISSION GEORGE CLAI NT MESA DR E AD ELO POR S GR CARLTO 52 WI T ST PEC CT PL BLVD DA TH SPE N VICTORIA WINTER GAENS PRO L ST PEAR CUYAMACA ST MAST BLVD NOR DR OS AR TAM PKWY 78 BUENA CREEK PR 10 DR OLD CASTLE Camp Pendleton South 15 CHURCHWA ST SKYLINE DR LOGAN AVE ALPH ST Spring Valley Jamul LYONS VALLE Y DR

36 COMPARABLES THE VIEW 28 1 LOMA VISTA Yonge Street, San Diego Sales Price $4,425,000 Sale Date 6/13/2016 Year Built 1972 Cap Rate 3.60% THE LOFTS 3244 Nimitz Boulevard, San Diego Sales Price $3,525,000 Sale Date 7/29/2016 Year Built 2010 Cap Rate 3.55% Number of Units 13 Price per SF $ Price per Unit $340,385 Number of Units 8 Price per SF $ Price per Unit $440,625 Unit Type Units Unit Type Units 3BDR/1BATH 2 2BDR/1BATH 5 2BDR/1.5BATH 3 1BDR/1-2BATH 5 1BDR/1BATH 6

37 3 CARLSBAD BLVD Carlsbad Boulevard, San Diego Sales Price $11,200,000 Sale Date 10/28/2016 Year Built 2006 Cap Rate 2.32% SOFIA LIVING AT GOLDEN HILL 2856 C Street, San Diego Sales Price $14,225,000 Sale Date 7/14/2016 Year Built 2015 Cap Rate 4.13% THE VIEW COMPARABLES 29 Number of Units 10 Price per SF $ Price per Unit $1,120,000 Number of Units 20 Price per SF $ Price per Unit $711,250 Unit Type Units Unit Type Units 3BDR/2BATH 7 2BDR/2BATH 3 3BDR/3.5BATH 4 2BDR/2.5BATH 10 2BDR/2BATH 6

38 COMPARABLES THE VIEW 30 5 PARK EAST W Pennsylvania Avenue, San Diego Sales Price $16,501,000 Sale Date 3/28/2016 Year Built 1969 Cap Rate 5.00% THE CHARMER 3625 India Street, San Diego Sales Price $11,623,000 Sale Date 8/5/2016 Year Built 2011 Cap Rate 3.85% Number of Units 56 Price per SF $ Price per Unit $294,661 Number of Units 25 Price per SF $ Price per Unit $464,920 Unit Type Units Unit Type Units 2BDR/1BATH 10 1BDR/1BATH 44 STUDIO/1BATH 2 3BDR/2BATH 11 2BDR/1BATH 2 1BDR/1BATH 7 Retail 5

39 7 BILLBOA LOFTS W. Ash Street, San Diego Sales Price $8,600,000 Sale Date 2/23/2017 Year Built 2003 Cap Rate 3.60% STRUCTURE LOFTS 440 Upas Street, San Diego Sales Price $14,750,000 Sale Date 2/8/2017 Year Built 2014 Cap Rate 3.90% THE VIEW COMPARABLES 31 Number of Units 24 Price per SF $ Price per Unit $358,333 Number of Units 26 Price per SF $ Price per Unit $567,308 Unit Type Units Unit Type Units 2BDR/2BATH 4 1BDR/1BATH 20 1BDR/1BATH 19 STUDIO/1BATH 6 RETAIL 1

40 COMPARABLES THE VIEW 32 9 THE UNION 10 OCEAN VILLAGE th Street, San Diego 401 N Coast Highway, Oceanside List Price $7,575,000 Sale Date 3/28/2016 Year Built 2007 Cap Rate 4.20% Sales Price $19,705,000 Sale Date 5/31/2016 Year Built 2007 Cap Rate 4.00% Number of Units 18 Price per SF $ Price per Unit $420,833 Number of Units 33 Price per SF $ Price per Unit $597,121 Unit Type Units Unit Type Units 1BDR 5 2BDR 5 2BDR 15 3BDR 18 3BDR 8

41 11 IN EDEN Prospect Street, La Jolla Sales Price $11,050,000 Sale Date 1/12/2017 Year Built 1960 Cap Rate 3.70% DYLAN POINT LOMA 2930 Barnard Street, San Diego Sales Price $90,000,000 Sale Date 8/9/2016 Year Built 2016 Cap Rate 4.00% THE VIEW COMPARABLES 33 Number of Units 17 Number of Units 180 Price per SF $ Price per Unit $650,000 Price per SF Price per Unit N/A N/A Unit Type Units Unit Type Units 1BDR 10 2BATH 7 N/A N/A

42 COMPARABLES THE VIEW SOFIA LOFTS 3045 Broadway, San Diego Sales Price $7,499,000 Sale Date On Market Year Built 2014 Proforma Cap Rate 4.00% Number of Units 17 Price per SF $ Price per Unit $441, NORTH PARKER th Street, San Diego List Price $22,000,000 Sale Date On Market Year Built 2014 Cap Rate 4.00% Number of Units 27 Price per SF $ Price per Unit $687,500 Unit Type Units Unit Type Units 3BDR/2BATH 1 2BDR 27 2BDR/1BATH 6 STUDIO/1BATH 10

43 15 MR. ROBINSON 3752 Park Boulevard, San Diego List Price $26,500,000 Sale Date On Market Year Built 2016 Cap Rate 4.00% THE VIEW COMPARABLES 35 Number of Units 35 Price per SF $ Price Unit Type per Unit $697,368 Units STUDIO 5 2BDR 28 3BDR 2

44 2 4 MILES TO OCEAN BEACH MILES TO MISSION BEACH 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Y

45 L U X U R Y A P A R T M E N T S RENT COMPARABLES S E C T I O N 05

46 L U X U R Y A P A R T M E N T S COMPARABLES THE VIEW 38 RENT COMPARABLES PROPERTIES AVG, RENT/ SQFT THE VIEW // 3788 Elliott Street, San Diego $ DYLAN POINT LOMA // 2930 Barnard Street, San Diego $ GABLES POINT LOMA // Marquette Place, San Diego $ MARINER S COVE // 4392 W Point Loma Boulevard, San Diego $ THE SUMMIT POINT LOMA // 3950 Leland Street, San Diego $ STONEWOOD GAENS // 3833 Midway Drive, San Diego $ YEAR BUILT 6. LOMA PORTAL // Cauby Street, San Diego $ LOMA PALISADES // 2799 W. Adrian Street, San Diego $

47 Sports Arena Drive 7 Temecula Heights 4 Mission Hills Ocean Beach Sunset Cliffs Blvd unset Cliffs Narraganseit Avenue Voltaire Street Point Loma Heights Chatsworth Blvd Cahon Street Nimitz Blvd Loma Portal Rosecrans Street Rosecrans Street Midway Drive 6 Barnett Avenue Pacific Highway Midway District N Harbor Drive San Diego Bay 5 San Diego International Airport Pacific Highway Midto THE VIEW COMPARABLES 39 Kettne La Playa San Diego Naval Supply Center

48 THE VIEW // 3788 Elliott Street, San Diego Total Year 34 Units Built 1966 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 2 Bath 21 1,241 $2,307 $ Bedroom / 1.5 Bath $2,003 $ Bedroom / 1 Bath $1,806 $2.05 COMPARABLES THE VIEW 40 1 DYLAN POINT LOMA // 2930 Barnard Street, San Diego TOTAL/WTD. AVG. 34 1,110 $2,039 $2.04 Total Year 2 Units Built 2016 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 2 Bath 1 1,227 $3,375 $ Bedroom / 1 Bath $2,575 $3.11 TOTAL/WTD. AVG. 2 1,028 $2,975 $2.93

49 2 GABLES POINT LOMA // Marquette Place, San Diego Total Year 2 Units Built 1966 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 1 Bath $3,200 $ Bedroom / 1 Bath $2,965 $ MARINER S COVE // 4392 W Point Loma Boulevard, San Diego TOTAL/WTD. AVG $3,083 $4.35 Total Year 2 Units Built 1984 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 2 Bath $2,646 $ Bedroom / 1 Bath $2,063 $3.41 THE VIEW COMPARABLES 41 TOTAL/WTD. AVG $2,355 $3.30

50 4 THE SUMMIT POINT LOMA // 3950 Leland Street, San Diego Total Year 2 Units Built 1969 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 2 Bath 1 1,050 $2,248 $ Bedroom / 1.5 Bath $1,949 $2.54 COMPARABLES THE VIEW 42 5 STONEWOOD GAENS // 3833 Midway Drive, San Diego TOTAL/WTD. AVG $2,099 $2.34 Total Year 2 Units Built 1979 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 2 Bath $2,328 $ Bedroom / 1 Bath $2,199 $3.39 TOTAL/WTD. AVG $2,264 $3.06

51 6 LOMA PORTAL // Cauby Street, San Diego Total Year 2 Units Built 1970 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 2 Bath 1 1,200 $2,225 $ Bedroom / 1 Bath 1 1,000 $2,115 $ LOMA PALISADES // 2799 W. Adrian Street, San Diego TOTAL/WTD. AVG. 2 1,100 $2,170 $1.99 Total Year 1 Units Built 1958 UNIT TYPE UNITS SF RENT RENT/SF 2 Bedroom / 1 Bath 1 1,025 $3,240 $3.17 THE VIEW COMPARABLES 43 TOTAL/WTD. AVG. 1 1,025 $3,240 $3.17

52 282,644 TOTAL POPULATION WITHIN 5-MILE RADIUS 133,971 TOTAL HOUSEHOLDS IN 5-MILE RADIUS 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Y

53 L U X U R Y A P A R T M E N T S MARKET OVERVIEW S E C T I O N 06

54 L U X U R Y A P A R T M E N T S MARKET OVERVIEW THE VIEW 46 LOCATION OVERVIEW The View is located in Point Loma, a seaside community within the city of San Diego, California. Point Loma is a hilly peninsula surrounded by San Diego Bay on the east, Pacific Ocean on the west and the San Diego River on the north. Point Loma is encompassed by the most well-known areas of San Diego, including Coronado Island, downtown San Diego, Old Town, and Mission Bay. Residents can explore the greater San Diego area through convenient transportation using both the I-5 and I-8 freeways. For long distance travel San Diego International Airport is located a few minutes to the east and served 20.7 million passengers in Point Loma is one of the most culturally significant areas in San Diego because of its rich military history, strong schools and Cabrillo National Monument. The monument lies on the furthest tip of the peninsula as tribute to Juan Rodriguez Cabrillo, who sailed his ship, the San Salvador, into San Diego Bay in 1542 and became the first European to set foot in California. At the monument residents take in panoramic views of the bay and ocean while enjoying some of San Diego s best tide pools at the Point Loma Lighthouse. The community has several renowned schools, including Point Loma High School, High Tech High and Point Loma Nazarene University, a Christian liberal arts college with more than 3,500 students. Point Loma has several military facilities, including the U.S. Navy s SPAWAR program, the U.S. Marine Corps Recruiting Depot, Fort Rosecrans National Cemetery, and Naval Base Point Loma. The Navy controls 1,800 acres on the peninsula and provides employment to approximately 48,000 military personnel and civilians. The community of Point Loma has a wide range of popular activities. Shelter Island is one of San Diego s principal boating centers, where visitors enjoy marinas, resort hotels, restaurants, and bayside parks. Many short and long-range sport fishing trips depart from Shelter Island daily and it is home to Humphrey s Concerts By The Bay, which attracts nationally known musicians and comedians throughout the summer months. Liberty Station is a repurposed navy training center, now serving as a town center for the community. This 361-acre mixed-use project includes a retail and commercial district, a hotel district, an educational district, and an office district, along with a scenic park along the boat channel. In addition, Point Loma is known for several excellent surf breaks and some of the most picturesque sunsets in the country at Sunset Cliffs Park.

55 LOCATION HIGHLIGHTS Convenient transportation using I-5, I-8, and San Diego International Airport Multiple military facilities employ approximately 48,000 military personnel and civilians Cabrillo National Monument provides panoramic views, rich history and a popular tide pool Liberty Station has become a community gathering center Several excellent schools, including Point Loma Nazarene University Excellent surf spots and views at Sunset Cliffs Park CONVENIENT TRANSPORTATION USING I-5 / I-8 & SAN DIEGO INTERNATIONAL AIRPORT THE VIEW MARKET OVERVIEW 47 EXCELLENT SCHOOLS INCLUDING POINT LOMA NAZARENE UNIVERSITY EXCELLENT SURF SPOTS AND VIEWS AT SUNSET CLIFFS PARK

56 L U X U R Y A P A R T M E N T S POINT LOMA LOCAL ATTRACTIONS DOWNTOWN SAN DIEGO MARKET OVERVIEW THE VIEW 48 SEA WORLD SAN DIEGO 4.0 Miles SAN DIEGO INTERNATIONAL AIRPORT 6.1 Miles SAN DIEGO INTERNATIONAL AIRPORT NTC AT LIBERTY STATION WOMEN S MUSEUM OF CALIFORNIA PLUMOSA PARK OLD TOWN SAN DIEGO 3.6 Miles PROXIMITY TO LOCAL CITIES SAN DIEGO ZOO 6.7 Miles 9 miles to La Jolla 5 miles to downtown SD 5 miles to Little Italy

57 CORONADO ISLAND HARBOR ISLAND THE ROCK CHURCH SAN DIEGO BAY POINT LOMA HIGH SCHOOL THE VIEW MARKET OVERVIEW 49

58 L U X U R Y A P A R T M E N T S MARKET OVERVIEW THE VIEW ,644 Total Population Within 5-Mile Radius $91,667 Average Household Income within 5-Mile Radius DEMOGRAPHICS 53.83% GENDER 46.17% $574,105 Median Housing Value 133,971 Total Households in 5-Mile Radius 1.94 Average Household Size

59 POPULATION 1 Mile 3 Miles 5 Miles 2021 Projection Total Population 26,467 92, , Estimate Total Population 25,983 90, , Census Total Population 24,632 85, , Census Total Population 23,206 82, ,404 Daytime Population 2016 Estimate 34, , ,837 HOUSEHOLDS 1 Mile 3 Miles 5 Miles 2021 Projection Total Households 12,320 40, , Estimate Total Households 12,101 39, ,971 Average (Mean) Household Size Census Total Households 11,369 36, , Census Total Households 10,940 36, ,154 Growth % 1.55% 4.10% HOUSING UNITS 1 Mile 3 Miles 5 Miles Occupied Units 2021 Projection 12,320 40, , Estimate 12,216 40, ,540 Owner Occupied 4,618 16,620 46,717 Renter Occupied 7,483 22,836 87,254 Vacant 115 1,270 6,569 Persons In Units 2016 Estimate Total Occupied Units 12,101 39, ,971 1 Person Units 34.91% 36.80% 43.27% 2 Person Units 35.98% 37.65% 35.80% 3 Person Units 14.92% 13.09% 10.97% 4 Person Units 10.04% 8.83% 6.36% 5 Person Units 2.95% 2.60% 2.24% 6+ Person Units 1.18% 1.03% 1.36% HOUSEHOLDS BY INCOME 1 Mile 3 Miles 5 Miles 2016 Estimate $200,000 or More 7.48% 9.08% 7.38% $150,000 - $199, % 6.79% 6.57% $100,000 - $149, % 15.03% 14.52% $75,000 - $99, % 12.69% 12.46% $50,000 - $74, % 16.27% 17.01% $35,000 - $49, % 12.43% 12.48% $25,000 - $34, % 8.27% 8.32% $15,000 - $24, % 8.74% 8.96% Under $15, % 10.71% 12.30% Average Household Income $90,819 $99,078 $91,667 Median Household Income $61,224 $64,817 $60,997 Per Capita Income $42,830 $45,153 $45,059 POPULATION PROFILE 1 Mile 3 Miles 5 Miles Population By Age 2016 Estimate Total Population 25,983 90, ,644 Under % 18.88% 14.35% 20 to 34 Years 32.64% 32.79% 36.19% 35 to 39 Years 8.04% 7.24% 8.33% 40 to 49 Years 11.87% 10.97% 12.04% 50 to 64 Years 17.03% 16.91% 16.11% Age % 13.21% 12.97% Median Age Population 25+ by Education Level 2016 Estimate Population Age ,159 63, ,807 Elementary (0-8) 1.44% 1.37% 2.01% Some High School (9-11) 2.71% 2.35% 3.32% High School Graduate (12) 12.59% 12.13% 12.66% Some College (13-15) 23.18% 21.72% 20.95% Associate Degree Only 8.46% 7.77% 7.56% Bachelors Degree Only 33.65% 33.68% 32.21% Graduate Degree 17.77% 20.77% 20.55% Population by Gender 2016 Estimate Total Population 25,983 90, ,644 Male Population 50.53% 53.29% 53.83% Female Population 49.47% 46.71% 46.17% THE VIEW MARKET OVERVIEW 51

60 L U X U R Y A P A R T M E N T S POINT LOMA, CALIFORNIA CONOR BRENNAN Senior Associate National Multi Housing Group Tel: // Cell: conor.brennan@marcusmillichap.com License: CA: RAYMOND CHOI First Vice President Investments Director, National Multi Housing Group Tel: // Cell: raymond.choi@marcusmillichap.com License: CA