PROPERTY OVERVIEW HIGHLIGHTS 3246 CLAIREMONT MESA BLVD SAN DIEGO CALIFORNIA 92117

Transcription

1 CLAIREMONT MESA BOULEVARD San Diego, CA O F F E R I N G M E M O R A N D U M 1

2 PROPERTY OVERVIEW MARCUS & MILLICHAP IS PLEASED TO PRESENT CLAIREMONT MESA BOULEVARD, A TWO UNIT COMPLEX IN THE SAN DIEGO SUBURB OF CLAIREMONT. IN 2013 NEW CONSTRUCTION WAS COMPLETED, ADDING AN EXTRA BEDROOM AND BATHROOM TO EACH UNIT. IN ADDITION 5 GARAGES WERE CONSTRUCTED IN THE REAR OF THE PROPERTY. CURRENTLY, THE PROPERTY CONSISTS OF TWO 3 BEDROOM / 2 BATH UNITS. THE 5 GARAGES ARE AVAILABLE FOR RENT, DRASTICALLY INCREASING THE MONTHLY CASH FLOW WITHOUT INCREASING EXPENSES. THIS NEIGHBORHOOD OFFERS QUICK ACCESS TO FREEWAYS AND IS JUST A SHORT DRIVE TO DOWNTOWN, MISSION VALLEY, AND THE BEACHES. PERFECT FOR INVESTORS SEEKING A 1031 EXCHANGE OR SIMPLY LOOKING FOR AN INVESTMENT IN THIS RARELY TRADED SUBMARKET. INVESTORS BENEFIT FROM FLEXIBILITY AS THIS DUPLEX CAN BE RENTED TO SEPARATE TENANTS, RENTED TO ONE TENANT AND LIVED IN, LIVED IN BOTH UNITS OR HELD AS A VACATION HOME. HIGHLIGHTS REMODELED IN NEW CONSTRUCTION OF ADDITIONAL BEDROOMS, BATHROOMS, AND GARAGES 5 GARAGE SPACES AVAILABLE IN BACK RARELY TRADED SUBMARKET PITCHED ROOF WALK SCORE OF 73- CLAIREMONT TOWN SQUARE SHOPPING COMPLEX WITHIN 3 BLOCKS footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

3 INTERIOR PHOTOS footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

4 PROPERTY DESCRIPTION Address: clairemont mesa boulevard, san diego, ca APN: Zoning: R-2:MINOR Units: 2 Square Feet: 2,084 Lot Size: 0.14 Acres Year Built/renovated: 1985/2013 Buildings: 2 Stories: 1 Type Of Ownership: Parking: Landscaping: Water: Gas/Electric: Foundation: Framing: Exterior: Roof: Fee Simple Garages Minimal Owner Pays tenant Pays Conrete Slab Wood Stucco Pitched footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

5 L O C A T I O N M A P S footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

6 LOCAL AERIAL footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

7 LOCAL AERIAL footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

8 PRICING DETAIL SUMMARY Price $1,150,000 Down Payment $402,500 35% Number of Units 2 Price Per Unit $575,000 Price Per SqFt $ Rentable SqFt 2,084 Lot Size 0.14 Acres Year Built/ Renovated 1985/ 2013 RETURNS CURRENT YEAR 1 CAP Rate 3.72% 4.50% GRM Cash-on-Cash -.065% 1.56% Debt Coverage Ratio Financing 1st Loan Loan Amount $747,000 Loan Type New Interest Rate 4.50% Amortization 30 Years Year Due 2046 Loan information is subject to change. Conatct your Marcus & Millichap Capital Corporatiion respresentative. INCOME CURRENT YEAR 1 Gross Scheduled Rent $53,400 $60,000 Less: Vacancy/Deductions (GPR) 3.0% $1, % $1,800 Total Effective Rental Income $51,798 $58,200 Other Income $12,000 $15,000 Effective Gross Income $63,798 $73,200 Less: Expenses 32.9% $20, % $21,454 Net Operating Income $42,814 $51,746 Cash Flow $42,814 $51,746 Debt Services $45,450 $45,450 Net Cash Flow After Debt Service -0.65% -$2, % $6,296 Principal Reduction $12,059 $12,613 Total Return 2.34% $9, % $,18,909 EXPENSES CURRENT YEAR 1 Real Estate Taxes $13,561 $13,561 Insurance $833 $833 Utilities - Water $2,400 $2,400 Repairs & Maintenance $1,000 $1,000 Management Fee $3,190 $3,660 Total Expenses $20,984 $21,454 Expenses/Unit $10,492 $10,727 Expenses/SF $10.07 $10.29 # OF UNITS UNIT TYPE SQ.FT./UNIT CURRENT RENTS MARKET RENTS 2 3 Bdrm / 2 Bath 1,042 $2,225 $2,500 footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

9 RENT ROLL DETAIL AS OF JANUARY 2017 UNIT UNIT TYPE SQUARE FEET CURRENT RENT/ MONTH CURRENT RENT/SF/ MONTH POTENTIAL RENT/ MONTH POTENTIAL RENT/SF/ MONTH Bdrm / 2 Bath 1,042 $2,300 $2.21 $2,500 $ Bdrm / 2 Bath 1,042 $2,150 $2.0 6 $2,500 $2.40 Total/Avg 2,084 $4,450 $2.14 $5,000 $2.40 footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

10 LEGEND S A L E S C O M P A R A B L E M A P Bannock Avenue Clairemont Drive Gila Avenue Berwick Drive Taos Drive footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

11 S A L E S C O M P A R A B L E S 3246 Clairemont Mesa Boulevard 3246 CLAIREMONT MESA BLVD, SAN DIEGO, CA Bannock Avenue Clairemont Drive 4151 BANNOCK AVENUE, SAN DIEGO, CA CLAIREMONT DRIVE, SAN DIEGO, CA UNITS UNIT TYPE UNITS UNIT TYPE UNITS UNIT TYPE Offering Price: $1,150, Bdr 2 Bath Price/Unit: $575,000 Price/SF: $ CAP Rate: 3.72% GRM: Total No. of Units: 2 Year Built: 1985 Close Of Escrow: 9/30/ Bdr 1 Bath Sales Price: $840, Bdr 1 Bath Price/Unit: $280,000 Price/SF: $ CAP Rate: 4.25% GRM: Total No. of Units: 3 Year Built: 1954 Close Of Escrow: 4/24/ Bdr 2 Bath Sales Price: $630,000 Price/Unit: $630,000 Price/SF: $ Total No. of Units: 1 Year Built: 1972 UNDERWRITING CRITERIA Income $63,798 Expenses $20,948 NOI $42,841 Vacancy ($1,602) UNDERWRITING CRITERIA Income $51,000 Expenses $15,300 NOI $35,700 Vacancy $1,530 NOTES: Single Family Home footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

12 S A L E S C O M P A R A B L E S Gila Avenue Berwick Drive GILA AVENUE, SAN DIEGO, CA BERWICK DRIVE, SAN DIEGO, CA UNITS UNIT TYPE UNITS UNIT TYPE 4183 Taos Drive 4183 TAOS DRIVE, SAN DIEGO, CA UNITS UNIT TYPE On Market 1 2 Bdr 2 Bath Listing Price: $1,00, Bdr 1 Bath Price/Unit: $250, Bdr 1 Bath Price/SF: $ CAP Rate: 2.45% GRM: Total No. of Units: 4 Year Built: 1975 On Market 1 3 Bdr 2 Bath Listing Price: $620,000 Price/Unit: $620,000 Price/SF: $ Total No. of Units: 1 Year Built: 1964 On Market 1 3 Bdr 2 Bath Listing Price: $640,000 Price/Unit: $640,000 Price/SF: $ Total No. of Units: 1 Year Built: 1958 UNDERWRITING CRITERIA Income $48,972 Expenses $22,933 NOI $24,570 Vacancy $1,469 NOTES: Single Family Home NOTES: Single Family Home footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

13 LEGEND R E N T C O M P A R A B L E M A P Balboa Arms Drive Quapaw Avenue Mount La Platta Drive Kickapoo Court Moccasin Avenue footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

14 R E N T C O M P A R A B L E S 3246 Clairemont Mesa Boulevard 3246 CLAIREMONT MESA BOULEVARD, SAN DIEGO, CA UNIT TYPE UNITS SF RENT RENT/SF 3 Bdr 2 Bath 2 1,042 $2,225 $2.14 Total/Avg. 2 1,042 $2,225 $ Balboa Arms Drive 5252 BALBOA ARMS DRIVE, SAN DIEGO, CA UNIT TYPE UNITS SF RENT RENT/SF 3 Bdr 2 Bath $2,495 $2.57 Total/Avg $2,495 $ Quapaw Avenue 4229 QUAPAW AVENUE, SAN DIEGO, CA UNIT TYPE UNITS SF RENT RENT/SF 3 Bdr 2 Bath 1 1,100 $2,700 $2.45 Total/Avg. 1 1,100 $2,700 $2.45 YEAR BUILT: 1985 YEAR BUILT: 1995 YEAR BUILT: 1957 NOTES: Condo Pool NOTES: Single Family Home Backyard footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

15 R E N T C O M P A R A B L E S Mount La Platta Drive Kickapoo Court Moccasin Avenue 4740 MOUNT LA PLATTA DRIVE, SAN DIEGO, CA KICKAPOO COURT, SAN DIEGO, CA MOCCASIN AVENUE, SAN DIEGO, CA UNIT TYPE UNITS SF RENT RENT/SF 3 Bdr 2 Bath 1 1,164 $2,495 $2.14 Total/Avg. 1 1,164 $2,495 $2.14 UNIT TYPE UNITS SF RENT RENT/SF 3 Bdr 1 Bath 1 1,050 $2,500 $2.38 Total/Avg. 1 1,050 $2,500 $2.38 UNIT TYPE UNITS SF RENT RENT/SF 3 Bdr 2 Bath 1 1,222 $2,850 $2.33 Total/Avg. 1 1,222 $2,850 $2.33 YEAR BUILT: 1959 YEAR BUILT: 1954 YEAR BUILT: 1955 NOTES: Single Family Home NOTES: Single Family Home NOTES: Single Family Home Pool footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

16 CONFIDENTIALITY AGREEMENT ABSOLUTELY NO PROPERTY TOURS OR DISCUSSIONS WITH TENANTS WITHOUT WRITTEN CONSENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap. This offering memorandum has been prepared to provide summary, unverified financial and physical 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 expens- es for the subject property, the future projected financial performance of the property, the size and square foot- age of the property and improvements, the presence or absence of contaminating substances, PCBs or asbes- tos, the compliance with local, 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 offering memorandum 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 mat- ters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the informa- tion provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

17 4660 LA JOLLA VILLAGE DR., STE 900 SAN DIEGO, CA footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y

18 VINCENT KRANTZ RAYMOND CHOI ASSOCIATE NATIONAL MULTI HOUSING GROUP 4660 LA JOLLA VILLAGE DR., STE 900, SAN DIEGO, CA DIRECT MOBILE LICENSE: CA: FIRST VICE PRESIDENT INVESTMENTS DIRECTOR, NATIONAL MULTI HOUSING GROUP 4660 LA JOLLA VILLAGE DR., STE 900, SAN DIEGO, CA DIRECT MOBILE LICENSE: CA: footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved. ACT ID Y