Ave SAN DIEGO, CA 92105 11 Units City Heights
Single Oak Realty is pleased to present this great investment opportunity to own an 11-unit apartment building in City Heights. This property has a great unit mix of (6) 2bd/1ba units and (5) 1bd/1ba units, 5 separate garages plus an additional 12 parking spaces, laundry, and low maintenance landscaping. It is conveniently located near the 15 and 805 freeways. Offering Price $2,365,000 Address, San Diego, CA 92105 No. of Units 11 Unit Mix 6 2BD/1BA, 5 1BD/1BA Year Built 1980 Net Rentable SF 7,584 Lot SF 11,695 Parking 5 Garages + 12 Spaces **Property is a potential condo conversion. There is an expired condo map and CC&R s recorded. Title Report is available for more information. 2
PROPERTY HIGHLIGHTS Majority 2 Bedroom Units Fully gated 5 Garages (3 2-Car, 2 1-Car) + 12 Spaces On-Site Laundry Low-Maintenance Landscaping Easy access to I-15 & I-805 Marlborough Ave 3
PROPERTY HIGHLIGHTS 2 BD/1BA Marlborough Ave Bedroom Wood Tile 4
PROPERTY HIGHLIGHTS 2 BD/1BA Upgraded Bathroom Entry/Living Room Wood Tile Marlborough Ave Living Room/Dining Room Wood Tile 5
PROPERTY HIGHLIGHTS Marlborough Ave 6
PROPERTY HIGHLIGHTS El Cajon Blvd. I-805 I-15 University University I-15 Marlborough Ave Wightman St. Landis St. Fairmount Ave. 7
FINANCIAL HIGHLIGHTS FINANCIAL OVERVIEW Offering Price $2,365,000 Price/Unit $215,000 Price/SF $311.84 Occupancy (Current) 100% First Year NOI $122,809 First Year CAP Rate 5.19% First Year GRM 11.36 PROPOSED FINANCING Loan Amount $1,575,000 Loan-To-Value 67% Interest Rate 4.45% Amortization Period 30 Monthly Payment $7,934 Annual Payment $95,203 For proposed financing contact: Michael C. Proto La Jolla Capital Group 7880 Exchange Place La Jolla, CA 92037 858-454-9007 Direct 619-851-7705 Cell 858-454-9014 Fax www.ljcg.com CA License #: 01482845 8
FINANCIAL ANALYSIS 11 UNITS - 3738-40 Van Dyke, San Diego, CA, 92105 SALES PRICE $2,365,000 DOWN PAYMENT $790,000 $/UNIT $215,000 % DOWN 33% $/SF $311.84 LOAN $1,575,000 SF 7,584 CAP 5.05% MARKET CAP 5.19% GRM 12.03 MARKET GRM 11.36 No. of Units Unit Type Actual Average Rent Market Rent 6 2bd/1ba $1,511 $1,600 5 1bd / 1 ba $1,228 $1,300 11 Total $15,205 $16,100 ADDITIONAL MONTHLY INCOME Avg. Laundry $128 $196 Garages $1,050 $1,050 TOTAL MONTHLY INCOME $16,383 $17,346 SCHEDULED GROSS INCOME $196,600 $208,151 *Less Vacancy Loss ($5,898) ($6,245) EFFECTIVE GROSS INCOME $190,702 $201,907 Less Estimated Expenses Advertising - Rental Tax $317 Cleaning $1,495 *Est. Vacancy Loss 3% Insurance $1,866 Actual Expenses 37% Prof. Fees $4,458 Mgt (Off-Site) $9,141 Est. Market Expenses 38% Mgt (On-Site) - Est. Property Taxes 1.15% Repairs/Supplies $9,847 *Property Taxes $27,198 Utilities $15,573 Yard - Trash $1,462 Other - Exp/unit $6,487 ($71,357) ($79,097) Exp % of SGI 36% NET OPERATING INCOME $119,346 $122,809 Amortization 30 Interest Rate 5 Year Fixed 4.45% ($95,203) Debt Service (P&I) $1,575,000 CASH FLOW $119,346 $27,606 9
FINANCIAL ANALYSIS CURRENT ANNUALIZED INCOME Rent $182,460 Additional Income $14,140 Total Income $196,600 Est. Gross Operating Inc. (EGI) $190,702 Total Expenses ($71,357) Net Operating Income (NOI) $119,346 Less Loan Payments ($95,203) Pre-Tax Cash Flow $24,143 Plus Principle Reduction $25,634 Total Return Before Taxes $49,777 Total Return 6.30% MARKET ANNUALIZED INCOME Rent $193,200 Additional Income $14,951 Total Income $208,151 Est. Gross Operating Inc. (EGI) $201,907 Total Expenses ($79,097) Net Operating Income (NOI) $122,809 Less Loan Payments ($95,203) Pre-Tax Cash Flow $27,606 Plus Principle Reduction $25,634 Total Return Before Taxes $53,240 Total Return 6.74% 10
FINANCIAL ANALYSIS RENT ROLL Unit Unit Type Current Rent Market Rent 1 2/1 $1,565 $1,600 2 1/1 $1,150 $1,300 3 2/1 $1,500 $1,600 4 2/1 $1,500 $1,600 5 1/1 $1,195 $1,300 6 2/1 $1,500 $1,600 7 1/1 $1,260 $1,300 8 1/1 $1,260 $1,300 9 2/1 $1,500 $1,600 10 1/1 $1,275 $1,300 11 2/1 $1,500 $1,600 11 Total $15,205 $16,100 GARAGE RENT Garage No. Current Rents Market Rents 1 1 Car $150 $150 2 2 Car $250 $250 3 2 Car $250 $250 4 2 Car $250 $250 5 1 Car $150 $150 5 Total $1,050 $1,050 11
San Diego, CA 92105 EXCLUSIVELY OFFERED BY *Franco Simone Franco@singleoakrealty.com Catherine E. Ybarra Catherine@singleoakrealty.com p. 858-254-5621 Lera M. Blevins Lera@singleoakrealty.com p. 858-254-6313 SINGLE OAK INVESTMENTS CalBRE #01992093 p. 858-663-7034 f. 619-235-6392 info@singleoakrealty.com 3702 4 th, San Diego, CA 92103 www.singleoakrealty.com *Broker has a financial interest in the property.