3433-45 University Avenue EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH APARTMENTS OVER RETAIL KIPP GSTETTENBAUER, CCIM Senior Vice President Lic #01405420 858.458.3345 kipp@voitco.com RYAN KING, CCIM Vice President Lic #01885401 858.458.3322 rking@voitco.com
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-805. 4,000 SF RETAIL SPACE 8 UNITS APARTMENTS 1,500 SF AVAILABLE RETAIL SPACE ONE (1) VACANCY
$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
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 6/30/20 500 5% increase 7/1/19 3439 DOG GROOMING $1,432 $1,750 6/30/20 500 5% increase 7/1/19 3441 TATTOO PARLOR $1,750 $1,750 7/31/23 500 3% 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 $210,619.80 $274,800 RENT ROLL
NET OPERATING INCOME IN-PLACE PROFORMA OCCUPIED SPACE $210,619.80 $274,800.00 Vacancy (5%) $0.00 ($13,740.00) EFFECTIVE GROSS REVENUE $210,619.80 $261,060.00 EXPENSES Reassessed Real Estate Taxes $38,445.00 $38,445.00 Management (4%) $8,424.79 $10,442.40 Insurance $3,500.00 $3,500.00 Water & Trash $2,400.00 $2,400.00 SDGE $500.00 $500.00 Maintenance $2,500.00 $2,500.00 TOTAL EXPENSES $55,769.79 $57,787.40 NET OPERATING INCOME $154,850.01 $203,272.60 PRICE: $3,495,000 IN-PLACE CAP RATE: 4.43% PROFORMA CAP RATE: 5.82%
APARTMENT SALE COMPARABLES ADDRESS SALE PRICE PRICE PER SF CAP RATE SALE DATE BUILDING SIZE NUMBER OF UNITS 1 4193 Illinois Street $1,675,000 $399 4.30% 5/7/2018 4,196 SF 4 2 3458 Monroe Avenue San Diego, CA 92116 $2,255,000 $453 3.25% 4/20/2018 4,976 SF 8 3 3837 Wabash Avenue $1,745,000 $311 3.80% 2/28/2018 5,610 SF 8 4 3859 Wilson Avenue $1,460,000 $322 4.00% 2/14/2018 4,519 SF 7 5 4656 34th Street San Diego, CA 92116 $1,915,00 $387 4.00% 1/22/2018 4,946 SF 8 6 4270 Felton Street $1,850,000 $354 3.80% 11/29/2017 5,224 SF 8 7 4674 Bancroft Street San Diego, CA 92116 $2,385,000 $556 4.40% 10/17/2017 4,292 SF 9 8 4149-4163 36th Street $2,642,500 $345 3.17% 9/29/2017 7,660 SF 13 9 4615 Bancroft Street San Diego, CA 92116 $2,310,000 $415 4.15% 9/29/2017 5,562 SF 8 10 4166-4172 Wabash Avenue $1,925,00 $302 3.70% 8/15/2017 6,360 SF 8 AVERAGE $384 3.86%
RETAIL SALE COMPARABLES ADDRESS SALE PRICE PRICE PER SF SALE DATE BUILDING SIZE 11 2801-2811 University Avenue $3,975,000 $442 9/18/2018 9,000 SF 12 4005 30th Street (2 Properties) $3,800,000 $517 5/29/2018 7,348 SF 13 4567-4569 30th Street (2 properties) San Diego, CA 92116 $3,100,000 $557 11/21/2017 5,570 SF 14 15 16 4233 El Cajon Boulevard San Diego, CA 92105 3030 El Cajon Boulevard (2 properties) 4083-4087 30th 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 17 3140-3150 El Cajon Boulevard $1,425,000 $648 1/26/2017 2,200 SF 18 3001 El Cajon Boulevard $4,800,000 $612 8/15/2016 7,837 SF 19 3081 El Cajon Boulevard $750,000 $560 3/30/2016 1,340 SF 20 3811 Grim Avenue $950,000 $459 2/10/2016 2,068 SF AVERAGE $517
EL CAJON BOULEVARD IDAHO STREET APARTMENTS (CAP RATE 3.86%) RETAIL (AVERAGE PRICE/SF: $517) 11 KANSAS STREET 30TH STREET 18 30TH STREET 13 16 12 15 19 20 1 17 UNIVERSITY AVENUE GRIM AVENUE ILLINOIS STREET 31ST STREET IOWA STREET 32ND STREET 7 9 BANCROFT STREET 10 6 5 3433-45 UNIVERSITY AVENUE SAN DIEGO, CA 92104 34TH STREET FELTON STREET 3 2 35TH 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
DOWNTOWN SAN DIEGO LANDIS STREET 188,000 CPD WABASH AVENUE SWIFT AVENUE UNIVERSITY AVENUE 21,795 CPD UNIVERSITY AVENUE
Mission Valley West 15 8 Westfield Mission Valley 805 163 Kindred Hospital UCSD Medical Center Scripps Mercy Hospital San Diego Campus 3433-45 UNIVERSITY 15 163 Balboa Park San Diego Zoo
TRAFFIC COUNTS 188,000 University Avenue + Interstate 805 5,998 University Avenue + Interstate 805 24,849 University Avenue + 33rd Street 21,795 Wabash Avenue + University Avenue POPULATION 1 MILE 3 MILE 5 MILE 2018 Total Population: 56,486 271,336 620,773 2023 Population: 58,504 282,179 647,059 Pop Growth 2018-2023: 3.57% 4.00% 4.23% HOUSEHOLDS 1 MILE 3 MILE 5 MILE 2018 Total Households: 23,194 112,942 233,351 HH Growth 2018-2023: 3.35% 3.86% 4.31% Median Household Inc: $46,641 $55,974 $58,705 Median Home Value: $495,237 $484,483 $472,620
KIPP GSTETTENBAUER, CCIM Senior Vice President Lic #01405420 858.458.3345 kipp@voitco.com RYAN KING, CCIM Vice President Lic #01885401 858.458.3322 rking@voitco.com 4180 La Jolla Village Drive, Suite 100, La Jolla, CA 92037 858.453.0505 858.408.3976 F www.voitco.com 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. 2018 Voit Real Estate Services, Inc. All Rights Reserved.