149 S MYERS STREET / OCEANSIDE, CA 92054
TABLE OF CONTENTS Confidentiality & Disclaimer All materials and information received or derived from ACRE Investment Real Estate Services, LLC its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither ACRE Investment Real Estate Services, LLC its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. ACRE Investment Real Estate Services, LLC will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. ACRE Investment Real Estate Services, LLC makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. ACRE Investment Real Estate Services, LLC does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Contents I. PROPERTY INFORMATION 3 II. PROPERTY DESCRIPTION 8 III. LOCATION INFORMATION 15 IV. FINANCIAL ANALYSIS 19 V. DEMOGRAPHICS 23 Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by ACRE Investment Real Estate Services, LLC in compliance with all applicable fair housing and equal opportunity laws. FEBRUARY 21, 2018
I PROPERTY INFORMATION ACRE INVESTMENT REAL ESTATE SERVICES 2365 NORTHSIDE DRIVE STE 120 SAN DIEGO, CA 92108 WWW.ACRECOMMERCIAL.COM DYLAN WRIGHT CHRIS ROBINSON 619.255.3233 619.255.3222 DWRIGHT@ACRECOMMERCIAL.COM CROBINSON@ACRECOMMERCIAL.COM
EXECUTIVE SUMMARY OFFERING SUMMARY Sale Price: $1,540,000 Number Of Units: 4 Price / Unit: $385,000 Price / SF: $693.69 Cap Rate: 2.59% Building Size: 2,220 Lot Size: 4,789 Sq. Ft. Year Built: 1958 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY INFORMATION 4
INVESTMENT OVERVIEW PROPERTY OVERVIEW ACRE is proud to present a rare 4-plex offering 1/2 block off the ocean in Oceanside s dynamic downtown zone just south of the pier. The property is comprised of two (2) single level charming 1Bed/1Bath units, one (1) upstairs 1Bed/1Bath unit in the rear and one (1) 2Bed/1Bath unit upstairs in the rear. There are four (4) garages in the rear and a laundry room with leased equipment. Significant gentrification is underway just 1 block north which includes new construction of hotels and high end restaurants. This presents an opportunity to own a coastal asset in a quickly changing sub-market with value add potential by making updates and improvements to the property. 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY INFORMATION 5
INVESTMENT HIGHLIGHTS PROPERTY HIGHLIGHTS 1/2 Block to the Ocean (Tyson & S. Myers) Value Add Opportunity Four (4) Garages & On-Site Laundry Rapidly Gentrifying Neighborhood INVESTMENT HIGHLIGHTS Upside in Income via Updating the Property "A" Location for Oceanside Just South of Gentrifying Mission Avenue / Pier Zone ECONOMIC HIGHLIGHTS Irreplaceable Location Ideal Wealth Preservation Asset Rapidly Growing Sub-market 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY INFORMATION 6
AMENITIES PROPERTY AMENITIES On-Site Laundry Common Courtyard Area Four (4) Garages for Parking or Storage Newer Mail Box UNIT AMENITIES Select Units have Upgrades Vaulted Wood-Beam Ceilings in Rear Outside Patio Space for Select Units Functional Floorplans Maintained Landscaping 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY INFORMATION 7
II PROPERTY DESCRIPTION ACRE INVESTMENT REAL ESTATE SERVICES 2365 NORTHSIDE DRIVE STE 120 SAN DIEGO, CA 92108 WWW.ACRECOMMERCIAL.COM DYLAN WRIGHT CHRIS ROBINSON 619.255.3233 619.255.3222 DWRIGHT@ACRECOMMERCIAL.COM CROBINSON@ACRECOMMERCIAL.COM
PROPERTY DETAILS SALE PRICE $1,540,000 LOCATION INFORMATION Building Name Seashore Apartments Street Address 149 S Myers Street City, State, Zip Oceanside, CA 92054 County/Township San Diego PROPERTY DETAILS Property Type Multifamily Property Subtype Low-Rise/Garden Zoning R-4 Lot Size 4,789 Sq. Ft. BUILDING INFORMATION Building Size 2,220 SF Occupancy % 100.0 Year Built 1958 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY DESCRIPTION 9
PROPERTY PHOTOS 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY DESCRIPTION 10
PROPERTY PHOTOS 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY DESCRIPTION 11
PROPERTY PHOTOS 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY DESCRIPTION 12
PROPERTY PHOTOS 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY DESCRIPTION 13
PROPERTY PHOTOS 149 S MYERS STREET, OCEANSIDE, CA 92054 PROPERTY DESCRIPTION 14
III LOCATION INFORMATION ACRE INVESTMENT REAL ESTATE SERVICES 2365 NORTHSIDE DRIVE STE 120 SAN DIEGO, CA 92108 WWW.ACRECOMMERCIAL.COM DYLAN WRIGHT CHRIS ROBINSON 619.255.3233 619.255.3222 DWRIGHT@ACRECOMMERCIAL.COM CROBINSON@ACRECOMMERCIAL.COM
LOCATION OVERVIEW LOCATION OVERVIEW The city of Oceanside is known as San Diego s North Shore, Oceanside serves as a classic California Beach community with its warm sandy beaches, historic wooden pier built in 1888, and recreation for people of all ages. Oceanside has a year round sunny climate with an average temperature of 70 degrees, the city s weather has been rated by USA Today as the second most ideal climate in the United States and the fifth most ideal weather in the world. Oceanside is San Diego County s third largest city with a population of approximately 167,087 residents. The city is also home to the historic district of Mount Ecclesia which is noted for its singular architecture and the preservation of nature grounds and gardens offering a unique meditative walking experience, the California Surf Museum, and the annual and world famous Race Across America. Oceanside is also located in close proximity to LEGOLAND Theme Park and the San Diego Zoo and Safari Park. The city offers a unique educational experience as residents are able to choose whether students attend the Oceanside Unified School District, Vista Unified School District, Bonsall, Unified School District, Carlsbad Unified School District, Fallbrook Union High School District, or Fallbrook Elementary School District, depending on their address. Oceanside Unified School District offers 24 schools plus 3 charter schools including School of Business and Technology, and 2 newer schools, Louise Foussat Elementary School. Oceanside provides train services on both Amtrak, Metrolink, Coaster and Sprinter. This city is also close to the I-5 and State Route 78 making commutes for its residents quick and easy. DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Total Households 4,615 19,440 43,427 Total Population 12,310 53,076 112,671 Average HH Income $53,610 $67,606 $71,327 149 S MYERS STREET, OCEANSIDE, CA 92054 LOCATION INFORMATION 16
REGIONAL MAP 149 S MYERS STREET, OCEANSIDE, CA 92054 LOCATION INFORMATION 17
LOCATION MAPS 149 S MYERS STREET, OCEANSIDE, CA 92054 LOCATION INFORMATION 18
IV FINANCIAL ANALYSIS ACRE INVESTMENT REAL ESTATE SERVICES 2365 NORTHSIDE DRIVE STE 120 SAN DIEGO, CA 92108 WWW.ACRECOMMERCIAL.COM DYLAN WRIGHT CHRIS ROBINSON 619.255.3233 619.255.3222 DWRIGHT@ACRECOMMERCIAL.COM CROBINSON@ACRECOMMERCIAL.COM
FINANCIAL SUMMARY INVESTMENT OVERVIEW CURRENT STABILIZED REMODELED Price $1,540,000 $1,540,000 $1,540,000 Price per Unit $385,000 $385,000 $385,000 GRM 22.0 20.2 16.7 CAP Rate 2.6% 3.1% 4.1% Cash-on-Cash Return (yr 1) 2.59 % 3.11 % 4.14 % Total Return (yr 1) $39,957 $47,893 $63,772 OPERATING DATA CURRENT STABILIZED REMODELED Gross Scheduled Income $70,020 $76,200 $92,400 Other Income $108 $108 $108 Total Scheduled Income $70,128 $76,308 $92,508 Vacancy Cost $1,402 $1,526 $1,848 Gross Income $68,725 $74,781 $92,508 Operating Expenses $28,768 $26,888 $26,888 Net Operating Income $39,957 $47,893 $63,772 Pre-Tax Cash Flow $39,957 $47,893 $63,772 FINANCING DATA CURRENT STABILIZED REMODELED Down Payment $1,540,000 $1,540,000 $1,540,000 Loan Amount - To Be Determined 149 S MYERS STREET, OCEANSIDE, CA 92054 FINANCIAL ANALYSIS 20
INCOME & EXPENSES INCOME SUMMARY CURRENT PER SF STABILIZED PER SF Gross Income $68,725 $30.96 $74,781 $33.69 EXPENSE SUMMARY CURRENT PER SF STABILIZED PER SF Property Taxes $17,635 $7.94 $17,635 $7.94 Insurance $1,100 $0.50 $1,100 $0.50 On-Site MGMT $1,880 $0.85 - - Landscaping $1,500 $0.68 $1,500 $0.68 Repairs & Maintenance $2,500 $1.13 $2,500 $1.13 Utilities $4,153 $1.87 $4,153 $1.87 Gross Expenses $28,768 $12.96 $26,888 $12.11 Net Operating Income $39,957 $18.00 $47,893 $21.57 149 S MYERS STREET, OCEANSIDE, CA 92054 FINANCIAL ANALYSIS 21
RENT ROLL UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) LEASE START LEASE END CURRENT RENT CURRENT RENT (PER SF) MARKET RENT MARKET RENT/SF A 1 1 510 M-M $1,400 $2.75 $1,550 $3.04 B 1 1 510 M-M $1,400 $2.75 $1,550 $3.04 C 1 1 450 M-M $1,295 $2.88 $1,400 $3.11 D 2 1 750 M-M $1,740 $2.32 $1,850 $2.47 Totals/Averages 2,220 $5,835 $2.63 $6,350 $2.92 149 S MYERS STREET, OCEANSIDE, CA 92054 FINANCIAL ANALYSIS 22
V DEMOGRAPHICS ACRE INVESTMENT REAL ESTATE SERVICES 2365 NORTHSIDE DRIVE STE 120 SAN DIEGO, CA 92108 WWW.ACRECOMMERCIAL.COM DYLAN WRIGHT CHRIS ROBINSON 619.255.3233 619.255.3222 DWRIGHT@ACRECOMMERCIAL.COM CROBINSON@ACRECOMMERCIAL.COM
DEMOGRAPHICS REPORT 1 MILE 3 MILES 5 MILES Total population 12,310 53,076 112,671 Median age 30.1 32.8 36.3 Median age (male) 28.8 31.9 34.9 Median age (female) 31.4 33.7 37.7 Total households 4,615 19,440 43,427 Total persons per HH 2.7 2.7 2.6 Average HH income $53,610 $67,606 $71,327 Average house value $502,462 $518,018 $554,923 Total Population - White 8,034 34,652 77,996 % White 65.3% 65.3% 69.2% Total Population - Black 256 2,027 4,129 % Black 2.1% 3.8% 3.7% Total Population - Asian 299 2,135 5,432 % Asian 2.4% 4.0% 4.8% Total Population - Hawaiian 4 211 646 % Hawaiian 0.0% 0.4% 0.6% Total Population - American Indian 14 217 375 % American Indian 0.1% 0.4% 0.3% Total Population - Other 3,198 10,712 17,825 % Other 26.0% 20.2% 15.8% Total Population - Hispanic 6,867 23,235 39,217 % Hispanic 55.8% 43.8% 34.8% * Demographic data derived from 2010 US Census 149 S MYERS STREET, OCEANSIDE, CA 92054 DEMOGRAPHICS 24
DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES Total population 12,310 53,076 112,671 Median age 30.1 32.8 36.3 Median age (male) 28.8 31.9 34.9 Median age (Female) 31.4 33.7 37.7 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 4,615 19,440 43,427 # of persons per HH 2.7 2.7 2.6 Average HH income $53,610 $67,606 $71,327 Average house value $502,462 $518,018 $554,923 ETHNICITY (%) 1 MILE 3 MILES 5 MILES Hispanic 55.8% 43.8% 34.8% RACE (%) White 65.3% 65.3% 69.2% Black 2.1% 3.8% 3.7% Asian 2.4% 4.0% 4.8% Hawaiian 0.0% 0.4% 0.6% American Indian 0.1% 0.4% 0.3% Other 26.0% 20.2% 15.8% * Demographic data derived from 2010 US Census 149 S MYERS STREET, OCEANSIDE, CA 92054 DEMOGRAPHICS 25
DYLAN WRIGHT CHRIS ROBINSON 619.255.3233 619.255.3222 DWRIGHT@ACRECOMMERCIAL.COM CROBINSON@ACRECOMMERCIAL.COM