407 46th St, San Diego 7 Unit Multifamily Value-Add Investment Opportunity Exclusively listed by Rammy Cortez, Broker CA LIC #079469 69-962-022 RC@MyInfill.com
407 46TH STREET, SAN DIEGO, CA Investment Opportunity & Summary THE OPPORTUNITY This 7unit multifamily value-add investment opportunity offers substantial upside on rents by as much as 0%. The property has been owned and self-managed for nearly 2 years with same tenants in place for as long as 20 years with the average tenant in place for years. The favorable unit mix consists of 4 2BR and BR Units with a total of 2 parking; off-street parking (front) and 4 private garages (rear). The property includes onsite laundry and front & rear gated entry. This high in demand submarket features local shopping, restaurants, schools and easy access to interstate,0 and. The property represents tremendous upside opportunity for a value-add investor seeking a centrally located income producing asset. SUMMARY Address 407 46th St, San Diego, CA Sale Price $,40,000 Number of Units 7 Unit Mix 4 2BR BR Price / Unit $207,000 Cap Rate.7% Pro Forma Cap Rate 6.2% Building Size 4,90 Year Built 976 Parking 2 Market San Diego INVESTMENT HIGHLIGHTS Oversized Units Rent Upside up to 0% Leases Month to Month or Short Expirations Centrally Located - Close Proximity to Talmadge & SDSU 2 Off-Street Parking All materials and information received or derived from Rammy Cortez, Broker or Rammy Urban Infill further known as Broker, 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 and 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. Broker 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. No warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Broker 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. 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 Broker in compliance with all applicable fair housing and equal opportunity laws.
407 46TH STREET, SAN DIEGO, CA Vicinity Map Herbert Hoover High School Pho King Pho Hoa Ibarra Elementary Euclid Elementary Central Elementary School 407 46th St 777 Noodle House USPS The Tower Bar Police Department City Heights Swim Center Highland & Landis Park City Heights Weingart Library City Heights Prep Charter School The Lulus Montessori Bilingual Preschool
407 46TH STREET, SAN DIEGO, CA Financial Summary RENT ROLL / UNIT MIX Unit BR BA Lease Start Lease End Current Rent Remodeled Pro Forma Rent 7//04 Mo. to Mo. $79 $,20 2 2. 2//00 Mo. to Mo. $,0 $,0 2. 4//0 Mo. to Mo. $,0 $,0 4 7// Mo. to Mo. $ $,20 2. /2/ Mo. to Mo. $90 $,0 6 2. /2/9 Mo. to Mo. $90 $,0 7 6//4 Mo. to Mo. $ $,20 Month $6, $9,90 Annual $7,660 $9,400 INCOME & EXPENSES Current Remodeled Pro Forma Rental Income $7,660 $9,400 Other Income $,000 $6,000 Gross Income $,660 $2,400 EXPENSES Property Tax (Based on Sale Price).% $6,67 $6,67 Insurance $2,0 $2,0 Off-Site Management $- $6,270 Repairs & Maintenance $4,600 $4,600 Utilities $,00 $,00 Total Expenses $2,72 $4,99 Net Operating Income $2,9 $90,40 Cap Rate $,40,000.7% 6.2%
407 46TH STREET, SAN DIEGO, CA Sales Comps Subject Property 2 4 PROPERTY SUBJECT PROPERTY Address 407 46th St. 442 49th St. 92 77 46th St. 2 9 46th St. 422 42nd St. 4 4 Dawson Ave. 92 # of Units 7 6 7 Year Built 976 9 97 97 979 206 Sales Date N/A 0/2/7 /4/ /4/ /6/ // Sales Price $,40,000 $,24,000 $,60,000 $,700,000 $,90,000 $,94,000 Price Per Unit $22,7 $207,00 $206,20 $22,00 $227,42 $,000 Price Per SF $294 $276 $0 $27 $ $4 Cap Rate.7% / 6.2% Pro Forma 4.4% 6%.9%.7% 4.4% Unit Mix - BR / BA 4-2 BR /. BA 6-2 BR / 2 BA - BR / BA - - BR / BA - 7 - BR / BA - - 2 BR / 2 BA
407 46TH STREET, SAN DIEGO, CA Rent Comps 2 4 6 7 RENT SURVEY FEBRUARY 20 Address 49 Trojan Ave. 92 402 4th St. 2 40 4th St. 020 Wightman St. 4 047 Sterling Ct. 704 Altadena Ave. 6 4067 Van Dyke Ave. 7 # of Units 6 6 22 24 Year Built 99 99 979 90 9 96 9 Unit Type Unit Rent $,40 $,4 $,00 $,00 $,49 $,00 $,40 Unit Sq Ft 79 77 900 72 720 000 Rent Sq Ft $.2 $.99 $.76 $.67 $2.06 $2.0 $.4 MAP LEGEND 4 2 6 2 4 RENTALS. 49 Trojan Ave. 2. 402 4th St.. 40 4th St. 4. 020 Wightman St.. 047 Sterling CT. 6. 704 Altadena Ave. 7. 4067 Van Dyke Ave. SALES. 442 49th St. 2. 77 46th St.. 9 46th St. 4. 422 42nd St.. 4 Dawson Ave. 7
407 46TH STREET, SAN DIEGO, CA Demographics MILE MILES MILES POPULATION Total Population 2,9 0,7 7,66 Median Age 6.0..2 MILE MILES MILES HOUSEHOLDS & INCOME # of Persons per HH.0 2.2 2.2 Average HH Income $07,24 $7,76 $7,29 Average House Value $47,4 $,02 $92,6 MILE MILES MILES RACE % Caucasian 6.0%.2% 77.9% African American.%.%.% Asian.% 7.% 6.% Hawaiian 0.% 0.% 0.4% American Indian 0.6% 0.9%.0% Other.% 2.% 4.6% Hispanic 6.%.6% 22.% MILE MILES MILES RACE TOTAL POPULATION Caucasian 0,62 0,696 02,022 African American 474 4,966 9,20 Asian 9,2 26, Hawaiian 42 67,679 American Indian 7,74 4,004 Other 79,6 7,76 Hispanic 2,06 24,,294 *Demographics data delivered from 200 U.S. Census