3233 HERMAN AVENUE - LoopNet · 3233 HERMAN AVENUE . San Diego, CA. ACT ID Z0090009. NON-...
Transcript of 3233 HERMAN AVENUE - LoopNet · 3233 HERMAN AVENUE . San Diego, CA. ACT ID Z0090009. NON-...
3233 HERMAN AVENUE San Diego, CA ACT ID Z0090009
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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P R E S E N T E D B Y
Carson Trujillo Associate Member - National Multi Housing Group San Diego Office Tel: (858) 373-3285 Fax: (858) 373-3110 [email protected] License: CA 01974818
Raymond S. Choi First Vice President Investments Director - National Multi Housing Group San Diego Office Tel: (858) 373-3136 Fax: (858) 373-3110 [email protected] License: CA 01297138
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PROPERTY OVERVIEW
3233 HERMAN AVENUE
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present for sale an eight unit apartment complex located in San Diego's North Park Neighborhood. Situated on an approx. 6200 SF lot, this value add property offers investors the opportunity to acquire a premiere asset in one of San Diego's most lucrative rental markets.
First time to market in almost 40 years and has always been self-managed. It is comprised of 5 one-bedroom/one-bathroom units and 3 two-bedroom/one-bathroom units. Tenants enjoy ideal parking that includes 2 double car garages and 4 off street parking spaces. The property also has an active condo map, giving the new owner the flexibility to one day sell off as individual condos.
This building lends investors the opportunity to acquire a value add property in one of San Diego's most desired rental markets. Located in North Park, this complex is minutes away from attractions on University Ave and the renown Balboa Park. Being within a few blocks of the various cafes, restaurants, and entertainment, this property is centrally located with the investor's longevity in mind.
PROPERTY OVERVIEW
First Time to Market in Nearly 40 Years
Value Add - Significantly Under Market Rents
Active Condo Map
New Plumbing - $45k Job
Off Street Parking - 2 Double Car Garages & 4 Spaces
Pride of Ownership Location - North Park
Onsite Laundry
Secure Gated Entry
Walking Distance from Shops and Entertainment
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North Park, founded in the early 1900s, is a neighborhood in San Diego located northeast of Balboa Park. North Park is bounded by Lincoln Avenue to the north, Florida Street to the west, Switzer Canyon and South Park neighborhood to the South, and Interstate 805 and City Heights to the east. North Park’s downtown area is marked by a large sign in the middle of University Avenue near 30th Street. Due to the bustle of this eclectic neighborhood, North Park has a high rate of pedestrian activity and hosts a mix of coffee houses, retail shops, art galleries and San Diego's up-and-coming restaurant row near University Avenue and 30th Street. In recent years, North Park has been recognized by Forbes and the Los Angeles Times as one of the trendiest neighborhoods of San Diego. Forbes magazine says "culturally diverse North Park is home to Craftsman cottages, cafes and diners, coffee shops, several microbreweries, boutiques, and the North Park Farmers Market. The North Park Theater and the Ray Street Arts District are also bastions of creativity in the area.” “North Park has all the ingredients for the cool school: It's culturally diverse and has art galleries, boutiques, trendy bars with handcrafted cocktails and local brews, and foodie-approved eateries” as stated in The Los Angeles Times.
LOCATION OVERVIEW
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Neighborhood Overview
North Park | San Diego, CA
3233 HERMAN AVENUE
SALES COMPARABLES MAP
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3233 HERMAN AVENUE (SUBJECT)
3548 Georgia Street
4025 Texas Street
4026 Arizona Street
3675 Arizona Street
2208-2224 30th Street
2814 30th Street
4157 Utah Street
4440 Boundary Street
SALES COMPARABLES
ON MARKET COMPARABLES
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PROPERTY NAME
3233 HERMAN AVENUE
SALES COMPARABLES
Avg. $501.14
Avg. $555.83
$0.00
$70.00
$140.00
$210.00
$280.00
$350.00
$420.00
$490.00
$560.00
$630.00
$700.00
3233 Herman Avenue
3548 Georgia Street
4025 Texas Street
4026 Arizona Street
3675 Arizona Street
2208-2224 30th Street
2814 30th Street
4157 Utah Street
4440 Boundary
Street
Average Price Per Square Foot
Avg. $339,888 Avg. $375,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
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3233 Herman Avenue
3548 Georgia Street
4025 Texas Street
4026 Arizona Street
3675 Arizona Street
2208-2224 30th Street
2814 30th Street
4157 Utah Street
4440 Boundary
Street
Average Price Per Unit
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
PROPERTY NAME
MARKETING TEAM
3233 HERMAN AVENUE
SALES COMPARABLES
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SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type Offering Price: $2,200,000 5 1 Bdr 1 Bath
Price/Unit: $275,000 3 2 Bdr 1 Bath
Price/SF: $352.00
CAP Rate: 2.04%
GRM: 23.97
Total No. of Units: 8
Year Built: 1972
Underwriting Criteria Income $90,546 Expenses $45,577
NOI $44,969 Vacancy ($2,754)
3233 HERMAN AVENUE 3233 Herman Ave, San Diego, CA, 92104
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Units Unit Type Close Of Escrow: 2/1/2018 7 1 Bdr 1 Bath
Sales Price: $3,550,000 2 2 Bdr 1 Bath
Price/Unit: $355,000 1 2 Bdr 2 Bath
Price/SF: $506.27
GRM: 22.64
Total No. of Units: 10
Year Built: 1966
3548 GEORGIA STREET 3548 Georgia St, San Diego, CA, 92103
Units Unit Type Close Of Escrow: 11/15/2017 2 1 Bdr 1 Bath
Sales Price: $2,796,750 4 2 Bdr 1 Bath
Price/Unit: $349,594 4 2 Bdr 2 Bath
Price/SF: $428.62 1 3 Bdr 2 Bath
Total No. of Units: 8
Year Built: 1988
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4025 TEXAS STREET 4025 Texas St, San Diego, CA, 92104
PROPERTY NAME
MARKETING TEAM
3233 HERMAN AVENUE
SALES COMPARABLES
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SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type Close Of Escrow: 11/15/2017 2 1 Bdr 1 Bath
Sales Price: $2,796,750 1 2 Bdr 1 Bath
Price/Unit: $349,594 4 2 Bdr 2 Bath
Price/SF: $499.78 1 3 Bdr 2 Bath
Total No. of Units: 8
Year Built: 1988
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4026 ARIZONA STREET 4026 Arizona St, San Diego, CA, 92104
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Units Unit Type Close Of Escrow: 11/29/2017 3 2 Bdr 2 Bath
Sales Price: $2,500,000 1 2 Bdr 1 Bath
Price/Unit: $312,500 1 2 Bdr 2 Bath
Price/SF: $430.96 3 1 Bdr 1 Bath
CAP Rate: 3.61%
GRM: 17.23
Total No. of Units: 8
Year Built: 1987
NOTES Under contract with Marcus & Millichap, Carson Trujillo & Raymond Choi
3675 ARIZONA STREET 3675 Arizona St, San Diego, CA, 92104
Units Unit Type Close Of Escrow: 2/9/2018 8 1 Bdr 1 Bath
Sales Price: $2,545,000 1 2 Bdr 1.5 Bath House
Price/Unit: $282,778
Price/SF: $520.56
CAP Rate: 3.20%
GRM: 19.70
Total No. of Units: 9
Year Built: 1922
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2208-2224 30TH STREET 2208 30th St, San Diego, CA, 92104
PROPERTY NAME
MARKETING TEAM
3233 HERMAN AVENUE
SALES COMPARABLES
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SALES COMPARABLES ON MARKET COMPARABLES
Units Unit Type Close Of Escrow: 10/20/2017 8 2 Bdr 1 Bath
Sales Price: $2,985,000 2 1 Bdr 1 Bath
Price/Unit: $298,500
Price/SF: $497.50
CAP Rate: 2.37%
GRM: 23.33
Total No. of Units: 10
Year Built: 1915
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2814 30TH STREET 2814 30th St, San Diego, CA, 92104
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Units Unit Type Close Of Escrow: 12/28/2017 5 2 Bdr 2 Bath
Sales Price: $3,450,000 3 1 Bdr 1 Bath
Price/Unit: $431,250
Price/SF: $624.32
CAP Rate: 3.56%
GRM: 20.00
Total No. of Units: 8
Year Built: 1987
4157 UTAH STREET 4157 Utah St, San Diego, CA, 92104
Units Unit Type On Market 8 1 Bdr 1 Bath
List Price: $4,500,000 2 2 Bdr 1 Bath
Price/Unit: $375,000 2 2 Bdr 2 Bath
Price/SF: $555.83
CAP Rate: 4.09%
GRM: 16.00
Total No. of Units: 12
Year Built: 1973
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4440 BOUNDARY STREET 4440 Boundary St, San Diego, CA, 92116
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3233 HERMAN AVENUE
RENT COMPARABLES MAP
3233 HERMAN AVENUE (SUBJECT)
3728-38 Herman Avenue
3373-79 Herman Avenue
3656 31st Street
4440 Boundary Street
4184 32nd Street
4125 Iowa Street
3333 Nile Street
3373-79 30th Street
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PROPERTY NAME
3233 HERMAN AVENUE
RENT COMPARABLES
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AVERAGE RENT - MULTIFAMILY
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$200
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$1,200
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3233 Herman Avenue
3728-38 Herman Avenue
3373-79 Herman Avenue
4440 Boundary
Street
4184 32nd Street
4125 Iowa Street
3373-79 30th Street
1 Bedroom
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3233 Herman Avenue
3728-38 Herman Avenue
3373-79 Herman Avenue
3656 31st Street
4440 Boundary
Street
4184 32nd Street
4125 Iowa Street
3333 Nile Street
2 Bedroom
PROPERTY NAME
MARKETING TEAM
3233 HERMAN AVENUE
RENT COMPARABLES
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YEAR BUILT: 1972
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Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 5 $900 $0.00
2 Bdr 1 Bath 3 $1,050 $0.00
Total/Avg. 8 $956
3233 HERMAN AVENUE 3233 Herman Ave, San Diego, CA, 92104
YEAR BUILT: 1981
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NOTES - Newly Renovated - Private Outdoor Patios/Decks - On-Site Laundry
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 8 885 $2,295 $2.59
1 Bdr 1 Bath 6 595 $1,695 $2.85
Total/Avg. 14 761 $2,038 $2.68
3728-38 HERMAN AVENUE 3728 Herman Ave, San Diego, CA, 92104
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YEAR BUILT: 2005 NOTES - Recently Renovated - Pitched Roofs - 8 Off Street Parking Spaces
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 2 750 $1,600 $2.13
2 Bdr 1 Bath 3 1,000 $2,100 $2.10
Total/Avg. 5 900 $1,900 $2.11
3373-79 HERMAN AVENUE 3373 Herman Ave, San Diego, CA, 92104
PROPERTY NAME
MARKETING TEAM
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RENT COMPARABLES
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YEAR BUILT: 1958
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Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 850 $2,095 $2.46
Total/Avg. 1 850 $2,095 $2.46
3656 31ST STREET 3656 31st St, San Diego, CA, 92104
OCCUPANCY: 100% | YEAR BUILT: 1973
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Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath Select One
... 8 560-660 $1,795 $2.90
2 Bdr 1 Bath 2 800-835 $2,395 $2.88
2 Bdr 2 Bath 2 780-780 $2,495 $3.20
Total/Avg. 12 673 $1,989 $2.96
4440 BOUNDARY STREET 4440 Boundary St, San Diego, CA, 92116
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YEAR BUILT: 1978 NOTES - Newly Renovated: Quartz Counter Tops & Stainless Steel Appliances - Off Street Parking
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 4 600 $1,688 $2.81
2 Bdr 1.5 Bath 2 900 $1,995 $2.22
3 Bdr 2 Bath 1 1,200 $2,700 $2.25
Total/Avg. 7 771 $1,920 $2.49
4184 32ND STREET 4184 32nd St, San Diego, CA, 92104
PROPERTY NAME
MARKETING TEAM
3233 HERMAN AVENUE
RENT COMPARABLES
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YEAR BUILT: 1987
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Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 3 500 $1,695 $3.39
2 Bdr 1 Bath 5 825 $2,095 $2.54
Total/Avg. 8 703 $1,945 $2.77
4125 IOWA STREET 4125 Iowa Street, San Diego, CA, 92104
YEAR BUILT: 1945
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Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 2 900 $2,600 $2.89
Total/Avg. 2 900 $2,600 $2.89
3333 NILE STREET 3333 Nile St, San Diego, CA, 92104
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YEAR BUILT: 1923
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 450 $1,895 $4.21
Total/Avg. 1 450 $1,895 $4.21
3373-79 30TH STREET 3373 30th St, San Diego, CA, 92104
www.MarcusMillichap.com
Carson Trujillo
Associate Member - National Multi Housing Group San Diego Office Tel: (858) 373-3285 Fax: (858) 373-3110 [email protected] License: CA 01974818
Raymond S. Choi
First Vice President Investments Director - National Multi Housing Group San Diego Office Tel: (858) 373-3136 Fax: (858) 373-3110 [email protected] License: CA 01297138
P R E S E N T E D B Y
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