EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH … · Dense Urban-infill, North Park mixed-use...
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EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH APARTMENTS OVER RETAIL RYAN KING, CCIM Senior Vice President | Lic #01885401 858.458.3322 | [email protected] KIPP GSTETTENBAUER, CCIM Senior Vice President | Lic #01405420 858.458.3345 | [email protected] Price Reduction! Proforma 7.27% Cap!
Transcript of EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH … · Dense Urban-infill, North Park mixed-use...
3433-45 University AvenueSan Diego, CA 92104
EXCELLENT NORTH PARK MIXED-USE OPPORTUNITY WITH APARTMENTS OVER RETAIL
RYAN KING, CCIMSenior Vice President | Lic #01885401 858.458.3322 | [email protected]
KIPP GSTETTENBAUER, CCIMSenior Vice President | Lic #01405420 858.458.3345 | [email protected]
Price Reduction!Proforma 7.27% Cap!
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
1,250 SF AVAILABLE RETAIL SPACE
(SELLER RENT GUARANTEE)
ZERO (0) VACANCY
UNIVERSITY AVENUE
SWIF
T AVE
NU
EON-SITE PARKING
TREMENDOUS UPSIDETremendous upside and the ability to push rents. Largest retail space is vacant and will be guaranteed by Seller at market rental rate for six (6) months. In the event Buyer backfills space before then, Buyer shall benefit from additional added income.
REINVESTMENT OPPORTUNITYPerfect Opportunity Zone Property with ability to reinvest into the asset.
UNPARALLELED LOCATIONGreat location in North Park on University adjacent to I-805. Total population in 5-miles is over 600,000 people.
PROPERTY IMPROVEMENT POTENTIALAbility to continue to improve property with new exterior look, potential barbecue area and other amenities.
INVESTMENT HIGHLIGHTS
$2,995,000 ASKING PRICE
8,000 SFBUILDING SIZE
6.61%IN-PLACE CAP RATE
7.27%PROFORMA
RETAIL RENT ROLL
ADDRESS TENANT ACTUAL RENT MARKET EXPIRATION SF SCHEDULE & NOTES
3435 ALTERATIONS $1,389 $1,750 M-to-M 550 MTM - 5% increase 1/1/19
3437 BEAUTY SALON $1,504 $1,750 6/30/20 550 Expires 6/30/20 - 5% increase 7/1/19
3439 DOG GROOMING $1,504 $1,750 6/30/20 550 Expires 6/30/20 - 5% increase 7/1/19
3441 TATTOO PARLOR $1,750 $1,750 7/31/23 550 8/1/18 - signed 5-year lease
3443 HERBALIFE $1,313 $1,750 M-to-M 550 MTM - 5% increase 1/1/19
3445 VACANT (guaranteed by Seller) $3,125 $3,125 1/31/20 1,250 Seller will guarantee this rent for 6 months!
TOTAL $10,584 $11,875 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 $20,820 $22,525
ANNUAL TOTAL $249,838 $270,300 RENT ROLL
NET OPERATING INCOME
2019 PROFORMA
OCCUPIED SPACE $249,838.20 $270,300.00
Vacancy (5%) $0.00 $0.00
EFFECTIVE GROSS REVENUE $249,838.20 $270,300.00
EXPENSES
Reassessed Real Estate Taxes (1.1%) $32,945.00 $32,945.00
Management (4%) $9,993.53 $10,812.00
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 $51,838.53 $52,657.00
EXPENSES/SF $0.28 $0.28
NET OPERATING INCOME $197,999.67 $217,643.00
PRICE: $2,995,000 ($374.38/SF)
IN-PLACE CAP RATE: 6.61%
PROFORMA CAP RATE: 7.27%
APARTMENT SALE COMPARABLES
ADDRESSSALE PRICE
PRICE PER SF
CAP RATE
SALE DATE
BUILDING SIZE
NUMBER OF UNITS
14193 Illinois StreetSan Diego, CA 92104
$1,675,000 $399 4.30% 5/7/2018 4,196 SF 4
23458 Monroe AvenueSan Diego, CA 92116
$2,255,000 $453 3.25% 4/20/2018 4,976 SF 8
33837 Wabash AvenueSan Diego, CA 92104
$1,745,000 $311 3.80% 2/28/2018 5,610 SF 8
43859 Wilson AvenueSan Diego, CA 92104
$1,460,000 $322 4.00% 2/14/2018 4,519 SF 7
54656 34th StreetSan Diego, CA 92116
$1,915,00 $387 4.00% 1/22/2018 4,946 SF 8
64270 Felton StreetSan Diego, CA 92104
$1,850,000 $354 3.80% 11/29/2017 5,224 SF 8
74674 Bancroft StreetSan Diego, CA 92116
$2,385,000 $556 4.40% 10/17/2017 4,292 SF 9
84149-4163 36th StreetSan Diego, CA 92104
$2,642,500 $345 3.17% 9/29/2017 7,660 SF 13
94615 Bancroft StreetSan Diego, CA 92116
$2,310,000 $415 4.15% 9/29/2017 5,562 SF 8
104166-4172 Wabash AvenueSan Diego, CA 92104
$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
112801-2811 University AvenueSan Diego, CA 92104
$3,975,000 $442 9/18/2018 9,000 SF
124005 30th Street (2 Properties)San Diego, CA 92104
$3,800,000 $517 5/29/2018 7,348 SF
134567-4569 30th Street (2 properties)San Diego, CA 92116
$3,100,000 $557 11/21/2017 5,570 SF
144233 El Cajon BoulevardSan Diego, CA 92105
$750,000 $449 10/13/2017 1,671 SF
153030 El Cajon Boulevard (2 proper-ties)San Diego, CA 92104
$1,375,000 $404 9/15/2017 3,407 SF
164083-4087 30th StreetSan Diego, CA 92104
$1,300,000 $517 1/31/2017 2,516 SF
173140-3150 El Cajon BoulevardSan Diego, CA 92104
$1,425,000 $648 1/26/2017 2,200 SF
183001 El Cajon BoulevardSan Diego, CA 92104
$4,800,000 $612 8/15/2016 7,837 SF
193081 El Cajon BoulevardSan Diego, CA 92104
$750,000 $560 3/30/2016 1,340 SF
203811 Grim AvenueSan Diego, CA 92104
$950,000 $459 2/10/2016 2,068 SF
AVERAGE $517
2
5
9
7
1
34
8
6
10
1120
12
16
18
15
19
13
14
17EL CAJON BOULEVARD
ORANGE AVENUEORANGE AVENUE
MONROE AVENUE
EL CAJON BOULEVARD
35TH STREET
BANCROFT STREET
34TH STREET
35TH STREET
FELTON STREET
37TH STREET
42ND STREET
KENSINGTON DRIVE
SWIFT AVENUE
UNIVERSITY AVENUE
LANDIS STREET
WIGHTMAN STREET
ADAMS AVENUE ADAMS AVENUE
UNIVERSITY AVENUE
GRIM AVENUE
KANSAS STREET
ILLINOIS STREET
IOWA STREET
32ND STREET
30TH STREET30TH STREET
IDAHO STREET
31ST STREET
3433-45 UNIVERSITY AVENUESAN DIEGO, CA 92104
APARTMENTS (CAP RATE 3.86%)
RETAIL (AVERAGE PRICE/SF: $517)
UNIVERSITY AVENUE
UNIVERSITY AVENUE
WABASH AVENUE
SWIFT AVENUE
LANDIS STREET 188,000 CPD
21,795 CPD
DOWNTOWN SAN DIEGO
Scripps Mercy HospitalSan Diego CampusScripps Mercy HospitalSan Diego Campus
Balboa ParkBalboa Park
San Diego ZooSan Diego Zoo
UCSDMedical Center
Mission Valley West
Westfield Mission Valley8
15
805 163
15 163
KindredHospitalKindredHospital
3433-45 UNIVERSITY
188,000 University Avenue + Interstate 805
5,998 University Avenue + Interstate 805
24,849 University Avenue + 33rd Street
21,795 Wabash Avenue + University AvenueT
RA
FF
IC C
OU
NT
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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
4180 La Jolla Village Drive, Suite 100, La Jolla, CA 92037 | 858.453.0505 | 858.408.3976 F | www.voitco.comLicensed 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.
RYAN KING, CCIMSenior Vice President | Lic #01885401 858.458.3322 | [email protected]
KIPP GSTETTENBAUER, CCIMSenior Vice President | Lic #01405420 858.458.3345 | [email protected]
