OCEAN PALMS APARTMENTS - LoopNet · 2019. 10. 29. · 2365 northside drive ste 120 | san diego, ca...

O C E A N PA L M S A PA R T M E N T S1 3 4 6 - 7 4 G R A N D AV E / SAN DIEGO, CA 92109

O C T O B E R 2 0 , 2 0 1 9O F F E R I N G M E M O R A N D U M

O C E A N PA L M S A PA R T M E N T S

TA B L E O F C O N T E N T S

I. INVESTMENT SUMMARY 3

II. LOCATION INFORMATION 14

III. FINANCIAL ANALYSIS 19

IV. SALE COMPARABLES 26

V. RENT COMPARABLES 31

VI. DEMOGRAPHICS 36

ContentsConfidentiality & DisclaimerAll 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 providedwithout representation or warranty as to completeness , veracity, or accuracy, condition of theproperty, compliance or lack of compliance with applicable governmental requirements,developability or suitability, financial performance of the property, projected financialperformance 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, oraffiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the any materials or information provided, derived, or received. Materials andinformation from any source, whether written or verbal, that may be furnished for review are nota substitute for a party’s active conduct of its own due diligence to determine these and othermatters of significance to such party. ACRE Investment Real Estate Services, LLC will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwiseagreed 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 allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. ACRE Investment Real EstateServices, LLC makes no warranties and/or representations regarding the veracity, completeness,or relevance of any financial data or assumptions. ACRE Investment Real Estate Services, LLCdoes not serve as a financial advisor to any party regarding any proposed transaction. All dataand assumptions regarding financial performance, including that used for financial modelingpurposes, may differ from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in orderto determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition ofthe property and whether the property complies with applicable governmental requirementsshould be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by ACREInvestment Real Estate Services, LLC in compliance with all applicable fair housing and equalopportunity laws.

II | INVESTMENT SUMMARYA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S

2365 NORTHSIDE DRIVE STE 120 | SAN DIEGO, CA 92108WWW.ACRECOMMERCIAL.COM

D Y L A N W R I G H T D A V E A N D R E W S

619.255.3233 858.414.6485

[email protected] [email protected]

1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 I N V E S T M E N T S U M M A R Y | 4O F F E R I N G M E M O R A N D U M

Ocean Palms is a well-maintained apartment community located just 5 blocks to the beach in the highlydesirable Pacific Beach sub-market of San Diego, California. Pacific Beach is considered one of thestrongest rental markets in San Diego County, with great demand for apartment rentals. Historicaloccupancy in this sub-market is estimated to be approximately 97% - 100% and rental rates continue torise. This vibrant and centrally located beach community offers excellent access to Interstate 5 andInterstate 8 freeways, which connect to every major employment center in the greater San Diego area.

The property was built in 1957 and is comprised of 1 one-bedroom / one-bathroom unit ofapproximately 560 square feet, 23 two-bedroom / one-bathroom units of approximately 745 square feetand 2 two-bedroom / two-bathroom units on approximately 865 square feet. The newly renovatedinteriors include spacious and efficient floor plans, granite counter tops, upgraded flooring and fixtures,all new cabinets (select units), all new tiled showers (select units) and new appliances (select units). Theexterior of the property features all new paint, new vinyl windows, 18 surface parking spaces and 8single-car garages. The property also features on-site laundry facilities and is walking distance to thevibrant Garnet Avenue Business District including major retailers such as Ralph's, Trader Joe's, CVS,Starbucks and various local restaurants.

PROPERTY OVERVIEWOFFERING SUMMARYSale Price: $11,000,000

Number Of Units: 26

Price / Unit: $423,077

Price / SF: $566.28

Cap Rate (Actual): 3.16%

Cap Rate (Pro Forma): 4.24%

Building Size: 19,425

Lot Size: 0.5 Acres

Year Built: 1957


E X E C U T I V E S U M M A R Y


SALE PRICE $11,000,000

LOCATION INFORMATION

Building Name Ocean Palms Apartments

Street Address 1346-74 Grand Ave

City, State, Zip San Diego, CA 92109

County San Diego

Sub-market Pacific Beach

BUILDING INFORMATION

Cap Rate 3.16% Actual / 4.24% Pro Forma

Occupancy % 100.0%

Number Of Floors 2

Year Built 1957

Year Last Renovated 2018

Roof Pitched

Number Of Buildings 4

PROPERTY INFORMATION

Property Subtype Low-Rise/Garden

APN # 423-171-23-00

Lot Size 0.5 Acres

PARKING DESCRIPTION

Single-Car Garages 8

Surface Spaces 18

UTILITIES & AMENITIES

Water & Sewer Paid By Owner

Trash Service Paid By Owner

Gas & Electric Paid By Tenant

Cable TV Paid By Tenant

Internet Paid By Tenant


P R O P E R T Y D E TA I L S


• Irreplaceable Pacific Beach Location• Recently Remodeled Units and Exterior• 5 Blocks to the Beach / 2 Blocks to Garnet Avenue Business District• Well-Maintained - Pride of Ownership Community• Close Proximity to Restaurants, Shopping and Entertainment

Turn Key Investment

Ocean Palms underwent a major interior and exterior renovation within the past 24months. Exterior improvements include all new paint, vinyl windows and upgradedlandscaping. Interior upgrades include granite counter tops, upgraded flooring and fixtures,all new cabinets (select units) all new tiled showers, and new appliances. A new owner willbenefit from this renovation through lower future capital expenditures and the ability tooffer higher quality improvements to prospective renters. This will allow Ocean Palms toremain "best in class' when compared with it's direct competitors.

Proximity to Retail and Job Centers

Walking distance from the property, there is convenient shopping and entertainmentnearby along Garnet Avenue including retailers such as Sprouts, Ralphs, CVS and Starbucks.The property is also located within close proximity to Interstates 5 & 8 providing directaccess to all major San Diego County employment centers and Downtown San Diego.

High-Demand Rental Market

The sub-market of Pacific Beach is one of the strongest and most desirable rental marketsin the central San Diego area. Due to its mass appeal and close proximity to beaches, majorjob centers and necessary conveniences, vacancy rates in the area continue to drop, puttingupward pressure on rents. Additionally, there are a limited number of high-end rental unitsin the Pacific Beach sub-market with the area median home value being over $1,000,000.The subject property will always be in high demand as it provides a source of affordablehousing in an otherwise unattainable living area for most individuals.

INVESTMENT OVERVIEW


I N V E S T M E N T O V E R V I E W


Current ownership has upgraded 100% of the unit interiors over the past 24 months. Theexterior and common areas of the property have also been upgraded, which has createdgreat curb appeal and a comfortable living environment for the residents. A new owner willbenefit from this renovation through lower future capital expenditures and the ability tooffer higher quality improvements to prospective renters. This will allow Ocean Palms toremain "best in class' when compared with it's direct competitors.

RECENT CAPITAL IMPROVEMENTS

RECENT INTERIOR IMPROVEMENTS• All new granite counter tops

• All new kitchen cabinets (select units)

• Upgraded bathrooms with new tiled shower enclosure and new vanity (select units)

• All new carpet in bedroom and tile in kitchen and bathroom

• All new appliances and fixtures (select units)

RECENT COMMUNITY IMPROVEMENTS• All new exterior paint

• All new vinyl windows

• Upgraded landscaping and exterior lighting


R E C E N T C A P I TA L I M P R O V E M E N T S


PROPERTY HIGHLIGHTS

• Irreplaceable Pacific Beach Location

• Recent Interior and Exterior Remodel - ALL UNITS

• Walk to Pacific Beach and Garnet Avenue

• Strong Historical Occupancy – Currently 100%

• Close Proximity Restaurants, Shopping, and Entertainment

ECONOMIC HIGHLIGHTS

• Pacific Beach is one of the most desirable rental markets in San

Diego County

• Average occupancy rates in the sub-market are 97% - 100%

• Median home value of over $1,000,000 in 92109 zip code

• Three major colleges (SDSU, USD, UCSD) located within a 15 mile

radius, with combined student enrollment of over 77,000


I N V E S T M E N T H I G H L I G H T S


• Excellent Pacific Beach Location

• Well-Maintained - Boutique Community

• Walk to Pacific Beach and Mission Bay

• All New Paint, Vinyl Windows and Upgraded Landscaping

• 8 Single-Car Garages and 18 surface Parking Spaces

• 2 Onsite Laundry Rooms & 4 Storage Areas

PROPERTY AMENITIES

• Recently Renovated Interiors

• All new kitchen cabinets (select units)

• Granite Counter Tops

• Upgraded Flooring and Fixtures

• All New Appliances (select units)

• Spacious and Efficient Floor Plans

UNIT AMENITIES


A M E N I T I E S

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P R O P E R T Y P H O T O S

I II I | LOCATION INFORMATIONA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S



619.255.3233 858.414.6485


1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 L O C A T I O N I N F O R M A T I O N | 1 5O F F E R I N G M E M O R A N D U M

Pacific Beach affords its residents every desired convenience from beaches,shopping,restaurants, and entertainment to schools, parks, and other communityservices. In addition to these amenities, there are dozens of community fixtures near theproperty. There are three major universities located a short distance from the property(University of San Diego, San Diego State University and UC San Diego). Additionally,Pacific Beach is centrally located just minutes to Downtown San Diego, San DiegoInternational Airport, Mission Valley and all major job San Diego County job centers. Someof San Diego’s most popular places to visit are located within minutes of the property;attractions that are favorites to locals and visitors alike. Mission Bay is a few blocks fromthe property and covers over 4,200 acres, including 27 miles of shoreline – 19 of whichare sandy beaches.

LOCATION OVERVIEW DEMOGRAPHICS

0.5 MILES 1 MILE 1.5 MILES

Total Households 5,668 16,736 22,496

Total Population 10,234 30,705 42,429

Average HH Income $74,213 $81,270 $84,242


L O C AT I O N O V E R V I E W



R E G I O N A L M A P



A E R I A L M A P



R E TA I L E R M A P

I I II I I | F INANCIAL ANALYSISA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S



619.255.3233 858.414.6485


1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 F I N A N C I A L A N A L Y S I S | 2 0O F F E R I N G M E M O R A N D U M

UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT / SF

MARKETRENT

MARKETRENT / SF

1 1 560 $1,600 $2.86 $1,600 $2.86

2 1 745 $1,875 $2.52 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,900 $2.55 $2,250 $3.02

2 1 745 $1,925 $2.58 $2,250 $3.02

2 1 745 $1,925 $2.58 $2,250 $3.02

2 1 745 $1,950 $2.62 $2,250 $3.02


R E N T R O L L


UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT / SF

MARKETRENT

MARKETRENT / SF

2 1 745 $1,975 $2.65 $2,250 $3.02

2 1 745 $1,975 $2.65 $2,250 $3.02

2 1 745 $1,975 $2.65 $2,250 $3.02

2 1 745 $2,000 $2.68 $2,250 $3.02

2 1 745 $2,100 $2.82 $2,250 $3.02

2 2 865 $2,195 $2.54 $2,400 $2.77

2 2 865 $2,200 $2.54 $2,400 $2.77

19,425 $50,295 $2.59 $58,150 $2.99


R E N T R O L L


INCOME SUMMARY MARKET CURRENT

Scheduled Rent $697,800 $603,540Laundry Income $5,000 $2,400Garage Income $19,200 $0Utility Reimbursement $12,500 $0

Gross Income $734,500 $605,940

EXPENSE SUMMARY MARKET CURRENT

Property Taxes $135,615 $135,615Insurance $7,800 $7,800Repairs & Maintenance $19,500 $19,500Contract Services $12,000 $12,000Utilities $24,205 $23,500Off Site Management $35,678 $29,391On Site Management $9,600 $9,600Admin $3,000 $3,000

Gross Expenses $247,398 $240,406

Net Operating Income $466,168 $347,427


I N C O M E & E X P E N S E S


Financing Data: Assumes that buyer obtains a new 50% LTV loan at 3.75% and makes interest-only payments.

INVESTMENT OVERVIEW MARKET CURRENT

Price $11,000,000 $11,000,000Price per Unit $423,076 $423,076GRM 15.76 18.23CAP Rate 4.24% 3.16%Cash-on-Cash Return (yr 1) 4.73 % 2.57 %Total Return (yr 1) $259,918 $141,177

OPERATING DATA MARKET CURRENT

Gross Scheduled Income $697,800 $603,540Other Income $36,700 $2,400Total Scheduled Income $734,500 $605,940Vacancy Cost $20,934 $18,106Gross Income $713,566 $587,833Operating Expenses $247,398 $240,406Net Operating Income $466,168 $347,427Pre-Tax Cash Flow $259,918 $141,177

FINANCING DATA MARKET CURRENT

Down Payment $5,500,000 $5,500,000Loan Amount $5,500,000 $5,500,000Debt Service $206,250 $206,250


F I N A N C I A L S U M M A R Y

OPERATING INCOME

Scheduled Rent

Scheduled Rent is arrived at by annualizing the current rent roll. It is assumed that the onsite manager is paying full market rent, and his compensation will be booked as a payroll expense. Pro Forma market rent assumes that a new owner will raise rents to market level and eliminate loss to lease.

Other Income

Currently, the only source of additional income is revenue from the owned laundry equipment. Pro Forma Other Income is estimated to be $36,700 which assumes that a new owner will be able to increase this revenue stream, as well as bill tenants back for utilities and charge $200/month rent for the 8 single-car garages.

ECONOMIC LOSS

Vacancy Allowance

The property is currently 100% occupied. Pro forma Vacancy is underwritten at 3%.

FIXED EXPENSES

Real Estate Taxes

Property taxes shall be re-assessed upon a sale at the ad valorem rate of 1.23199% based on the 2019 – 2020 Property Tax bill.

Property Insurance

Current and Pro forma Insurance expense is underwritten at $7,800 annually based on industry standards.



I N C O M E & E X P E N S E E X P L A N AT I O N

Utilities

Utilities are underwritten based on T-12 operations, with a 3% increase for year 1 pro forma.

VARIABLE EXPENSES

Administrative

Current and Pro Forma Administrative costs are underwritten at $3,000 annually which is consistent with current operations.

Payroll

The resident manager is currently occupying the 1-bedroom unit and is receiving discounted rent as compensation. Current and Pro Forma payroll expense is underwritten at $9600 annually and assumes that a future resident manager will receive a 50% discount off market rent as compensation.

Repairs and Maintenance

Current and Pro forma Repairs & Maintenance expense is underwritten at $19,500 annually. Historical Repairs and Maintenance costs were higher due to recent interior and exterior upgrades.

Contract Services

Current and Pro Forma Contract Services expense is underwritten at $12,000 annually. Contract Services includes trash disposal, landscaping, pest control, etc… The actual contract services expense is higher due the owner paying an above market rate for trash removal service. Our assumption is that a new owner will be able to enter into much more favorable ( and less expensive ) trash service contract.

Management Fee

Pro Forma Management Fee is underwritten at 5% of total collected income. This is consistent with industry standards.



I N C O M E & E X P E N S E E X P L A N AT I O N

IVIV | SALE COMPARABLESA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S



619.255.3233 858.414.6485


1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 S A L E C O M P A R A B L E S | 2 7O F F E R I N G M E M O R A N D U M

SUBJECT PROPERTY

San Diego, CA 921091346-74 Grand Ave

$11,000,000Sale Price: 1957Year Built:19,425 SFBuilding SF: $566.28Price PSF:26No. Units: $423,077Price / Unit:3.16%Cap: 18.23GRM:$347,427NOI:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 br / 1 ba 1 3.8 560 $1,600 $2.86

2 br / 1 ba 23 88.5 745 $1,926 $2.59

2 br / 2 ba 2 7.7 865 $2,198 $2.54

TOTAL/AVG 26 100% 747 $1,934 $2.59

Subject Property

1

$7,950,000Sale Price: 1962Year Built:13,372 SFBuilding SF: $594.53Price PSF:16No. Units: $496,875Price / Unit:2.47%Cap: 08/28/2019Closed:20.95GRM:

UNIT TYPE # UNITS % OF

1 Bed/1 Bath 2 12.5

1 Bed/1 Bath 14 87.5

TOTAL/AVG 16 100%

Average Condition With Upside.

MISSION MANOR3820-3838 Haines StreetSan Diego , CA 92109Status: Sold

1

2

$7,000,000Sale Price: 1969Year Built:15,370 SFBuilding SF: $455.43Price PSF:19No. Units: $368,421Price / Unit:3.32%Cap: 06/20/2019Closed:17.28GRM:


1 Bed/1 Bath 7 36.8

2 Bed/2 Bath 12 63.2

TOTAL/AVG 19 100%

Average Condition With Upside

THE MADRID1530 Chalcedony StreetSan Diego , CA 92109Status: Sold

2


S A L E C O M P S


3

$2,450,000Sale Price: 1950Year Built:5,425 SFBuilding SF: $451.61Price PSF:6No. Units: $408,333Price / Unit:4.14%Cap: 03/29/2019Closed:100%Occupancy: 15.32GRM:


4 Bed/3 Bath House 1 16.7

3 Bed/1.5 Bath Townhome 1 16.7

2 Bed/1.5 Bath 2 33.3

1 Bed/1 Bath 2 33.3

TOTAL/AVG 6 100%

Remodeled Units + 6 Single Car Garages.

1766-1770 GRAND AVESan Diego , CA92109Status: Sold

3

4

$9,037,500Sale Price: 1968Year Built:17,600 SFBuilding SF: $513.49Price PSF:24No. Units: $376,562Price / Unit:3.41%Cap: 03/08/2019Closed:100%Occupancy: 16.24GRM:


1 Bed/1 Bath 17 70.8

2 Bed/1 Bath 4 16.7

2 Bed/2 Bath 2 8.3

3 Bed/2 Bath 1 4.2

TOTAL/AVG 24 100%

3 Units Completely Remodeled, Upside on Remaining Units.31 Parking Spaces & 3 Garages.

LA PLAYA CORONA1621 La Playa AveSan Diego , CA 92109Status: Sold

4


S A L E C O M P S


SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

Ocean Palms Apartments1346-74 Grand Ave

San Diego, CA 92109

$11,000,000 19,425 SF $566.28 $423,077 3.16% 18.23 26

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Mission Manor3820-3838 Haines StreetSan Diego , CA 92109

$7,950,000 13,372 SF $594.53 $496,875 2.47% 20.95 16 08/28/2019

The Madrid1530 Chalcedony StreetSan Diego , CA 92109

$7,000,000 15,370 SF $455.43 $368,421 3.32% 17.28 19 06/20/2019

1766-1770 Grand AveSan Diego , CA92109

$2,450,000 5,425 SF $451.61 $408,333 4.14% 15.32 6 03/29/2019

La Playa Corona1621 La Playa AveSan Diego , CA 92109

$9,037,500 17,600 SF $513.49 $376,562 3.41% 16.24 24 03/08/2019

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Totals/Averages $6,609,375 12,942 SF $510.69 $406,730 3.34% 17.45 16.25

1

2

3

4


S A L E C O M P S S U M M A R Y


1346-74 Grand Ave | San Diego, CA 92109SUBJECT PROPERTY

1 3820-3838 Haines StreetSan Diego , CA 92109

MISSION MANOR 2 1530 Chalcedony StreetSan Diego , CA 92109

THE MADRID 3 San Diego , CA92109

1766-1770 GRAND AVE 4 1621 La Playa AveSan Diego , CA 92109

LA PLAYA CORONA


S A L E C O M P S M A P

VV | RENT COMPARABLESA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S



619.255.3233 858.414.6485


1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 R E N T C O M P A R A B L E S | 3 2O F F E R I N G M E M O R A N D U M

SUBJECT PROPERTY

San Diego, CA 921091346-74 Grand Ave

Lease Type: 1957Year Built:0.5 ACLot Size: 26No. Units:

$2.59Avg. Rent/SF: $1,934Avg. Rent:

747 SFAvg. Size:


1 br / 1 ba 1 3.8 560 $1,600 $2.86

2 br / 1 ba 23 88.5 745 $1,926 $2.59

2 br / 2 ba 2 7.7 865 $2,198 $2.54

TOTAL/AVG 26 100% 747 $1,934 $2.59

Subject Property

1

1957Year Built: 18,700 SFBldg Size:0 ACLot Size: 25No. Units:98%Occupancy: $3.13Avg. Rent/SF:748 SFAvg. Size: $2,340Avg. Rent:


1 Bed / 1 Bath 4 16 550 $1,845 $3.35

2 Bed / 1 Bath 18 72 750 $2,375 $3.17

3 Bed / 1 Bath 3 12 1,000 $2,795 $2.80

TOTAL/AVG 25 100% 748 $2,340 $3.13

Concessions: NoneUpgrades: Yes, mid-level renovationRUBS: Yes, tenants pay for W/S/TParking: 1 space per unit

ELAN BAYLOFTS1450 Pacific Beach DriveSan Diego, CA 92109

1

2

1969Year Built: 18,800 SFBldg Size:0 ACLot Size: 23No. Units:100%Occupancy: $2.93Avg. Rent/SF:817 SFAvg. Size: $2,397Avg. Rent:


2 Bed / 1 Bath 11 47.8 700 $2,345 $3.35

2 Bed / 1.5 Bath 12 52.2 925 $2,445 $2.64

TOTAL/AVG 23 100% 817 $2,397 $2.93

Concessions: NoneUpgrades: Yes, mid-level renovation. 2 / 1.5 units have in-unitwasher/dryerRUBS: Yes, tenants pay for W/S/TParking: 1 space per unit

ELAN PACIFIC LOFTS4467 Dawes StreetSan Diego, CA 92109

2


R E N T C O M P S


3

1972Year Built: 5,380 SFBldg Size:0 ACLot Size: 8No. Units:$2.84Avg. Rent/SF: 950 SFAvg. Size:$2,700Avg. Rent:


2 Bed / 1 Bath 1 100 950 $2,700 $2.84

TOTAL/AVG 1 100% 950 $2,700 $2.84

Concessions: NoneUpgrades: Yes, unit is fully upgradedRUBS: NoParking: 2 spaces

THOMAS AVENUE1440 Thomas AvenueSan Diego, CA 92109

3

4



2 Bed / 1 Bath 1 100 858 $2,300 $2.68

TOTAL/AVG 1 100% 858 $2,300 $2.68

Concessions: NoneUpgrades: Yes, mid-level renovationRUBS: NoParking: 1 tandem space

THOMAS AVENUE1739 Thomas AvenueSan Diego, CA 92109

4

5



2 Bed / 1 Bath 1 100 715 $2,295 $3.21

TOTAL/AVG 1 100% 715 $2,295 $3.21

Concessions: NoneUpgrades: Yes, unit is fully upgradedRUBS: NoParking: 2 spaces

GARNET APARTMENTS2049 Garnet AvenueSan Diego, CA 92109

5


R E N T C O M P S


SUBJECT PROPERTY RENT/SF BLDG SF # OF UNITS OCCUPANCY %

Ocean Palms Apartments1346-74 Grand Ave

San Diego, CA 92109

$2.59 19,425 SF 26 100.0%

RENT COMPS RENT/SF BLDG SF # OF UNITS OCCUPANCY %

Elan Baylofts1450 Pacific Beach DriveSan Diego, CA 92109

$3.13 18,700 SF 25 98%

Elan Pacific Lofts4467 Dawes StreetSan Diego, CA 92109

$2.93 18,800 SF 23 100%

Thomas Avenue1440 Thomas AvenueSan Diego, CA 92109

$2.84 5,380 SF 8 -

Thomas Avenue1739 Thomas AvenueSan Diego, CA 92109

$2.68 5,310 SF 8 -

Garnet Apartments2049 Garnet AvenueSan Diego, CA 92109

$3.21 2,485 SF 4 -

RENT/SF BLDG SF # OF UNITS OCCUPANCY %

Totals/Averages $2.96 10,135 SF 13.6 99%

1

2

3

4

5


R E N T C O M P S S U M M A R Y


1 1450 Pacific Beach DriveSan Diego, CA 92109

ELAN BAYLOFTS 2 4467 Dawes StreetSan Diego, CA 92109

ELAN PACIFIC LOFTS 3 1440 Thomas AvenueSan Diego, CA 92109

THOMAS AVENUE 4 1739 Thomas AvenueSan Diego, CA 92109

THOMAS AVENUE

5 2049 Garnet AvenueSan Diego, CA 92109

GARNET APARTMENTS

1346-74 Grand Ave | San Diego, CA 92109SUBJECT PROPERTY


R E N T C O M P S M A P

VIVI | DEMOGRAPHICSA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S



619.255.3233 858.414.6485


1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 D E M O G R A P H I C S | 3 7O F F E R I N G M E M O R A N D U M

0.5 MILES 1 MILE 1.5 MILES

Total population 10,234 30,705 42,429

Median age 29.7 30.9 32.4

Median age (male) 30.4 31.7 32.8

Median age (female) 28.8 30.6 32.2

Total households 5,668 16,736 22,496

Total persons per HH 1.8 1.8 1.9

Average HH income $74,213 $81,270 $84,242

Average house value $375,471 $581,252 $729,067

Total Population - White 9,183 27,757 38,177

% White 89.7% 90.4% 90.0%

Total Population - Black 179 536 646

% Black 1.7% 1.7% 1.5%

Total Population - Asian 349 1,024 1,520

% Asian 3.4% 3.3% 3.6%

Total Population - Hawaiian 1 90 111

% Hawaiian 0.0% 0.3% 0.3%

Total Population - American Indian 61 141 167

% American Indian 0.6% 0.5% 0.4%

Total Population - Other 267 558 939

% Other 2.6% 1.8% 2.2%

Total Population - Hispanic 1,018 2,429 3,858

% Hispanic 9.9% 7.9% 9.1%

* Demographic data derived from 2010 US Census


D E M O G R A P H I C S R E P O R T

1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 D E M O G R A P H I C S | 3 8O F F E R I N G M E M O R A N D U M

POPULATION 0.5 MILES 1 MILE 1.5 MILESTotal population 10,234 30,705 42,429

Median age 29.7 30.9 32.4

Median age (male) 30.4 31.7 32.8

Median age (Female) 28.8 30.6 32.2

HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES

Total households 5,668 16,736 22,496

# of persons per HH 1.8 1.8 1.9

Average HH income $74,213 $81,270 $84,242

Average house value $375,471 $581,252 $729,067

ETHNICITY (%) 0.5 MILES 1 MILE 1.5 MILESHispanic 9.9% 7.9% 9.1%

RACE (%)White 89.7% 90.4% 90.0%

Black 1.7% 1.7% 1.5%

Asian 3.4% 3.3% 3.6%

Hawaiian 0.0% 0.3% 0.3%

American Indian 0.6% 0.5% 0.4%

Other 2.6% 1.8% 2.2%

* Demographic data derived from 2010 US Census


D E M O G R A P H I C S M A P

O C E A N PA L M S A PA R T M E N T SD Y L A N W R I G H T619.255.3233

[email protected]

D A V E A N D R E W SCALDRE #01720128

858.414 .6485

[email protected]

OCEAN PALMS APARTMENTS - LoopNet · 2019. 10. 29. · 2365 northside drive ste 120 | san diego, ca...

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