Patio Villa ~ 126 Units ~ Brawley, CA

Luxury Apartments ~ 9 Units North Park ~ $2,950,000

4183 Alabama St., San Diego, CA 92104

Exclusively Listed By: Dave Plutner 858-964-8087

DRE: 01273425

4183 ALABAMA

4183 ALABAMA

4183 ALABAMA

4183 ALABAMA

Patio Villa ~ 126 Units ~ Brawley, CA

Offering Overview DP Properties is pleased to offer for sale, a highly renovated 9 unit apartment building in the vibrant

community of North Park San Diego. The apartments consists of Six (6) 1 Bedroom/1 Bath Units

and Three (3) 2 Bedroom/1 Bath units. The property has 9 onsite parking spots. Eight of the Nine

apartments units were renovated in 2017 to the highest standards in luxury apartment living. In

addition, it has a very nice 3.88% ($1.65M -5 Year Fixed - started 8/2017) assumable loan if one

desires to go that route.

Location The property is located in the thriving neighborhood of North Park in San Diego, California. North

Park is situated to the northeast of beautiful Balboa Park and Downtown San Diego and in close

proximity to Interstate 805, providing residents with easy access to all of San Diego County. The

North Park Community, and in particular, the downtown hub, is experiencing a renaissance of

activity, with the community gaining widespread recognition as a center for the arts, dining, and

entertainment. North Park’s downtown core, anchored by the nearby 30th Street and University

Avenue intersection, contains a treasure trove of eclectic and historic architecture as well as an array

of trendy restaurants, independent coffee shops, and microbreweries. The area’s newly-established

professional class of artists, designers, musicians, writers, and other creative entrepreneurs, combined

with a broad array of colorful and imaginative cultural events have transformed North Park into a

widely recognized “Creative Community.” Today’s North Park plays host to an ever-increasing array

of art galleries and studios, performing arts groups and venues, dance studios, architects, and local art

projects including the recently renovated, historic Birch North Park Theatre (now known as

Observatory North Park) and the Ray Street Arts District, the largest and longest running art walk in

San Diego’s history.

4183 ALABAMA

#REF!

4183 Alabama St., San Diego, CA 92104 North Park Luxury Units Investment Summary

Summary Proposed Financing

Price $2,950,000 New First Loan 5 year Fixed Interest Rate

Down Payment $1,327,500 45% Principal Balance: $1,622,500

Number of Units 9 Interest Rate: 4.50%

Price Per Unit $327,778 Amortization Period: 30

Due Date (Years): 30

Income Value Indicators Current Market Monthly Payments (Principal & Interest): $8,221

Gross Rent Multiplier 15.41 13.32 Annual Debt Service: $98,652

Capitalization Rate 4.02% 5.01%

Age 1975 Renovated in 2017 Loan Analysis Current

Lot Size (Square Feet) 7,000 Debt Coverage Ratio: 1.20

Building (Square Feet) 5,852 Loan to Value Ratio %: 55%

Cost Per Square Foot $504.10

There is an assumable loan of $1,650,000 at 3.88%

5 Year Term Started 8/2017

Annualized Operating Data Annualized Operating Expenses

Income Current Rents Market Rents Operating Expenses CurrentGross Scheduled Income: $191,400 $221,400 New Property Taxes based on List price $34,663

Plus Other Income: $3,000 $3,000 Tax Rate 1.17500%

Less Vacancy: ($5,742) 3% ($6,642) 3% Insurance (New Premium) $3,000

Gross Operating Income: $188,658 $217,758 Pest, Lic, misc $1,000

Less Expense: ($70,012) 37% ($70,012) 32% Off Site Management Fee (5% of GOI) $9,433

Net Operating Income: $118,646 $147,746 Maint & Repairs ($650/Unit/Year). $5,850

Less-Debt Service: ($98,652) ($98,652) Gas & Electric (2018 Annualized) $3,125

Pre Tax Cash Flow: $19,994 1.51% $49,094 3.70% Water/Sewer (2018 Annualized) $5,622

Plus Principal Reduction: $26,175 $26,175 Trash ($360/month) $4,320

Total Pre Tax Cash Flow: $46,169 3.48% $75,269 5.67% Landscaping ($100/month) $1,200

Replacement Reserves ($200/U/Year) $1,800

Total Annual Expense: $70,012

Per Unit $7,779

Per Sq. Ft. $11.96

% of GSI. 37%

Actual Income

Unit Type: Number Approx. Current Current Market Marketof Units Sq. Ft. Rents Income Rents Income

1 Bedroom/1 Bath 6 600 $1,550-$1,825 $10,100 $1,950 $11,700

2 Bedroom/1 Bath 3 800 $1,900-$2,050 $5,850 $2,250 $6,750

Total Monthly Rent $15,950 $18,450

Laundry & Other Income $250 $250

Monthly Scheduled Gross Income: $16,200 $18,700

#REF!The information has been secured by sources I believe to be reliable, but I make no representations or warranties, expressed 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 inaccuracies.

Dave Plutner 760-230-6659 Tel 760-230-6729 Fax