The JORDANHOUSE - LoopNet...Air nb operation for substantial upside on ROI. The Jordan House is...

© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real Estate, Inc. An Equal

Housing/Equal Opportunity Company. Information deemed accurate but not guaranteed.

Buyer to verify all before close of escrow. If your property is currently listed for sale,

this is not intended as a solicitation.

The JORDANHOUSE 1203 23rd Street, San Diego, CA 92102

Table of Contents:

Executive Summary

Property Summary

Property Location

Photographs

Financial Analysis Data

Rent Roll

Sale Comps

Rental Comps

Neighborhood Highlights

Confidentiality Agreement

3

4

5

6

7

9

10

12

14

14

1203 23rd Street, San Diego 92102

Executive Summary

The Jordan House is a charming 11 unit (room) SRO rooming house, with additional on-site office located in Golden

Hill. It is located close to Downtown and a block from Balboa Park. The Property is in excellent condition and very

well managed and immaculately maintained. Most of the tenants are long term quality tenants notwithstanding the

short term rental nature of this asset. Tenants pay weekly with rents adjusted to size and view from room. All units

are rented fully furnished and rent includes all utilities. This property is a great cash flow investment, with minimal

expenses and available with residential financing.

Investment Highlights:

Excellent Cash Flow Property

5.05% CAP based on actual expenses

Immaculately maintained property in excellent condition

Mostly longer-term tenants

Charming Prairie-Style, character-rich historic Architecture

Golden Hills location / Views of Downtown

Close proximity to a multitude of transit hubs

Walking distance to abundance of restaurants, shops & cafes


Property Summary The Jordan House - A beautiful Prairie-Style turn-of-the-century residence that operates as a Single Room Occupancy

(SRO) in the strong submarket of Golden Hill, directly adjacent to Downtown San Diego. The savvy investor will

appreciate this investment as a solid performing addition to their portfolio, or a well-suited 1031 exchange upleg.

The property is comprised of (11) single-room occupancy (SRO) rooms/units, which share common kitchen and

bathrooms. All of the units are furnished by owner, and managed impeccably. The property has potential upside in

rental income as it stands, and could be re-positioned and run as a high-turnover vacation/short term rental or

AirBnb operation for substantial upside on ROI. The Jordan House is located in Golden Hill, and is within walking

distance to shops, cafes, several small fast-casual eateries, public transit lines, and at the doorstep of Downtown San

Diego. Centrally located to all of San Diego's attractions, this opportunity will likely not last long.

Location Highlights:

Suburb location in the prime part of Golden Hill

Strong rental submarket, with little to no vacancy

Steps to downtown and Balboa Park

Great views into downtown

Incredibly walk-able, pleasant residential location


Property Location


Photographs—Exterior


Photographs—Interior


Photographs—Bedrooms


Financial Analysis

Price $1,649,000

Down Payment $900,000

Number of Units 11

Price Per Unit $149,900

Price Per Sq. Ft. $595

Gross Sq. Ft. 2768

Lot Size 3909

Approx. Year Built 1905 (remodeled 2009)

Summary

Cap Rate 5.05% 6.18%

GRM 13.1 11.4

Cash-On-Cash 4.05% 6.11%

Debt Coverage Ratio 1.77 2.17

Returns Current Year 1

Loan Amount (estimated) $749,000

Loan Type Conventional

Interest Rate 4.75%

Amortization Period / Due 30 years / 2049

Annual Debt Service $46,886

Financing 1st Loan

#

of Units

Unit

Type ESF

Current

Rents

Market

Rents

11 (SRO) 1 bedroom n/a $195-220/

week

$210-

$245/

week

Unit Mix


© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real Estate, Inc. An Equal Housing/Equal Opportunity Company. Information deemed accurate but not guaranteed. Buyer to verify all

before close of escrow. If your property is currently listed for sale, this is not intended as a solicitation.

Financial Analysis—Operating Data Income Current Year 1

Gross Scheduled Rent $125,688 $144,201

Less: Vacancy/Deductions $0 $721

Total Effective Rental Income $125,688 $143,480

Other Income $3478 $3478

Effective Gross Income $129,166 $147,062

Less: Expenses $45,824 $59,000

Net Operating Income $83,342 $101,855

Cash Flow $36,456 $54,969

Debt Services (new loan @ $749k, 4.75% Amortized over 30 years) $46,886 $46,886

Total Return (Cash on Cash) 4.05% 6.11%

Expenses Current Year 1

Real Estate Taxes $9153 $18,469 (est)

Insurance $1721 $1773

Utilities $12,782 $13,165

Repairs & Maintenance $4957 $5106

General & Administrative $2641 $2720

Management Fee $11,775 $12,128


© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real Estate, Inc. An Equal Housing/Equal Opportunity Company. Information deemed accurate but not guaranteed. Buyer to verify all

before close of escrow. If your property is currently listed for sale, this is not intended as a solicitation.

Sales Comparison

3030 C Street 835-847 27th Street 2870 Broadway Sale Price $1,950,000

Close of Escrow 12/23/2016

Number of Units 8

Year Built 1980

Price/Unit $256,250

Cap Rate 4.11%

Sale Price $2,137,500


Number of Units 8

Year Built Not disclosed

Price/Unit $275,000

Cap Rate 3.71%



Number of Units 9

Year Built 1964

Price/Unit $266,667

Cap Rate 3.17%

UNITS UNIT TYPES

8 1 BR / 1 BA

UNITS UNIT TYPES

7 2 BR / 1 BA

1 1 BR / 1 BA

UNITS UNIT TYPES

6 1 BR / 1 BA

3 2 BR / 1 BA


Sales Comparison

255 22nd Street 1903-1911 K Street Sale Price $2,320,000


Number of Units 12

Year Built Not disclosed

Price/Unit $208,333

Price/SF $421

Cap Rate 3.9%



Number of Units 28

Year Built 1920

Price/Unit $96,250

Price/SF $391

Cap Rate Not disclosed

UNITS UNIT TYPES

12 1 BR / 1 BA

UNITS UNIT TYPES

1 0 BR / 1 BA

2 1 BR / 1 BA

25 SRO single room


Neighborhood Highlights—GOLDEN HILL

The Greater Golden Hill Community includes bustling

South Park and its low-key hip neighbor Golden Hill,

known as a hotspot for local artists and musicians. The

historic neighborhood shares its name with adjacent

Balboa Park’s southeast quarter, home to peaceful hiking

trails, a golf course, and stunning exotic trees planted by

Kate Sessions herself. Dotted with locally famous food

options — notably Pizzeria Luigi, gastropub & wine-bar

Counterpoint, popular hole-in-the-wall 55 Thai Kitchen,

Krakatoa, Dark Horse and Starbucks Coffee spots, and the

grill-your-own-cut Turf Supper Club — Golden Hill also

offers the benefits of nearby downtown and South Park

without attracting the traffic of either. Even with its bay

views and the convenience of three nearby freeways, this

neighborhood rich in classic Victorian, craftsman and

Spanish style homes is surprisingly overlooked and

peaceful.

Shopping, Eating & Drinking

Turf Supper Club

Krisp Market

CounterPoint Wine Bar

Starbucks, Dark Horse, Krakatoa Coffee

Recreational

Balboa Park

Balboa Park Golf Course

Kate Sessions Festival

Golden Hill Rec Center


For more information or offer submission….

Michael Wolf, GRI & Author

CalBRE#01709065

Ascent Real Estate

410 Kalmia St – San Diego CA 92101

858-722-6847

619-923-3201 (fax)

[email protected]

www.mikeandjessica.net


© 2018 Ascent Real Estate is a registered trademark licensed to Ascent Real

Estate, Inc. An Equal Housing/Equal Opportunity Company. Information deemed

accurate but not guaranteed. Buyer to verify all before close of escrow. If your

property is currently listed for sale, this is not intended as a solicitation.
https://office.ascentrealestate.net/owa/[email protected]://office.ascentrealestate.net/owa/redir.aspx?C=uD28AIU3k0uc3m9ypetsOI0HoPeZNtYILh7HDTgQn0zxmmcoyESrtH4-izx18p2W5ytmPTw0ewU.&URL=http%3a%2f%2fwww.mikeandjessica.net%2f

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