36th street apartments...01 executive summary investment summary 4 02 property description aerial...
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36TH STREET APARTMENTS4671-4675 36th Street | San Diego, CAOFFERING MEMORANDUM
36th Street ApartmentsCONTENTS
Exclusively Marketed by:
Josh BrowarSales Associate(619) 701-6797Lic: [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 4
02 Property Description Aerial Map 6 Property Images 7
03 Financial Analysis Income & Expense Analysis 9
04 Demographics Demographics 11 Demographic Charts 13
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Executive Summary
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Investment Summary
36th Street Apartments Investment Summary | 04
OFFERING SUMMARYADDRESS 4671-4675 36th Street
San Diego CA 92116
COUNTY San Diego
MARKET Normal Heights
BUILDING SF 3,652 SF
LAND SF 6,251
NUMBER OF UNITS 5
YEAR BUILT 1950
YEAR RENOVATED 2018
APN 440-582-37-00
OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $1,750,000
PRICE PSF $479.19
PRICE PER UNIT $350,000
OCCUPANCY 95.00 %
NOI (CURRENT) $73,752
NOI (Pro Forma) $75,804
CAP RATE (CURRENT) 4.21 %
CAP RATE (Pro Forma) 4.33 %
PROPOSED FINANCINGLOAN TYPE Amortized
DOWN PAYMENT $647,500
LOAN AMOUNT $1,102,500
INTEREST RATE 3.75 %
LOAN TERMS 5-Year Fixed
ANNUAL DEBT SERVICE $61,268
LOAN TO VALUE 63 %
AMORTIZATION PERIOD 30 Years
Excellent Normal Heights Location
All Two Bedroom Units
Recent Full Interior and Exterior Upgrade
Off Street Parking & Laundry Facilities
Stabilized Rents
Consistent and Full Rent Collections
Located in the heart of Normal Heights and a half block south of AdamsAvenue the building located at 4671-4675 36th Street is truly a rare find.With over $175,000 spend in capital improvements this investment offersa unique opportunity for a new owner to purchase an extremely wellmaintained and new building in a very strategic and gentrifyingneighborhood in the center of San Diego County. The property consists ofa large detached 2Br/1Ba cottage with private front yard and four spacious2Br/1Ba apartments in the rear building. Other amenities include ampleoff-street parking, laundry facilities, storage and a community courtyard.Recent capital improvements include, but are not limited to, new windows,exterior paint, all new fencing and complete interior modern upgradepackage.
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Property Description
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Aerial Map
Parcel Map
Pictures with Captions
36th Street Apartments Aerial Map | 06
36th Street Apartments Property Images | 07
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Financial Analysis
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Income & Expense
36th Street Apartments Income & Expense Analysis | 09
INCOME CURRENT PRO FORMA
Gross Potential Rent $122,220 $124,500
Other Income $1,620 $1,620
Gross Potential Income $123,840 $126,120
Less: General Vacancy $6,111 $6,225
Effective Gross Income $117,729 $119,895
Less: Expenses $43,977 $44,091
Net Operating Income $73,752 $75,804
Principal Reduction $19,924 $19,924
Total Return 5.0 % $32,408 5.3 % $34,460
EXPENSES CURRENT PRO FORMA
Real Estate Taxes $3,955 $19,775 $3,955 $19,775
Insurance $250 $1,250 $250 $1,250
Management Fee $1,238 $6,192 $1,261 $6,306
Repairs & Maintenance $750 $3,750 $750 $3,750
Water / Sewer $1,080 $5,400 $1,080 $5,400
Utilities $530 $2,650 $530 $2,650
Other Expenses $992 $4,960 $992 $4,960
Total Operating Expense $8,795 $43,977 $8,818 $44,091
Annual Debt Service $12,254 $61,268 $12,254 $61,268
Expense / SF $12.04 $12.07
% of EGI 37.35 % 36.77 %
Per Unit Per Unit
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
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Demographics
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Demographic Details
Demographic Charts
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POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 42,533 242,231 545,395
2010 Population 40,027 243,282 562,391
2019 Population 41,710 258,165 603,705
2024 Population 42,744 267,407 630,302
2019 African American 4,543 24,181 59,932
2019 American Indian 378 1,983 4,637
2019 Asian 3,259 32,372 65,838
2019 Hispanic 18,732 94,726 230,571
2019 Other Race 9,676 45,309 110,377
2019 White 21,342 137,997 324,445
2019 Multiracial 2,346 15,261 35,514
2019-2024: Population: Growth Rate 2.45 % 3.55 % 4.35 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 1,893 10,544 24,011
$15,000-$24,999 1,644 8,692 20,223
$25,000-$34,999 1,885 9,744 21,321
$35,000-$49,999 2,945 13,771 28,500
$50,000-$74,999 3,398 20,269 42,425
$75,000-$99,999 1,987 13,460 29,980
$100,000-$149,999 2,248 16,810 38,538
$150,000-$199,999 928 6,751 16,285
$200,000 or greater 1,047 7,190 17,531
Median HH Income $53,199 $60,963 $62,621
Average HH Income $78,264 $85,438 $88,496
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 18,222 102,291 216,483
2010 Total Households 17,209 100,842 220,534
2019 Total Households 17,975 107,231 238,814
2024 Total Households 18,401 111,171 250,952
2019 Average Household Size 2.31 2.36 2.46
2000 Owner Occupied Housing 4,314 32,002 79,598
2000 Renter Occupied Housing 13,239 66,325 128,339
2019 Owner Occupied Housing 4,751 34,343 88,096
2019 Renter Occupied Housing 13,224 72,887 150,719
2019 Vacant Housing 969 5,854 16,839
2019 Total Housing 18,944 113,085 255,653
2024 Owner Occupied Housing 4,957 35,796 91,814
2024 Renter Occupied Housing 13,445 75,375 159,139
2024 Vacant Housing 961 5,812 17,092
2024 Total Housing 19,362 116,983 268,044
2019-2024: Households: Growth Rate 2.35 % 3.60 % 5.00 %
Source: esri
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2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2019 Population Age 30-34 3,573 24,963 56,358
2019 Population Age 35-39 3,640 21,639 48,439
2019 Population Age 40-44 3,149 17,376 38,802
2019 Population Age 45-49 2,971 16,093 36,365
2019 Population Age 50-54 2,605 14,538 33,949
2019 Population Age 55-59 2,423 13,767 33,232
2019 Population Age 60-64 2,092 12,173 29,700
2019 Population Age 65-69 1,668 9,743 24,309
2019 Population Age 70-74 1,170 6,963 18,493
2019 Population Age 75-79 684 4,533 12,442
2019 Population Age 80-84 417 3,110 8,483
2019 Population Age 85+ 400 3,655 10,026
2019 Population Age 18+ 33,063 208,090 482,535
2019 Median Age 36 34 34
2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $51,255 $64,790 $65,136
Average Household Income 25-34 $68,433 $85,716 $85,731
Median Household Income 35-44 $57,034 $72,182 $76,762
Average Household Income 35-44 $81,422 $95,307 $100,163
Median Household Income 45-54 $62,283 $72,811 $77,370
Average Household Income 45-54 $91,685 $100,439 $106,643
Median Household Income 55-64 $56,937 $63,497 $66,933
Average Household Income 55-64 $87,595 $89,301 $95,764
Median Household Income 65-74 $47,136 $51,337 $52,928
Average Household Income 65-74 $78,450 $75,755 $79,946
Average Household Income 75+ $59,268 $56,346 $57,917
2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2024 Population Age 30-34 3,599 25,085 58,346
2024 Population Age 35-39 3,150 21,430 49,861
2024 Population Age 40-44 3,223 18,979 43,705
2024 Population Age 45-49 2,919 16,075 36,710
2024 Population Age 50-54 2,755 15,120 35,007
2024 Population Age 55-59 2,405 13,600 32,380
2024 Population Age 60-64 2,187 12,813 31,462
2024 Population Age 65-69 1,801 10,909 27,276
2024 Population Age 70-74 1,351 8,204 21,464
2024 Population Age 75-79 948 5,957 16,232
2024 Population Age 80-84 506 3,627 10,121
2024 Population Age 85+ 418 3,689 10,348
2024 Population Age 18+ 34,110 217,232 508,141
2024 Median Age 36 34 35
2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $59,636 $78,448 $79,085
Average Household Income 25-34 $81,750 $101,771 $102,103
Median Household Income 35-44 $68,215 $85,365 $89,488
Average Household Income 35-44 $96,235 $113,283 $118,159
Median Household Income 45-54 $73,634 $86,686 $92,769
Average Household Income 45-54 $105,388 $118,311 $125,730
Median Household Income 55-64 $65,239 $74,926 $78,904
Average Household Income 55-64 $100,871 $106,101 $112,863
Median Household Income 65-74 $56,844 $60,582 $62,228
Average Household Income 65-74 $94,121 $93,224 $96,231
Average Household Income 75+ $75,900 $69,067 $71,466
36th Street Apartments Demographic Charts | 13
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
36th Street Apartments Demographic Charts | 14
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
36th Street Apartments
CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary andstrictly confidential. It is intended to be reviewed only by the party receiving it fromThe Browar Group and it should not be made available to any other person or entitywithout the written consent of The Browar Group.
By taking possession of and reviewing the information contained herein the recipientagrees to hold and treat all such information in the strictest confidence. Therecipient further agrees that recipient will not photocopy or duplicate any part of theoffering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to The Browar Group. This offeringmemorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligenceinvestigation. The Browar Group has not made any investigation, and makes nowarranty or representation with respect to the income or expenses for the subjectproperty, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence ofcontaminating substances, PCBs or asbestos, the compliance with local, state andfederal regulations, the physical condition of the improvements thereon, or financialcondition or business prospects of any tenant, or any tenant’s plans or intentions tocontinue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained fromsources we believe reliable; however, The Browar Group has not verified, and will notverify, any of the information contained herein, nor has The Browar Groupconducted any investigation regarding these matters and makes no warranty orrepresentation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verifyall of the information set forth herein. Prospective buyers shall be responsible fortheir costs and expenses of investigating the subject property.
Exclusively Marketed by:
Josh BrowarSales Associate(619) 701-6797Lic: [email protected]
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