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37TH STREETA P A R T M E N T S
SALES COMPARABLES MAP
GOLDEN HILL
MT HOPE
LOGAN HEIGHTS
BARRIO LOGAN SOUTHCREST
MOUNTAINVIEW LINCOLN
PARK
GASLAMPQUARTER
CORONADO
BANKERS HILLLIBERTY STATION
LOMA PORTAL
SOUTH PARK
NORTH PARK
KENSINGTON
NORMALHEIGHTS
MISSION VALLEY
UNIVERSITYHEIGHTS
HILLCREST
MIDWAYDISTRICT
MID-CITY
TALMADGE
San Diego Zoo
RiverwalkGolf Club
WaterfrontPark
Old TownSan Diego State
Historic Park
FiestaIsland Park
SouthEmbarcadero
Balboa Park
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National Ave
Imperial Ave
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University AveUniversity Ave
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San DiegoInternational
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SAN DIEGO
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MISSION HILLS
58 // financial analysis
4488 37th Street, San Diego, Ca 92116
We are pleased to offer 37th street apartments, a 9-unit multifamily community ideally located at 4488 37th street in san diego, california. the property presents investors With an opportunity to ac-quire a turn-key, pride of oWnership asset Which has recently received numerous capital improvements. the interior and exterior upgrades over the last 12-months have transformed the units into luxury apartment homes and all units are currently leased at market rate.
37th street apartments is located in the neighborhood of normal heights, just blocks from doWn-toWn san diego and the thriving community of north park. normal heights is knoWn as one of the most charming areas in san diego county With convenient access to many local shops, restaurants, arts, activities, nightlife and more!
offering Summary
PurChaSe PriCe
PriCe Per unit
PriCe Per foot
Current CaP rate
Current grm
year one CaP rate
year one grm
$2,550,000
$283,333
$406.37
4.00%
14.80
4.39%
13.93
ProPerty Summary
founDation
framing
exterior
Parking
roof
concrete slab
Wood frame
stucco
concrete
flat
ConStruCtion
37th street apartments
4488 37th street
san diego, california 92116
447-112-33-00
nine units
one building
tWo stories
1969 (renovated in 2017)
6,275 square feet
0.14 acres
fee simple
five spaces, one carport and three garages
one per unit
name
aDDreSS
aPn(S)
number of unitS
number of builDingS
number of StorieS
year built
net rentable Sf
lot Size
tyPe of ownerShiP
Parking
Parking ratio
city of san diego
city of san diego
Waste management
sdge
water
Sewer
traSh
eleCtriC
utilitieS
ProPerty DetailS 37TH STREETA P A R T M E N T S
finanCial Summary 37TH STREETA P A R T M E N T S
PROPERTY WEST RESIDENTIAL
4488 37th Street | San Diego, CA 92116 INVESTMENT ANALYSIS
INVESTMENT SUMMARY FINANCING SUMMARY
Purchase Price FIRST TRUST DEED
Down Payment 40% Loan Type Proposed New
Number of Units Loan Amount
Price Per Unit Interest Rate 3.70%
Current CAP Rate Amortization 30 Years
Current GRM Origination Date
Pro Forma CAP Rate Monthly Payments
Pro Forma GRM Annual Debt Service
Year Built LOAN ANALYSIS
Lot Size Current Debt Coverage Ratio 1.21
Net Rentable SF Pro Forma Debt Coverage Ratio 1.32
Price Per Foot Loan to Value 60%
OPERATING DATA EXPENSES % EGI PER UNIT ANNUAL
Gross Potential Rent
Economic Loss $8,613 5.00% $9,153 5.00% Real Estate Taxes 18.12% $3,320 $29,877
Net Rental Income Property Insurance 1.42% $259 $2,333
Ancillary Income Utilities 6.69% $1,226 $11,035
Effective Gross Income Contract Services 1.36% $250 $2,250
Expenses Repairs & Maintenance 2.73% $500 $4,500
Net Operating Income Management Fee 5.00% $916 $8,242
Debt Service Marketing & Promotion 0.82% $150 $1,350
Net Cash Flow $17,601 1.73% $27,348 2.68% General & Administrative 0.82% $150 $1,350
Principal Reduction Reserves & Replacements 1.09% $200 $1,800
TOTAL RETURN $45,499 4.46% $55,246 5.42% TOTAL EXPENSES 38.06% $6,971 $62,738
FLOOR PLAN # AVG SF TOTAL SF AVERAGE MONTHLY PRO FORMA MONTHLY
1x1 6 650 3,900 $1,495 - $1,495 $1,495 $8,970 $1,595 $9,570
2x1 1 775 775 $1,795 - $1,795 $1,795 $1,795 $1,895 $1,895
2x1.5 2 800 1,600 $1,795 - $1,795 $1,795 $3,590 $1,895 $3,790
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TOTAL / AVG 9 697 6,275 $1,595 $14,355 $1,695 $15,255
CURRENT RENTS
$102,109
$1,200
$62,738
June 2018
$111,856
$27,898
$84,508
$27,898
$84,508
$175,107
$63,251
$164,847
$163,647 $173,907
4.39%
13.93
1969
0.14 Acres
6,275 SF
$406.37
$84,508
$7,042
$1,200
$1,530,000
$283,333
ACTUAL PRO FORMA
$172,260 $183,060
4.00%
14.80
$1,020,000
$2,550,000
9 Units
This information has been secured from sources we believe to be reliable, but we make no warranties as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
4488 37th Street | San Diego, CA 92116
BUYER To Be Determined
SELLER Property West Residential
YEAR BUILT 1969 (Renovated in 2017)
NO. OF UNITS 9
FLOOR PLAN SALE DATE On Market
1 BD / 1 BA SALES PRICE $2,550,000
2 BD / 1 BA PRICE PER UNIT $283,333
2 BD / 1.5 BA PRICE PER SF $406.37
CAP RATE 4.00%
GRM 14.80
HIDE
4515 Bancroft Street | San Diego, CA 92116
BUYER Private Buyer
SELLER Private Seller
YEAR BUILT 1967
NO. OF UNITS 8
FLOOR PLAN SALE DATE December 20, 2017
1 BD / 1 BA SALES PRICE $2,300,000
2 BD / 1 BA PRICE PER UNIT $287,500
PRICE PER SF $425.93
CAP RATE 3.80%
GRM -
4652 Wilson Avenue | San Diego, CA 92116
BUYER Private Buyer
SELLER Private Seller
YEAR BUILT 1969
NO. OF UNITS 9
FLOOR PLAN SALE DATE February 21, 2018
1 BD / 1 BA SALES PRICE $2,500,000
2 BD / 1 BA PRICE PER UNIT $277,778
2 BD / 2 BA PRICE PER SF $355.32
CAP RATE 4.80%
GRM -
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37TH STREETA P A R T M E N T S
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4615 Bancroft Street | San Diego, CA 92116
BUYER Private Buyer
SELLER Private Seller
YEAR BUILT 1975
NO. OF UNITS 8
FLOOR PLAN SALE DATE September 29, 2017
1 BD / 1 BA SALES PRICE $2,310,000
2 BD / 1 BA PRICE PER UNIT $288,750
PRICE PER SF $415.32
CAP RATE 4.15%
GRM -
4784 Hawley Boulevard | San Diego, CA 92116
BUYER Private Buyer
SELLER Private Seller
YEAR BUILT 1986
NO. OF UNITS 7
FLOOR PLAN SALE DATE April 4, 2018
1 BD / 1 BA SALES PRICE $2,062,000
2 BD / 1 BA PRICE PER UNIT $294,571
2 BD / 2 BA PRICE PER SF $373.48
CAP RATE 2.90%
GRM -
4240 Felton Street | San Diego, CA 92104
BUYER Private Buyer
SELLER Private Seller
YEAR BUILT 1968
NO. OF UNITS 27
FLOOR PLAN SALE DATE December 28, 2017
1 BD / 1 BA SALES PRICE $7,850,000
2 BD / 1 BA PRICE PER UNIT $290,741
2 BD / 2 BA PRICE PER SF $413.00
CAP RATE 4.68%
GRM -
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37TH STREETA P A R T M E N T S
SaleS ComParableS 37TH STREETA P A R T M E N T S
4.06%
0.00%
1.50%
3.00%
4.50%
6.00%
★ 1 2 3 4 5
CAP RATE AVERAGE
$287,112
$270,000
$277,500
$285,000
$292,500
$300,000
★ 1 2 3 4 5
PRICE PER UNIT AVERAGE
$398.24
$300.00
$330.00
$360.00
$390.00
$420.00
$450.00
★ 1 2 3 4 5
PRICE PER SF AVERAGE
4.06%
$287k
$398