3240 olive package 3.2019€¦ · trolley palm apts $14,000,000 studio 1972 $186,667 $205.39 12.8...
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3240 OLIVE STREET ‐ LEMON GROVE , CA ‐ 91945A 50‐UNIT MULTI‐FAMILY INVESTMENT OPPORTUNITY
DAVE SAVAGE ‐ PRINCIPAL ‐ ACI(619) 300‐9070 DAVESAVAGE777@GMAIL.COM CalBRE# 00694099
MARK MORGAN ‐ SENIOR VICE PRESIDENT ‐ ACI(619) 300‐9070 MARKMORGAN@ACIAPARTMENTS.COM CalBRE# 01339919
ONE OF 15 SUBSTANTIALLY UPGRADED UNITS
INVESTMENT SUMMARY UNIT MIX BREAKDOWN
Number of Units………………………………… 50Unit Size Average…………………………….. 790Net Rentable Square Feet…………………… 39,480Actual Rent / Unit……………………………. $1,330Actual Rent / Square Foot………………….. $1.68Year Built………………………………………. 1980
UNIT MIX SUMMARYUnit Type Units Unit Mix
1BR/1BA 34 68%2BR/1BA 16 32%
Total 50 100%Weighted Average
* Property is reporting 100% physical occupancy.
Monthly Rent
$1,522 $1.77 $24,352$42,160
$66,512
22,950858675 $1,240 $1.84
Actual Rent / SF
OLIVE AVENUE APARTMENTS3240 Olive Street
Lemon Grove, CA 91945
13,728
Actual Rent / UnitSquare Feet Net Rentable SF
INVESTM
ENT AN
D U
NIT M
IX SUM
MAR
Y
68%
32% 1BR/1BA
2BR/1BA
15 Substantially Upgraded Apartments
New Silicon Roof
New Energy Efficient Windows
New 100 Gallon Water Heaters
New Coinless Washers/Dryers
New Water Treatment System
Trip Hazard Concrete Work
Asphalt Work
Capital Improvements Improvement Cost
3240 Olive Street - Lemon Grove, CA
Over $290,000 spent in improvements since 2015
$72,000
$50,000
$13,385
$7,050
$4,225
$1,314
$900
$150,000
CAPITAL IMPROVEMENTS SINCE '15
# Units Zip50 91945
Current Market Current Market12.9 11.0 5.1% 6.4%
# Units Type Rent Total
34 1Br/1Ba $1,240 $42,160 Advertising $0 $30,00016 2Br/1Ba $1,522 $24,352 Gas & Electric $13,200 $30,000
Laundry $1,050 Water & Sewer $17,500 Licenses & Fees $1,500RUBS $1,550 Landscaping $12,000 Miscellaneous $6,000
Cox Revenue Split $90 Insurance $8,000 Reserves $5,000Total Monthly Income $69,202 General Admin $0 Pool $2,000
Trash Removal $11,000 Pest Control $0Maintenance & Repairs $13,600 Taxes $118,250
34 1Br/1Ba $1,450 $49,30016 2Br/1Ba $1,800 $28,800 Total Annual Operating Expenses $268,050
Laundry $1,250RUBS $2,100 Expenses Per: Est. Sq. Ft. $6.73
Cox Revenue Split $90 Unit $5,361Total Monthly Income $81,540 % of GSI 32%
Current MarketGross Scheduled Income $830,424 $978,480 Proposed Financing: $6,987,500 Interest Rate: 4.50%Less: Vacancy Factor 2% $16,608 $19,570Gross Operating Income $813,816 $958,910 Downpayment: $3,762,500 Debt Service Ratio: 1.28Less: Expenses 32% $268,050 $268,050 35%Net Operating Income $545,766 $690,860
Less: 1st TD Payments ($424,856) ($424,856)
Pre-Tax Cash Flow $120,910 $266,005Cash On Cash Return 3% 7% davesavage777@gmail.com markmorgan@aciapartments.com
CalBRE # 00694099 CalBRE # 01339919
Dave Savage Mark MorganACI - Principal ACI - Senior Vice President619-300-8090 619-300-9070
Address City Name Year Built
Owner has substantially upgraded 15 of the units in the past year
Price $/Unit$/Square Foot
Parcel Size3240 Olive Street Lemon Grove Olive Ave. Apts. 1980 1.74 Acres
$10,750,000 $215,000 $269.83 39,840(Approx.) (Approx.)
Market
Estimated Annual Operating Proforma Financing Summary
Income Detail Estimated Annual Operating Expenses
Current
Management (Off Site)
Contact:
Management (On Site)
Gross Sq. Ft. GRM CAP Rate
OLIVE AVENUE APARTMENTS
Hillside Terrace 1984 168 4 2%3262 College Place 1Br/1Ba $1,480 616 $2.40Lemon Grove 2Br/1Ba $1,875 800 $2.34
Golden Ave Apts 1986 25 1 4%8058 Golden Ave. 1Br/1Ba $1,350 550 $2.45Lemon Grove
Tierra Del Rey 1976 80 1 1%3675 King St. 1Br/1Ba $1,350 400 $3.38La Mesa
1968 58 1 2%7130 Waite Dr. 1Br/1Ba $1,300 500 $2.60La Mesa
The Duchess 1968 22 1 5%3717 69th St. 1Br/1Ba $1,345 600 $2.24San Diego 2Br/1Ba $1,595 900 $1.77
Year Built Units # Vacant Vacancy %
1976 71 2 3% 1Br/1Ba $1,365 533 $2.61
2Br/1Ba $1,735 850 $2.06
RentalAverages
# Photo Vacancy %Building Total Units # Units Vacant
Year Built
5
1
2
3
4
SpaGym
PoolA/C
Balcony/Patio
Spa
Laundry Room
Picnic Area
Unit Type
CarportsLaundry Room
Rent Per SF
Comments
Pool
Rents SqFt
Laundry RoomPool
Clubhouse
Courtyard SettingLaundr Room
Remodeled Units
RENTAL SURVEY
Rimrock Apts $14,100,000 Studio: 1973 $227,419 $323.22 N/A 3.88%8420 Buckland St. 5/24/2018 1Br/1Ba: 48La Mesa 2Br/1Ba:
2Br/2Ba: 14Total: 62
Willow Glen $17,900,000 Studio 1961 $182,653 $304.35 10.5 5.20%3635 College Ave. 2/13/2019 1Br/1Ba 51San Diego 2Br/1Ba 46
3Br/2Ba 1Total: 98
The Dalton Apts. $6,925,000 Studio 1965 $197,857 $368.27 11.6 5.25%4333 College Ave. 10/24/2018 1Br/1Ba 33San Diego 2Br/1Ba 1
3Br/2Ba 1Total: 35
Regency Centre $14,710,000 Studio 1 1976 $147,100 $192.38 N/A N/A4765 Home Ave. 11/15/2018 1Br/1Ba 60San Diego 2Br/1Ba
2Br/2Ba 39Total: 100
Enclave $10,250,000 Studio 1970 $292,857 $354.06 N/A 5.00%5476 Kiowa Dr. 8/2/2018 1Br/1Ba 24La Mesa 2Br/1Ba
2Br/2Ba 11 Total: 35
4
# Photo CAP RatePrice/UnitSales Price Price/SqFt
1
Year BuiltBuilding Unit Type
Mix GRM
5
100% Occupied ATOSGym & Laundry Room
No Deferred MaintenancePool & Laundry Room
2
3
Comments
100% Occupied ATOSNew Roofs on 1/2 of the
buildings
Property
100% Occupied ATOS
Owners spent $10,000per unit on renovations
No Income InformationAvailable
PoolLaundry Room
2013 Renovation100% Occupied ATOS
75% new windows
Fully Renovated
Gym, Pool, & Laundry Room
Pool & Laundry Room
COMPARABLE SALES
Malwick Manor $7,765,000 Studio: 4 1965 $215,694 $265.79 N/A 4.00%4461 Menlo Ave. 1/29/2019 1Br/1Ba:San Diego 2Br/1Ba: 23
2Br/2Ba: 9Total: 36
Trolley Palm Apts $14,000,000 Studio 1972 $186,667 $205.39 12.8 4.80%4302 Palm Ave. 8/31/2018 1Br/1Ba 14La Mesa 2Br/2Ba 25
3Br/2Ba 36Total: 75
Fleetwood Apts $12,877,000 Studio 16 1973 $189,368 $281.26 N/A N/A7200 Saranac St. 2/23/2018 1Br/1Ba 36La Mesa 2Br/1Ba
2Br/2Ba 16Total: 68
Casa Serena $7,535,000 Studio 1975 $203,649 $254.27 12 5.70%6433 Shaules Ave. 7/2/2018 1Br/1BaSan Diego 2Br/1Ba 37
3Br/2BaTotal: 37
Sales Price Age $ Per Unit $ Per SF GRM CAP
$11,784,667 1970 $204,807 $283.22 11.73 4.83%Sales
Averages
13 Garages
Deferred Maintenance5 Units Vacant ATOSPool & Laundry Room
6
7
Laundry RoomPlayground
8
Out Of Country SellerDeferred Maintenance
Pool, Clubhouse, Sauna,
9
96% Occupied ATOS
No Income Info Available
100% Occupied ATOS
property
Laundry Room
Buyer plans to reposition
Price/SqFt GRM CAP Rate CommentsUnit Type
Mix Year Built Price/Unit# Photo Building Sales Price
COMPARABLE SALES
OLIVE AVENUE APARTMENTS - LOCATION MAP
OLIVE AVENUE APARTMENTS - AERIAL MAP
OLIVE AVENUE APARTMENTS - AERIAL PHOTO
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