brian raynoha m.b.a. offering memorandum …...list date 7/5/2016 3/26/2016 7/5/2016 3/15/2016...

©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 1

OFFERING MEMORANDUM FOR 12419 JULIAN AVENUE, LAKESIDE, CA 92040

PRICE: $729,000

4 UNIT INVESTMENT PROPERTY

Exclusively Listed by:

Brian Raynoha M.B.A.

Senior Associate

CalBRE # 01798711

858.869.9290

[email protected]


PROPERTY LOCATION Building Your Wealth Through

Apartment Investments

2973 Fir Street

12419 Julian Ave, Lakeside, CA 92040

AREA MAP

12419 Julian Ave


PROPERTY LOCATION Building Your Wealth Through


AERIAL MAP


91’

94’

162’ 164’

12419 Julian Ave is located in Lakeside, California. The property is on

a tree lined street with 4 total units.

12419 Julian Ave


Building Your Wealth Through


12419 Julian Ave, Lakeside, CA 92040 PROPERTY OVERVIEW

PROPERTY ADDRESS 12419 Julian Ave, Lakeside, CA 92040

ASSESSOR PARCEL NO. 539-225-15-00

LEGAL (EX ST WID) LOT 33 TR 3450

ZONNING R4

YEAR BUILT 1970

LOT SIZE 16,989 SQFT

BUILDING SIZE 3,360 SQFT

UNIT MIX 4 2 Bedroom 1 Bathroom

Quiet Neighborhood

Newer Roof

Onsite Parking

Laundry Facilities

Huge Lot

Spacious Floor Plan

Storage Rooms

12419 Julian Ave, a four-plex property located

in Lakeside, California. Constructed in 1970, the

property features four 840 SF 2BD/1BA Units on

a large beautifully landscaped 16,989 SF lot.

The property is surrounded by other similar

properties on a quiet tree lined street.

12419 Julian Ave is minutes from Lindo Lake,

Shopping and has easy access to State route

67. It is a short commute to major employment

centers.

12419 is a stable asset in the desirable rural

community of Lakeside. This property is a

renters and owners dream.

THE OFFERING

HIGHLIGHTS




12419 Julian Ave, Lakeside, CA 92040 PROPERTY OVERVIEW

PROPERTY PHOTOS


COMMUNITY DISCRIPTION Building Your Wealth Through


Lakeside is an unincorporated community nestled in the foothills

of the County of San Diego. The community offers a small town

living experience for its residents. Lakeside is a great

neighborhood to raise a family. It features one of the top school

districts in San Diego. Lindo Park, Lake El Captain, Lake Jennings

and San Vincent Reservoir are also highlights of the area,

providing bird watching, fishing, boating, and plenty of

recreation activities. The locals say that you know you are in

Lakeside when you occasionally have to stop your car to allow

horses or geese to cross the road!

Growing Out in Population and Lakes

Lakeside was founded in 1886 when 6,600 acres of land

surrounding the naturally occurring Lindo Lake was purchased by

the El Cajon Valley Land Company. Today, Lakeside is a census

designated place in San Diego County, California with a

population of 20,648 as of the 2010 census. Lakeside was first

named for the presence of the small, natural lake it was founded

around, Lindo Lake. Lakeside is now home to a trio of large

reservoirs in Lake Jennings, El Captain Reservoir and San Vicente

Reservoir.

Take a Spin at the Old Rodeo

Lakeside has long held a reputation as a "cowboy town" and

"rodeo town," due to the rural setting, the prevalence of ranches

and the abundant horse ownership in the area. Lakeside hosts an

8-acre permanent rodeo facility, the Lakeside Rodeo Grounds.

Lakeside is what country living is all about!


LAKESIDE


COMPARABLE PROPERTIES Building Your Wealth Through


SOLD COMPARABLES


COMPARABLE 1 2 3 4 AVERAGES

ADDRESS 12374-12380 Lakeshore Dr 12621 Lindo Lane 9338 Riverv iew Ave 9526-28 Edie Ln

Lakside, Ca Lakside, Ca Lakeside, Ca Lakeside, Ca

Zip 92040 92040 92040 92040

YR BUILT 1954 1973 1948 1941 1954

UNITS 4 4 3 2 3

PRICE $480,000 $563,500 $515,000 $475,000 $508,375

PRICE/UNIT $120,000 $140,875 $171,667 $237,500 $167,510

BLDG/SF 1,760 2,880 3,400 1,480 2,380

$/SF $272.73 $195.66 $151.47 $320.95 $235.20

UNIT MIX 4 1 Bed 1 Bath 4 2 Bedroom 1 Bath 1 2 Bedroom 1 Bath 2 2 Bedroom 2 Bath

2 3 Bedroom 1 Bath

NOTES Renovated Renovated

STATUS SOLD SOLD SOLD ACTIVE

DOM 41 156 11 46 64

SOLD DATE 6/16/2016 8/19/2016 11/12/2016

LIST DATE 4/9/2016

CAP RATE

(Market) 4.75% 5.20% 9.95% 6.63%

GRM

(Market) 12.31 13.60 9.75 6.22 10.47




1

2

3

4


12419 Julian Ave

1) 12374-12380 Lakeshore Dr 3) 9338 Riverv iew Ave

2) 12621 Lindo Lane 4) 9526-28 Edie Ln

MAP LEGEND

COMPARABLE PROPERTIES

SOLD COMPARABLES MAP


COMPARABLE PROPERTIES Building Your Wealth Through


ACTIVE COMPARABLES


COMPARABLE 1 2 3 4 AVERAGES

ADDRESS 9101 A-D Creekford Drive 12617 Lindo Ln 9111 Creekford Dr 12512 Julian Ave

Lakside, Ca Lakside, Ca Lakeside, Ca Lakeside, Ca

Zip 92040 92040 92040 92040

YR BUILT 1959 1973 1920 1951 1951

UNITS 4 3 4 2 3

PRICE $750,000 $649,999 $515,000 $399,999 $578,750

PRICE/UNIT $187,500 $216,666 $128,750 $200,000 $183,229

BLDG/SF 3,024 2,200 1,856 1,484 2,141

$/SF $248.02 $295.45 $277.48 $269.54 $272.62

UNIT MIX 4 2 Bed 1 Bath 3 2 Bed 1 Bath 1 Studio 1 1 Bed 1 Bath

2 1 Bed 1 Bath 1 3 Bed 2 Bath

1 2 Bedroom 1 Bath

STATUS ACTIVE ACTIVE ACTIVE ACTIVE

DOM 14 115 14 126 67

LIST DATE 7/5/2016 3/26/2016 7/5/2016 3/15/2016




1

2

3

4


12419 Julian Ave

1) 9101 A-D Creekford Drive 3) 9111 Creekford Dr

2) 12617 Lindo Ln 4) 12512 Julian Ave

MAP LEGEND

ACTIVE COMPARABLES MAP

COMPARABLE PROPERTIES


RENTAL SURVEY Building Your Wealth Through


RENTAL SURVEY


# PROPERTY NAME YEAR BUILT OCCUPANCY FEATURES RENT $ SqFt $/SqFT

Laurel Street Apartments 2015 90% $1,425 825 $1.73

1 12719 Laurel St

Lakeside, CA

92040

12369 Lakeshore Dr 1986 95% $1,295 725 $1.79

2 Lakeside, CA

92040

12625 Maplev iew St 1978 95% $1,295 840 $1.54

3 Lakeside, CA

92040

12560 Laurel St 1955 91% $1,225 780 $1.57

4 Lakeside, CA

92040

YEAR BUILT OCCUPANCY RENT $ SqFt $/SqFT

1984 93% $1,310 793 $1.66

10 2 Bed 1 Bath

11

21

2 Bed 1 Bath

2 Bed 1 Bath

TOTAL UNITS UNIT MIXPROPERTY PHOTO

Brand New,

Off-Street Parking,

W/D Hookups

Renovated,

Laundry On-Site,

Off-Street Parking

RENTAL AVERAGES UNIT MIX

2 Bed 1 Bath 16

22 2 Bed 1 Bath

Private Yard, Off-

Street Parking,

Laundry On-Site

Pool, Off-Street

Parking, Laundry

On-Site

TOTAL UNITS


RENTAL SURVEY Building Your Wealth Through


1

2

3

4


12419 Julian Ave

1) Laurel Street Apartments 3) 12625 Maplev iew St

2) 12369 Lakeshore Dr 4) 12560 Laurel St

MAP LEGEND

RENTAL SURVEY MAP


EXECUTIVE SUMMARY Building Your Wealth Through


EXECUTIVE SUMMARY


# Units City State Zip

12419 Julian Ave Lakeside CA 92040

GRM CAP Rate %

Price Current Market Current $ / Unit $ / Sq Ft

29.07 12.05 0.79% $182,250 $216.96

Estimated Average Monthly Income Analysis Estimated Operating Expenses

No. Floor Plan Rent Total Market Rent Total Actual PROFORMA

1 2 Bedroom 1 Bathroom $1,060 $1,060 $1,250 $1,250 Mgt-Off Site $0 Mgt-Of Site $0

1 2 Bedroom 1 Bathroom $1,030 $1,030 $1,250 $1,250 Mgt-On Site $0 Mgt-On Site $0

2 2 Bedroom 1 Bathroom $0 $0 $1,250 $2,500 Gas & Elec. $840 Gas & Elec. $840

Wrt & Swr $1,920 Wrt & Swr $1,920

Landscaping $1,860 Landscaping $1,860

Trash $1,080 Trash $1,080

Pest Control $0 Pest Control $0

Maintenance $2,000 Maintenance $2,000

Fire & Gate $100 Fire & Gate $100

Insurance $1,250 Insurance $1,250

4 Actual $2,090 Market $5,000 Taxes $8,748 Taxes $8,748

Licenses & Fees $0 Licenses & Fees $0

Reserves $800 Reserves $800

Laundry Income $0 $40 Total $18,598 Total $18,598

Other Income $0 $0

Total Monthly Other Income $0 $40 Total Expenses Per Est Sq Ft: $5.54 Total Expenses Per Est Sq Ft: $5.54

Total Expenses Per Unit: $4,650 Total Expenses Per Unit: $4,650

Total Rental & Other Income $2,090 $5,040 Total Expenses Per GSI: 74.15% Total Expenses Per GSI: 30.75%

Annual Operating Proforma Financing Information

Actual Proforma Down Payment 30% Amount $218,700.00

Gross Rental Income $25,080 $60,000 Interest Rate 4.0%

Plus Other Income $0 $480 # of Years Amortized Over 30

Gross Scheduled Income $25,080 $60,480 Proposed Loan Amount Amount $510,300

Less: Vacancy Factor 3% $752 $1,814 Loan Points 0%

Gross Operating Income $24,328 $58,666 Other Loan Costs $0

Less: Operating Expenses 74.15% $18,598 $18,598

Net Operating Income $5,730 $40,068 Deb Coverage Ratio Current $0.20 Market $1.37

Less: First TD Payments ($29,235) ($29,235) Property Description & Amenities

Pre-Tax Cash Flow ($23,505) $10,833

Cash On Cash Return -10.75% 4.95%

Principal Reduction $8,987 $8,987

Total Potential Return -6.64% 9.06%

Contact Information

Financing Costs 0 $0 Name Brian Raynoah CalBRE#

Down Payment $218,700 $218,700 Cell: 858.869.9290 Email: [email protected]

Total 1st Year Cost $218,700 $218,700 2635 Camino Del Rio South #300, San Diego, CA, 92108

O1798711

$729,000

Address

Charming 4 unit complex located in Lakeside. All Two bedroom one bathroom. On- Site Laundry.

Market

5.50%

Rentable Sq Ft

3,360

Lot SizeYear Built (Approx.)

1973 16,9884


Brian Raynoha

Senior Associate

CalBRE # 01798711

858.869.9290

[email protected]

ACI is the most successful income property brokerage

firm in San Diego County. Since 1982, we have

specialized in apartment and investment property

transactions, and maintained a solid performance

despite changing economic cycles. With an average of

more than 140 closed escrows per year, ACI has closed

more San Diego County income property escrows than

any other firm in the county – that’s more properties than the number two and number three firms

combined. Whether you’re new to apartment investing

or an experienced investor looking to upgrade your

portfolio, ACI is the right choice to achieve your

long-term investment goals.

2635 Camino Del Rio South, Suite 300

San Diego, CA 92108

Phone: 619.299.3000 Fax: 619.295.3737

www.Aciapartments.com

brian raynoha m.b.a. offering memorandum …...list date 7/5/2016 3/26/2016 7/5/2016 3/15/2016...

Documents