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4 Units | South Mission Beach | 737-43 Avalon Court, San Diego, CA, 92109
OFFER
ING
MEM
OR
AND
UM
TROPHY SOUTH MISSION APARTMENT BUILDING
4 Units | South Mission BeachCONTENTS
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 5 Unit Mix Summary 6 Location Summary 7
02 Property Description Property Features 9 Aerial Map 10 Property Images 11
03 Financial Analysis Income & Expense Analysis 36 Cash Flow Analysis 37 Proforma_737 Avalon (1) 39 737 Avalon Court 2 40
04 Demographics Demographics 42 Demographic Charts 44
Exclusively Marketed by:
Jeff DillerSenior Associate619-501-9070License # BRE# [email protected]
Exclusively Marketed by:
Abe PeaySenior Associate858-284-0371License # BRE#01935689
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from South Coast Commercial Inc.and it should not be made available to any other person or entity without the written consent of South Coast Commercial Inc..
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees thatrecipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to South CoastCommercial Inc.. This offering memorandum has been prepared to provide summary, unverified financial and physical 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 diligence investigation. South Coast Commercial Inc. has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvementsthereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained from sources we believe reliable; however, South Coast Commercial Inc. has not verified, and will not verify, any of theinformation contained herein, nor has South Coast Commercial Inc. conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding theaccuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsiblefor their costs and expenses of investigating the subject property.
4 Units | South Mission Beach Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT SOUTH COAST COMMERCIAL INC. FOR MORE DETAILS.Copyright © 2020 CREOP, LLC. All Rights Reserved.
4 Units | South M
ission Beach | Executive Sum
mary
Executive Summary
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Investment Summary
Unit Mix Summary
Location Summary
4 Units | South Mission Beach Investment Summary | 05
OFFERING SUMMARYADDRESS 737-43 Avalon Court
San Diego CA 92109COUNTY San DIegoMARKET Coastal San DiegoSUBMARKET South Mission BeachBUILDING SF 3,704 SFLAND SF 4,713NUMBER OF UNITS 4YEAR BUILT 1959OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $2,799,000PRICE PSF $755.67PRICE PER UNIT $699,750OCCUPANCY 98.00 %NOI (CURRENT) $79,809NOI (Pro Forma) $262,154CAP RATE (CURRENT) 2.85 %CAP RATE (Pro Forma) 6.5 %GRM (CURRENT) 21.05GRM (Pro Forma) 8.75
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 7,579 86,460 197,0302019 Median HH Income $68,263 $81,633 $87,8482019 Average HH Income $92,771 $109,743 $122,179
We are pleased to present for sale 737-743 Avalon Court, an extremely rare opportunity to own (4) large units, on a double wide lot in South Mission Beach that is just steps to the sand. The unit mix here is comprised of (2) Two bedroom / one bath units, (1) three bedroom / two bath unit, and (1) three bedroom / one and a half bath unit. The property is currently occupied by long term market rate tenants, but future owners should consider operating this as a short-term vacation rental to truly capitalize on the location. Also consider future development potential on this double wide lot. Buyer to verify all ability to build up third story and/or complete condo conversion of current units for individual sale. Current zoning is MBPD-RS.
4 Units | South Mission Beach Unit Mix Summary | 06
Unit Mix # Units Current Rent Monthly Income Market Rent Market Income2 bd + 1 ba 2 $2,245 $4,490 $5,676 $11,352
3 bd + 1.5 ba 1 $3,295 $3,295 $7,396 $7,3963 bd + 2 ba 1 $3,295 $3,295 $7,917 $7,917
Totals/Averages 4 $2,945 $11,080 $6,996 $26,665
4 Units | South Mission Beach Location Summary | 07
• Housing prices within a half-mile from 737 Avalon Courtare some of the highest in San Diego County. Accordingto Metrostudy, the one-year period from March 1, 2019 toFebruary 29, 2020 posted an average resale price for asingle-family (detached) residence of $1,597,500 while theaverage resale price for a townhouse-condo was$1,452,441. Detached prices were 103% higher than thecountywide average resale price of $787,549 whileattached prices were 186% higher than the countywideaverage resale price of $508,714. Average householdincome within the 92109 Zip Code stood at $107,488 in2019. The area within a half-mile radii of 737 Avalon Courthad an average household income at $126,758. Thisequates to 17.2% higher income than the countywideaverage household income of $108,186. Mission Beachhas a younger resident base in comparison the overallcounty. The median age in San Diego County stands at35.9 years compared to 32.5 years in the 92109 Zip Codeand 35.3 years within five miles of the subject property
• The peninsula of Mission Beach is located just south ofPacific Beach, a beach community that stretches fromthe beach to Interstate 5 and from La Jolla to MissionBay. Mission Beach is situated between the PacificOcean and Mission Bay, which is famous forencompassing Sea World, as well as many beautifulharbors. Mission Bay hosts sailing, as well as fishing,whale watching excursions, and motor sports like jetskiing and water skiing, as well as calmer sports likestand-up paddle boarding and sailboarding. An annualfestival and tournament is hosted on Mission Bay’sFiesta Island for the popular sport called “over the line.”The sport is played like baseball, but without runners,permitting the players to engage in adult beverages andpeople-watching. People watching is one of the mostpopular sports on the Boardwalk, making the ocean frontproperties the ideal setting for a long day of enjoying afew drinks and people watching. From the patio of nearlyany ocean front condo, you can watch the people go by,whether beach beauties or hard bodies, or wonky artistson vintage bicycles, or roller bladers, joggers, and anoccasional skateboarding dog. Out a little further on theocean, a dog may surf, but mostly people surf in thewaves, or ride their boogie boards in the beautiful blue-green ocean.
Locator Map
Regional Map
4 Units | South M
ission Beach | Property D
escription
Property Description
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Property Features
Aerial Map
Parcel Map
Additional Maps
Pictures with Captions
4 Units | South Mission Beach Property Features | 09
PROPERTY FEATURESNUMBER OF UNITS 4BUILDING SF 3,704LAND SF 4,713YEAR BUILT 1959# OF PARCELS 1ZONING TYPE MBPD-RSNUMBER OF STORIES 2NUMBER OF BUILDINGS 1NUMBER OF PARKING SPACES 8PARKING RATIO 2:1WASHER/DRYER Hookups in Both 3bd Units
UTILITIESWATER OwnerGAS TenantELECTRIC Tenant
CONSTRUCTIONFOUNDATION SlabFRAMING WoodEXTERIOR Wood/StuccoPARKING SURFACE ConcreteROOF CompositeLANDSCAPING Mature
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4 Units | South M
ission Beach | Financial A
nalysis
Financial Analysis
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Income & Expense
Multiyear Cash Flow Projections
Proforma_737 Avalon (1)
737 Avalon Court 2
4 Units | South Mission Beach Income & Expense Analysis | 36
INCOME CURRENT PRO FORMAGross Potential Income $132,960 $319,980
Less: General Vacancy $3,324 $8,000
Effective Gross Income $129,636 $311,981
Less: Expenses $49,827 $49,827
Net Operating Income $79,809 $262,154
EXPENSES CURRENT PRO FORMA
Gas & Electric $180 $720 $180 $720
Water & Sewer $780 $3,120 $780 $3,120
Maintenance $600 $2,400 $600 $2,400
Pest Control $100 $400 $100 $400
Management $1,315 $5,259 $1,315 $5,259
Insurance $875 $3,500 $875 $3,500
Taxes $8,607 $34,428 $8,607 $34,428
Total Operating Expense $12,457 $49,827 $12,457 $49,827
Expense / SF $13.45 $13.45
% of EGI 38.44 % 15.97 %
Per Unit Per Unit
REVENUE ALLOCATIONCURRENT
DISTRIBUTION OF EXPENSESCURRENT
4 Units | South Mission Beach Cash Flow Analysis | 37
CASH FLOWCalendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Gross Potential RevenueGross Rental Income $132,960 $319,980 $335,979 $352,778 $370,417 $388,938 $408,385 $428,804 $450,244 $472,756Gross Potential Income $132,960 $319,980 $335,979 $352,778 $370,417 $388,938 $408,385 $428,804 $450,244 $472,756General Vacancy $3,324 $8,000 $10,079 $10,583 $11,113 $11,668 $12,252 $12,864 $13,507 $14,183Effective Gross Income $129,636 $311,981 $325,900 $342,195 $359,304 $377,270 $396,133 $415,940 $436,737 $458,574Operating ExpensesGas & Electric $720 $720 $742 $764 $787 $810 $835 $860 $886 $912Water & Sewer $3,120 $3,120 $3,214 $3,310 $3,409 $3,512 $3,617 $3,725 $3,837 $3,952Maintenance $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400Pest Control $400 $400 $412 $424 $437 $450 $464 $478 $492 $507Management $5,259 $5,259 $5,417 $5,579 $5,747 $5,919 $6,097 $6,280 $6,468 $6,662Insurance $3,500 $3,500 $3,605 $3,713 $3,825 $3,939 $4,057 $4,179 $4,305 $4,434Taxes $34,428 $34,428 $35,461 $36,525 $37,620 $38,749 $39,911 $41,109 $42,342 $43,612Total Operating Expense $49,827 $49,827 $51,250 $52,715 $54,225 $55,780 $57,381 $59,030 $60,729 $62,479Net Operating Income $79,809 $262,154 $274,650 $289,479 $305,080 $321,490 $338,752 $356,909 $376,007 $396,094
Effective Gross Income vs Operating Expenses Cash Flow
4 Units | South Mission Beach Cash Flow Analysis | 38
Calendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Financial MetricsCash on Cash Return b/t 2.85 % 9.37 % 9.81 % 10.34 % 10.90 % 11.49 % 12.10 % 12.75 % 13.43 % 14.15 %CAP Rate 2.85 % 9.37 % 9.81 % 10.34 % 10.90 % 11.49 % 12.10 % 12.75 % 13.43 % 14.15 %Operating Expense Ratio 38.43 % 15.97 % 15.72 % 15.40 % 15.09 % 14.78 % 14.48 % 14.19 % 13.90 % 13.62 %Gross Multiplier (GRM) 21.05 8.75 8.33 7.93 7.56 7.20 6.85 6.53 6.22 5.92Breakeven Ratio 38.44 % 15.97 % 15.73 % 15.41 % 15.09 % 14.79 % 14.49 % 14.19 % 13.91 % 13.62 %Price / SF $755.67 $755.67 $755.67 $755.67 $755.67 $755.67 $755.67 $755.67 $755.67 $755.67Price / Unit $699,750 $699,750 $699,750 $699,750 $699,750 $699,750 $699,750 $699,750 $699,750 $699,750Income / SF $34.99 $84.22 $87.98 $92.38 $97.00 $101.85 $106.94 $112.29 $117.90 $123.80Expense / SF $13.45 $13.45 $13.83 $14.23 $14.63 $15.05 $15.49 $15.93 $16.39 $16.86
4655 Cass St. suite 306San Diego, CA 92109
CA BRE #01406900
737 Avalon Ct, Mission Beach
PROPERTY HIGHLIGHTS
4 Units ☆ Unit Mix 2 - 2BD/1BA + 1 - 3BD/1.5BA + 1 - 3BD/2BA ☆ 3,704esf total
Steps to Ocean ★ 2 Levels ★ Desireable South MB ★ Onsite Parking ★ Rent Any Mix
PROFORMA INCOME *assumes units refreshed
2BD/1BA # Weeks $ Weekly Rate % Occupancy # Units $ Income
Base 18 $1,470 50% 2 26,460$
Low Shoulder 8 $1,750 55% 2 15,400$
High Shoulder 7 $2,100 60% 2 17,640$
Off Peak 13 $2,450 70% 2 44,590$
Peak 6 $2,975 90% 2 32,130$
Gross Income 136,220$
3BD/1.5BA
Base 18 $1,925 50% 1 17,325$
Low Shoulder 8 $2,275 55% 1 10,010$
High Shoulder 7 $2,695 60% 1 11,319$
Off Peak 13 $3,220 70% 1 29,302$
Peak 6 $3,850 90% 1 20,790$
Gross Income 88,746$
3BD/2BA
Base 18 $2,030 50% 1 18,270$
Low Shoulder 8 $2,416 55% 1 10,629$
High Shoulder 7 $2,800 60% 1 11,760$
Off Peak 13 $3,325 75% 1 32,419$
Peak 6 $4,060 90% 1 21,924$
Gross Income 95,002$
Total Combined Gross Income 319,968$
PROFORMA OPERATING EXPENSE
Management Fees (15%) 47,995$
Credit Card Processing Fees (2.5%) 7,999$
HOA Fees -$
Utilities (Gas & Elec, Cable TV, Wifi, Water) 18,000$
Marketing (photos, aerials, annual website dues) 3,300$
15,000$
Supplies 7,500$
Total Operating Expenses 99,794$
PROFORMA NET OPERATING INCOME (before Property Tax & Insurance) 220,173$
Repairs & Maintenance (interior + exterior)
4 Units | South Mission Beach Proforma_737 Avalon (1) | 39
# Units Zip4 92106
Mission Beach
Current Market Current Market21.1 8.7 2.9% 6.5%
Gross Sq. Ft. Parcel Size(Approx.) (Approx.) (Approx.)$755.67 3,704 4,713
# Units Type Rent TotalGas & Electric $720 Management $5,212Water & Sewer $3,120 Insurance $3,500
2 2bed/1Bath $2,245 $4,490 Trash Removal $0 Taxes $34,4281 3Bed/1.5Bath $3,295 $3,295 Maintenance $2,4001 3Bed/2Bath 3,295.000$ 3,295.00$ Pest $400
Landscaping 2,400$ Laundry Total Monthly Income $11,080
Total Annual Operating Expenses (estimated): $49,780
2 2Bed/1Bath $5,676 $11,352 Expenses Per: Unit $12,4451 3Bed/1.5Bath $7,396 $7,396 % of Actual GSI 37%1 3Bed/2Bath $7,917 $7,917
Laundry Total Monthly Income $26,664Estimated Annual Operating Proforma Financing Summary
Actual Market ****Gross Scheduled Income $132,960 $319,968 Downpayment: $2,799,000Less: Vacancy Factor 2% $2,659 $0 100%Gross Operating Income $130,301 $319,968 Interest Rate: 3.750%Less: Expenses 37% $49,780 $137,722 Amortized over: 30 YearsNet Operating Income $80,521 $182,246 Proposed Loan Amount: $0
Less: 1st TD Payments $0 $0 Debt Coverage Ratio:Current: #DIV/0!
Pre-Tax Cash Flow $80,521 $182,246 Market: #DIV/0!Cash On Cash Return 2.9% 6.5%Principal Reduction $0 $0Total Potential Return (End of Year One) 2.9% 6.5%
**Refer to attached Vacation rental pro forma.
APARTMENT INVESTMENT INFORMATION
advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Comments
Estimated Annual Operating Expenses
Yr. Built(Approx.)
1959
737 Avalon Court
$/Square Foot
$699,750.00
2
Estimated Market Rents as VACATION RENTAL
Estimated Actual Average Rents
The information contained herein has been obtained from sources believed reliable. While South Coast Commercial does not doubt its accuracy, we have not verified it and make no guarantee,
warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates are used for
example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax, financial and legal advisors. You and your
Map Code
$2,799,000
Address CitySan Diego
GRM CAP Rate$/UnitPrice
4 Units | South Mission Beach 737 Avalon Court 2 | 40
4 Units | South M
ission Beach | D
emographics
Demographics
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Demographic Details
Demographic Charts
4 Units | South Mission Beach Demographics | 42
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 7,718 81,159 184,244
2010 Population 7,402 83,963 189,497
2019 Population 7,579 86,460 197,030
2024 Population 7,674 87,844 202,769
2019 African American 128 2,432 6,285
2019 American Indian 44 484 1,124
2019 Asian 233 3,564 12,058
2019 Hispanic 965 12,888 33,777
2019 Other Race 351 4,334 11,667
2019 White 6,425 70,980 155,015
2019 Multiracial 379 4,416 10,245
2019-2024: Population: Growth Rate 1.25 % 1.60 % 2.90 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 214 2,952 5,633
$15,000-$24,999 398 2,499 4,601
$25,000-$34,999 221 2,191 4,406
$35,000-$49,999 590 4,018 7,878
$50,000-$74,999 792 7,188 13,448
$75,000-$99,999 572 5,886 11,283
$100,000-$149,999 776 8,079 16,132
$150,000-$199,999 215 4,118 9,272
$200,000 or greater 332 4,607 12,407
Median HH Income $68,263 $81,633 $87,848
Average HH Income $92,771 $109,743 $122,179
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 4,777 43,603 86,959
2010 Total Households 4,022 40,618 82,308
2019 Total Households 4,111 41,544 85,069
2024 Total Households 4,146 42,035 87,781
2019 Average Household Size 1.82 2.01 2.12
2000 Owner Occupied Housing 678 13,924 37,642
2000 Renter Occupied Housing 3,526 26,887 44,687
2019 Owner Occupied Housing 628 13,447 36,607
2019 Renter Occupied Housing 3,483 28,097 48,462
2019 Vacant Housing 710 3,853 6,393
2019 Total Housing 4,821 45,397 91,462
2024 Owner Occupied Housing 655 13,792 37,593
2024 Renter Occupied Housing 3,492 28,243 50,188
2024 Vacant Housing 723 3,961 6,571
2024 Total Housing 4,869 45,996 94,352
2019-2024: Households: Growth Rate 0.85 % 1.20 % 3.15 %
Source: esri
4 Units | South Mission Beach Demographics | 43
2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2019 Population Age 30-34 1,146 11,227 19,986
2019 Population Age 35-39 739 7,474 15,777
2019 Population Age 40-44 473 4,943 11,592
2019 Population Age 45-49 341 4,198 10,206
2019 Population Age 50-54 327 4,251 10,209
2019 Population Age 55-59 350 4,311 10,878
2019 Population Age 60-64 355 4,246 10,514
2019 Population Age 65-69 283 3,622 9,098
2019 Population Age 70-74 171 2,868 7,579
2019 Population Age 75-79 100 1,743 5,297
2019 Population Age 80-84 47 1,177 3,611
2019 Population Age 85+ 58 1,658 4,900
2019 Population Age 18+ 7,096 75,799 170,946
2019 Median Age 33 34 35
2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $70,264 $80,566 $82,894
Average Household Income 25-34 $87,517 $96,742 $102,532
Median Household Income 35-44 $73,060 $92,526 $101,396
Average Household Income 35-44 $93,702 $123,842 $136,544
Median Household Income 45-54 $78,134 $113,453 $121,988
Average Household Income 45-54 $108,933 $151,310 $164,572
Median Household Income 55-64 $77,994 $95,554 $105,706
Average Household Income 55-64 $118,985 $132,367 $148,188
Median Household Income 65-74 $58,362 $71,112 $79,048
Average Household Income 65-74 $88,428 $103,653 $116,071
Average Household Income 75+ $66,946 $75,677 $90,096
2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2024 Population Age 30-34 1,093 10,835 19,528
2024 Population Age 35-39 794 7,977 16,011
2024 Population Age 40-44 558 5,927 13,715
2024 Population Age 45-49 372 4,420 10,857
2024 Population Age 50-54 340 4,088 10,069
2024 Population Age 55-59 345 4,126 9,992
2024 Population Age 60-64 351 4,174 10,713
2024 Population Age 65-69 331 3,818 9,765
2024 Population Age 70-74 207 3,100 8,301
2024 Population Age 75-79 136 2,415 6,762
2024 Population Age 80-84 64 1,491 4,442
2024 Population Age 85+ 63 1,671 5,006
2024 Population Age 18+ 7,177 77,251 176,693
2024 Median Age 34 35 36
2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $77,904 $89,822 $92,359
Average Household Income 25-34 $95,504 $108,967 $115,435
Median Household Income 35-44 $79,593 $101,950 $109,236
Average Household Income 35-44 $101,331 $138,775 $150,989
Median Household Income 45-54 $84,793 $120,302 $130,735
Average Household Income 45-54 $116,106 $165,320 $179,286
Median Household Income 55-64 $85,395 $104,673 $114,506
Average Household Income 55-64 $125,868 $146,263 $162,842
Median Household Income 65-74 $61,495 $80,152 $87,593
Average Household Income 65-74 $90,720 $118,843 $131,506
Average Household Income 75+ $72,051 $89,403 $103,959
4 Units | South Mission Beach Demographic Charts | 44
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
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2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
4 Units | South Mission Beach
powered by CREOP
Exclusively Marketed by:
Jeff DillerSenior Associate619-501-9070License # BRE# [email protected]
Exclusively Marketed by:
Abe PeaySenior Associate
License # BRE#[email protected]
858-248-0371