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

1st St3rd St4th St

Ala

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a B

lvd

National Ave

Imperial Ave

Market St

Broadway

Ash St

B St

F StG St

Co

lum

bia

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28th

St

S 2

5th

St

30th

St

30th

St

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Hilltop Dr

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47t

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Nim

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Pacific Hw

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Sea World Dr

W Point Loma BlvdSports Arena Blvd

Fashion V

alley Rd

Midway Dr

Barnett Ave

secr

ans

St

N Harbor Dr

Washington St

1st

Ave

Cur

lew

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University AveUniversity Ave

Federal Blvd

El Cajon Blvd

Madison Ave

Adams Ave

Orange Ave

Monroe Ave

Texa

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Upas St

Redwood St

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undary St

Juniper St

30th

St

35th

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Robinson Ave

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AldineDr

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NAS North Island

San DiegoInternational

Airport

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

-

-

-

-

-

-

-

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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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