4586 hamilton street - loopnet · 4586 hamilton street 4586 hamilton street | san diego, ca...
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4586 HAMILTON STREET4586 Hamilton Street | San Diego, CAOFFERING MEMORANDUM
Robert DudekPresident & Broker Associate(619) 280-1400Lic: CA DRE Lic. 01037546, HIRB-21367, NMLS [email protected]
4586HAMILTONSTREET.COM
4586 Hamilton StreetCONTENTS
Exclusively Marketed by:
Robert DudekPresident & Broker AssociateLic: CA DRE Lic. 01037546, HI RB-21367, NMLS 313005(619) [email protected]
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 6 Unit Mix Summary 7 Location Summary 8
02 Property Description Property Features 10 Property Images 11
03 Rent Comps Rental Survey 16
04 Sale Comps Condo Sales 20
05 Rent Roll Rent Roll 23
06 Financial Analysis Income & Expense Analysis 25 Condo Sales Pro Forma 26
07 Demographics Demographics 28 Demographic Charts 30
IMPORTANT NOTICE
This offering memorandum has been prepared to provide summary, unverified financial
and physical information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a
substitute for a thorough due diligence investigation.
The information contained in this offering memorandum has been obtained from
sources we believe reliable; however, The Blu Summit Real Estate Group has not
verified, and will not verify, any of the information contained herein, nor has The Blu
Summit Real Estate Group conducted any investigation regarding these matters and
makes no warranty, guarantee or representation whatsoever regarding the accuracy or
completeness of the information provided.
The Blu Summit Real Estate Group has not made any investigation, and makes no
warranty or representation with respect to the present and future value, income or
expenses for the subject property, the future projected financial performance of the
property, the size and square footage of the property and improvements, the presence
or absence of contaminating substances, PCBs or asbestos, the compliance with local,
state and federal regulations, the physical condition of the improvements thereon, or
financial condition or business prospects of any tenant, or any tenant’s plans or
intentions to continue its occupancy of the subject property.
As the Buyer of real estate, it is your responsibility to independently confirm the
accuracy and completeness of all material information before completing any purchase.
Any materials and information provided by Seller and/or Broker, is not a substitute for
your thorough due diligence investigation of this opportunity. All potential Buyers must
take appropriate measures to verify all of the information set forth herein. Prospective
Buyers shall be responsible for their costs and expenses of investigating the subject
property.
The value of the property to Buyer depends on factors that should be evaluated by
Buyer and Buyer’s tax, financial, consultants and legal advisors. Buyer and Buyer’s tax,
financial, legal, consultants and all advisors should conduct a careful, independent
investigation of any property to determine to your satisfaction the suitability of the
property for your needs. Buyer is responsible for conducting Buyer’s own investigation
of all matters affecting the intrinsic value of the property and the value of any potential
future development or use of the property.
Like all real estate, this property carries significant risks. Buyer and Buyer’s consultants,
legal and financial advisors must request and carefully review all legal and documents
related to the property. Any info provided including fees and costs are not guaranteed
and should be verified by Buyer. These figures are subject to change at any time based
on market, economic, environmental or other conditions.
Any numbers, projections, opinions, assumptions or estimates used in this offering
memorandum as well as in all marketing and property-related materials are for example
only and do not represent the current or future performance or value of this property.
Property is sold strictly in “as is” condition and no repairs or improvements will be done
by Seller. Property’s construction is unfinished and there is an evidence of water leaks
and infiltrations as well as water damage, including mold, inside and outside of all units.
Property does not have an approved condo map and utilities are not connected. Shown
images are artist’s renderings, not actual pictures of property’s interiors and exteriors.
Property is in foreclosure filed by one or more of its creditors. In case of Short Sale,
Property Purchase Agreement, final price, terms and conditions, real estate
commissions and other details will be subject to property’s Lenders’ approvals.
By accepting this offering memorandum as well as other marketing and property-related
materials, Buyer(s) agree to release The Blu Summit Real Estate Group and Keller
Williams Realty, including their agents, brokers, representatives, employees, owners, as
well as the property’s Sellers and hold them harmless from any kind of claim, cost,
expense, or liability arising out of your investigation and/or purchase of this property.
This property is professionally marketed and brokered by The Blu Summit Real Estate
Group at Keller Williams Realty. Real Estate Broker of Record CA DRE Lic. 01524589,
Broker Associate Robert W. Dudek CA DRE Lic. 01037546, HI RB-21367, NMLS ID
313005. Corporate Office: 12780 High Bluff Dr. Ste. 130, San Diego, CA 92130, USA.
Phone: 1-888-994-4BLU(258), 619-280-1400, email: [email protected], web:
www.BluSummit.com .
Copyright © 2020 CREOP, LLC. All Rights Reserved.
4586 Ham
ilton Street | Executive Summ
ary
Executive Summary
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Investment Summary
Unit Mix Summary
Location Summary
4586 Hamilton Street Investment Summary | 06
OFFERING SUMMARYADDRESS 4586 Hamilton Street
San Diego CA 92116COUNTY San DiegoMARKET San DiegoSUBMARKET North ParkBUILDING SF 6,868 SFLAND SF 6,996NUMBER OF UNITS 4YEAR BUILT 2020APN 4451623600,4451623700OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $2,949,900PRICE PSF $429.51PRICE PER UNIT $737,475OCCUPANCY 95.00 %NOI (Completed Construction) $118,348CAP RATE (CompletedConstruction)
4.01 %
GRM (Completed Construction) 15.07GRM (Pro Forma) 14.63
PROPOSED FINANCINGLOAN TYPEDOWN PAYMENT $2,949,900LOAN AMOUNT $0INTEREST RATE 0.00 %LOAN TO VALUE 0 %
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 41,723 255,866 571,0232019 Median HH Income $58,102 $63,628 $62,6032019 Average HH Income $75,915 $89,668 $89,043
New Construction in North Park
Four Attached Luxury Townhomes
Private Balconies and Decks
One Block from Adams Avenue
Private Roof-Top Decks with Views
The Blu Summit Real Estate Group of Keller Williams Realty, as theexclusive listing agent, is pleased to present 4586 Hamilton Street, a newconstruction four-unit luxury townhome community located in theneighborhood of North Park, San Diego, California.
The unit sizes range from 1,695 to 1,729 square feet, all have threespacious bedrooms, including two master suites with large decks, threeand three and half baths and two-car garages with direct access. Eachresidence has a private roof-top deck with panoramic 360 degree views ofSan Diego.
The project's construction is unfinished, property is unoccupied, and itscondo plan has not been finalized. There is an evidence of water leaks,infiltration and resulting damage, including mold, inside the units and invarious parts of the project.
Upon remediation and completion of construction, the proposed future usecould be as a rental income property or for sale condominium townhomes,once the Condo Plan and other HOA documentation are finalized.
Based on the recent rental and sales comps, the rental income isestimated to be at $2.25 to 2.50 per square foot. If the units are sold ascondos, the estimated sales prices are $475 - $530 per square foot,depending on the quality of finishes and the overall market conditions.
This investment opportunity is most suitable for an experienced Builder,Contractor and/or Real Estate Investor. Please read the Important Noticeenclosed in the OM.
4586 Hamilton Street Unit Mix Summary | 07
Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent PSF Market Income
3 bd + 3 ba 3 1,713 $3,854 $2.25 $11,562 $4,282 $2.50 $12,8473 bd + 3.5 ba 1 1,729 $3,890 $2.25 $3,890 $4,322 $2.50 $4,322
Totals/Averages 4 1,717 $3,872 $2.25 $15,452 $4,302 $2.50 $17,169
4586 Hamilton Street Location Summary | 08
• 4586 Hamilton Street project is located approximately one blockfrom Adams Avenue, in the heart of North Park, which was namedby Forbes Magazine as one of the hippest urban neighborhoods inthe country.
Regional Map
Locator Map
4586 Ham
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Property Description
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Property Features
Pictures with Captions
4586 Hamilton Street Property Features | 10
PROPERTY FEATURESNUMBER OF UNITS 4BUILDING SF 6,868LAND SF 6,996YEAR BUILT 2020# OF PARCELS 2ZONING TYPE R-3TOPOGRAPHY LevelNUMBER OF STORIES 3NUMBER OF BUILDINGS 1NUMBER OF PARKING SPACES 8
4586 Hamilton Street Property Images | 11
Street View Rendering
4586 Hamilton Street Property Images | 12
Kitchen / Dining Room View Rendering
4586 Hamilton Street Property Images | 13
Kitchen View Rendering
4586 Hamilton Street Property Images | 14
Living Room View Rendering
4586 Ham
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omps
Rent Comps
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Uploaded Rent Comparables
Rental Survey
4586 Hamilton Street Rental Survey | 16
4586 Hamilton Street Rental Survey | 17
Information is believed to be accurate, but it shall not be relied upon.
4586 Hamilton Street Rental Survey | 18
4586 Ham
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ps
Sale Comps
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Uploaded Sales Comparables
Condo Sales
4586 Hamilton Street Condo Sales | 20
4586 Hamilton Street Condo Sales | 21
4586 Ham
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oll
Rent Roll
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Rent Roll Details
4586 Hamilton Street Rent Roll | 23
Unit Square Feet Unit Mix Monthly Rent PSF Market Rent1 1,722 3 bd + 3 ba $3,874 $2.25 $4,3052 1,695 3 bd + 3 ba $3,814 $2.25 $4,2373 1,729 3 bd + 3.5 ba $3,890 $2.25 $4,3224 1,722 3 bd + 3 ba $3,874 $2.25 $4,305
Totals/Averages $15,452 $2.25 $17,169Notes: NOTE: All units are currently vacant due to unfinished construction.
4586 Ham
ilton Street | Financial Analysis
Financial Analysis
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Income & Expense
Condo Sales Pro Forma
4586 Hamilton Street Income & Expense Analysis | 25
INCOME COMPLETEDCONSTRUCTION
Gross Potential Income $195,780
Less: General Vacancy $9,789
Effective Gross Income $185,991
Less: Expenses $67,643
Net Operating Income $118,348
EXPENSES COMPLETEDCONSTRUCTION
Real Estate Taxes $9,219 $36,875
Insurance $1,842 $7,368
Management Fee $1,500 $6,000
Marketing $300 $1,200
Repairs & Maintenance $1,500 $6,000
Water / Sewer $300 $1,200
Landscaping $750 $3,000
Administration $300 $1,200
Utilities $600 $2,400
Other Expenses $600 $2,400
Total Operating Expense $16,911 $67,643
Reserves $125 $500
Expense / SF $9.84
% of EGI 36.37 %
Per Unit
Expense Notes: All utilities, including trash, to be sub-metered and paid by each unit's tenant orowner. Utilities reflected on this estimate are for the common areas only.
REVENUE ALLOCATION
DISTRIBUTION OF EXPENSES
For Sale as Condo Units
Unit # BR / BA SF $ / SF Price Low Price High
1
3 BR / 3 BA
1,722
$475 / $525
$817,950
$904,050
2
3 BR / 3 BA
1,695
$475 / $525
$805,125
$889,875
3
3 BR / 3.5 BA
1,729
$480 / $530
$829,920
$916,370
4
3 BR / 3 BA
1,722
$475 / $525
$817,950
$904,050
Total
6,868
$3,270,945
$3,614,345
4586 Hamilton Street Condo Sales Pro Forma | 26
4586 Ham
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ographics
Demographics
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Demographic Details
Demographic Charts
4586 Hamilton Street Demographics | 28
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 40,048 238,978 516,689
2010 Population 39,562 240,311 531,277
2019 Population 41,723 255,866 571,023
2024 Population 43,434 265,734 596,651
2019-2024: Population: Growth Rate 4.05 % 3.80 % 4.40 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 1,978 10,398 22,911
$15,000-$24,999 1,708 8,790 19,497
$25,000-$34,999 1,981 9,810 19,880
$35,000-$49,999 3,558 14,131 26,955
$50,000-$74,999 4,560 20,847 40,261
$75,000-$99,999 3,448 14,160 28,008
$100,000-$149,999 3,111 18,051 36,187
$150,000-$199,999 1,074 8,271 15,713
$200,000 or greater 873 8,348 17,136
Median HH Income $58,102 $63,628 $62,603
Average HH Income $75,915 $89,668 $89,043
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 21,545 105,945 204,884
2010 Total Households 21,158 105,480 208,706
2019 Total Households 22,291 112,805 226,555
2024 Total Households 23,131 117,358 238,453
2019 Average Household Size 1.86 2.23 2.40
2000 Owner Occupied Housing 3,854 31,417 70,993
2000 Renter Occupied Housing 16,926 70,240 125,552
2019 Owner Occupied Housing 4,947 35,106 79,722
2019 Renter Occupied Housing 17,344 77,699 146,833
2019 Vacant Housing 1,048 6,456 16,445
2019 Total Housing 23,339 119,261 243,000
2024 Owner Occupied Housing 5,159 36,752 83,339
2024 Renter Occupied Housing 17,972 80,606 155,114
2024 Vacant Housing 1,015 6,420 16,710
2024 Total Housing 24,146 123,778 255,163
2019-2024: Households: Growth Rate 3.70 % 3.95 % 5.15 %
Source: esri
4586 Hamilton Street Demographics | 29
2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2019 Population Age 30-34 4,788 26,010 54,212
2019 Population Age 35-39 4,577 22,853 46,502
2019 Population Age 40-44 3,531 18,387 36,692
2019 Population Age 45-49 3,037 16,646 33,758
2019 Population Age 50-54 2,617 15,055 31,217
2019 Population Age 55-59 2,424 14,394 30,601
2019 Population Age 60-64 2,054 12,713 27,176
2019 Population Age 65-69 1,624 10,162 22,202
2019 Population Age 70-74 1,154 7,534 17,032
2019 Population Age 75-79 753 5,033 11,541
2019 Population Age 80-84 460 3,343 7,946
2019 Population Age 85+ 452 3,935 9,496
2019 Population Age 18+ 36,484 209,596 460,974
2019 Median Age 37 36 34
2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $61,809 $66,528 $65,161
Average Household Income 25-34 $78,335 $87,656 $85,964
Median Household Income 35-44 $69,008 $75,416 $76,942
Average Household Income 35-44 $86,742 $99,414 $101,333
Median Household Income 45-54 $67,338 $76,316 $77,603
Average Household Income 45-54 $86,537 $106,355 $107,921
Median Household Income 55-64 $57,686 $65,916 $67,240
Average Household Income 55-64 $74,522 $94,801 $97,007
Median Household Income 65-74 $43,250 $53,744 $52,804
Average Household Income 65-74 $60,423 $79,984 $80,333
Average Household Income 75+ $42,302 $58,773 $57,453
2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2024 Population Age 30-34 4,453 26,558 55,693
2024 Population Age 35-39 3,967 21,916 47,377
2024 Population Age 40-44 3,822 20,024 41,443
2024 Population Age 45-49 3,109 16,876 34,471
2024 Population Age 50-54 2,812 15,644 32,376
2024 Population Age 55-59 2,456 14,108 29,878
2024 Population Age 60-64 2,241 13,446 28,981
2024 Population Age 65-69 1,820 11,342 24,949
2024 Population Age 70-74 1,329 8,680 19,754
2024 Population Age 75-79 989 6,493 14,987
2024 Population Age 80-84 548 3,977 9,405
2024 Population Age 85+ 493 4,041 9,780
2024 Population Age 18+ 38,027 219,513 485,579
2024 Median Age 37 36 35
2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $75,715 $80,974 $79,265
Average Household Income 25-34 $92,764 $104,732 $102,520
Median Household Income 35-44 $82,452 $88,316 $89,951
Average Household Income 35-44 $104,639 $118,005 $119,591
Median Household Income 45-54 $80,574 $92,808 $93,928
Average Household Income 45-54 $104,388 $125,738 $127,478
Median Household Income 55-64 $67,901 $78,748 $79,416
Average Household Income 55-64 $90,792 $113,107 $114,426
Median Household Income 65-74 $53,767 $64,299 $62,438
Average Household Income 65-74 $76,925 $98,115 $97,350
Average Household Income 75+ $53,866 $73,606 $71,074
4586 Hamilton Street Demographic Charts | 30
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
4586 Hamilton Street Demographic Charts | 31
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
4586 Hamilton Street
Exclusively Marketed by:
Robert DudekPresident & Broker AssociateLic: CA DRE Lic. 01037546, HI RB-21367, NMLS 313005(619) [email protected]
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