633 east park ave | el cajon | california | 92020 · pdf file633 east park, el cajon, ca 92020...
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633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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
633 East Park Ave | El Cajon | California | 92020 Brian Raynoha CalBRE: #01798711 858.869.9290 [email protected]
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 2
PROPERTY OVERVIEW
THE PROPERTY 3
PHOTOGRAPHS 4
INVESTMENT SUMMARY 6
COMPARABLE PROPERTIES
SALE COMPAREABLES 7
SALE COMPAREABLES MAP 8
SALES COMPAREABLES GRAPHS 9
RENTAL SURVEY 10
RENTAL SURVEY MAP 11
PROPERTY LOCATION
REGIONAL MAP 12
LOCAL MAP 13
NEIGHBORHOOD DEMOGRAPHICS 14
16 Units– Pride of Ownership
TABLE OF CONTENTS
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 3
The Lark Apartments, is a sixteen unit complex
located in the rental market of El Cajon, California.
The subject property is situated on a 16,122 square
foot lot and is comprised of sixteen 1-bedroom / 1-
bathroom units. The property offers tenants a
desirable place to live with close proximity to
downtown El Cajon, shopping, schools,
employment centers and freeways.
THE PROPERTY
PROPERTY OVERVIEW
Spacious Floor Plans
Off-Street Parking
Laundry On– Site (108 SQFT)
Centralized El Cajon location
Forced Air Conditioning & Heat
10 Units have been Renovated
Recently Painted
Well Maintained
Maintenance Storage Room (108 SQFT)
PROPERTY HIGHLIGHTS
Offered At $2,650,000
633 East Park Ave
El Cajon, CA 92020
UNIT NO. 16 Units
LOT SIZE 16,122 SQFT 0.37 Acres
Estimated SQFT 10,245 - Estimated
UNIT MIX 16– 1 Bed 1 Bath
Type of Ownership Fee Simple
UNIT MIX 16– 1 Bed 1 Bath
Parking 20 Open Spaces
ASSESSOR PARCEL NO. 488-113-16
GRM / Market GRM 13.01 / 11.52
CAP RATE/ Market CAP 4.58 % / 5.49 %
Price/ Unit $165,625
Price/ SQFT $165,625
PROPERTY ADDRESS
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 4
PROPERTY PICTURES
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 5
PROPERTY PICTURES
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 6
INVESTMENT SUMMARY
Investment Summary
# Units City State Zip
16 633 E. Park Ave El Cajon CA 92020GRM CAP Rate %
Price Current Market Current $ / Unit $ / Sq Ft
13.01 11.52 4.58% $165,625 $264Estimated Average Monthly Income Analysis Estimated Operating Expenses
No. Rent Total Market Rent Total Actual PROFORMA6 $995 $5,970 $1,195 $7,170 Mgt-Off Site $12,182 Mgt-Of Site $13,766
10 $1,095 $10,950 $1,195 $11,950 Mgt-On Site $3,750 Mgt-On Site $3,000Gas & Elec. $2,100 Gas & Elec. $2,100Wrt & Swr $6,568 Wrt & Swr $6,568Landscaping $1,800 Landscaping $1,800
16 Actual $16,920 Market $19,120 Trash $2,732 Trash $2,732Pest Control $0 Pest Control $495Maintenance $12,000 Maintenance $12,000
Laundry Income (Leased) $50 $50 Fire & Gate $100 Fire & Gate $100Other Income $0 $0 Insurance $3,136 Insurance $3,136Total Monthly Other Income $50 $50 Taxes $28,578 Taxes $28,578
Licenses & Fees $130 Licenses & Fees $130Total Rental & Other Income $16,970 $19,170 Reserves $3,200 Reserves $3,200
Annual Operating Proforma Total $76,276 Total $77,605Actual Proforma
Gross Rental Income $203,040 $229,440 Total Expenses Per Est Sq Ft: $7.61 Total Expenses Per Est Sq Ft: $7.74Plus Other Income $600 $600 Total Expenses Per Unit: $8 Total Expenses Per Unit: $4,850Gross Scheduled Income $203,640 $230,040 Total Expenses Per GSI: 37.46% Total Expenses Per GSI: 33.74%Less: Vacancy Factor 3% $6,109 $6,901 Financing InformationGross Operating Income $197,531 $223,139 Down Payment 33% Amount $865,000 Less: Operating Expenses 37.46% $76,276 $77,605 Interest Rate 3.9%Net Operating Income $121,254 $145,533 # of Years Amortized Over 30
Proposed Loan Amount Amount $1,785,000 Less: First TD Payments ($101,031) ($101,031) LTV 33%
Pre-Tax Cash Flow $20,223 $44,502 Cash On Cash Return 2.34% 5.14% Deb Coverage Ratio Current 1.20 Market 1.44Principal Reduction $31,984 $31,984 Total Potential Return 6.04% 8.84%
Contact InformationName Brian Raynoha MBA CalBRE#
Down Payment $865,000 $865,000 Cell: 858.869.9290 Email: [email protected] 1st Year Cost $865,000 $865,000 2525 Camino Del Rio South #155, San Diego, CA, 92108
$2,650,000
Address
Market
5.49%
Estimated Rentable Sq Ft
10,029
Lot SizeYear Built (Est.)16,122
Floor Plan1 Bedroom 1 Bathroom 1 Bedroom 1 Bathroom
1798711
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 7
COMPAREABLE PROPERTIES
COMPAREABLE SALES # Price Sale Date Units
Price/
Unit SQFT
Price/
SQFT
Year
Built
Market
GRM
Market
CAP Unit Mix Notes
1989-999 Leslie Rd.
El Cajon, CA 92020$3,000,000 2/14/2017 16 $187,500 13,488 $222 1971 10.99 5.72%
14- 2 Bed 1 Bath
2- 3 Bed 1 Bath
Laundry Facilities 2015
Renovations
2560-576 Richfield Ave.
El Cajon, CA 92020$1,100,000 4/18/2017 6 $183,333 5,019 $219 Unknown 13.18 4.98%
3 - 1 Bed 1 Bath
2 - 2 Bed 1 Bath
1 - 4 Bed 2 Bath
Laundry Facilities
Upgraded Units .76
Acre Parcel
3330-340 N 1st St.
El Cajon, CA 92020$6,615,000 5/24/2017 37 $178,784 27,030 $245 1963 11.04 5.65% 37- 2 Bed 1 Bath
Laundry Facilities
Swimming Pool
Central Courtyard
4520 S Mollison Ave.
El Cajon, CA 92021$14,100,000 5/31/2017 68 $207,353 56,940 $248 1977 12.10 4.20%
24 - 1 Bed 1 Bath
33 - 2 Bed 1 Bath
11- 3 Bed 2 Bath
Fully Upgraded Units
100% Occupied Gated
Property Laundry
Facilities
5991 N Mollison Ave. El
Cajon, CA 92021$4,312,500 3/24/2017 35 $123,214 25,733 $168 1973
19 - 1 Bed 1 Bath
14 - 2 Bed 1 Bath
2 - 2 Bed 2 Bath
Laundry Facilities
Balconies & Patios
Swimming Pool
6750 Scranton St.
El Cajon, CA 92021$1,785,000 4/10/2017 10 $178,500 6,929 $258 1987 10.82 4.00% 10 - 2 Bed 2 Bath
Probate Sale
Patios
7239-249 Van Houten Ave.
El Cajon, CA 92021$1,275,000 12/15/2016 6 $212,500 3,460 $368 1948 12.68 6.00% 6 - 1 Bed 1 Bath
Fully Upgraded Units
Low Maintenance
Garages
A $4,598,214 25 $181,598 19,800 $247 1970 11.80 5.09% N/A N/A
S $2,650,000 16 $165,625 10,400 $255 11.24 5.69% 16 - 1 Bed 1 BathLaundry Facilities
Foreced AC & Heat
Property Address
AVERAGES
SUBJECT
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 8
1
COMPAREABLE SALES MAP
2
3
4
COMPAREABLE PROPERTIES
6
7
5
1 989-999 Leslie Road 5 991 N Mollison Avenue
2 560-576 Richfield Avenue 6 750 Scranton Street
3 330-340 N 1st Street 7 239 Van Houten Avenue
4 520 S Mollison Avenue
LEGEND
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 9
COMPARABLE SALES GRAPHS
Price/ Unit Price/ Sqft
COMPARABLE PROPERTIES
Market GRM Market Cap Rate
$120
$170
$220
$270
$320
$370
1 2 3 4 5 6 7 A S
$120
$170
$220
$270
$320
$370
1 2 3 4 5 6 7 A S
$120
$170
$220
$270
$320
$370
1 2 3 4 5 6 7 A S
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
$220,000
1 2 3 4 5 6 7 A S
1 989-999 Leslie Road 5 991 N Mollison Avenue
2 560-576 Richfield Avenue 6 750 Scranton Street
3 330-340 N 1st Street 7 239 Van Houten Avenue
4 520 S Mollison Avenue A Average
LEGEND
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 10
RENT SURVEY
# PROPERTY NAME YEAR BUILT FEATURES RENT $ SqFt $/SqFT
421 S Mollison Avenue 1972 $1,195 644 $1.86
1 El Cajon, CA
92020
541 N 1st Street 1975 $1,225 600 $2.04
2 El Cajon, CA
92020
303 E Madison Avenue 1980 $1,225 625 $1.96
3 El Cajon, CA
92020
151 Ballantyne Street 1977 $1,250 650 $1.92
4 El Cajon, CA
92020
580 Graves Avenue $1,225 610 $2.01
5 El Cajon, CA
92020
862 S Mollison Avenue 1975 $1,295 602 $2.15
6 El Cajon, CA
92020
800 N Mollison Avenue 1995 $1,250 500 $2.50
7 El Cajon, CA
92020
520 S Mollison Avenue 1977 $1,495 729 $2.05
8 El Cajon, CA
92020
YEAR BUILT RENT $ SqFt $/SqFT
1979 $1,224 630 $1.95
$1,316 610 $2.18
16 1 Bed 1 Bath
27 1 Bed 1 Bath
A/C, On-Site
Laundry, Gated,
Off-Street Parking,
Balcony
Remodeled, A/C
Laundry On-Site,
Off-Street Parking,
Pool
Laundry On-Site,
Off-Street Parking,
Pool, A/C
1 Bed 1 Bath
1 Bed 1 Bath
Remodeled
A/C, On-Site
Laundry, Pool, Off-
Street Parking,
Balcony, BBQ
Area
Remodeled, On-
Site Laundry, Off-
Street Parking,
Patio
1 Bed 1 Bath
Remodeled, A/C,
Gated, W/D In
Unit, Off-Street
Parking, Pool
1 Bed 1 Bath
Remodeled, A/C,
Gated, W/D In
Unit, Off-Street
Parking, Balcony,
Fitness Center
34
RENTAL AVERAGES
TOTAL UNITS UNIT MIX
34 1 Bed 1 Bath
19
61
10
68 1 Bed 1 Bath
Gated, On-Site
Laundry, Off-
Street Parking,
Garages, Pool,
BBQ Area
40 1 Bed 1 Bath
TOTAL UNITS UNIT MIXPROPERTY PHOTO
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 11
RENT SURVEY MAP
1
7
2
3
4
5
6
RENT SURVEY
1 421 S Mollison Avenue 4 151 Ballantyne Street 7 800 N Mollison Avenue
2 541 N 1st Street 5 580 Graves Avenue 8 520 S Mollison Avenue
3 303 E Madison Avenue 6 862 S Mollison Avenue
MAP LEGEND
8
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 12
REGIONAL MAP
PROPERTY LOCATION
BEACH
24 Minutes
20 Miles
MISSION VALLEY
19 Minutes
16.8 Miles
DOWNTOWN
27 Minutes
18.8 Miles
AIRPORT
28 Minutes
19.2 Miles
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 13
53’
239’
67’
24’ 219’
W. Main St
El Caj
on Blv
d E. Main St N
. Mag
no
lia A
ve
W. Madison Ave E. Madison Ave
N. M
olli
son
Ave
The Lark Apartments is centrally located in the city of El Cajon. The
property is conveniently close to downtown El Cajon, Interstate 8 and
67, schools, local shopping and restaurants.
LOCAL MAP
PROPERTY LOCATION
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 14
NEIGHBORHOOD DEMOGRAPHICS
1 MILE 3 MILE 5 Mile
2016 POPULATION 46,537 157,538 341,662
2021 POPULATION 49,108 165,958 360,479
HOUSEHOLDS 15,827 55,578 126,632
AVERAGE AGE 34.20 37.40 38.20
MEDIAN HH INCOME $33,326 $51,705 $60,643
MEDIAN HOME VALUE $244,960 $400,636 $406,652
Sources: Costar; Trulia
PROPERTY LOCATION
633 East Park, El Cajon, CA 92020
©2016 Apartment Advisors, 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. 15
Brian Raynoha
President/Principal
MBA CalBRE #01798711
Phone: 858.869.9290
www.ApartmentAdvisorsInc.com
Email: [email protected]
2525 Camino Del Rio South, Suite 155
San Diego, CA 92108
CalBre # 02037189
Contact Information