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SVN | Asset Advisory Group | 4849 Ronson Court, Suite 216, San Diego, CA 92111 OFFERING MEMORANDUM
745 AVALONCOURT745 AVALON COURTSAN DIEGO, CA 92109
Jim Taylor BRE#00594876Managing [email protected] #00594876
Shelly Bird BRE# 01445732Senior Advisor/Manager of [email protected] #01445732
OFFERING SUMMAROFFERING SUMMARYY
Sale Price: $1,400,000
Number Of Units: 2
Cap Rate: 2.0%
NOI: $22,608
Lot Size: 0.05 Acres
A.P.N. # 423-743-07
Tax Records Year Built: 1939
Approx. Building Size: 960
Zoning: R-2: Minor Multiple
Submarket: South Mission Beach
This prime South Mission Beach duplex is conveniently located on the tip of the South Mission Beach peninsula situatedbetween the Pacific Ocean and Mission Bay sand. Property is walking distance to Belmont Park and only minutes todowntown Pacific Beach, Ocean Beach and SeaWorld.
The property consists of two one bed/one bath units and one nonconforming studio unit, and is perfectly situated on oneof the area's best beach courts located steps to ocean and bay sand .Avalon Court is the perfect investment opportunityfor vacation rental investors, residential and second home buyers, or developers looking for long term rental or vacationrental income. One bed vacation rentals lease for approximately for $175 per night in the peak season and $150-160 pernight in the off season. To achieve maximum return investors could consider a nine month rental from Sept thru May thentake advantage of peak season vacation rental rates. Furnished units could likely increase monthly rent to $1,600 withrestored garage for on-site parking. Repositioning could possibly achieve over $30,000 in vacation rental income in peaksummer months.
PROPERPROPERTTY AND LY AND LOCOCAATION OTION OVERVERVIEWVIEW
PROPERPROPERTTY HIGHLIGHTSY HIGHLIGHTS
• High Demand South Mission Beach Location
• Steps to Ocean and Bay Sand
• Huge Vacation Rental Upside
• Seller May Finance
• Potential for Redevelopment
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 2
Executive Summary
UNIT TUNIT TYPEYPE CCOUNTOUNT RENTRENT MARKET RENTMARKET RENT
1 Bed/1 Bath 1 $1,500 $1,600
1 Bed/1 Bath 1 $1,390 $1,600
Nonconforming
Studio1 $1,200
TTootals/Atals/Avvereragesages 33 $4,$4,090090 $3,200$3,200
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 3
Unit Mix Summary
INVESINVESTMENT OTMENT OVERVERVIEWVIEW ESESTIMATIMATEDTED
Price $1,400,000Price per Unit $700,000GRM 28.5CAP Rate 2.0%Cash-on-Cash Return (yr 1) 1.61 %Total Return (yr 1) $22,608
OPERAOPERATING DTING DAATTAA ESESTIMATIMATEDTED
Gross Scheduled Income $49,080Total Scheduled Income $49,080Vacancy Cost $1,472Gross Income $47,608Operating Expenses $25,000Net Operating Income $22,608Pre-Tax Cash Flow $22,608
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 4
Financial Summary
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 5
Additional Photos
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 6
Additional Photos
745 Avalon Court
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 7
Regional Map
745 Avalon Court
Location Maps
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 8
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 9
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SUBJESUBJECT PROPERCT PROPERTTYY PRICEPRICE PRICE/UNITPRICE/UNIT # OF UNITS# OF UNITS
7745 A45 Avvalon Calon Courourtt745 Avalon CourtSan Diego, CA 92109
$1,400,000 $700,000 2
SSALE CALE COMPSOMPS PRICEPRICE PRICE/UNITPRICE/UNIT # OF UNITS# OF UNITS CLCLOSEOSE
Balboa CBalboa Courourt Duplet Duplexx722-724 Balboa CourtSan Diego, CA 92109
$1,800,000 $900,000 2 08/08/2016
DeDevvon Con Courourtt726-728 Devon CourtSan Diego, CA 92109
$1,920,000 $960,000 2 03/31/2017
VVenicenice Ce Courourtt706-708 Venice CourtSan Diego, CA 92109
$1,475,000 $737,500 2 11/14/2016
AllerAllertton Con Courourtt822 Allerton CourtSan Diego, CA 92109
$1,849,500 $924,750 2 On Market
SaSan Ln Luis Ruis Reey Placy Placee804 San Luis Rey PlaceSan Diego, CA 92109
$1,925,000 $962,500 2 On Market
737737--739 Do739 Dovver Cer Courourtt737-739 Dover CourtSan Diego, CA 92109
$2,350,000 $1,175,000 2 On Market
PRICEPRICE PRICE/UNITPRICE/UNIT # OF UNITS# OF UNITS CLCLOSEOSE
TTootals/Atals/Avvereragesages $1,886,583$1,886,583 $943,291$943,291 22
Sale Comps Summary
745 Avalon Court | San Diego, CA 92109SUBJESUBJECT PROPERCT PROPERTTYY
11 722-724 Balboa CourtSan Diego, CA 92109
BBALBOALBOA CA COUROURT DUPLEXT DUPLEX22 726-728 Devon Court
San Diego, CA 92109
DEVDEVON CON COUROURTT33 706-708 Venice Court
San Diego, CA 92109
VENICE CVENICE COUROURTT44 822 Allerton Court
San Diego, CA 92109
ALLERALLERTTON CON COUROURTT
55 804 San Luis Rey PlaceSan Diego, CA 92109
SSAN LAN LUIS REY PLAUIS REY PLACECE66 737-739 Dover Court
San Diego, CA 92109
737737--739 DO739 DOVER CVER COUROURTT
745 AVALON COURT | 745 AVALON COURT, SAN DIEGO, CA 92109 SVN | Asset Advisory Group | Page 10
Sale Comps Map