building your wealth through apartment investments · 2016-09-13 · ©2016 apartment consultants,...

©2016 Apartment Consultants, 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

Building Your Wealth Through

Apartment Investments

218/222 Payne St, San Diego CA 92113

DUPLEX INVESTMENT PROPERTY

218/222 PAYNE ST, SAN DIEGO, CA 92113 Brian Raynoha M.B.A.

Senior Associate

CalBRE # 01798711

858.869.9290

[email protected]





PROPERTY OVERVIEW

PROPERTY ADDRESS 218/222, San Diego, CA 92113

ASSESSOR PARCEL NO. 545-471-12

LOT SIZE 5,936 SQFT 0.14 Acres

YEAR BUILT 1928/ 2002

UNIT NO. 2

UNIT MIX 2- 2 Bedroom 1 Bathroom

HIGHLIGHTS Gated Onsite Parking Laundry Facilities Spacious Floor Plans Close to Downtown San Diego Walking Distance Trolley Station and Bus Stops

PROPERTY OVERVIEW

218/222 Payne St, is a Duplex located in the rental

market of Logan Heights. The subject property includes

two detached 2-bedroom/ 1-bathroom homes totaling

approximately 1,404 rentable square feet. The houses

are situated on a 5,936 square foot lot. The property

offers tenants a desirable place to live with close

proximity to downtown San Diego, shopping, schools,

public transportation and freeways.





PROPERTY OVERVIEW

PROPERTY PHOTOS

Photos from previous MLS 2005





PROPERTY OVERVIEW

PROPERTY PHOTOS






PROPERTY LOCATION

218 Payne St

REGIONAL MAP





PROPERTY LOCATION

Ocean View Blvd

LOCAL MAP

S. 33rd

St

218 Payne St is located in San Diego’s gentrifying neighborhood of Logan Heights. The property is a short

distance to downtown San Diego. It has easy access to transportation including Interstate 15 and 5, Bus

lines, and the 32nd/ Commercial orange line Trolley Stop. The property is close to schools, local shopping,

and restaurants.

Memorial Park Recreation Center

Imperial Ave

National Ave

Commercial St

S. 28th

St

Julian Ave

Ocean View Blvd Harrison Ave

Webster Blvd

Clay Ave

S. 31st S

t

S. 32n

d S

t

Logan Ave

S. 30th

St

National Ave

Harbor Dr

Logan Ave

218 Payne St





NEIGHBORHOOD INFO

NEIGHBORHOOD DESCRIPTION LOGAN HEIGHTS Named for Congressman John A. Logan and considered one of San

Diego’s oldest communities, Logan Heights is nestled in the south east

edge of Central San Diego. With Interstate 5, Interstate 15, and

Imperial Avenue acting as it’s neighborhood border lines, this

community is situated right on the edge of commerce and activity in

the city. As a result, Logan Heights residents have a diverse range of

local amenities at their disposal including unique food, cultural

entertainment, and plenty of public transpiration to reach the heart of

the City of San Diego. The area is always growing with diversity and

local offerings, including a recently added branch of the San Diego

Public Library.

IRREPLACEABLE LOCATION NEAR DOWNTOWN SAN DIEGO

Downtown San Diego is a thriving metropolis and features over 11.5

million square feet of office space and over 6 million square feet of

retail space. Residents of Logan Heights have the ability to enjoy a

24/7 downtown lifestyle including numerous restaurants, night clubs,

galleries, shopping (Horton Plaza regional mall) and other retail

services.

RAPIDLY DEVELOPING LOCATION WITH PROXIMITY TO TRANSPORTATION

& EMPLOYMENT

The property is located in the rapidly developing neighborhood of

Logan Heights. Beginning with redevelopment, and particularly the

opening of Petco Park in 2004. The neighborhood is now a hub for

construction and redevelopment. Residents are blocks from the

closest Trolley or Bus stop. Downtown has the best public

transportation in the county with convenient access to the Trolley,

Amtrak, Coaster, San Diego International Airport and the

convergence of three major freeways (Interstate 5, Highway 163 and

Highway 94). Over 95,000 people work downtown, primarily

concentrated in San Diego’s government, legal, banking, hospitality

and tourism industries.





NEIGHBORHOOD INFO

NEIGHBORHOOD DEMOGRAPHICS

1 MILE 3 MILE 5 Mile

2016 POPULATION 35,849 227,690 546,613

2021 POPULATION 36,926 238,380 573,343

HOUSEHOLDS 9,513 78,677 194,744

AVERAGE AGE 31.70 35.40 35.90

MEDIAN HH INCOME $33,079 $47,277 $49,301

MEDIAN HOME VALUE $287,947 $393,122 $381,864

DEMOGRAPHICS

2016 Data Generated from Costar





COMPARABLES

COMPARABLE SALES

COMPARABLE 1 2 3 4 5 AVERAGES

ADDRESS 9-15 S. Hensley St 2285 A & B Harrison Ave 3003 Greely Ave 3094 Franklin Ave 2946-2944 Webster Ave

San Diego, CA San Diego, CA San Diego, CA San Diego, CA San Diego, CA

Zip 92113 92113 92113 92113 92113

YR BUILT 1950 1955 1956 1930 1960 1950

UNITS 3 2 3 2 2 2

SALE PRICE $645,000 $335,000 $445,300 $405,000 $525,000 $428,811

PRICE/UNIT $215,000 $167,500 $148,433 $202,500 $262,500 $194,215

BLDG/SF 2,290 994 1,400 1,446 1,800 1,609

$/SF $281.66 $337.02 $318.07 $280.08 $291.67 $271.87

UNIT MIX 1- 2 Bed 1 Bath 1- 1 Bed 1 Bath 3- 1 Bed 1 Bath 1- 1 Bed 1 Bath 2- 2 Bed 1 Bath

2- 3 Bed1 Bath 1- 2 Bed 1 Bath 1- 2 Bed 1 Bath 1- 3 Bed 2 Bath

2SFR 2SFR

STATUS SOLD SOLD SOLD SOLD SOLD

SOLD DATE 8/26/2016 8/10/2016 8/9/2016 7/20/2016 6/3/2016

LIST DATE 7/19/2016 5/16/2016 5/6/2016 4/9/2016 2/5/2016

DOM 8 5 11 2 33 17

CAP RATE

(Market) 7.72% 4.33% 6.29% 4.84% 6.11%

GRM

(Market) 9.95 14.89 12.37 14.67 12.72





COMPARABLES

COMPARABLE SALES

COMPARABLE 6 7 8 9 AVERAGES

ADDRESS 249 S. Brancroft St. 3212 Franklin Ave 602 S 33rd St 1721-1723 Julian Ave

San Diego, CA San Diego, CA San Diego, CA San Diego, CA

Zip 92113 92113 92113 92113

YR BUILT 1950 1950 1950 1950

UNITS 2 2 2 2 2

SALE PRICE $325,000 $349,000 $450,000 $380,000 $428,811

PRICE/UNIT $162,500 $174,500 $225,000 $190,000 $194,215

BLDG/SF 1,730 1,800 1,765 1,260 1,609

$/SF $187.86 $193.89 $254.96 $301.59 $271.87

UNIT MIX 2- 2 Bed 1 Bath 1- 1 Bed 1 Bath 1- 2 Bed 1 Bath 2- 2 Bed 1 Bath

1- 3 Bed 2 Bath 1- 3 Bed 2 Bath

2SFR 2SFR

STATUS SOLD SOLD SOLD SOLD

SOLD DATE 4/6/2016 4/1/2016 2/23/2016 2/10/2016

LIST DATE 9/14/2015 1/21/2016 1/4/2016 11/3/2015

DOM 49 2 7 32

CAP RATE

(Market) 7.51% 6.30% 5.15% 4.98% 6.11%

GRM

(Market) 10.03 11.63 12.40 15.83 12.72





1

2

3

4

5

6

COMPARABLES

COMPARABLE SALES MAP

7

8

9

10

218 Payne St

1) 9-15 S. Hensley St 3) 3003 Greely Ave 5) 2946-2944 Webster Ave 7) 3212 Franklin Ave 9) 1721-1723 Julian Ave

2) 2285 A & B Harrison Ave 4) 3094 Franklin Ave 6) 249 S. Brancroft St. 8) 602 S 33rd St

MAP LEGEND





COMPARABLES

COMPETING PROPERTIES

COMPARABLE 1 2 3 AVERAGES

ADDRESS 249-251 S Bancroft St 3002 Webster Ave 2039 Julian Ave

San Diego, CA San Diego, CA San Diego, CA

Zip 92113 92113 92113

YR BUILT 1958 1900 2015 1958

UNITS 2 2 2 2

SALE PRICE $430,000 $439,000 $759,000 $542,667

PRICE/UNIT $215,000 $219,500 $379,500 $271,333

BLDG/SF 1,728 1,430 2,398 1,852

$/SF $248.84 $306.99 $316.51 $290.78

UNIT MIX 2- 2 Bed 1 Bath 1- 1 Bed 1 Bath 2- 2 Bed 1 Bath

2 SFR 1- 3 Bed 1 Bath

2 SFR

STATUS ACTIVE ACTIVE ACTIVE

LIST DATE 8/24/2016 7/7/2016 6/14/2016

DOM 7 55 83

CAP RATE

(Market) 6.05% 5.76% 5.32% 5.71%

GRM

(Market) 13.27 13.07 15.06 13.80





COMPARABLES

COMPETING PROPERTIES MAP

1

2

3

218 Payne St

1) 249-251 S Bancroft St 2) 3002 Webster Ave 3) 2039 Julian Ave

MAP LEGEND





RENTAL SURVEY

RENTAL SURVEY # PROPERTY NAME YEAR BUILT TOTAL UNITS FEATURES RENT $ SqFt $/SqFT

3260 Martin Ave 1980 16 $1,250 850 $1.47

1 San Diego, CA

92113

3808 Cottonwood St 1986 6 $1,395 875 $1.59

2 San Diego, CA

92113

1867 Julian Ave 1940 3 $1,500 600 $2.50

3 San Diego, CA

92113

3726 Newton Ave 1925 3 $1,600 800 $2.00

4 San Diego, CA

92113

920-4 S 40th St 1985 2 $1,795 700 $2.56

5 San Diego, CA

92113

YEAR BUILT TOTAL UNITS RENT $ SqFt $/SqFT

1963 6 $1,508 765 $2.032 Bed 1 Bath

Remodeled, W/D

Hookups , Off-

Street Parking

2 Bed 1 Bath

Gated, W/D

Hookups, Street

Parking

Remodeled, W/D

Hookups , Off-

Street Parking

2 Bed 1 Bath

2 Bed 1 Bath

RENTAL AVERAGES

UNIT MIX

On-Site Laundry,

Off-Street Parking

2 Bed 1 Bath

UNIT MIXPROPERTY PHOTO

Gated, On-Site

Laundry, Off-

Street Parking

2 Bed 1 Bath





RENTAL SURVEY

1

2

3

4

5

RENTAL SURVEY MAP

1) 3260 Martin Ave 4) 3726 Newton Ave

2) 3808 Cottonwood St 5) 920-4 S 40th St

3) 1867 Julian Ave

MAP LEGEND

218 Payne St





Brian Raynoha

Senior Associate

CalBRE # 01798711

858.869.9290

[email protected]

ACI is the most successful income property brokerage

firm in San Diego County. Since 1982, we have

specialized in apartment and investment property

transactions, and maintained a solid performance

despite changing economic cycles. With an average of

more than 140 closed escrows per year, ACI has closed

more San Diego County income property escrows than

any other firm in the county – that’s more properties than the number two and number three firms

combined. Whether you’re new to investing or an

experienced investor looking to upgrade your portfolio,

ACI is the right choice to achieve your long-term

investment. goals.

2635 Camino Del Rio South, Suite 300

San Diego, CA 92108

Phone: 619.299.3000 Fax: 619.295.3737

www.Aciapartments.com

building your wealth through apartment investments · 2016-09-13 · ©2016 apartment consultants,...

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