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Carleton Street
2930 Carleton Street San Diego, CA 92106
Erin McKinley
Land Advisor Dir +1 858 677 5312 Lic No. 01939372 [email protected]
David Santistevan Sr. Executive Vice President Dir +1 858 677 5314 Lic No. 00913491 [email protected]
Carle
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Carle
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CDP APPROVED! Delivered with CD’s Ready to Permit
0.11 Acres | Point Loma 3 Large Residential Flats + Commercial
Scott StScott St
2 Carleton Street | Point Loma
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Executive Summary 04
Project Overview 05
Fee Schedule 06
Conceptual Architecture 07
Aerials 08
Amenities Aerial 14
Comps | Resales & Rental 15
Valuation 18
Market Overview 19
Erin McKinley
Land Advisor Dir +1 858 677 5312 Lic No. 01939372 [email protected]
David Santistevan Sr. Executive Vice President Dir +1 858 677 5314 Lic No. 00913491 [email protected]
3 Carleton Street | Point Loma
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erty
4 Carleton Street | Point Loma
Executive Summary
CDP approved Permit ready project in the highly sought after community of Point Loma offering peek-a-boo bay and city views. This highly walkable mixed-use development offers a builder three high revenue producing large residential units (2,514 SF, 2,322 SF & 2,067 SF) plus a 1,388 SF commercial space all ready to go at close of escrow.
Similar residential attached product in the area resales for over $650 per sq. ft. and attached residential rentals in the area for apx. 2,000 sq. ft. range from $5,500 to $6,500. The commercial component yields typical rental rates of $4.00-$4.30/NNN per sq. ft.
The project is designed to capture the high-end condo buyer’s desire to live in an exclusive boutique property, offering walkability, close proximity to the
water, and larger flats with elevator access.
Seller has gathered estimated costs to complete as well as approximated time to permit.
Anticipated 14 weeks upon submittal to pull building permits, buyer may elect to move forward with demo separately in advance of permits.
ECOhouse architecture is the architect of record on the project. Approximately $32,000 owed on plans plus $11,000 additional for permit processing to complete building permits.
Structural’s lead time is approximately 4 weeks with an estimated $18,000 to complete.
MEP’s estimated complete cost $5,500 includes the submittal and permit processing.
Timing and Costs
5 Carleton Street | Point Loma
Project Overview
Location 2930 Carleton Street, San Diego, CA 92106
APN 531-324-03-00
Acreage 0.11 (4,841 SF)
Approved ProjectThree large residential flats (2,514 SF, 2,322 SF & 2,067 SF) plus a 1,388 SF ground floor commercial space. Peek-a-boo views and close proximity to bay and marina.
Existing Condition Existing residential 1,856 SF spanish style structure on-site. 3 bedroom + den, 1 full bath, with one-car garage built in 1930.
Municipality City of San Diego
Zoning CC-4-2 (density 1 du/1,500 SF)
Overlay Districts
Community Plan Implementation Overlay Zone BPeninsula Community PlanTransit Priority Area (TPA)Coastal Height Limitation (CHLOZ)City Coastal Overlay (COZ) N-APP-2Airport Influence Area (AIA)Parking Impact Overlay (PIOZ)
Potential Yield 3.2 Market Rate
PROJECT DOCUMENTS AVAILABLE VIA WEB LINKS BELOW:
Site Development Permit
Estimate Building Permit Fees
6 Carleton Street | Point Loma
Fee Schedule
LOCATION City of San Diego (92106) Point LomaNUMBER OF UNITS 3ACRES 0.11PRODUCT TYPE AttachedNUMBER OF BLDGS 1
PRODUCT SQ FT (AVG) 2,301
Fee Type Per Unit Cost Notes
Sewer Capacity $3,237.34 Based on 29 du/acre zoning
Water Capacity $2,391.90 Based on 29 du/acre zoning
Inclusionary Housing Fee $8,789.82 Based on $3.82 SF (for a 3-unit development)
SDCWA Fee $5,413.00
DIF 2020 Fee (Peninsula) $4,063.00
RTCIP Fee 2020 (Multi-Family) $2,314.00
Unified School Fee (San Diego) $5,220.00 $3.48 SF
Per Unit Total Cost Estimate $31,429.06
Carleton Street FlatsResidential
7 Carleton Street | Point Loma
Conceptual Renderings
8 Carleton Street | Point Loma
Aerials | Locator Map
SAN DIEGO BAY
PACIFIC OCEAN San Diego River
CORONADO(NAVAL AIR STATION
NORTH ISLAND)
SAN DIEGOINTERNATIONAL
AIRPORT
FORT ROSECRANS
POINT LOMA
OCEAN BEACHOCEAN BEACH
POINT LOMA
SPORTS ARENASPORTS ARENA
OLD TOWNOLD TOWN
FORT ROSECRANS
CABRILLO NATIONAL
MONUMENT
ROSE
CRAN
S ST
.
NIMITZ BLVD
CHAT
SWOR
TH B
LVD
PACIFIC HIGHWAY
PACIFIC HIGHWAYBARNETT AVENUE
BARNETT AVENUE
ROSE
CRAN
S ST
.
ROSE
CRAN
S ST
.
SPORTS ARENA BLVD
SPORTS ARENA BLVDPOINT LOMA BLVDPOINT LOMA BLVD
NIMITZ BLVD
NIMITZ BLVD
CHAT
SWOR
TH B
LVD
SUNSET CLIF
FS B
LVD
SUNSET CLIF
FS B
LVD
W. MISSION BAY DRIVE
W. MISSION BAY DRIVE
NEWPORT AVENUE
NEWPORT AVENUE
NARRAGANSETT AVENUE
NARRAGANSETT AVENUE
CATA
LINA
BLVD
CATA
LINA
BLVD
POINT LOMA AVENUE
POINT LOMA AVENUE
CLIF
FS B
LVD
SUNS
ETCL
IFFS
BLV
DSU
NSET
HILL STREETHILL STREET
CANO
N ST
.CA
NON
ST.
CANON ST.
CANON ST.TALBOT STREETTALBOT STREET
SHEL
TER
ISLAND D
RIVE
SHEL
TER
ISLAND D
RIVE
CATA
LINA
BLV
DCA
TALI
NA B
LVD
CABRILLO MEM
ORIAL DR.
CABRILLO MEM
ORIAL DR.
HARBOR DRIVE
Harbor Island Drive
SITE
9 Carleton Street | Point Loma
Aerials | Regional
SITE
OCEAN BEACHOCEAN BEACH
SUNSET CLIFFSSUNSET CLIFFS
POINT LOMAPOINT LOMA
OCEAN BEACH OCEAN BEACH PIERPIER
LIBERTY STATIONLIBERTY STATIONSAN DIEGO INT’L SAN DIEGO INT’L
AIRPORTAIRPORT
10 Carleton Street | Point Loma
Aerials | Close
Carleton StCarleton St
Rosecra
ns St
Rosecra
ns St
Scott St
Scott St
Dickens StDickens St
11 Carleton Street | Point Loma
Aerials | Oblique
Carleton StCarleton St
Scott StScott St
12 Carleton Street | Point Loma
Aerials | Oblique
Carleton StCarleton St
Rosecrans St
Rosecrans StScot
t St
Scott S
t
13 Carleton Street | Point Loma
Aerials | Oblique
Carleton StCarleton St
Scott StScott St
14 Carleton Street | Point Loma
Amenities Aerial
1
2
3
4
5
67
1214
16
17
20 22
23
25
24
21
18 19 28
1513
11109
8
29
26
27
SITE
12
14
16
17
20
18
19
15
13
111
2
3
4
5
6
7
10
9
8
22
23
25
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21
28
29
26
27
Sunset Cliffs
Point Loma Nazarene University
Brigatine Seafood, Point Break Cafe
Denny’s
The Elegant Truffle, Pomodoro Ristorante
McDonald’s
Point Loma Community Park
Supannee House of Thai, Subway
Ralph’s
Kona Kai Resort & Spa
Umi’s Sushi, Fiddler’s Green
Dunkin Donuts
Shorline Park, Humphrey’s
Miguel’s Cocina Adalberto’s Mexican Food
Eppig Brewing, Point Loma Seafoods
Liberty Station - Trader Joe’s, Fig Tree Cafe, Slater’s 50/50, Corvette Dinner, Breakfast Republic, Soda & Swine, Solare
Oggi’s, Smashburger, Starbuck’s, Ototo Sushi
Bali Hai
San Diego Yacht Club
Jack in the Box
Jenning’s House Cafe
Pizza Nova
Tom Ham’s LighthouseAlfredo’s Pizzeria, Point Loma Fish Shop
Jimmy’s Famous American Tavernv
San Diego International Airport
Old Venice, Harbor Town Pub
Starbuck’s
Cata
lina
Blvd
Cata
lina
Blvd
Canon St
Canon St
Carleton St
Carleton St
Rose
cran
s St
Rose
cran
s St
Rose
cran
s St
Rose
cran
s St
N Harbor Dr
N Harbor Dr
Shelter Island Dr
Shelter Island Dr
Chatsworth BlvdChatsworth Blvd
Nimitz Blvd
Nimitz Blvd
Talbot StTalbot St
San Diego Bay
15 Carleton Street | Point Loma
ADDRESS 1150 Anchorage #610 3020 Fenelon St. 2820 Carleton St. #25 2820 Carleton St. #28 3026 Fenelon St. 1052 Anchorage Ln #6 3025 Byron St. #308 3025 Byron St. #301 3025 Byron St. #304 3025 Byron St. #303
SQ. FT. 2,070 2,314 1,812 1,812 1,853 2,115 2,288 1,892 2,086 1,798BED/BATH 3/2 3/4 3/4 3/4 3/4 3/3 2/3 2/3 2/3 2/3YEAR BLT 1968 2018 2015 2015 2018 2007 2018 2017 2017 2017SOLD PRICE $1,200,000 $1,210,000 $1,157,600 $1,140,000 $1,150,000 $1,395,000 $1,230,000 $1,299,000 $1,389,000 $1,299,000PP SF $579.71 $522.90 $638.85 $629.14 $620.62 $659.57 $537.59 $686.58 $665.87 $722.47HOA FEE MO $1,045 $316 $500 $501 $316 $593 $392 $427 $392 $392
VIEWS Bay Views(dated interior)
Rooftop BayViews Only None None Rooftop Bay
Views OnlyPeek-a-boo Bay Views from Deck None None None None
SOLD DATE 12/19/2019 10/17/2019 8/6/2019 7/31/2019 6/28/2019 2/28/2019 8/30/2018 6/8/2018 3/8/2018 2/8/2018
Resale Comps
2,5
1,6
3,4
SUBJECT PROPERTY UNITSSQ. FT. 2,514 SQ. FT. 2,322 SQ. FT. 2,067
PROJECTED SALES PRICE $1,573,764 SOLD PRICE $1,453,572 SOLD PRICE $1,293,942
PROJECTED PPSF $626.00 PP SF $626.00 PP SF $626.00
1 2 3 4 5 6 7 8 9 10
ADDRESS RESALE AVERAGES (ALL)
SQ. FT. 2,004
SOLD PRICE $1,246,960
PP SF $626.33
7,8,9,10
SITE
POINT LOMAPOINT LOMA
PROJECT DETAILS ON FOLLOWING PAGE
Resale AveragesSQ. FT. 2,093
SOLD PRICE $1,297,500
PP SF $619.64
Fenelon Resale AveragesSQ. FT. 2,084
SOLD PRICE $1,180,000
PP SF $571.76
Resale AveragesSQ. FT. 2,084
SOLD PRICE $1,180,000
PP SF $571.76
Resale AveragesSQ. FT. 1,812
SOLD PRICE $1,148,800
PP SF $634.00
Resale AveragesSQ. FT. 2,016
SOLD PRICE $1,304,250
PP SF $1,306.25
Anchorage
Fenelon
Carleton
Byron
16 Carleton Street | Point Loma
Resale Comps | Project Details
Anchorage
Carleton
Fenelon
Byron
Built in 1968, large older complex. Views from rooftop deck only, smaller units averaging 2,084 sq. ft.
Narrow smaller units averaging 1,812 sq. ft. Average resales $1,304,250 with an average size of 2,016 sq. ft.
17 Carleton Street | Point Loma
Rental Comps
ADDRESS 1180 Rosecrans St. #102 1180 Rosecrans St. #104 5003 Newport Ave. 2495 Truxtun Rd. 2990 Midway Dr.
USE/CLASS Freestanding Freestanding Retail Class C Retail Class B Retail Class C
EFFECTIVE RENT $4.30 $4.28 $5.00 $3.25 $4.00
SQUARE FEET 4,056 4,056 1,000 1,565 1,825
LEASE TYPE NNN NNN NNN U & CH NNN
AVERAGES
EFFECTIVE RENT $4.17
SQUARE FEET 2,500
1-2
3
4
1 2 3 4
SITE
5
SUBJECT PROPERTY
EFFECTIVE RENT $3.75
SQUARE FEET 1,388
ANT. MO. RENT $5,205.00
ANT. GROSS ANNUAL RENT $62,460.00
5OCEAN BEACHOCEAN BEACH
SUNSET CLIFFSSUNSET CLIFFS
LIBERTY STATIONLIBERTY STATION
POINT LOMAPOINT LOMA
SAN DIEGO INT’L SAN DIEGO INT’L AIRPORTAIRPORT
MIDWAY DISTRICTMIDWAY DISTRICT MISSION HILLSMISSION HILLS
OCEAN BEACH OCEAN BEACH PIERPIER
18 Carleton Street | Point Loma
VALUATION RESIDENTIAL FLAT
AnticipatedProduct
Average Sales Price($626 SF)
Less Cost to Construct
LessFees
LessSoft Costs,
Commissions, & Contingencies
PotentialProfit
2,514 SF Att $1,500,000 $675,000 $32,000 $145,000 $648,000
Valuation
VALUATION RESIDENTIAL FLAT
AnticipatedProduct
Average Sales Price($626 SF)
Less Cost to Construct
LessFees
LessSoft Costs,
Commissions, & Contingencies
PotentialProfit
2,322 SF Att $1,400,000 $675,000 $32,000 $145,000 $548,000
VALUATION RESIDENTIAL FLAT
AnticipatedProduct
Average Sales Price($626 SF)
Less Cost to Construct
LessFees
LessSoft Costs,
Commissions, & Contingencies
PotentialProfit
2,067 SF Att $1,300,000 $675,000 $32,000 $145,000 $448,000
VALUATION COMMERCIAL UNIT
AnticipatedProduct
Anticipated Annual Rental Income
30% Anticipated Expenses Anticipated NOI CAP RATE Value at 5 CAP
1,388 SF Comm $62,000 $18,600 $43,400 5.00% $868,000
Value of Residential Sales $1,644,000
Value of Commercial $868,000
OVERALL PROJECT VALUE $2,512,000
Asking Price $1,200,000
Projected Profit to Buyer $1,312,000
19 Carleton Street | Point Loma
Point LomaThe Point Loma Peninsula community planning area encompasses about 4,409 acres of land bounded by Ocean Beach and the Pacific Ocean on the west and south, the San Diego River Flood Control Channel and the Midway community on the north, and San Diego Bay and Port tidelands on the east.
Point Loma Peninsula is a highly urbanized community, comprised of a number of relatively distinct residential neighborhoods. In addition to these residential areas, the Peninsula contains a well-developed commercial core and is home to Point Loma Nazarene University (±3,000 students).
The Point Loma community includes families, university students, office and retail businesses, military personnel and their families, as well as destination for tourists.
AVERAGE HHI*
1 Mile
$127,490
POPULATION
1 Mile
14,612
DAYTIME POPULATION
1 Mile
15,109
TRAFFIC COUNTSRosecrans Street
±24,500 ADTShelter Island Drive
±17,900 ADT
20 Carleton Street | Point Loma
Point LomaMARINAS & YACHT CLUBS Point Loma has several marinas; Bay Club Hotel & Marina, Kona Kai Resort & Marina, San Diego Yacht Club, Southwestern Yacht Club & Silvergate Yacht Club housing over 4,000 slips.
TOURISM AND HOTELSPoint Loma is a tourist destination. There are over 3,000 hotel rooms in the area. Cabrillo National Monument receives over 800,000 visitors a year.
SPORTS FISHINGPoint Loma provides half-day, 3/4-day, all-day and multi-day trips. Patrons may charter an individual boat or participate in a trip with other devoted fishermen.
POINT LOMA NAZARENE UNIVERSITYPoint Loma Nazarene University is a private institution that has almost 3,000 undergraduate students. Its annual tuition fees are $30,360 (2013-14).
Erin McKinley
Land Advisor Dir +1 858 677 5312 Lic No. 01939372 [email protected]
Carleton Street0.11 Acres | Point Loma
2930 Carleton Street San Diego, CA 92106
David Santistevan Sr. Executive Vice President Dir +1 858 677 5314 Lic No. 00913491 [email protected]
Carleton St
Carleton St
Rosecrans StRosecrans St