Prime Carlsbad/La Costa Location

High demand rentals

Large homes 2072 SF each

Extra Low Expenses

Tenants pay WATER,SEWER,TRASH,SDGE

Three separate parcels with four homes each

1-4 Unit (Residential) Financing Available

Just 15 min to South Carlsbad State Beach

Near Major Carlsbad employment centers

Great Schools

Low Rents / Value upside

Contact: David LeBeau 858-204-9401 david@lebeaura.com DRE #00988232 LeBeau Realty Advisors

TABLE OF CONTENTS

OVERVIEW 4

PROPERTY HIGHLIGHTS 6

PHOTOS 9

MARKET INFORMATION 13

FINANCIAL ANALYSIS 19

RENT COMPARABLES 22

SALES COMPARABLES 25

LeBeau Realty Advisors

OVERVIEW

Price: $8,495,000

Address: 2838-2906 Unicornio Street, Carlsbad, CA 92009

Units: 12-4bed/3bath detached homes with attached

2 car garages

Unit SF: 2072 each (per tax record)

Parking: 12 Attached double garages + open spaces

Built: 1987 construction

APN: 215-360-03-00, 215-360-04-00, 215-360-05-00

Parcels: Three adjacent parcels

Structures: Four houses on each parcel

Building: 24,870 SF

Lot Area: 72,745 SF

Building: Two-story, wood frame/stucco

Roofs: Pitched/ Spanish tile

HVAC: Central heat

Laundry: Washer/dryer hookups

Utilities: Tenant pays WATER/SEWER,TRASH,SDGE

LeBeau Realty Advisors

Three Separate

Parcels

PROPERTY HIGHLIGHTS

Desirable Carlsbad / La Costa location.

1987 Construction, two story with fireplaces.

Large 4bed/3bath homes with attached garages.

Great proximity to beaches, restaurants, shopping,

schools and the Village of Carlsbad.

Easy access to major employment centers of Carlsbad.

Tenant pays water/sewer, trash and SDGE.

Ultra low utility expenses to the owner.

All units have a private yard and/or patio.

Well maintained property with some recent upgrades.

Some units have canyon views.

Rental upside.

Four detached homes on each parcel.

Pride of ownership.

Ten minutes to McClellan Palomar Airport

The property is located in the desirable La Costa neighborhood of Carlsbad, CA, known for it’s fantastic schools and

high-end golf resorts. The property features twelve 2072 square foot ,two-story four bedroom three bath Mediterranean

style townhomes. Each unit has an attached two car garage, private yards and /or patios, fireplaces, washer/dryer

hookups and central heat. Built in 1987 on three parcels totaling +/-72,745SF, each parcel contains four detached

homes. These two-story homes are constructed of wood-frame upon concrete on grade foundations. Each home has a

stucco exterior and pitched Spanish tile roofs. The units are separately metered for gas, electricity, water/sewer . The

tenant pays SDGE, water/sewer and trash, this results in a significant savings to the owner.

LOCATION MAP

2838-2906 Unicornio St

REGIONAL MAP

2838-2906

Unicornio St

Photos

Pacific Ocean

View to north from rear units

MARKET OVERVIEW

Carlsbad is an affluent seaside resort city occupying a 7-mile stretch of Pacific coastline in northern San Diego County,

California. The city is 87 miles south of Los Angeles and 35 miles north of downtown San Diego and is part of the San

Diego-Carlsbad, CA Metropolitan Statistical Area. It is bordered by Oceanside to the north, Vista and San Marcos to the east

and Encinitas to the south.

Referred to as "The Village by the Sea" by locals, Carlsbad is a tourist destination with a semi-arid climate averaging 263

sunny days per year and an estimated population of 112,299 (as of 2014). The quality of life that Carlsbad has to offer is

unsurpassed. The areas low crime rate, top-rated schools , beaches, lagoons, rolling hills and miles of trails and bike lanes

contribute to the active and healthy lifestyle Carlsbad’s residents enjoy.

The subject property is located in the southeast quadrant of Carlsbad known as La Costa, the southeast quadrant (ZIP code

92009) is located east of El Camino Real and south of Palomar Airport Road and features several newer expensive master-

planned communities set among hillsides, golf courses, Alga Norte Community Park and permanent open spaces. It includes

Bressi Ranch and the La Costa neighborhoods of Rancho La Costa, La Costa Ridge, La Costa Oaks, La Costa Greens, and

Rancho Carillo.

La Costa/Carlsbad is also home to world class golf resorts such as Park Hyatt Aviara Resort and Omni La Costa Resort and

Spa. In 1965, La Costa gave its name to the Gold Medal Golf Resort, La Costa Resort and Spa, now known as the Omni La

Costa Resort and Spa and has been the home of PGA and LPGA tour events.

MARKET OVERVIEW cont.

La Costa offers an idyllic Southern California lifestyle, given the area is primarily residential, has

beautiful views, and experiences a very pleasant coastal climate all year round. This beautiful area

offers easy access to major San Diego county employment centers.

There are two small shopping centers in the La Costa area as well as upscale shops at the resort.

Nearby shopping of every description, however, can be found along El Camino Real, a major

thoroughfare running north and south from Oceanside to Cardiff. The La Costa Town Square is the

newest shopping area, completed in late 2014, just east of Rancho Santa Fe Road at La Costa

Avenue. Just 3.5 miles east for the property.

The Forum in South Carlsbad is probably the best known upscale shopping area, but there is easy

access to the Carlsbad Premium Outlets Mall to the north. La Costa is relatively close to the 5

Freeway, but without the noise that you may find in parts of Aviara and other neighborhoods closer to

the beach, so travel to downtown San Diego and to Los Angeles is relatively easy.

There are several restaurants in La Costa, the best being at the Omni La Costa Resort (Bluefire Grill),

however residents can enjoy upscale dining in other areas of Carlsbad including the Village, at the

Park Hyatt Aviara Resort nearer the coast.

Nearby attractions for residents include miles of Pacific Ocean beaches, camping facilities, the

Carlsbad Flower Fields, the Museum of Making Music, Legoland, and Leo Carrillo Historic Ranch

Park.

MARKET OVERVIEW cont.

Carlsbad is home to more than 70,000+ employees and over 4.5 million square feet of office space. In

2013, Google named Carlsbad the digital capital of California with the strongest online business

community . Carlsbad's core industries include information technology, video game development,

manufacturing, robotics, medical devices, life science, wireless technology, clean technology, action

sports, tourism, design development and real estate. Viasat Inc. being the largest with annual revenue of

$1.595 billion USD is a communications company based in Carlsbad, California, with additional

operations across the United States and worldwide. Viasat is a provider of high-speed satellite

broadband services and secure networking systems covering military and commercial markets. Carlsbad

is also known as the "Titanium Valley" because of it being the golf manufacturing capital of the world.

With Callaway Golf Company,TaylorMade-Adidas Golf Company, Cobra Golf, Titleist, and Odyssey

Golf all located in Carlsbad.

Top Employers

McClellan Palomar

Airport

Pacific Ocean

Carlsbad Village

Agua Hedionda

Lagoon

La Costa Town

Square

Alga Norte

Community Park

REGIONAL INFORMATION

San Diego's geographic diversity allows people to choose a lifestyle – from urban high-rise with walkable

neighborhoods, suburban communities with distinct personalities and small town centers, or wide-open

spaces with rural charm – all within easy reach of major employment and transportation centers. The

economy, which encompasses everything from sports, entertainment and tourism to highly technical and

scientific companies, offers upward career growth and mobility.

Education in San Diego is as innovative as many of its industries. The region has established public charter

schools that have influenced primary and secondary education across the country. In addition to the

nationally recognized universities that educate and train San Diego’s leaders, there are opportunities for

lifelong learning that keep San Diegans at the leading edge of technology and entrepreneurship.

San Diego's quality of life is influenced by the year-round sunshine and temperate weather which encourages

an active lifestyle with lots of outdoor activities. Outstanding healthcare organizations with state of the art

clinical and research facilities keep San Diegans healthy. The quality of our healthcare attracts non-residents

to San Diego for specialized treatments and world-class care.

San Diego’s many amenities are the source of its attraction for visitors, including the World Famous San

Diego Zoo, Safari Park, SeaWorld, LEGOLAND and Balboa Park. Nature gave us miles of beaches, mild

weather and natural beauty but our people have created a wide variety of cultural, arts and entertainment

opportunities for all ages and interests. The booming local craft beer industry – which includes more than

140 breweries – has been recognized for various awards and has garnered attention from international media.

REGIONAL INFORMATION

With its more than 80 universities – including the largest engineering school in the state – and world-

class research institutions, San Diego is well-positioned to compete globally in attracting some of the

most talented engineers, scientists and technology professionals in the world. The quality of life in the

region, combined with strong technology-based industries, means only the best and brightest work and

live here. Add to that a robust service sector with professionals in finance, marketing, sales, facilities

management and other administrative positions, San Diego is a thriving, diverse economy. Forbes

ranked San Diego the #3 "Coolest Cities" in America in 2017.

In early 2016, EDC released “Talent: Where San Diego Stands,” a comprehensive study that

contextualized San Diego’s standing in talent growth and retention with regard to highly-skilled

engineering, science and tech talent in nine peer metros including Austin, Denver and San Francisco.

By analyzing key factors for firms and site selectors and comparing key characteristics that attract

talent ensures San Diego maintains its competitive edge.

UC San Diego, home to the Jacobs School of Engineering, is ranked among the top ten engineering

programs in the country, and some specialized programs – including Computer Science – rank in the

top ten worldwide. UC San Diego graduates more females in STEM than any university in the nation.

San Diego gained 72,000 degree holders in 2014 alone – more than any other major metro area in the

country.

The nationally recognized College of Business Administration at San Diego State University has been

ranked in a recent U.S. News & World Report survey as one of the top ten best business schools in

California.

San Diego is the #1 most patent intense region in the U.S., and ranks third worldwide.

Adding to the region’s quality of life, San Diego has the third lowest average commute time in the

United States.

San Diego has the highest concentration of life sciences lab space in the U.S. – more than San

Francisco and Boston combined.

FINANCIAL INFORMATIONSCHEDULED INCOME

Bed/Bath Sq Ft

4/3 2072

4/3 2072

MONTHLY GROSS RENTAL INCOME

INVESTMENT SUMMARY FINANCIAL SUMMARYPrice Annual Gross Income

Number of units Vacancy 3%

Price per unit Other Inc. Deposit Recovery

Price per SF NSF/Late Chgs

Current GRM Effective Gross Income

Market GRM Operating Expenses

Current CAP Rate Management

Market CAP Rate Insurance

Lot Size (SF) Taxes

Building Size (SF) Repair/Maintenance

Year Built SDGE House Meter

Licenses

Landscape

Water (Common area)

Address Pest Control (Tenant paid)

2838 - 2906 Unicornio Street Trash (Tenant paid)

Carlsbad, CA 92009 Water/Sewer (Tenant paid)

Operating Expenses Per Unit

Operating Expenses as % of EGI

Net Operating Income

30.09%

$329,363

26.81%

$380,482

Total Expenses $141,753 $139,388

$300

$9,000

$1,215

$0

$0

$0

$11,616

$12,600

$1,215

$0

$0

$0

$11,813

4.48%

72,745

24,870

1987

$300

$98,831

$5,000

$847

$8,495,000

12

$707,917

341.58

17.55

15.97

3.88%

$847

$519,871

$18,195

$6,000

MARKET $532,080

(15,962)

3321

432

$5,000

ACTUAL$484,128

(14,524)

1080

432

$471,116

$16,960

$6,000

$98,831

$20,172

$40,344

$22,170

$22,170

$44,340

$3,695

Monthly Income Market Rents Market Monthly Income

$3,362 $20,172 $3,6956

6

Number of units Current Rents

$3,362

RENT ROLL

Unit # Current rent Lease Term Market rent

2836 $3,300 11/30/2019 $3,695

2838 $3,550 * 3/31/2020 $3,695

2840 $3,250 2/28/2020 $3,695

2842 $3,200 6/30/2019 $3,695

2844 $3,100 7/31/2019 $3,695

2846 $3,550 * 3/31/2020 $3,695

2848 $3,595 7/1/2020 $3,695 New Tenant

2850 $3,300 2/28/2020 $3,695

2902 $3,550 * 3/31/2020 $3,695

2904 $3,300 10/31/2019 $3,695

2906 $3,300 M to M $3,695

2908 $3,350 8/30/2019 $3,695

$40,345 $44,340

Average Rent $3,362 $3,695

$1.62 $1.78

* Existing tenant lease renewls

TOTAL MONTHLY

Rent per sqft

SITE PLAN

Unicornio Street

Hilltop view to north

RENT COMPARABLES

Average rent per foot $1.79

Subject Comp 1 Comp 2 Comp 3

Address

Unit 4bed/3bath 3bed/2.5bath 3bed/2.5bath 4bed/2.5bath

Unit SF 2072 1932 1957 1761

Rent $3,325 $3,650 $3,375 $3,695

Rent SF $1.60 $1.89 $1.72 $2.10

2838-2906 Unicornio St

Carlsbad 92009

7780 Corte Promenade Ave,

Carlsbad 92009

3420 Corte Viejo,

Carlsbad 92009

7512 Brava St

Carlsbad 92009

RENT COMPARABLES 2.

Subject Comp 4 Comp 5 Comp 6

Address

Unit 4bed/3bath 4bed/3bath 4bed/2.5bath 4bed/2.5bath

Unit SF 2072 2372 2000 1932

Rent $3,325 $3,750 $3,390 $3,400

Rent SF $1.60 $1.58 $1.70 $1.76

2838-2906 Unicornio St

Carlsbad 92009

7042 Via Cabana,

Carlsbad 92009

3338 Cuesta Pl.

Carlsbad 92009

3491 Cam Michelle

Carlsbad 92009

RENT COMPARABLE MAP

SALES COMPARABLES Multi family

Subject Prop Comp 1 Comp 2 Comp 3

Address

Property Type Houses Apartments Apartments Apartments

# of Units 12 8 9 14

Year built 1987 1979 1951 1975

Sale Price $8,495,000 $3,540,000 $3,200,000 $5,160,000

CAP 3.80% 3.70% 2.95% 3.23%

Price/SF $341.49 $435.75 $710.16 $387.07

GRM 17.74 15.89 19.50 17.95

Price/unit $707,917 $442,500 $355,556 $368,571

Unit SF 2,073 1,016 501 952

Unit Mix 12 - 4bed/3bath 8-2bed/1.5bath 1-2bed/1bath 1-3bed/2bath

7-1bed/1bath 12-2bed/2bath units

1-Studio/1bath 1-1bed/1bath

Sold date n/a Mar-18 May-18 Oct-18

2838-2906

Unicornio St

2950 LaCosta Ave

Carlsbad 92009

3244 Lincoln St

Carlsbad 92008

3334 Eureka Pl

Carlsbad 92008

SALES COMPARABLES 1-4 Unit

Subject Prop Comp 4 Comp 5 Comp 6

Address

Property type Houses Duplex Duplex Fourplex

# of Units 12 2 2 4

Year built 1987 1987 1979 1949 & 1988

Sale Price $8,495,000 $1,203,000 $1,350,000 $2,030,000

CAP 3.80% 2.97% 3.28% 3.01%

Price/SF $341.49 $365.88 $362.90 $532.81

GRM 17.74 20.89 18.91 23.44

Price/unit $707,917 $601,500 $675,000 $507,500

Unit SF 2073 1644 1860 952

Units 12 - 4bed/3bath 2-3bed/2bath 2-3bed/2bath 1-2bed/1bath house

2-2bed/2bath units

1-1bed/1bath

Sold date n/a Feb-19 Dec-18 Jan-19

2838-2906

Unicornio St

2444 Sacada Cir

Carlsbad 92009

2458 Torrejon Plc

Carlsbad 92009

870 Laguna Carlsbad

92008

SALES COMPARABLES Houses

Subject Prop Comp 7 Comp 8 Comp 9

Address

Property type Houses House House House

# of Units 12 1 1 1

Year built 1987 1985 1991 1991

Sale Price $8,495,000 $889,000 $825,000 $805,000

CAP 3.80% n/a n/a n/a

Price/SF $341.49 $449.67 $401.07 $404.52

GRM 17.74 n/a n/a n/a

Price/unit $707,917 $889,000 $825,000 $805,000

Unit SF 2073 1977 2057 1990

Units 12 - 4bed/3bath 4bed/3bath 4bed/3bath 3bed/2.5bath

Days on Market 3 Days 8 Days 48 Days

Sold date n/a Feb-19 Dec-18 Jan-19

2838-2906

Unicornio St

6420 Cayenne Ln

Carlsbad 92009

2314 Terraza Ribera

Carlsbad 92009

2307 Terraza Ribera

Carlsbad 92009

SALES COMPARABLE MAP

8

7

9

PLAT MAP

DEMOGRAPHICS 92009

Household

Income

Number

% Profession Number % Education Number %

$100K+ 1360 52.88% Professional 1872 52.96% Grad Degree 1074 28.93%

$75-100K 385 14.97% Sales/Admin 1027 29.05% BA/BS Degree 1804 48.59%

$50-70K 200 7.78% Service 378 10.69% AA Degree 290 7.81%

$35-50K 187 7.27% Trades 34 .96% HS Diploma 346 9.32%

$25-35K 129 5.02% Production 224 6.34% No Diploma 199 5.36%

$10-25K 184 7.15%

$0-10K 127 4.94% Source: CRS Data

SOCIO-ECONOMIC PROFILE MEDIAN HOUSEHOLD INCOME: $109,813

DISCLAIMER

All materials and information received or derived from LeBeau Realty Advisors it’s agents,

advisors, affiliates and/or any third party sources are provided without representation or warranty as to

completeness , or accuracy, condition of the property, compliance or lack of compliance with

applicable governmental requirements or suitability, financial performance of the

property, projected financial performance of the property for any party’s intended use or any and all

other matters.

Neither LeBeau Realty Advisors its agents, advisors, or affiliates makes any representation

or warranty, express or implied, as to accuracy or completeness of the any materials or information

provided, derived, or received. Materials and information from any source, whether written or verbal,

that may be furnished for review are not a substitute for a party’s active conduct of its own due

diligence to determine these and other matters of significance to such party. LeBeau Realty Advisors will not

investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in

writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all

information and to conduct their own inspections and investigations including through appropriate

third party independent professionals selected by such party. All financial data should be verified by

the party including by obtaining and reading applicable documents and reports and consulting

appropriate independent professionals. LeBeau Realty Advisors makes no warranties and/or representations

regarding the veracity, completeness, or relevance of any financial data or assumptions. LeBeau Realty Advisors

does not serve as a financial advisor to any party regarding any proposed transaction. All data and

assumptions regarding financial performance, including that used for financial modeling purposes, may

differ from actual data or performance. Any estimates of market rents and/or projected rents that may

be provided to a party do not necessarily mean that rents can be established at or increased to that

level. Parties must evaluate any applicable contractual and governmental limitations as well as market

conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed

by the party with a certified public accountant or tax attorney. Title questions should be discussed by

the party with a title officer or attorney. Questions regarding the condition of the property and whether

the property complies with applicable governmental requirements should be discussed by the party

with appropriate engineers, architects, contractors, other consultants and governmental agencies. All

properties and services are marketed by LeBeau Realty Advisors in compliance with all applicable fair

housing and equal opportunity laws.

LeBeau Realty Advisors