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| Type: | Multifamily
Garden/Low-Rise |
| No. Units: | 6 |
| Building Size: | 4,292 SF |
| Lot Size: | 9,330 SF |
| Occupancy: | 100.00% |
| Price: | $899,900 |
| Price/Unit: | $149,983 |
| GRM: | 9.50 |
| Cap Rate: | 7.26% |
| Year Built: | 1947 |
| Date Last Verified: | 7/30/2008 |
| Property ID: | 15500831 |
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Property Description:
ABSOLUTELY GORGEOUS PRIDE OF OWNERSHIP PROPERTY LOCATED A FEW SHORT BLOCKS FROM BALBOA PARK. This property consists of 2 detached craftsman style homes. Three 2 bedroom units and one 1 bedroom units. It is very easy to see from the lush landscape that the current owner has kept the property in exceptional condition. This provides a new owner a turn key operation with little to no improvement costs. The neighborhood is located atop gently rolling topography and is just east of the rapidly expanding downtown area. Along with the area's proximity to Balboa Park and downtown businesses; its historical characteristics and its spectacular views of the surrounding San Diego downtown regions make it popular.
***All income information is based on pro forma rents. The information contained herein is from sources believed to be accurate, but ACI Commercial makes no warranty(ies), expressed or implied, regarding same.
Location Description:
Golden Hill is home to vibrant businesses, ethnic markets, home-grown galleries and antique stores. It is known for its quaint Victorian, Colonial Revival, Craftsman Farm House bungalows and townhouses sprouted in a cheerfully eclectic mix. The area survived boom and bust and became one of San Diego's most fashionable addresses bordering the downtown area.
Downtown San Diego over the last few years has exploded with many extravagant land developments and businesses. This development has created a new flavor of culture which has helped bring the two fine communities together. The new downtown lifestyle has drastically changed the outlook on San Diego as a whole and helped the area of Golden Hill to follow this trend of positive redevelopment. With the recent Gas lamp renovation, Golden Hill experiences all the benefit of the nightlife and succeeding improvements.
| Commission Split: | 2.5% | | |
| TaxID/APN: | 539-473-04-00 |
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| • | Located A Few Short Blocks From Balboa Park | • | Absolute Turn Key Operation |
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| • | Fantastic Unit Mix | • | Owner User Opportunity |
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| • | Plenty of Onsite and Off Street Parking | | |
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Financial Summary
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Proforma
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| Year: | 2008 |
| Scheduled Gross Income: | $85,500 |
| Effective Gross Income: | $91,935 |
| Operating Expenses: | $26,558 |
| Net Operating Income: | $65,377 |
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| 1 Bed and 1 Bath |
No. Units: 1
Avg. Mo. Rent: $825
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| 2 Bed and 1 Bath |
No. Units: 3
Avg. Mo. Rent: $1,100
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| 2 Bed and 1 Bath |
No. Units: 1
Avg. Mo. Rent: $1,450
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| 3 Bed and 1 Bath |
No. Units: 1
Avg. Mo. Rent: $1,550
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| Debt & Equity Information |
| Debt Type: | Proposed |
| Loan Amount: | $529,900 |
| Interest Rate: | 6.00% |
| Amortized Over: | 30 |
| Due In: | 30 |
| Down Payment: | $370,000 |
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1/7/2008
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| The information above has been
obtained from sources believed reliable. While we do not doubt its accuracy we
have not verified it and make no guarantee, warranty or representation about
it. It is your responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future performance of the
property. The value of this transaction to you depends on tax and other factors
which should be evaluated by your tax, financial, and legal advisors. You and
your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for
your needs.
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