Offering Memorandum

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Offering Memorandum THE TIFFANY Offering Memorandum 2308 Albatross Street San Diego, CA 92101 1 EXCLUSIVE ADVISOR Cody Evans 858 729 3094 3405 Kenyon Street, Suite 411 Lic #01399935 San Diego, CA 92110 [email protected] 619 906 2110 PANORAMIC VIEWS FROMPANORAMIC THE THIRD VIEWS FLOOR table of contents OFFERING SUMMARY 1 ◊ EXECUTIVE SUMMARY ◊ INVESTMENT HIGHLIGHTS AMENITIES 2 ◊ PROPERTY PHOTOS THE ASSET 3 ◊ PROPERTY SUMMARY FINANCIALS 4 ◊ INCOME EXPENSE ANALYSIS ◊ MULTIYEAR CASH FLOW ASSUMPTIONS ◊ CASH FLOW ANALYSIS ◊ RENT ROLL ◊ RENT & SALE COMPARABLES LOCATION OVERVIEW 5 THE MARKET 6 offering summary OFFERING SUMMARY ADDRESS 2308 Albatross St San Diego, CA 92101 BUILDING SF 10,207 LAND SF 9,476 NUMBER OF UNITS 9 YEAR BUILT/RENOVATED 1979/2020 FINANCIAL SUMMARY OFFERING PRICE $6,950,000 OCCUPANCY 97% NOI (CURRENT) $271,228 CAP RATE (CURRENT) 3.90% GRM (CURRENT) 16.80 PROPOSED FINANCING LOAN TYPE Interest Only DOWN PAYMENT $2,950,000 LOAN AMOUNT $4,000,000 INTEREST RATE 3.35% ANNUAL DEBT SERVICE $134,000 LOAN TO VALUE 58% executive summary The Tiffany Apartments is a 9 unit building located on Albatross Street in the central San Diego community of Bankers Hill. Originally built in 1979 and consisting of a structure on a 9,476 sq ft lot. The property has a much desired unit mix of all 2 Bedroom/ 2 Bath that are a spacious 1,134 sq ft (on average) each. The complex recently went through an extensive rehab in 2020. The newly completed renovation includes open entertaining living room/kitchen area; beautiful new quartz counters and new custom cabinets and island counter, new stainless appliances, modern fixtures and lighting, new wood plank style flooring throughout, custom bathrooms with tiled showers and glass enclosures, and much more. Majority of the units have private balconies. There is ample off street secured parking spaces, 16 in total, which is incredibly rare for the area. These include open, carport, and garage spaces. The building has a gated entrance, elevator access from parking to all floors, updated on-site laundry room and new equipment with smartphone technology, and private storage. Every unit has spectacular views of Downtown, Coronado, San Diego Harbor, Airport, Point Loma and Pacific Ocean as well. The Tiffany represents an opportunity for an investor to acquire an absolutely turn-key building in a highly sought after Bankers Hill location. VIDEO TOUR 8 investment highlights Recently Completed High End Units: The project has just completed a comprehensive rehabilitation of the exterior and interior of the units to significantly enhance the overall quality of the property and attract higher rents. Units now include new two-tone modern cabinetry in the kitchen with 2 cm quartz countertops throughout, new stainless steel appliances, smooth textured walls and ceilings, LVT plank flooring, new bathrooms with walk in tile showers, high end fixtures and modern tile accent walls. The units also include frosted glass closet doors, new ceiling fans and lighting, and paint throughout. In addition, upgrades to the aesthetic design of the exterior were completed to modernize the look and feel of the project. Large Unit Size: The Tiffany offers a larger than average unit size for the submarket. It is comprised of 9 spacious two-bedroom/two full bathroom apartments that average ~1,100 SF. In addition, 8 of the 9 units have private balconies. The elevated location in Bankers Hill provides all 9 units with spectacular views of the Downtown San Diego skyline, San Diego Harbor, Airport, Point Loma, and amazing sunsets over the Pacific Ocean. Superior Location: The property is located in a vibrant A+ location originally known as one of San Diego’s most affluent central neighborhoods, which is how it got its name Bankers Hill. These days, Bankers Hill is a cultured community which boasts farm-to-table restaurants, sushi bars, small plate eateries and decadent dessert restaurants that rival those found in neighboring Little Italy. For active residents, Bankers Hill boasts a Walk Score of 88 and is just steps from Balboa Park, a 1,200-acre historic urban cultural park offering miles of walking paths, museums, several theaters, and the world- famous San Diego Zoo. Bankers Hill is known for its proximity to endless retail and entertainment including just a short walk to Little Italy, Hillcrest and Downtown. As a result, this submarket has become a prime target area for renters, particularly young adults including working class Millennials and Generation X’s. Strong Submarket Fundamentals: Bankers Hill is a supply-constrained market and considered one of the strongest rental communities in San Diego. With a lack of land available and development prices increasing it is extremely difficult to bring new product to the market. In addition, due to the close proximity to Balboa Park, quick access to I-5, and numerous amounts of retail and entertainment the Bankers Hill multi-family submarket is currently experiencing a 3.8% vacancy factor (3Q-2020) and benefits from annual rent growth each and every year for the past decade. amenities ◊ High End Vinyl Plank Flooring ◊ Stainless Steel Appliances ◊ Quartz Countertops in Kitchens & Bathrooms ◊ Tile Backsplash ◊ Brand New Cabinetry ◊ Large Closets ◊ Private Balconies ◊ Ceiling Fans in Bedrooms ◊ Downtown & Bay Views ◊ Significant On-Site Parking ◊ Walk in Showers with Tile Surround PROPERTY PHOTOS PROPERTY PHOTOS PROPERTY PHOTOS PROPERTY PHOTOS PROPERTY PHOTOS the asset Downtown San Diego Bay Little Italy Bankers Hill property summary Unit Mix: 9 - 2 Bedroom/2 Bath Multi-Family Units Building SF: 10,207 Number of Stories: 3 Year Built/Renovated: 1979/2020 Land Size: 0.23 AC APN: 533-152-07-00 Zoning: RM-3-7 Utilities: Separately Metered Electric Construction: Drywall/Stucco/Wood Roof: Composite Heating: Electric Wall Heaters Air Conditioning: Some Units Have Individual AC Units Parking: 16 Total Spaces 9 - Surface Spaces 5 - Covered Spaces 2 - One Car Garage Stalls financials INCOMEThe Tif f&an EXPENSEy ANALYSIS Income & Expense Analysis | 22 MULTIYEAR CASH FLOW ASSUMPTIONS INCOME CURRENT REVENUE ALLOCATION Gross Potential Rent $410,076 CURRENT Laundry $1,200 Storage $2,400 Gross Potential Income $413,676 Less: General Vacancy $12,302 Effective Gross Income $401,374 Less: Expenses $130,146 Net Operating Income $271,228 Annual Debt Service $134,000 Debt Coverage Ratio 2.02 Cash Flow After Debt Service $137,228 EXPENSES Per Unit CURRENT Real Estate Taxes $9,514 $85,623 DISTRIBUTION OF EXPENSES Insurance $407 $3,663 CURRENT Management Fee $2,311 $20,802 Gas & Electric $480 $4,320 Maintenance $333 $3,000 Water / Sewer $540 $4,860 Landscaping $107 $960 Trash Removal $233 $2,100 Elevator $132 $1,188 Fire Alarm System $327 $2,940 Licenses & Fees $17 $150 Pest Control $60 $540 Total Operating Expense $14,461 $130,146 Annual Debt Service $14,889 $134,000 Expense / SF $12.79 % of EGI 32.43 % INCOME & EXPENSE ANALYSIS MULTIYEAR CASH FLOW ASSUMPTIONS The Tiffany Multi-Year Cash Flow Assumptions | 23 GLOBAL Offering Price $6,950,000 INCOME - Growth Rates Gross Potential Rent 3.00 % Laundry 3.00 % Storage 3.00 % EXPENSES - Growth Rates Real Estate Taxes 1.00 % Insurance 3.00 % Management Fee 3.00 % Gas & Electric 3.00 % Maintenance 3.00 % Water / Sewer 3.00 % Landscaping 3.00 % Trash Removal 3.00 % Elevator 3.00 % Fire Alarm System 3.00 % Licenses & Fees 3.00 % Pest Control 3.00 % PROPOSED FINANCING Loan Type Interest Only Down Payment $2,950,000 Loan Amount $4,000,000 Interest Rate 3.35 % Annual Debt Service $134,000 Loan to Value 58 % CASH FLOW ANALYSIS CASH FLOW ANALYSIS -23453 2 !!"# "$% # $ $"% #% $! $" $%! $"$$ &5'3() ! !" !" " "$ "% "" $! $ 04 512 ! !! !$ ! !" ! !#! !# !%$! " "" 2 4234353 2 " ! # "## % $!"$ $$% %$ %"%$ $# % $!"! $"%$" 23254553) 5!"! 5! 5"$ 5"" 5"# 5! ! 5 % 5$" 5$$# 5 $! - 25645427582 #$ !" #$ !" # % #" ##! #% #%%% %#% %%% %! 3'532 " " " " "" "## " !" ! " $$ 9 53512 234@22 !#! !#! !#! !#! !#! !#! !#! !#! !#! !#! 5A6243 "! "! $ $#" ! # ! $# $$# $"" $! 9 533423532 " " "% "#" "!# "" "# "$#! " % "# B 542C02D 2 # # $ $$ $" $ $ " $#" $% $ &53(5E331 % % %#% # % # " # ! 75F-2 G5 ! ! ! " !!!# !!%$ !" !" !$# !$#" ! 62G54 ## ## !! ! !%# "" " % $$ @32H50)42 !% !% "!# "% "!" ""% "# "$ " "! &3232A@22 $ $ $$ $% % % # % 224I 34 $ $ $$ $" $% # ! $ # 7 45PE25433168E232 " " " """! "% " "#!%! $ "$ # H33'5Q2R402G32 " " " " " " " " " " I 5F@ D "!!# %! % " !# #!#% %! ! % % !% !! !"! " ! "" 6SS243G2 3 2 GPE25433168E232 I 5F@ D CASH FLOW ANALYSIS CASH FLOW ANALYSIS The Tiffany Cash Flow Analysis | 23 Calendar Year CURRENT Pro Forma Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Financial Metrics Cash on Cash Return b/t 4.70 % 5.11 % 5.48 % 5.87 % 6.26 % 6.67 % 7.09 % 7.52 % 7.97 % 8.43 % CAP Rate 3.90 % 4.08 % 4.23 % 4.39 % 4.56 % 4.73 % 4.91 % 5.09 % 5.28 % 5.47 % Debt Coverage Ratio 2.02 2.11 2.19 2.28 2.36 2.45 2.54 2.64 2.74 2.84 Operating Expense Ratio 32.42 % 31.48 % 30.93 % 30.39 % 29.87 % 29.35 % 28.85 % 28.36 % 27.88 % 27.41 % Gross Multiplier (GRM) 16.80 16.31 15.84 15.37 14.93 14.49 14.07 13.66 13.26 12.88 Loan to Value 57.52 % 57.61 % 57.53 % 57.52 % 57.57 % 57.56 % 57.60 % 57.58 % 57.60 % 57.56 % Breakeven Ratio 65.81 % 63.89 % 62.40 % 60.95 % 59.53 % 58.16 % 56.81 % 55.51 % 54.24 % 53.00 % Price / SF $683.38 $683.38 $683.38 $683.38 $683.38 $683.38 $683.38 $683.38 $683.38 $683.38 Price / Unit $772,222 $772,222 $772,222 $772,222 $772,222 $772,222 $772,222 $772,222 $772,222 $772,222 Income / SF $39.46 $40.65 $41.86 $43.12 $44.41 $45.75 $47.12 $48.53 $49.99 $51.49 Expense / SF $12.79 $12.79 $12.95 $13.10 $13.26 $13.43 $13.59 $13.76 $13.94 $14.11 RENT ROLL ADDRESS Unit Type APPROX SIZE Monthly Rents RENT/ SF Unit 1 2 BD/ 2 BA 1,284 $3,850 $3.00 Unit 2 2 BD/ 2 BA 1,165 $3,395 $2.91 Unit 3 2 BD/ 2 BA 1,047 $3,395 $3.24 Unit 4 2 BD/ 2 BA 1,372 $3,995 $2.91 Unit 5 2 BD/ 2 BA 1,157 $3,675 $3.18 Unit 6 2 BD/ 2 BA 1,046 $3,675 $3.51 Unit 7 - Penthouse 2 BD/ 2 BA 1,045 $4,195 $4.01 Unit 8 - Penthouse 2 BD/ 2 BA 1,104 $3,995 $3.62 Unit 9 - Penthouse 2 BD/ 2 BA 987 $3,995 $4.05 Total Est.
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