10 Prime Units All Brand New Interiors, Renovated in 2019 584 11Th St
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Presents: 10 Prime Units All Brand New Interiors, Renovated in 2019 584 11th St. Imperial Beach, CA 91932 $3,695,000 Luxury Apartment Units Fantastic Coastal Location – only a few blocks from San Diego Bay Great Unit Mix of 5 – 2 Bedrooms, 1 Bath and 5 – 1 Bedroom, 1 Bath Turn Key “Pride of Ownership” Apartments – One of the Finest Properties Available Close Proximity to the Pacific Ocean, Beach and Walking Distance to Bayshore Bikepath to Coronado One the of the last affordable Coastal locations – which usually out performs other locations for Rent Growth, Wealth Preservation and Lower Vacancies MUST SEE, EASY TO RENT! CONTACT INFO. Joseph V. Siemienowski, Broker DRE License No. 0083132 Direct Phone (858) 205-1031 10951 Sorrento Valley Road, Suite 1A, San Diego, California 92121 O (858) 866-0750 | F (858) 866-0755 | Email: [email protected] THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT TS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. Exterior Improvements Brand New Roof (2020) 16 Off Street Parking Spaces On-Site Laundry Recently Changed to an App System in Mid-August 2020 Walking Distance to Bayshore Bikepath Gated Entry Balconies and Patio Yards Dual Pane -Jen-Wen Windows and Sliders Throughout Brand New Roof (2020) and Rain Gutters New Concrete in Parking and Courtyard Areas Redesigned Contemporary Front Facades, Redwood Siding and Brushed Stainless Steel Cylinder Lighting and Address Numbers New Drought Tolerant Landscaping, DG and Drip Irrigation System New Designer Three Tone Exterior Paint New Redwood Fencing in the Front and Corrugated Metal Fencing in the Courtyard Custom Fabricated Wrought Iron Railings Designer Exterior Lighting New Entry Doors with Glass Inserts and Custom Paint New Water Heater and Recirculation System PROPERTY SUMMARY Address: 584 11th Street Cost/Sq.Ft. $507.28 Imperial Beach, CA 91932 Map Code: 1329-H7 Sales Price: $3,695,000 Parcel No. 626-152-15-00 Price per unit: $369,500 Parcel Size: 12,260 No. of Units: 10 Parking Info. 16 Spaces Year Built: 1977 Year Built, 2019 Major Renovation MLS# 200047535 Building Size: 7,284 (Estimated – Buyer to Verify) Current Projected GRM: 15.45 15.21 CAP: 4.29 4.39 CONTACT INFO. Joseph V. Siemienowski, Broker DRE License No. 0083132 Direct Phone (858) 205-1031 10951 Sorrento Valley Road, Suite 1A, San Diego, California 92121 O (858) 866-0750 | F (858) 866-0755 | Email: [email protected] THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT TS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. UNIT MIX INCOME Unit# Unit Type Current Rent Projected Rent Rubs/Pet Rent Total Rent Current Projected FIRST FLOOR UNITS 1 1Bd/1Ba - 650sf 1,750 1,795 50.00 1,800.00 1,845.00 2 1Bd/1Ba - 650sf 1,725 1,795 90.00 1,815.00 1,885.00 3 2Bd/1Ba - 800sf 2,095 2,095 74.50 2,169.50 2,169.50 4 1Bd/1Ba - 650sf 1,750 1,795 130.00 1,880.00 1,925.00 5 2Bd/1Ba - 800sf 2,095 2,095 65.00 2,160.00 2,160.00 SECOND FLOOR UNITS 6 1Bd/1Ba - 650sf 1,795 1,795 50.00 1,845.00 1,845.00 7 1Bd/1Ba - 650sf 1,775 1,850 50.00 1,825.00 1,900.00 8 2Bd/1Ba - 800sf 2,050 2,095 105.00 2,155.00 2,200.00 9 2Bd/1Ba - 800sf 2,050 2,095 65.00 2,115.00 2,160.00 10 2Bd/1Ba - 800sf 2,095 2,095 65.00 2,160.00 2,160.00 19,180 19,505 744.50 19,924.50 20,249.50 Total Current Monthly 19,924.50 Total Projected Monthly 20,249.50 Total Current Annual 239,094.00 Total Projected Annual 242,994.00 CONTACT INFO. Joseph V. Siemienowski, Broker DRE License No. 0083132 Direct Phone (858) 205-1031 10951 Sorrento Valley Road, Suite 1A, San Diego, California 92121 O (858) 866-0750 | F (858) 866-0755 | Email: [email protected] THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT TS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. ESTIMATED EXPENSES . Taxes: $ 44,155 (Incl. Sewer) . Property Insurance: $ 2,800 . Gas/Electric: $ 2,220 . Water: $ 2,490 . Trash: $ 2,835 . Repairs/Maintenance $ 9,000 . Professional Mgmt. $ 10,345 . Landscaping: $ 2,160 . Pest Control: $ 660 . Advertising: $ - . Miscellaneous: $ 1,000 Total Expenses: $ 77,665 FINANCIAL ANALYSIS ACTUAL MARKET Gross Scheduled Income* 239,094 242,994 Less Vacancy (2% Estimate) (4,782) (4,860) Gross Operating Income 234,312 238,134 Laundry 1,800 1,800 Total Operating Income 236,112 239,934 Total Expense (77,665) (77,665) Net Operating Income 158,447 162,269 Scenario 1: New 1st 3.15% Trust Deed (60% CTV) Fully Amortized (114,740) (114,740) Cash Flow 43,707 47,529 Cash on Cash Return 2.97% 3.23% Scenario 2: New 1st 3.15% Trust Deed (60% CTV) Interest Only (70,088) (70,088) Cash Flow 88,359 92,181 Cash on Cash Return 6.01% 6.27% New 1st Trust Deed of $2,225,000, Fixed for 7 Years @3.15%, Loans are available with 30 year amortizations, fully amortized or also available Interest Only. Payment for Fully Amortized is $9,561.65. Down payment is $1,470,000. *Includes RUBS and Pet Rent. Current Loan of $2,225,000 is with Mission Federal Credit Union at 3.35%. CONTACT INFO. Joseph V. Siemienowski, Broker DRE License No. 0083132 Direct Phone (858) 205-1031 10951 Sorrento Valley Road, Suite 1A, San Diego, California 92121 O (858) 866-0750 | F (858) 866-0755 | Email: [email protected] THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT TS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. Interior Improvements All Interior Walls and Ceilings Re-Textured New High Quality Wood Laminate Flooring and New Baseboards New Redesigned Kitchens New Contemporary Kitchen Cabinets and Pulls New Stainless Steel Appliances including Ranges, Microwaves, Dishwashers and Refrigerators New White Quartz Kitchen Countertops with Stainless Steel undermount Sinks New Subway Tile Backsplashes New Contemporary Lighting Fixtures New Garbage Disposals New High End Ceiling Fans/Light Fixtures in the Dining Ares ad New Light Fixtures throughout, including Contemporary Wall Sconces Brand New Bathrooms Bew Combination Showers/Tubs with Glass Doors New Cebo Tile Surrounds and Flooring New Vanities with Upgraded Faucets, Light Fixtures and Mirrors Vanities Custom Designed with Quarts White Countertops, Contemporary Faucets, Light Fixtures in Two Units All Brand New Toilets Designer Two Toned Interior Paint New Closet and Interior Doors as Required All New Window Coverings Completely Refurbished Laundry Room including Brand New Washer and Dryer Units, Upgraded to an App System in Mid-August 2020, Brand New Water Heater New Portable Air Conditioning Units Provided to All Tenants at Move-In. CONTACT INFO. Joseph V. Siemienowski, Broker DRE License No. 0083132 Direct Phone (858) 205-1031 10951 Sorrento Valley Road, Suite 1A, San Diego, California 92121 O (858) 866-0750 | F (858) 866-0755 | Email: [email protected] THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT TS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 584 11th Street Imperial Beach, California 91932 CONTACT INFO. Joseph V. Siemienowski, Broker DRE License No. 0083132 Direct Phone (858) 205-1031 10951 Sorrento Valley Road, Suite 1A, San Diego, California 92121 O (858) 866-0750 | F (858) 866-0755 | Email: [email protected] THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT TS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. Imperial Beach City in California Explore Imperial Beach and be the most southwesterly person in the Most Southwesterly City of the United States. And what’s so cool about that you may ask? As a border community, we have a clear view of the Plaza Monumental de Tijuana, or Bullring by the Sea, in Mexico. In fact, as you walk along our beach, you can reach the border, but not before you pass by the Tijuana River mouth - and may even see Tiger Sharks and Stingray. Visit the breath-taking estuary, one of the few salt marshes remaining in Southern California. The estuary is filled with over 370 species of migratory and native birds, including six endangered species. On a stroll along the board walk people have spotted parrots and even a pink flamingo! Did we mention our world-class surfing? Make sure you don’t miss our surf board museum that commemorates our rich surfing heritage with generations of surfers, shapers and designers. Visitors are able to enjoy an array of activities from fishing on our classic wood pier, or jumping on a bike to hit the trails through the Tijuana Estuary or the Bayshore Bikeway taking you for a tour all the way around the bay.