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.