Carleton Street - images1.loopnet.com · views and close proximity to bay and marina. Existing Condition Existing residential 1,856 SF spanish style structure on-site. 3 bedroom +

Carleton Street

2930 Carleton Street San Diego, CA 92106

Erin McKinley

Land Advisor Dir +1 858 677 5312 Lic No. 01939372 [email protected]

David Santistevan Sr. Executive Vice President Dir +1 858 677 5314 Lic No. 00913491 [email protected]

Carle

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Carle

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CDP APPROVED! Delivered with CD’s Ready to Permit

0.11 Acres | Point Loma 3 Large Residential Flats + Commercial

Scott StScott St

2 Carleton Street | Point Loma

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Executive Summary 04

Project Overview 05

Fee Schedule 06

Conceptual Architecture 07

Aerials 08

Amenities Aerial 14

Comps | Resales & Rental 15

Valuation 18

Market Overview 19

Erin McKinley




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Executive Summary

CDP approved Permit ready project in the highly sought after community of Point Loma offering peek-a-boo bay and city views. This highly walkable mixed-use development offers a builder three high revenue producing large residential units (2,514 SF, 2,322 SF & 2,067 SF) plus a 1,388 SF commercial space all ready to go at close of escrow.

Similar residential attached product in the area resales for over $650 per sq. ft. and attached residential rentals in the area for apx. 2,000 sq. ft. range from $5,500 to $6,500. The commercial component yields typical rental rates of $4.00-$4.30/NNN per sq. ft.

The project is designed to capture the high-end condo buyer’s desire to live in an exclusive boutique property, offering walkability, close proximity to the

water, and larger flats with elevator access.

Seller has gathered estimated costs to complete as well as approximated time to permit.

Anticipated 14 weeks upon submittal to pull building permits, buyer may elect to move forward with demo separately in advance of permits.

ECOhouse architecture is the architect of record on the project. Approximately $32,000 owed on plans plus $11,000 additional for permit processing to complete building permits.

Structural’s lead time is approximately 4 weeks with an estimated $18,000 to complete.

MEP’s estimated complete cost $5,500 includes the submittal and permit processing.

Timing and Costs


Project Overview

Location 2930 Carleton Street, San Diego, CA 92106

APN 531-324-03-00

Acreage 0.11 (4,841 SF)

Approved ProjectThree large residential flats (2,514 SF, 2,322 SF & 2,067 SF) plus a 1,388 SF ground floor commercial space. Peek-a-boo views and close proximity to bay and marina.

Existing Condition Existing residential 1,856 SF spanish style structure on-site. 3 bedroom + den, 1 full bath, with one-car garage built in 1930.

Municipality City of San Diego

Zoning CC-4-2 (density 1 du/1,500 SF)

Overlay Districts

Community Plan Implementation Overlay Zone BPeninsula Community PlanTransit Priority Area (TPA)Coastal Height Limitation (CHLOZ)City Coastal Overlay (COZ) N-APP-2Airport Influence Area (AIA)Parking Impact Overlay (PIOZ)

Potential Yield 3.2 Market Rate

PROJECT DOCUMENTS AVAILABLE VIA WEB LINKS BELOW:

Site Development Permit

Estimate Building Permit Fees

http://www.colliers-sandiego.com/utc/santistevan/carletonst/site-dev-permit.pdf

http://www.colliers-sandiego.com/utc/santistevan/carletonst/est-bldg-permit-fees.xls


Fee Schedule

LOCATION City of San Diego (92106) Point LomaNUMBER OF UNITS 3ACRES 0.11PRODUCT TYPE AttachedNUMBER OF BLDGS 1

PRODUCT SQ FT (AVG) 2,301

Fee Type Per Unit Cost Notes

Sewer Capacity $3,237.34 Based on 29 du/acre zoning

Water Capacity $2,391.90 Based on 29 du/acre zoning

Inclusionary Housing Fee $8,789.82 Based on $3.82 SF (for a 3-unit development)

SDCWA Fee $5,413.00

DIF 2020 Fee (Peninsula) $4,063.00

RTCIP Fee 2020 (Multi-Family) $2,314.00

Unified School Fee (San Diego) $5,220.00 $3.48 SF

Per Unit Total Cost Estimate $31,429.06

Carleton Street FlatsResidential


Conceptual Renderings


Aerials | Locator Map

SAN DIEGO BAY

PACIFIC OCEAN San Diego River

CORONADO(NAVAL AIR STATION

NORTH ISLAND)

SAN DIEGOINTERNATIONAL

AIRPORT

FORT ROSECRANS

POINT LOMA

OCEAN BEACHOCEAN BEACH

POINT LOMA

SPORTS ARENASPORTS ARENA

OLD TOWNOLD TOWN

FORT ROSECRANS

CABRILLO NATIONAL

MONUMENT

ROSE

CRAN

S ST

.

NIMITZ BLVD

CHAT

SWOR

TH B

LVD

PACIFIC HIGHWAY

PACIFIC HIGHWAYBARNETT AVENUE

BARNETT AVENUE

ROSE

CRAN

S ST

.

ROSE

CRAN

S ST

.

SPORTS ARENA BLVD

SPORTS ARENA BLVDPOINT LOMA BLVDPOINT LOMA BLVD

NIMITZ BLVD

NIMITZ BLVD

CHAT

SWOR

TH B

LVD

SUNSET CLIF

FS B

LVD

SUNSET CLIF

FS B

LVD

W. MISSION BAY DRIVE

W. MISSION BAY DRIVE

NEWPORT AVENUE

NEWPORT AVENUE

NARRAGANSETT AVENUE

NARRAGANSETT AVENUE

CATA

LINA

BLVD

CATA

LINA

BLVD

POINT LOMA AVENUE

POINT LOMA AVENUE

CLIF

FS B

LVD

SUNS

ETCL

IFFS

BLV

DSU

NSET

HILL STREETHILL STREET

CANO

N ST

.CA

NON

ST.

CANON ST.

CANON ST.TALBOT STREETTALBOT STREET

SHEL

TER

ISLAND D

RIVE

SHEL

TER

ISLAND D

RIVE

CATA

LINA

BLV

DCA

TALI

NA B

LVD

CABRILLO MEM

ORIAL DR.

CABRILLO MEM

ORIAL DR.

HARBOR DRIVE

Harbor Island Drive

SITE


Aerials | Regional

SITE

OCEAN BEACHOCEAN BEACH

SUNSET CLIFFSSUNSET CLIFFS

POINT LOMAPOINT LOMA

OCEAN BEACH OCEAN BEACH PIERPIER

LIBERTY STATIONLIBERTY STATIONSAN DIEGO INT’L SAN DIEGO INT’L

AIRPORTAIRPORT


Aerials | Close

Carleton StCarleton St

Rosecra

ns St

Rosecra

ns St

Scott St

Scott St

Dickens StDickens St


Aerials | Oblique


Scott StScott St


Aerials | Oblique


Rosecrans St

Rosecrans StScot

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Scott S

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Aerials | Oblique


Scott StScott St


Amenities Aerial

1

2

3

4

5

67

1214

16

17

20 22

23

25

24

21

18 19 28

1513

11109

8

29

26

27

SITE

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14

16

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20

18

19

15

13

111

2

3

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5

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Sunset Cliffs

Point Loma Nazarene University

Brigatine Seafood, Point Break Cafe

Denny’s

The Elegant Truffle, Pomodoro Ristorante

McDonald’s

Point Loma Community Park

Supannee House of Thai, Subway

Ralph’s

Kona Kai Resort & Spa

Umi’s Sushi, Fiddler’s Green

Dunkin Donuts

Shorline Park, Humphrey’s

Miguel’s Cocina Adalberto’s Mexican Food

Eppig Brewing, Point Loma Seafoods

Liberty Station - Trader Joe’s, Fig Tree Cafe, Slater’s 50/50, Corvette Dinner, Breakfast Republic, Soda & Swine, Solare

Oggi’s, Smashburger, Starbuck’s, Ototo Sushi

Bali Hai

San Diego Yacht Club

Jack in the Box

Jenning’s House Cafe

Pizza Nova

Tom Ham’s LighthouseAlfredo’s Pizzeria, Point Loma Fish Shop

Jimmy’s Famous American Tavernv

San Diego International Airport

Old Venice, Harbor Town Pub

Starbuck’s

Cata

lina

Blvd

Cata

lina

Blvd

Canon St

Canon St

Carleton St

Carleton St

Rose

cran

s St

Rose

cran

s St

Rose

cran

s St

Rose

cran

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N Harbor Dr

N Harbor Dr

Shelter Island Dr

Shelter Island Dr

Chatsworth BlvdChatsworth Blvd

Nimitz Blvd

Nimitz Blvd

Talbot StTalbot St

San Diego Bay


ADDRESS 1150 Anchorage #610 3020 Fenelon St. 2820 Carleton St. #25 2820 Carleton St. #28 3026 Fenelon St. 1052 Anchorage Ln #6 3025 Byron St. #308 3025 Byron St. #301 3025 Byron St. #304 3025 Byron St. #303

SQ. FT. 2,070 2,314 1,812 1,812 1,853 2,115 2,288 1,892 2,086 1,798BED/BATH 3/2 3/4 3/4 3/4 3/4 3/3 2/3 2/3 2/3 2/3YEAR BLT 1968 2018 2015 2015 2018 2007 2018 2017 2017 2017SOLD PRICE $1,200,000 $1,210,000 $1,157,600 $1,140,000 $1,150,000 $1,395,000 $1,230,000 $1,299,000 $1,389,000 $1,299,000PP SF $579.71 $522.90 $638.85 $629.14 $620.62 $659.57 $537.59 $686.58 $665.87 $722.47HOA FEE MO $1,045 $316 $500 $501 $316 $593 $392 $427 $392 $392

VIEWS Bay Views(dated interior)

Rooftop BayViews Only None None Rooftop Bay

Views OnlyPeek-a-boo Bay Views from Deck None None None None

SOLD DATE 12/19/2019 10/17/2019 8/6/2019 7/31/2019 6/28/2019 2/28/2019 8/30/2018 6/8/2018 3/8/2018 2/8/2018

Resale Comps

2,5

1,6

3,4

SUBJECT PROPERTY UNITSSQ. FT. 2,514 SQ. FT. 2,322 SQ. FT. 2,067

PROJECTED SALES PRICE $1,573,764 SOLD PRICE $1,453,572 SOLD PRICE $1,293,942

PROJECTED PPSF $626.00 PP SF $626.00 PP SF $626.00

1 2 3 4 5 6 7 8 9 10

ADDRESS RESALE AVERAGES (ALL)

SQ. FT. 2,004

SOLD PRICE $1,246,960

PP SF $626.33

7,8,9,10

SITE


PROJECT DETAILS ON FOLLOWING PAGE

Resale AveragesSQ. FT. 2,093


PP SF $619.64

Fenelon Resale AveragesSQ. FT. 2,084


PP SF $571.76



PP SF $571.76



PP SF $634.00



PP SF $1,306.25

Anchorage

Fenelon

Carleton

Byron


Resale Comps | Project Details

Anchorage

Carleton

Fenelon

Byron

Built in 1968, large older complex. Views from rooftop deck only, smaller units averaging 2,084 sq. ft.

Narrow smaller units averaging 1,812 sq. ft. Average resales $1,304,250 with an average size of 2,016 sq. ft.


Rental Comps

ADDRESS 1180 Rosecrans St. #102 1180 Rosecrans St. #104 5003 Newport Ave. 2495 Truxtun Rd. 2990 Midway Dr.

USE/CLASS Freestanding Freestanding Retail Class C Retail Class B Retail Class C

EFFECTIVE RENT $4.30 $4.28 $5.00 $3.25 $4.00

SQUARE FEET 4,056 4,056 1,000 1,565 1,825

LEASE TYPE NNN NNN NNN U & CH NNN

AVERAGES

EFFECTIVE RENT $4.17

SQUARE FEET 2,500

1-2

3

4

1 2 3 4

SITE

5

SUBJECT PROPERTY

EFFECTIVE RENT $3.75

SQUARE FEET 1,388

ANT. MO. RENT $5,205.00

ANT. GROSS ANNUAL RENT $62,460.00

5OCEAN BEACHOCEAN BEACH

SUNSET CLIFFSSUNSET CLIFFS

LIBERTY STATIONLIBERTY STATION


SAN DIEGO INT’L SAN DIEGO INT’L AIRPORTAIRPORT

MIDWAY DISTRICTMIDWAY DISTRICT MISSION HILLSMISSION HILLS

OCEAN BEACH OCEAN BEACH PIERPIER


VALUATION RESIDENTIAL FLAT

AnticipatedProduct

Average Sales Price($626 SF)

Less Cost to Construct

LessFees

LessSoft Costs,

Commissions, & Contingencies

PotentialProfit

2,514 SF Att $1,500,000 $675,000 $32,000 $145,000 $648,000

Valuation


AnticipatedProduct



LessFees

LessSoft Costs,


PotentialProfit

2,322 SF Att $1,400,000 $675,000 $32,000 $145,000 $548,000


AnticipatedProduct



LessFees

LessSoft Costs,


PotentialProfit

2,067 SF Att $1,300,000 $675,000 $32,000 $145,000 $448,000

VALUATION COMMERCIAL UNIT

AnticipatedProduct

Anticipated Annual Rental Income

30% Anticipated Expenses Anticipated NOI CAP RATE Value at 5 CAP

1,388 SF Comm $62,000 $18,600 $43,400 5.00% $868,000

Value of Residential Sales $1,644,000

Value of Commercial $868,000

OVERALL PROJECT VALUE $2,512,000

Asking Price $1,200,000

Projected Profit to Buyer $1,312,000


Point LomaThe Point Loma Peninsula community planning area encompasses about 4,409 acres of land bounded by Ocean Beach and the Pacific Ocean on the west and south, the San Diego River Flood Control Channel and the Midway community on the north, and San Diego Bay and Port tidelands on the east.

Point Loma Peninsula is a highly urbanized community, comprised of a number of relatively distinct residential neighborhoods. In addition to these residential areas, the Peninsula contains a well-developed commercial core and is home to Point Loma Nazarene University (±3,000 students).

The Point Loma community includes families, university students, office and retail businesses, military personnel and their families, as well as destination for tourists.

AVERAGE HHI*

1 Mile

$127,490

POPULATION

1 Mile

14,612

DAYTIME POPULATION

1 Mile

15,109

TRAFFIC COUNTSRosecrans Street

±24,500 ADTShelter Island Drive

±17,900 ADT


Point LomaMARINAS & YACHT CLUBS Point Loma has several marinas; Bay Club Hotel & Marina, Kona Kai Resort & Marina, San Diego Yacht Club, Southwestern Yacht Club & Silvergate Yacht Club housing over 4,000 slips.

TOURISM AND HOTELSPoint Loma is a tourist destination. There are over 3,000 hotel rooms in the area. Cabrillo National Monument receives over 800,000 visitors a year.

SPORTS FISHINGPoint Loma provides half-day, 3/4-day, all-day and multi-day trips. Patrons may charter an individual boat or participate in a trip with other devoted fishermen.

POINT LOMA NAZARENE UNIVERSITYPoint Loma Nazarene University is a private institution that has almost 3,000 undergraduate students. Its annual tuition fees are $30,360 (2013-14).

Erin McKinley


Carleton Street0.11 Acres | Point Loma

2930 Carleton Street San Diego, CA 92106


Carleton St

Carleton St

Rosecrans StRosecrans St

Documents

Carleton Street - images1.loopnet.com · views and close proximity to bay and marina. Existing Condition Existing residential 1,856 SF spanish style structure on-site. 3 bedroom +