©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 1
Building Your Wealth Through
Apartment Investments
218/222 Payne St, San Diego CA 92113
DUPLEX INVESTMENT PROPERTY
218/222 PAYNE ST, SAN DIEGO, CA 92113 Brian Raynoha M.B.A.
Senior Associate
CalBRE # 01798711
858.869.9290
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 15
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
PROPERTY OVERVIEW
PROPERTY ADDRESS 218/222, San Diego, CA 92113
ASSESSOR PARCEL NO. 545-471-12
LOT SIZE 5,936 SQFT 0.14 Acres
YEAR BUILT 1928/ 2002
UNIT NO. 2
UNIT MIX 2- 2 Bedroom 1 Bathroom
HIGHLIGHTS Gated Onsite Parking Laundry Facilities Spacious Floor Plans Close to Downtown San Diego Walking Distance Trolley Station and Bus Stops
PROPERTY OVERVIEW
218/222 Payne St, is a Duplex located in the rental
market of Logan Heights. The subject property includes
two detached 2-bedroom/ 1-bathroom homes totaling
approximately 1,404 rentable square feet. The houses
are situated on a 5,936 square foot lot. The property
offers tenants a desirable place to live with close
proximity to downtown San Diego, shopping, schools,
public transportation and freeways.
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 16
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218/222 Payne St, San Diego CA 92113
PROPERTY OVERVIEW
PROPERTY PHOTOS
Photos from previous MLS 2005
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 17
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
PROPERTY OVERVIEW
PROPERTY PHOTOS
Photos from previous MLS 2004
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 18
Building Your Wealth Through
Apartment Investments
218/222 Payne St, San Diego CA 92113
PROPERTY OVERVIEW
PROPERTY PHOTOS
Photos from previous MLS 2004
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 19
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
PROPERTY LOCATION
218 Payne St
REGIONAL MAP
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 20
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
PROPERTY LOCATION
Ocean View Blvd
LOCAL MAP
S. 33rd
St
218 Payne St is located in San Diego’s gentrifying neighborhood of Logan Heights. The property is a short
distance to downtown San Diego. It has easy access to transportation including Interstate 15 and 5, Bus
lines, and the 32nd/ Commercial orange line Trolley Stop. The property is close to schools, local shopping,
and restaurants.
Memorial Park Recreation Center
Imperial Ave
National Ave
Commercial St
S. 28th
St
Julian Ave
Ocean View Blvd Harrison Ave
Webster Blvd
Clay Ave
S. 31st S
t
S. 32n
d S
t
Logan Ave
S. 30th
St
National Ave
Harbor Dr
Logan Ave
218 Payne St
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 21
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
NEIGHBORHOOD INFO
NEIGHBORHOOD DESCRIPTION LOGAN HEIGHTS Named for Congressman John A. Logan and considered one of San
Diego’s oldest communities, Logan Heights is nestled in the south east
edge of Central San Diego. With Interstate 5, Interstate 15, and
Imperial Avenue acting as it’s neighborhood border lines, this
community is situated right on the edge of commerce and activity in
the city. As a result, Logan Heights residents have a diverse range of
local amenities at their disposal including unique food, cultural
entertainment, and plenty of public transpiration to reach the heart of
the City of San Diego. The area is always growing with diversity and
local offerings, including a recently added branch of the San Diego
Public Library.
IRREPLACEABLE LOCATION NEAR DOWNTOWN SAN DIEGO
Downtown San Diego is a thriving metropolis and features over 11.5
million square feet of office space and over 6 million square feet of
retail space. Residents of Logan Heights have the ability to enjoy a
24/7 downtown lifestyle including numerous restaurants, night clubs,
galleries, shopping (Horton Plaza regional mall) and other retail
services.
RAPIDLY DEVELOPING LOCATION WITH PROXIMITY TO TRANSPORTATION
& EMPLOYMENT
The property is located in the rapidly developing neighborhood of
Logan Heights. Beginning with redevelopment, and particularly the
opening of Petco Park in 2004. The neighborhood is now a hub for
construction and redevelopment. Residents are blocks from the
closest Trolley or Bus stop. Downtown has the best public
transportation in the county with convenient access to the Trolley,
Amtrak, Coaster, San Diego International Airport and the
convergence of three major freeways (Interstate 5, Highway 163 and
Highway 94). Over 95,000 people work downtown, primarily
concentrated in San Diego’s government, legal, banking, hospitality
and tourism industries.
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 22
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
NEIGHBORHOOD INFO
NEIGHBORHOOD DEMOGRAPHICS
1 MILE 3 MILE 5 Mile
2016 POPULATION 35,849 227,690 546,613
2021 POPULATION 36,926 238,380 573,343
HOUSEHOLDS 9,513 78,677 194,744
AVERAGE AGE 31.70 35.40 35.90
MEDIAN HH INCOME $33,079 $47,277 $49,301
MEDIAN HOME VALUE $287,947 $393,122 $381,864
DEMOGRAPHICS
2016 Data Generated from Costar
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 23
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
COMPARABLES
COMPARABLE SALES
COMPARABLE 1 2 3 4 5 AVERAGES
ADDRESS 9-15 S. Hensley St 2285 A & B Harrison Ave 3003 Greely Ave 3094 Franklin Ave 2946-2944 Webster Ave
San Diego, CA San Diego, CA San Diego, CA San Diego, CA San Diego, CA
Zip 92113 92113 92113 92113 92113
YR BUILT 1950 1955 1956 1930 1960 1950
UNITS 3 2 3 2 2 2
SALE PRICE $645,000 $335,000 $445,300 $405,000 $525,000 $428,811
PRICE/UNIT $215,000 $167,500 $148,433 $202,500 $262,500 $194,215
BLDG/SF 2,290 994 1,400 1,446 1,800 1,609
$/SF $281.66 $337.02 $318.07 $280.08 $291.67 $271.87
UNIT MIX 1- 2 Bed 1 Bath 1- 1 Bed 1 Bath 3- 1 Bed 1 Bath 1- 1 Bed 1 Bath 2- 2 Bed 1 Bath
2- 3 Bed1 Bath 1- 2 Bed 1 Bath 1- 2 Bed 1 Bath 1- 3 Bed 2 Bath
2SFR 2SFR
STATUS SOLD SOLD SOLD SOLD SOLD
SOLD DATE 8/26/2016 8/10/2016 8/9/2016 7/20/2016 6/3/2016
LIST DATE 7/19/2016 5/16/2016 5/6/2016 4/9/2016 2/5/2016
DOM 8 5 11 2 33 17
CAP RATE
(Market) 7.72% 4.33% 6.29% 4.84% 6.11%
GRM
(Market) 9.95 14.89 12.37 14.67 12.72
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 24
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
COMPARABLES
COMPARABLE SALES
COMPARABLE 6 7 8 9 AVERAGES
ADDRESS 249 S. Brancroft St. 3212 Franklin Ave 602 S 33rd St 1721-1723 Julian Ave
San Diego, CA San Diego, CA San Diego, CA San Diego, CA
Zip 92113 92113 92113 92113
YR BUILT 1950 1950 1950 1950
UNITS 2 2 2 2 2
SALE PRICE $325,000 $349,000 $450,000 $380,000 $428,811
PRICE/UNIT $162,500 $174,500 $225,000 $190,000 $194,215
BLDG/SF 1,730 1,800 1,765 1,260 1,609
$/SF $187.86 $193.89 $254.96 $301.59 $271.87
UNIT MIX 2- 2 Bed 1 Bath 1- 1 Bed 1 Bath 1- 2 Bed 1 Bath 2- 2 Bed 1 Bath
1- 3 Bed 2 Bath 1- 3 Bed 2 Bath
2SFR 2SFR
STATUS SOLD SOLD SOLD SOLD
SOLD DATE 4/6/2016 4/1/2016 2/23/2016 2/10/2016
LIST DATE 9/14/2015 1/21/2016 1/4/2016 11/3/2015
DOM 49 2 7 32
CAP RATE
(Market) 7.51% 6.30% 5.15% 4.98% 6.11%
GRM
(Market) 10.03 11.63 12.40 15.83 12.72
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 25
Building Your Wealth Through
Apartment Investments
218/222 Payne St, San Diego CA 92113
1
2
3
4
5
6
COMPARABLES
COMPARABLE SALES MAP
7
8
9
10
218 Payne St
1) 9-15 S. Hensley St 3) 3003 Greely Ave 5) 2946-2944 Webster Ave 7) 3212 Franklin Ave 9) 1721-1723 Julian Ave
2) 2285 A & B Harrison Ave 4) 3094 Franklin Ave 6) 249 S. Brancroft St. 8) 602 S 33rd St
MAP LEGEND
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 26
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
COMPARABLES
COMPETING PROPERTIES
COMPARABLE 1 2 3 AVERAGES
ADDRESS 249-251 S Bancroft St 3002 Webster Ave 2039 Julian Ave
San Diego, CA San Diego, CA San Diego, CA
Zip 92113 92113 92113
YR BUILT 1958 1900 2015 1958
UNITS 2 2 2 2
SALE PRICE $430,000 $439,000 $759,000 $542,667
PRICE/UNIT $215,000 $219,500 $379,500 $271,333
BLDG/SF 1,728 1,430 2,398 1,852
$/SF $248.84 $306.99 $316.51 $290.78
UNIT MIX 2- 2 Bed 1 Bath 1- 1 Bed 1 Bath 2- 2 Bed 1 Bath
2 SFR 1- 3 Bed 1 Bath
2 SFR
STATUS ACTIVE ACTIVE ACTIVE
LIST DATE 8/24/2016 7/7/2016 6/14/2016
DOM 7 55 83
CAP RATE
(Market) 6.05% 5.76% 5.32% 5.71%
GRM
(Market) 13.27 13.07 15.06 13.80
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 27
Building Your Wealth Through
Apartment Investments
218/222 Payne St, San Diego CA 92113
COMPARABLES
COMPETING PROPERTIES MAP
1
2
3
218 Payne St
1) 249-251 S Bancroft St 2) 3002 Webster Ave 3) 2039 Julian Ave
MAP LEGEND
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 28
Building Your Wealth Through
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218/222 Payne St, San Diego CA 92113
RENTAL SURVEY
RENTAL SURVEY # PROPERTY NAME YEAR BUILT TOTAL UNITS FEATURES RENT $ SqFt $/SqFT
3260 Martin Ave 1980 16 $1,250 850 $1.47
1 San Diego, CA
92113
3808 Cottonwood St 1986 6 $1,395 875 $1.59
2 San Diego, CA
92113
1867 Julian Ave 1940 3 $1,500 600 $2.50
3 San Diego, CA
92113
3726 Newton Ave 1925 3 $1,600 800 $2.00
4 San Diego, CA
92113
920-4 S 40th St 1985 2 $1,795 700 $2.56
5 San Diego, CA
92113
YEAR BUILT TOTAL UNITS RENT $ SqFt $/SqFT
1963 6 $1,508 765 $2.032 Bed 1 Bath
Remodeled, W/D
Hookups , Off-
Street Parking
2 Bed 1 Bath
Gated, W/D
Hookups, Street
Parking
Remodeled, W/D
Hookups , Off-
Street Parking
2 Bed 1 Bath
2 Bed 1 Bath
RENTAL AVERAGES
UNIT MIX
On-Site Laundry,
Off-Street Parking
2 Bed 1 Bath
UNIT MIXPROPERTY PHOTO
Gated, On-Site
Laundry, Off-
Street Parking
2 Bed 1 Bath
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 29
Building Your Wealth Through
Apartment Investments
218/222 Payne St, San Diego CA 92113
RENTAL SURVEY
1
2
3
4
5
RENTAL SURVEY MAP
1) 3260 Martin Ave 4) 3726 Newton Ave
2) 3808 Cottonwood St 5) 920-4 S 40th St
3) 1867 Julian Ave
MAP LEGEND
218 Payne St
©2016 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 31
Building Your Wealth Through
Apartment Investments
218/222 Payne St, San Diego CA 92113
Brian Raynoha
Senior Associate
CalBRE # 01798711
858.869.9290
ACI is the most successful income property brokerage
firm in San Diego County. Since 1982, we have
specialized in apartment and investment property
transactions, and maintained a solid performance
despite changing economic cycles. With an average of
more than 140 closed escrows per year, ACI has closed
more San Diego County income property escrows than
any other firm in the county – that’s more properties than the number two and number three firms
combined. Whether you’re new to investing or an
experienced investor looking to upgrade your portfolio,
ACI is the right choice to achieve your long-term
investment. goals.
2635 Camino Del Rio South, Suite 300
San Diego, CA 92108
Phone: 619.299.3000 Fax: 619.295.3737
www.Aciapartments.com