Safety Alarm Unit UnderMattress Early Warning This alarm features an under-mattress sensor pad that is protected against incontinence and wear by the mattress. Unlike sensor pads that are placed on the mattress, the BedPro UnderMattress sensor will not compromise the pressure relieving qualities of the mattress. Placed beneath the mattress, the BedPro sensor pad stays in place to reduce false alarms. This is especially important for restless residents. 1 This alarm system features a unique under-mattress sensor pad that is designed to activate an alarm signal before the resident exits the bed. The diagonally tapered sensor pad initiates the alarm when the resident sits on or moves toward the edge of the bed. Placed beneath the mattress, the sensor will not compromise the pressure relieving qualities of the mattress. The mattress protects the sensor pad against incontinence, resident tampering, and incontinence. 1. The BedPro Alarm Systems are not substitutes for proper supervision. Staff on a regular basis must monitor fall-risk and wander-risk patients/residents. 2. If batteries are used as the source, battery power must be checked each time the alarm is used to monitor the resident. If battery power is weak, the two AA batteries must be replaced. The alarm will sound if batteries are weak. 3. The LED should flash when the alarm is powered, and the resident is in bed, on top of the sensor pad. If the LED fails to flash and you are using the A/C adaptor, check connections at wall outlet and alarm unit. If you are using battery power, replace the two AA batteries. If the LED fails to flash after connections have been checked or the batteries replaced, discontinue use of alarm. Alarm unit and sensor pads made in China. Instructions printed in U.S.A The BedPro Safety Alarm Control Unit is replacement guaranteed for one year following the date of purchase These guarantees cover defects in materials and workmanship under conditions of normal use. Please return defective part to dealer from whom it was purchased. The dealer will send the defective part to Skil-Care and arrange for shipment of a replacement. GUARANTEES CAUTIONS OverMattress Alarm Control Safety Alarm Under Mattress Safety Alarm Safety Alarm Unit with Accessories Reorder# Description Unit 909320 BedPro UnderMattress Safety Alarm with 10”x30” Sensor Pad - 90 Days Set 909321 BedPro UnderMattress Safety Alarm with 20”x30” Sensor Pad - 90 Days Set 909322 BedPro UnderMattress Safety Alarm with 10”x30” Sensor Pad - 180 Days Set 909323 BedPro UnderMattress Safety Alarm with 20”x30” Sensor Pad - 180 Days Set 909340 BedPro UnderMattress Safety Alarm with 10”x30” Sensor Pad - 1 Year Set 909341 BedPro UnderMattress Safety Alarm with 20”x30” Sensor Pad - 1 Year Set 909343 BedPro UnderMattress Safety Alarm for Light Mattresses 39-42lbs. - 2 Year Set Reorder# Description Unit 909301 BedPro Early Warning System with 30-inch-long sensor pad - 90 Days Set 909302 BedPro Early Warning System with 30-inch-long sensor pad - 180 Days Set Reorder# Description Unit 909310 BedPro OverMattress Safety Alarm with 10”x30” Sensor Pad - 45 Days Set 909311 BedPro OverMattress Safety Alarm with 10”x30” Sensor Pad - 180 Days Set Sensor Pads 45 Day 90 Day 180 Day 1 Year 2 Years BedPro UnderMattress a a BedPro Early Warning a a a a BedPro OverMattress a a Reorder# Description Unit 909335 BedPro Electronic Unit with Accessories Ea. 909311 BedPro Electronic Unit without Accessories Ea.
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OCEAN PALMS APARTMENTS · 2020-03-09 · OCEAN PALMS APARTMENTS TABLE OF CONTENTS I. INVESTMENT SUMMARY 3 II. LOCATION INFORMATION 14 III. FINANCIAL ANALYSIS 19 IV. SALE COMPARABLES
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O C E A N PA L M S A PA R T M E N T S1 3 4 6 - 7 4 G R A N D AV E / SAN DIEGO, CA 92109
M A R C H 0 9 , 2 0 2 0O F F E R I N G M E M O R A N D U M
O C E A N PA L M S A PA R T M E N T S
TA B L E O F C O N T E N T S
I. INVESTMENT SUMMARY 3
II. LOCATION INFORMATION 14
III. FINANCIAL ANALYSIS 19
IV. SALE COMPARABLES 26
V. RENT COMPARABLES 31
VI. DEMOGRAPHICS 36
ContentsConfidentiality & DisclaimerAll materials and information received or derived from ACRE Investment Real Estate Services,LLC its directors, officers, agents, advisors, affiliates and/or any third party sources are providedwithout representation or warranty as to completeness , veracity, or accuracy, condition of theproperty, compliance or lack of compliance with applicable governmental requirements,developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.
Neither ACRE Investment Real Estate Services, LLC its directors, officers, agents, advisors, oraffiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the any materials or information provided, derived, or received. Materials andinformation from any source, whether written or verbal, that may be furnished for review are nota substitute for a party’s active conduct of its own due diligence to determine these and othermatters of significance to such party. ACRE Investment Real Estate Services, LLC will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwiseagreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. ACRE Investment Real EstateServices, LLC makes no warranties and/or representations regarding the veracity, completeness,or relevance of any financial data or assumptions. ACRE Investment Real Estate Services, LLCdoes not serve as a financial advisor to any party regarding any proposed transaction. All dataand assumptions regarding financial performance, including that used for financial modelingpurposes, may differ from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in orderto determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition ofthe property and whether the property complies with applicable governmental requirementsshould be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by ACREInvestment Real Estate Services, LLC in compliance with all applicable fair housing and equalopportunity laws.
II | INVESTMENT SUMMARYA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S
2365 NORTHSIDE DRIVE STE 120 | SAN DIEGO, CA 92108WWW.ACRECOMMERCIAL.COM
1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 I N V E S T M E N T S U M M A R Y | 4O F F E R I N G M E M O R A N D U M
Ocean Palms is a well-maintained apartment community located just 5 blocks to the beach in the highlydesirable Pacific Beach sub-market of San Diego, California. Pacific Beach is considered one of the strongestrental markets in San Diego County, with great demand for apartment rentals. Historical occupancy in thissub-market is estimated to be approximately 97% - 100% and rental rates continue to rise. This vibrant andcentrally located beach community offers excellent access to Interstate 5 and Interstate 8 freeways, whichconnect to every major employment center in the greater San Diego area.
The property was built in 1957 and is comprised of 1 one-bedroom / one-bathroom unit of approximately 560square feet, 23 two-bedroom / one-bathroom units of approximately 700 - 745 square feet and 2 two-bedroom /two-bathroom units on approximately 865 square feet. The newly renovated interiors include spaciousand efficient floor plans, granite counter tops, upgraded flooring and fixtures, all new cabinets (select units), allnew tiled showers (select units) and new appliances (select units). The exterior of the property features all newpaint, new vinyl windows, 18 surface parking spaces and 8 single-car garages. The property also features on-sitelaundry facilities and is walking distance to the vibrant Garnet Avenue Business District including major retailerssuch as Ralph's, Trader Joe's, CVS, Starbucks and various local restaurants.
UNIT SQUARE FOOTAGE AND BUILDING SIZE IS ESTIMATED. BUYER TO VERIFY ON THEIR OWN.
1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 I N V E S T M E N T S U M M A R Y | 5O F F E R I N G M E M O R A N D U M
SALE PRICE $10,750,000
LOCATION INFORMATION
Building Name Ocean Palms Apartments
Street Address 1346-74 Grand Ave
City, State, Zip San Diego, CA 92109
County San Diego
Sub-market Pacific Beach
BUILDING INFORMATION
Cap Rate 3.44% Actual / 4.67% Pro Forma
Occupancy % 100.0%
Number Of Floors 2
Year Built 1957
Year Last Renovated 2018
Roof Pitched
Number Of Buildings 4
PROPERTY INFORMATION
Property Subtype Low-Rise/Garden
APN # 423-171-23-00
Lot Size 0.5 Acres
PARKING DESCRIPTION
Single-Car Garages 8
Surface Spaces 18
UTILITIES & AMENITIES
Water & Sewer Paid By Owner
Trash Service Paid By Owner
Gas & Electric Paid By Tenant
Cable TV Paid By Tenant
Internet Paid By Tenant
O C E A N PA L M S A PA R T M E N T S
P R O P E R T Y D E TA I L S
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• Irreplaceable Pacific Beach Location• Recently Remodeled Units and Exterior• 5 Blocks to the Beach / 2 Blocks to Garnet Avenue Business District• Well-Maintained - Pride of Ownership Community• Close Proximity to Restaurants, Shopping and Entertainment
Turn Key Investment
Ocean Palms underwent a major interior and exterior renovation within the past 24months. Exterior improvements include all new paint, vinyl windows and upgradedlandscaping. Interior upgrades include granite counter tops, upgraded flooring and fixtures,all new cabinets (select units) all new tiled showers, and new appliances. A new owner willbenefit from this renovation through lower future capital expenditures and the ability tooffer higher quality improvements to prospective renters. This will allow Ocean Palms toremain "best in class' when compared with it's direct competitors.
Proximity to Retail and Job Centers
Walking distance from the property, there is convenient shopping and entertainmentnearby along Garnet Avenue including retailers such as Sprouts, Ralphs, CVS and Starbucks.The property is also located within close proximity to Interstates 5 & 8 providing directaccess to all major San Diego County employment centers and Downtown San Diego.
High-Demand Rental Market
The sub-market of Pacific Beach is one of the strongest and most desirable rental marketsin the central San Diego area. Due to its mass appeal and close proximity to beaches, majorjob centers and necessary conveniences, vacancy rates in the area continue to drop, puttingupward pressure on rents. Additionally, there are a limited number of high-end rental unitsin the Pacific Beach sub-market with the area median home value being over $1,000,000.The subject property will always be in high demand as it provides a source of affordablehousing in an otherwise unattainable living area for most individuals.
INVESTMENT OVERVIEW
O C E A N PA L M S A PA R T M E N T S
I N V E S T M E N T O V E R V I E W
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Current ownership has upgraded 100% of the unit interiors over the past 24 months. Theexterior and common areas of the property have also been upgraded, which has createdgreat curb appeal and a comfortable living environment for the residents. A new owner willbenefit from this renovation through lower future capital expenditures and the ability tooffer higher quality improvements to prospective renters. This will allow Ocean Palms toremain "best in class' when compared with it's direct competitors.
RECENT CAPITAL IMPROVEMENTS
RECENT INTERIOR IMPROVEMENTS• All new granite counter tops
• All new kitchen cabinets (select units)
• Upgraded bathrooms with new tiled shower enclosure and new vanity (select units)
• All new carpet in bedroom and tile in kitchen and bathroom
• All new appliances and fixtures (select units)
RECENT COMMUNITY IMPROVEMENTS• All new exterior paint
• All new vinyl windows
• Upgraded landscaping and exterior lighting
O C E A N PA L M S A PA R T M E N T S
R E C E N T C A P I TA L I M P R O V E M E N T S
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PROPERTY HIGHLIGHTS
• Irreplaceable Pacific Beach Location
• Recent Interior and Exterior Remodel - ALL UNITS
• Walk to Pacific Beach and Garnet Avenue
• Strong Historical Occupancy
• Close Proximity Restaurants, Shopping, and Entertainment
ECONOMIC HIGHLIGHTS
• Pacific Beach is one of the most desirable rental markets in San
Diego County
• Average occupancy rates in the sub-market are 97% - 100%
• Median home value of over $1,000,000 in 92109 zip code
• Three major colleges (SDSU, USD, UCSD) located within a 15 mile
radius, with combined student enrollment of over 77,000
O C E A N PA L M S A PA R T M E N T S
I N V E S T M E N T H I G H L I G H T S
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• Excellent Pacific Beach Location
• Well-Maintained - Boutique Community
• Walk to Pacific Beach and Mission Bay
• All New Paint, Vinyl Windows and Upgraded Landscaping
• 8 Single-Car Garages and 18 surface Parking Spaces
• 2 Onsite Laundry Rooms & 4 Storage Areas
PROPERTY AMENITIES
• Recently Renovated Interiors
• All new kitchen cabinets (select units)
• Granite Counter Tops
• Upgraded Flooring and Fixtures
• All New Appliances (select units)
• Spacious and Efficient Floor Plans
UNIT AMENITIES
O C E A N PA L M S A PA R T M E N T S
A M E N I T I E S
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O C E A N PA L M S A PA R T M E N T S
P R O P E R T Y P H O T O S
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O C E A N PA L M S A PA R T M E N T S
P R O P E R T Y P H O T O S
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O C E A N PA L M S A PA R T M E N T S
P R O P E R T Y P H O T O S
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O C E A N PA L M S A PA R T M E N T S
P R O P E R T Y P H O T O S
I II I | LOCATION INFORMATIONA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S
2365 NORTHSIDE DRIVE STE 120 | SAN DIEGO, CA 92108WWW.ACRECOMMERCIAL.COM
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Pacific Beach affords its residents every desired convenience from beaches,shopping,restaurants, and entertainment to schools, parks, and other communityservices. In addition to these amenities, there are dozens of community fixtures near theproperty. There are three major universities located a short distance from the property(University of San Diego, San Diego State University and UC San Diego). Additionally,Pacific Beach is centrally located just minutes to Downtown San Diego, San DiegoInternational Airport, Mission Valley and all major job San Diego County job centers. Someof San Diego’s most popular places to visit are located within minutes of the property;attractions that are favorites to locals and visitors alike. Mission Bay is a few blocks fromthe property and covers over 4,200 acres, including 27 miles of shoreline – 19 of whichare sandy beaches.
LOCATION OVERVIEW DEMOGRAPHICS
0.5 MILES 1 MILE 1.5 MILES
Total Households 5,668 16,736 22,496
Total Population 10,234 30,705 42,429
Average HH Income $74,213 $81,270 $84,242
O C E A N PA L M S A PA R T M E N T S
L O C AT I O N O V E R V I E W
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O C E A N PA L M S A PA R T M E N T S
R E G I O N A L M A P
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O C E A N PA L M S A PA R T M E N T S
A E R I A L M A P
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O C E A N PA L M S A PA R T M E N T S
R E TA I L E R M A P
I I II I I | F INANCIAL ANALYSISA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S
2365 NORTHSIDE DRIVE STE 120 | SAN DIEGO, CA 92108WWW.ACRECOMMERCIAL.COM
1 3 4 6 - 7 4 G R A N D A V E , S A N D I E G O , C A 9 2 1 0 9 F I N A N C I A L A N A L Y S I S | 2 0O F F E R I N G M E M O R A N D U M
*Onsite manager is occupying the 1 bedroom unit and is receiving free rent as compensation. We have given full rent credit to that unit and have booked onsite manager compensation as apayroll expense.
UNITBED
UNITBATH
UNITSIZE (SF)
CURRENTRENT
CURRENTRENT / SF
MARKETRENT
MARKETRENT / SF
1 1 560 $1,700 $3.04 $1,700 $3.04
2 1 700 $1,900 $2.71 $2,350 $3.36
2 1 700 $1,900 $2.71 $2,350 $3.36
2 1 700 $1,900 $2.71 $2,350 $3.36
2 1 700 $1,900 $2.71 $2,350 $3.36
2 1 700 $1,900 $2.71 $2,350 $3.36
2 1 700 $1,975 $2.82 $2,350 $3.36
2 1 700 $2,250 $3.21 $2,350 $3.36
2 1 700 $2,250 $3.21 $2,350 $3.36
2 1 700 $2,250 $3.21 $2,350 $3.36
2 1 700 $2,250 $3.21 $2,350 $3.36
2 1 700 $2,250 $3.21 $2,350 $3.36
2 1 745 $1,875 $2.52 $2,400 $3.22
2 1 745 $1,900 $2.55 $2,400 $3.22
2 1 745 $1,900 $2.55 $2,400 $3.22
2 1 745 $1,900 $2.55 $2,400 $3.22
O C E A N PA L M S A PA R T M E N T S
R E N T R O L L
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*Onsite manager is occupying the 1 bedroom unit and is receiving free rent as compensation. We have given full rent credit to that unit and have booked onsite manager compensation as apayroll expense.
UNITBED
UNITBATH
UNITSIZE (SF)
CURRENTRENT
CURRENTRENT / SF
MARKETRENT
MARKETRENT / SF
2 1 745 $1,900 $2.55 $2,400 $3.22
2 1 745 $1,900 $2.55 $2,400 $3.22
2 1 745 $1,900 $2.55 $2,400 $3.22
2 1 745 $1,925 $2.58 $2,400 $3.22
2 1 745 $1,950 $2.62 $2,400 $3.22
2 1 745 $2,000 $2.68 $2,400 $3.22
2 1 745 $2,100 $2.82 $2,400 $3.22
2 1 745 $2,350 $3.15 $2,400 $3.22
2 2 865 $2,195 $2.54 $2,550 $2.95
2 2 865 $2,200 $2.54 $2,550 $2.95
18,930 $52,420 $2.77 $61,450 $3.25
O C E A N PA L M S A PA R T M E N T S
R E N T R O L L
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INCOME SUMMARY MARKET CURRENT
Scheduled Rent $737,400 $629,040Laundry Income $5,000 $2,400Garage Income $19,200 $0Utility Reimbursement $12,500 $0
Gross Scheduled Income $737,400 $629,040Other Income $36,700 $2,400Total Scheduled Income $774,100 $631,440Vacancy Cost $22,122 $18,871Gross Income $751,978 $612,568Operating Expenses $249,539 $242,568Net Operating Income $502,439 $370,000Pre-Tax Cash Flow $304,439 $172,000
FINANCING DATA MARKET CURRENT
Down Payment $4,750,000 $4,750,000Loan Amount $6,000,000 $6,000,000Debt Service $198,000 $198,000
O C E A N PA L M S A PA R T M E N T S
F I N A N C I A L S U M M A R Y
OPERATING INCOME
Scheduled Rent
Scheduled Rent is arrived at by annualizing the current rent roll. It is assumed that the onsite manager is paying full market rent, and his compensation will be booked as a payroll expense. Pro Forma market rent assumes that a new owner will raise rents to market level and eliminate loss to lease.
Other Income
Currently, the only source of additional income is revenue from the owned laundry equipment. Pro Forma Other Income is estimated to be $36,700 which assumes that a new owner will be able to increase this revenue stream, as well as bill tenants back for utilities and charge $200/month rent for the 8 single-car garages.
ECONOMIC LOSS
Vacancy Allowance
Current and Pro forma Vacancy is underwritten at 3%.
FIXED EXPENSES
Real Estate Taxes
Property taxes shall be re-assessed upon a sale at the ad valorem rate of 1.23199% based on the 2019 – 2020 Property Tax bill.
Property Insurance
Current and Pro forma Insurance expense is underwritten at $8,800 annually based on industry standards.
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O C E A N PA L M S A PA R T M E N T S
I N C O M E & E X P E N S E E X P L A N AT I O N
Utilities
Utilities are underwritten based on T-12 operations.
VARIABLE EXPENSES
Administrative
Current and Pro Forma Administrative costs are underwritten at $3,000 annually which is consistent with current operations.
Payroll
The resident manager is currently occupying the 1-bedroom unit and is receiving discounted rent as compensation. Current and Pro Forma payroll expense is underwritten at $10,200 annually and assumes that a future resident manager will receive a 50% discount off market rent as compensation.
Repairs and Maintenance
Current and Pro forma Repairs & Maintenance expense is underwritten at $20,000 annually. Historical Repairs and Maintenance costs were higher due to recent interior and exterior upgrades.
Contract Services
Current and Pro Forma Contract Services expense is underwritten at $12,500 annually. Contract Services includes trash disposal, landscaping, pest control, etc… The actual contract services expense is higher due the owner paying an above market rate for trash removal service. Our assumption is that a new owner will be able to enter into much more favorable ( and less expensive ) trash service contract.
Management Fee
Pro Forma Management Fee is underwritten at 5% of total collected income. This is consistent with industry standards.
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O C E A N PA L M S A PA R T M E N T S
I N C O M E & E X P E N S E E X P L A N AT I O N
IVIV | SALE COMPARABLESA C R E I N V E S T M E N T R E A L E S T A T E S E R V I C E S
2365 NORTHSIDE DRIVE STE 120 | SAN DIEGO, CA 92108WWW.ACRECOMMERCIAL.COM
Concessions: 1/2 off 1st month with 1 year leaseUpgrades: Yes, high-end remodel with in-unit washer/dryerRUBS: Yes, tenants pay for W/S/TParking: 1 space per unit included in rent
DRIFTWOOD3956-3966 Shasta StreetSan Diego, CA 92109