ABIMultifamily.com/portfolio/magnolia-manor For more information please visit: MAGNOLIA MANOR APARTMENTS MAGNOLIA MANOR APARTMENTS 2669-2673 MAGNOLIA AVENUE, PACIFIC BEACH, CA 92109 2669-2673 MAGNOLIA AVENUE, PACIFIC BEACH, CA 92109 Close to Mission Bay, Mission Bay Golf Course, Beaches & Easy Access to I-5 Significant Capital Improvements Completed in 2018 New Doors & Double-Pane Windows; New Fascia to be Installed December 2018 All Interiors Have Been Remodeled With New Bathrooms, Fixtures & Other Cosmetic Upgrades Low Maintenance Landscape & Grounds One Off-Street Parking Space Per Unit Turnkey Investment Opportunity Assumable Loan of Approximately $1,070,000 at 4.14% Fixed Until January 2023 Offering Price: $2,675,000 8-Unit Multifamily Community in Pacific Beach, CA ABIMultifamily.com San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 PROPERTY OVERVIEW Price $2,675,000 Per Unit $334,375 Per SF $677.22 Pro Forma CAP 3.72% Pro Forma GRM 17.51 # of Units 8 Avg SF/Unit 494 SF Built 1952 Renovated 2018 Owned Coin-Operated Laundry Equipment Great Mix of (6) Junior One-Bedroom Units & (2) Two Bedroom Units Low Monthly Operating Expenses & Easy Management Assumable Loan of Approximately $1,070,000 at 4.14% Fixed Until January 2023
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ABIMultifamily.com/portfolio/magnolia-manorFor more information please visit:MAGNOLIA MANOR APARTMENTSMAGNOLIA MANOR APARTMENTS
2669 -2673 MAGNOL IA AVENUE, PAC IF IC BEACH, CA 921092669 -2673 MAGNOL IA AVENUE, PAC IF IC BEACH, CA 92109
Close to Mission Bay, Mission Bay Golf Course, Beaches & Easy Access to I-5
Significant Capital Improvements Completed in 2018
New Doors & Double-Pane Windows; New Fascia to be Installed December 2018
All Interiors Have Been Remodeled With New Bathrooms, Fixtures & Other Cosmetic Upgrades
Low Maintenance Landscape & Grounds
One Off-Street Parking Space Per Unit
Turnkey Investment Opportunity
Assumable Loan of Approximately $1,070,000 at 4.14% Fixed Until January 2023
Offering Price: $2,675,000 8-Unit Multifamily Community in Pacific Beach, CA
ABIMultifamily.com San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690
PROPERTY OVERVIEW
Price $2,675,000Per Unit $334,375
Per SF $677.22Pro Forma CAP 3.72%
Pro Forma GRM 17.51# of Units 8
Avg SF/Unit 494 SFBuilt 1952
Renovated 2018
1
Owned Coin-Operated Laundry Equipment
Great Mix of (6) Junior One-Bedroom Units & (2) Two Bedroom Units
Low Monthly Operating Expenses & Easy ManagementAssumable Loan of Approximately $1,070,000 at 4.14% Fixed Until January 2023
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
1 Bed / 1 Bath 6 75.0 400 $1,495 $3.74
2 Bed / 1 Bath 2 25.0 775 $1,995 $2.57
Totals / Averages 8 100% 493 $1,620 $3.28
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $155,520 $19,440
Less: Loss to Lease (1.8%) ($2,740) ($343)
Gross Potential Rent: $152,780 $19,098
Less: Vacancy / Concessions / Bad Debt / Other (3.0%) ($4,583) ($573)
Net Rental Revenue $148,197 $18,526
Add: Other Income / RUBS $3,915 $489
Effective Gross Income $152,112 $19,014
Expenses
Administration $1,200 $150
Management Fees $6,084 $761
Marketing $200 $25
Repairs & Maintenance / Contract Services $4,800 $600
Turnover $1,200 $150
Utilities $5,729 $716
Insurance $1,600 $200
Real Estate Taxes $31,800 $3,975
Total Operating Expenses $52,614 $6,577
Net Operating Income $99,498 $12,437
All information provided in reference to the property has been collected from sources deemed reliable. However, no representations or warranties are made as to the accuracy ofsaid information. In addition, no warranty or representation is extended to errors, omissions, change of price or other conditions. Any projections, estimates, opinions, financial orother assumptions are provided for example purposes and do not represent current or future performance of the property. Please consult with your legal, financial and taxprofessionals to make any determinations regarding whether the property is suitable for your needs and purposes.
OFFERING PRICE: $2,675,000
TOTAL UNITS: 8
YEAR BUILT: 1952 | RENOVATED: 2018
MAGNOLIA MANOR2669-2673 MAGNOLIA AVENUE, PACIFIC BEACH, CA 92109
PATRICK J. DOYLE, CCIM ERIC TURNERPartner Senior Vice President858.256.7690 [email protected] [email protected]
For more information please visit:ABIMultifamily.com/portfolio/magnolia-manor
MAGNOLIA MANOR
Patrick J. Doyle, CCIM (CA Lic #01326000) Eric Turner (CA Lic #01387179) ABI MULTIFAMILY SAN DIEGO:
Magnolia Manor is an 8-unit apartment complex located in Coastal SanDiego in the community of Pacific Beach. The property is located nearMission Bay, the Mission Bay Golf Course and De Anza Cove; all ofwhich are accessible by a bike path within a block of the property. Thetwo-building property is comprised of (6) junior one-bedroom /one-bathroom units of approximately 400 square feet and (2)two-bedroom / one-bathroom units of approximately 750 square feet.There is a property-owned coin-operated laundry room on-site with onewasher and one dryer. The property has been renovated over the lastfew years. All eight of the unit interiors have fully remodeledbathrooms, upgraded flooring, wainscoting treatment as well asbedroom and living room fans, new fixtures, and other interiorupgrades. The exterior was also extensively renovated with new doublepane windows and new entry and security doors. There is one off-streetparking space per unit and the two-bedroom units have small rearpatios.
This property has been well taken care of and with some minor finishingexterior upgrades will offer a buyer a turnkey investment opportunitywith strong market demand and ease of management.
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