Broker, CalBRE#01249563 Broker, CalBRE#01249563 Sorrel Nemzer REALTOR 619.252.1357 [email protected] DRE#00786442
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OVERVIEW
Price: $8,884,500
Address: 3590-3710 Arey Drive,San Diego, Ca. 92154
Units: 30 - 3 bed/2 bath units
Parking: Assigned Exterior
Built: 1976
Lot Size: 5.75 Acres
Building: Single level, wood frame
Roofs: Composite Shingle
Outline is aproximate and should not be construed as a legal map of the property
PROPERTY HIGHLIGHTS
• Desirable 92154 Location• 1976 Construction• Large 3-bedroom 2 bath units• Great proximity to YMCA, Restaurants,
Shopping, and Places of Worship• Individually metered for electric• Each unit has a separate parcel number• Well maintained units with recent upgrades• All units have a private yard• Rental upside• Single level
The subject properties are part of the Arey Pointe Project. Built in 1976, the project consists of 80 single-level town houses. All are three-bedroom, two bath units with interior washer and dryer hookups. Some of the unit interiors have been updated including the kitchens and baths.Each unit has a parking spot in the exterior lot. Common area amenities include a pool, jacuzzi and open green space.
SITE MAP
SUBJECT PROPERTYSEE DETAIL BELOW
3530 AREY DR 3560 AREY DR 3590 AREY DR 3640 AREY DR 3670 AREY DR
3710 AREY DR
FINANCIAL OVERVIEW
SCHEDULED INCOMENumber of Units Bed/Bath Sq FT Current Rents Monthly Income Market Rents Market Monthly Income
30 3/2 1,071 $1,725 $51,175 $2,100 $ 63,000
INVESTMENT SUMMARY FINANCIAL SUMMARY Actual MarketPrice $8,884,500 Annual Gross Income $596,284 $756,000Number of Units 30Price per Unit $296,150 Operating ExpensesPrice Per SF $276.52 Taxes $42,668 $42,668 Current Gross Rent Multiplier 14.47 Repairs & Maintenance $29,024 $29,024 Market Gross Rent Multiplier 12.91 HOA $144,480 $144,480 Year Built 1976 Management $21,300 $21,300 Lot Size 5.75 Ac Other Taxes $672 $672
Bank Charges $616 $616
Total Operating Expenses $238,760 $238,760
Net Operating Income $357,254 $517,240
Cash on Cash 4.024% 5.82%
RENT ROLLAddress Rent Move-In Date3590-1 Arey Drive $1,675 7/1/20173590-3 Arey Drive $1,875 9/7/20193590-6 Arey Drive $1,775 4/4/20043590-7 Arey Drive $1,675 10/1/20153590-8 Arey Drive $1,775 Manager Apt.3590-9 Arey Drive $1,675 11/2/20103590-11 Arey Drive $1,650 11/15/20143590-12 Arey Drive $1,675 5/1/20153590-14 Arey Drive $1,650 10/1/20153640-1 Arey Drive $1,775 7/20/20123640-3 Arey Drive $1,775 5/23/20133640-4 Arey Drive $1,675 4/1/20123640-5 Arey Drive $1,650 1/22/20183640-6 Arey Drive $1,675 1/20/20193640-7 Arey Drive $1,675 4/1/20183640-8 Arey Drive $1,675 6/16/20073640-9 Arey Drive $1,875 9/1/20193640-10 Arey Drive $1,675 2/3/20063640-12 Arey Drive $1,675 10/13/20163640-13 Arey Drive $1,775 2/20/20163670-1 Arey Drive $1,775 8/18/20173670-2 Arey Drive $1,675 11/17/19953670-3 Arey Drive $1,775 4/20/20173670-9 Arey Drive $1,875 4/1/20173670-11 Arey Drive $1,675 4/14/20123670-12 Arey Drive $1,775 2/1/20153670-13 Arey Drive $1,675 12/5/20003670-14 Arey Drive $1,775 5/21/20153710-4 Arey Drive $1,675 3/3/20013710-5 Arey Drive $1,775 6/1/2012
Total $51,775
LOCATION MAP
SUBJECT PROPERTY
3590-3710 Arey Drive
YMCAElementary
School
Elementary School
Middle School
RecreationCenter
Library
Trolley & Transit Center
RecreationCenter
Elementary School
HighSchool
REGIONAL MAP
SUBJECT PROPERTY
3590-3710 Arey Drive
MARKET OVERVIEW
The Arey Pointe Town House Community presents an excellent opportunity to invest in a portfolio of 30 Townhouses, in close proximity to the YMCA, Silver Wing Elementary School and Montgomery Middle School. Set high up on the hills there are Ocean Views from the top of the Community. The units for sale present a unique opportunity to own a portfolio of:
• Three-bedroom, two bath units• Single-level layout• Washer/dryer plumbing in place• Below-market rents
In San Diego there is a huge demand for affordable three-bedroom homes. The Median Sales Price of properties below 1,500 square feet rose 5% in 2018, and the inventory of available homes decreased 13.5%. This demand and lack of inventory is putting upward pressures on rents and especially 3-bedroom units. For the twelve months ended March 30, 2018 rents rose by 20%. (see the attached article what’s behind San Diego County’s record-breaking rents.
MARKET OVERVIEWMedian Sales Price
By Square Feet 12-2017 12-2018 Change 12-2017 12-2018 Change 12-2017 12-2018 Change
1,500 Sq Ft and Below $420,000 $445,000 + 6.0% $460,000 $493,000 + 7.2% $364,000 $385,000 + 5.8%
1,501 to 2,000 Sq Ft $550,000 $585,000 + 6.4% $550,000 $585,000 + 6.4% $560,000 $593,505 + 6.0%
2,001 to 3,000 Sq Ft $705,000 $749,500 + 6.3% $699,000 $739,900 + 5.9% $900,000 $990,000 + 10.0%
3,001 Sq Ft and Above $1,160,000 $1,250,000 + 7.8% $1,160,000 $1,250,000 + 7.8% $1,987,500 $1,955,000 - 1.6%
All Square Footage $535,000 $568,000 + 6.2% $600,000 $640,000 + 6.7% $398,000 $420,000 + 5.5%
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. Based on a rolling 12-month median.
Current as of January 5, 2019. All data from Shared Paragon Network. | Report © 2019 ShowingTime. | 4
All Properties Single-Family Homes Condos - Townhomes
$420,000
$550,000
$705,000
$1,160,000
$445,000
$585,000
$749,500
$1,250,000
1,500 Sq Ft and Below 1,501 to 2,000 Sq Ft 2,001 to 3,000 Sq Ft 3,001 Sq Ft and Above
By Square Feet 12-2017 12-2018
$535,000$600,000
$398,000
$568,000$640,000
$420,000
All Properties Single-Family Homes Condos - Townhomes
By Property Type 12-2017 12-2018
+ 6.7% + 5.5%+ 6.0% + 6.4% + 6.2%+ 6.3% + 7.8%
San Diego Rents Will Continue To Rise, According To USC Rental Forecast
BY: Zac SelfSource: https://www.10news.com/news/making-it-in-san-diego/san-diego-rents-will-continue-to-rise-according-to-usc-rental-forecast 2:19 PM, Oct 17, 2018
SAN DIEGO (KGTV) -- A rental forecast outWednesday predicts that San Diego County’s affordable housing crisis will worsen through 2020. According to the University of Southern California Casden Economics Forecast, “even under the best case standard, few units in Southern California are affordable.” By 2020, the report forecasts that average monthly rents will increase by $209 in San Diego County, the highest among all Southern California areas.
The report predicts that the San Diego will continue to see economic and population growth over the “foreseeable future” with the economy’s leading sectors continuing to draw a variety of workers.
The forecast also shows San Diego’s popularity among older members of the population, including retirees. As a result, housing demand will continue in both the renter and owner-occupied markets, leading rents to increase as vacancy rates remain low.
In 2020, the average rent is predicted to be $2,187 with a 3.75 percent vacancy rate.
DISCLAIMER
Broker, CalBRE#01249563Broker, CalBRE#01249563
The information contained in this marketing brochure is proprietary and confidential. It is intended to be reviewed only by the party receiving it from Wolf Real Estate Group, and should not be made available to any other person or entity without the written consent of Wolf Real Estate Group. This marketing brochure has been prepared to provide summary, unverified, information to prospective purchasers, and to establish only preliminary level of interest in the subject property.The information contained herein is not a substitute for a thorough due diligence investigation by prospective buyers.Wolf Real Estate Group has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the size and square footage of the property and improvements; the presence or absence of contaminating substances, PCB’s, or asbestos; compliance with state and federal regulations; the physical condition of the improvements thereon; or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.The information contained in this marketing brochure has been obtained from sources we believe to be reliable, however Wolf Real Estate Group has not verified, and will not verify, any of the information contained herein, nor has Wolf Real Estate Group conducted any investigation regarding these matters, and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.All potential buyers must take appropriate measures to verify all the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT US AT 858.243.4110 or 619.252.1357
FOR MORE DETAILS.
DISCLAIMER
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