elevon lofts north park 3767 bancroft san diego, ca …...quality finishes. rich interior luxuries...

3767 Bancroft San Diego, CA 92104

E L E VO N L O F T S NO RT H PA R K

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Contents

T H E O P P O RT UN I T Y 6

T H E A S S E T 1 0

T H E VA LUAT I O N 18

C O M PA R A B L E P RO P E RT I E S 2 2

T H E L O CAT I O N 2 8

T H E M A R K E T 3 2

3767 Bancroft Street San Diego, CA 92104

10 Apartment homes built in 2018

Exclusive multifamily offering

Andrew [email protected] 01792053

Chloe [email protected] 01923646

ElevonLofts.com

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Executive Summary

Canter Real Estate Group is pleased to present the exclusive opportunity to acquire Elevon Lofts (the “Property”), a brand-new, condominium-quality apartment community situated in the heart of North Park. Located just north of downtown, North Park is known for its urban activity and vibrant business district that is filled with an eclectic mix of antique stores, boutique-style dining establishments, coffee shops, a mixture of retail shops, and restaurants.

Boasting a walk score of 90, Elevon Lofts is characterized by its irreplaceable location. Elevon Loft’s condominium-quality apartment homes include stainless-steel appliances, quartz countertops, luxury vinyl plank flooring, custom tile design in bathrooms, and in-unit washer/dryers. Select homes feature 10-foot ceilings and private balconies with stunning views of downtown. Featuring 10 apartment homes, the unit mix consists of studio, one- and one-bedroom plus den floorplans with an average unit size of ±880 square feet. The property was developed with the highest quality materials and the utmost detail for a deluxe living experience.

Offering Price: $5,250,000

Investment Highlights

Core Newly Constructed Apartment Community

Completed in 2019, Elevon Lofts was designed by De Bartolo & Remanic Design Studio. Their clean lines, efficient layout and award-winning designs are featured in many of San Diego’s recently constructed urban infill projects. The property incorporates an exceptionally sleek and modern design with eye-catching details and an attractive, contemporary color palette. Elevon Lofts redefines luxury living, offering an unparalleled living experience for its residents.

Vibrant North Park Neighborhood

Elevon Lofts is centrally located in North Park just minutes from downtown, Balboa Park and San Diego International Airport. From the art lover to the music enthusiast, fashionista to the foodie, North Park offers a wholly authentic experience for everyone.

The epicenter of North Park is the bar-hopping intersection of University Avenue and 30th Street, which holds claim to being “the best beer neighborhood in the nation,” thanks to numerous craft-beer establishments such as Toronado, Tiger! Tiger! and Modern Times Flavordome. Craft cocktails are also a mainstay with bars like Bar Pink and Seven Grand offering creative concoctions. The neighborhood pulses with great restaurants, shops, entertainment and art blocks, such as Ray Street, which boasts dozens of galleries, live theater and musical shows. The historic Observatory North Park, in the heart of the business district, offers an impressive year-round concert line up.

The Opportunity

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Investment Highlights (Continued)

Ultra-Luxury

Constructed with the utmost consideration for the resident’s comfort and convenience, Elevon Lofts features condominium- quality finishes. Rich interior luxuries include: ten-foot ceilings, luxury vinyl plank flooring, quartz countertops, StyleLite cabinetry in kitchens and bathrooms, stainless-steel appliances, Kohler en Grohe fixtures, custom tile design in bathrooms, and 4” can light fixtures. Select units include private balconies with views of downtown San Diego that create an indoor-outdoor living experience.

Proximity To Employment The community has excellent proximity to major employment centers including downtown San Diego and Mission Valley. Downtown San Diego is home to more than 5,000 businesses, 85,000 employees, and over 10-million square feet of office space. Employment opportunities in the Hillcrest/North Park area include Scripps Mercy Hospital, Kindred Hospital, and UCSD Medical Center.

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Number of Units – 10

Average Residential Unit – 891 Sq Ft

Total Rentable Space – 8,914 Sq Ft

Year Built – 2018

Total Acreage – 0.14

Number of Buildings – 1

Number of Stories – 4

Parcel Number – 446-492-05

Exterior – Equitone Siding and Stucco

Parking – Covered Garage

Parking Spaces – 7

Parking Ratio – 0.7

Storage Units – 10

Unit Mix

Units | Unit Type | Size

Total: 10 | 8,914 Sq Ft

2 | Studio | 512 Sq Ft

1 | 1 Bed / 1 Bath | 561 Sq Ft

2 | 1 Bed / 1 Bath | 676 Sq Ft

1 | 1 Bed + Den / 1 Bath | 1,039 Sq Ft

4 | 1 Bed + Den / 2 Baths | 1,235 Sq Ft

Heating

Air Conditioning

Fire Protection - Sprinklers Throughout Building

Motion Lights in Common Areas

Mechanical, Electrical and Plumbing

The Asset

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Unit Amenities

Central Air / Heat

In-Unit Frigidaire Washer / Dryer

Luxury Vinyl Plank Flooring

10-Foot Ceilings

Arcadia Casement Windows

Milgard Sliding Doors

Large Balcony on Select Units

Fully-Equipped Kitchens with Stainless-Steel Appliances

Inset Mirror Cabinets in Bathroom

4” Can Light Fixtures

Downtown Ocean Views

Gas Stove

Glass Subway Tile Backsplash

Indoor-Outdoor Living

Custom Tile Design in Bathroom

StyleLite Kitchen Cabinets in Artic and Slate with Velvet Finish

Quartz Countertops in Kitchen and Bathroom

StyleLite Bathroom Cabinets in Sienna Teak

Community Unit Amenities (Select Units)

Fob System Access

Covered Parking

Bicycle Storage

Pet Friendly Community

Secured Gated Access

Proximity to Endless Retail, Eateries, and Entertainment

Easy Access to Public Transportation and Freeways

Recessed LED Channel Lighting Design in Hallway

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The Valuation Unit Mix & Rent Schedule

Unit Bed / Bath Sq Ft Rent Deposit

1 1 / 1 1,039 2,900.00 1,000.00

2 0 / 1 511 1,895.00 947.50

3 1 / 1 561 774.00 774.00

4 0 / 1 512 1,845.00 922.50

5 1 / 1 680 2,200.00 1,100.00

6 1 / 1 671 2,300.00 2,300.00

7 2 / 2 1,279 3,425.00 3,425.00

8 2 / 2 1,190 3,425.00 1,675.00

9 2 / 2 1,279 3,450.00 1,725.00

10 2 / 2 1,190 3,150.00 1,575.00

10 Units 8,912 21,764.00 10,819.00

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Pro Forma Income & Expenses

Pro Forma Income & Expenses

Unit Bed / Bath % of Project Sq Ft Monthly Rent per Unit

Rent per Sq Ft

Monthly Rent Annual Rent

1 2/ 1 12% 1,039 2,900 2.79 2,900 34,800

2 0 / 1 6% 511 1,895 3.71 1,895 22,740

3 1 / 1 6% 561 774 1.38 774 9,288

4 0 / 1 6% 512 1,845 3.60 1,845 22,140

5 1 / 1 8% 680 2,200 3.24 2,200 26,400

6 1 / 1 8% 671 2,200 3.28 2,300 27,600

7 2 / 2 14% 1,279 3,450 2.70 3,250 39,000

8 2 / 2 13% 1,190 3,425 2.88 3,425 41,100

9 2 / 2 14% 1,279 3,450 2.70 3,450 41,400

10 2 / 2 13% 1,190 3,150 2.65 3,450 41,400

Sub Total 10 100% 8,912 25,189 2.83 25,489 305,868

Other Income (Res) % / Units # Units $ / Unit / M $ / Sq Ft / M $ / Month $ / Year

Storage 0% - - - - -

Pet Rent 40% 10 25 0.011 100 1,200

Parking Spots* 70% 10 100 0.079 700 8,400

RUBS Income @ 90% (water, trash)

- - 4,806

Sub Total 0.09 800 14,406

Residential Expenses % of Gross Rent Annual Expense / Unit

Monthly Expense Annual Expense

Insurance 2.19% (701) (584) (7,007)

Taxes 9.94% (3,184) (2,653) (31,840)

Utilities 1.45% (463) (386) (4,632)

Landscape 0.37% (120) (100) (1,200)

Management 4.00% (1,281) (1,068) (12,811)

Legal / Eviction 0.08% (25) (21) (250)

Fire Sprinkler Inspection 0.34% (108) (90) (1,080)

Janitorial (Day Porter / Pest Control)

1.50% (480) (400) (4,800)

Water 0.82% (264) (220) (2,640)

Trash 0.84% (270) (225) (2,700)

Make Ready 0.16% (50) (42) (500)

Maintenance 1.41% (450) (375) (4,500)

Sub Total 23.09% (7,396) (6,163) (73,960)

Less: Res Vacancy Factor (1,052) (12,811)

Cap Rate Value

4.00% $5,837,579.50

4.25% $5,494,192.47

4.35% $5,367,889.20

Gross Residential Income 2.92 26,289 320,274

Net Operating Income 233,503

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Elevon Lofts


Year Built 2018Apt Homes 10

Studio (# Ea) 2Mkt Rent $1,870Avg Sq Ft 513Rent/Sq Ft $3.65

1 BR (# Ea) 2Mkt Rent $2,250Avg Sq Ft 676Rent/Sq Ft $3.31

1 BR + Den / 1 BA (# Ea) 1Mkt Rent $2,900Avg Sq Ft 1,039Rent/Sq Ft $2.79

1 BR + Den / 2 BA (# Ea) 4Mkt Rent $3,319Avg Sq Ft 1,235Rent/Sq Ft $2.69

Notes One affordable unit is not included in the unit mix.

Concessions None

RUBS Resident pays water, sewer, trash and electric based on usage. Owner pays gas.

Parking Policy Option to rent parking spot for $100 per month.

Pet Rent $50 Per Month

Broadstone Balboa

3288 5th Avenue San Diego, CA 92103

Mr. Robinson

3752 Park Boulevard San Diego, CA 92103

Kensington Commons

4142 Adams AvenueSan Diego, CA 92116

Vida North Park

4223 Texas Street San Diego, CA 92104




2 BR / 1 BA (# Ea) N/AMkt Rent Avg Sq Ft Rent/Sq Ft

2 BR / 2 BA (# Ea) 23Mkt Rent $3,990Avg Sq Ft 1,190Rent/Sq Ft $3.35

NotesN/A

ConcessionsNone

RUBSResident pays water, sewer, trash, electric and gas based on usage.

Parking PolicyOne space is included in the rent per unit. $100 Per month for a second space.

Pet Rent $500 Deposit, $50 per month.



1 BR (# Ea) N/AMkt Rent Avg Sq Ft Rent/Sq Ft



NotesN/A

ConcessionsNone

RUBSResident pays water, sewer, trash, electric and gas based on usage.

Parking PolicyOne-bedroom units get a single space, two-bedroom units get a tandem space.







NotesN/A

ConcessionsNone

RUBSResident pays water, sewer, trash and electric based on usage.

Parking PolicyOne space is included in the rent per unit. $75 Per month for a second space.




1 BR (# Ea) 9Mkt Rent $2,950Avg Sq Ft 1,103Rent/Sq Ft $2.67



NotesN/A

ConcessionsNone

RUBSResident pays water, sewer, trash and electric based on usage.

Parking PolicyOne assigned spot per unit.


Comparables

Comparable Rental Properties

Elevon Lofts


Structure Lofts

440 Upas StreetSan Diego, CA 92103

Ten on Columbia

2104 Columbia Street San Diego, CA 92101

Year Built 2018 Units 10 Average Sq. Ft. 891

Unit Mix Studio 20%One Bedroom 40%Two Bedroom 40%

Total Rentable Sq. Ft. 8,912

Year Renovated 2014 Units 25 Average Sq. Ft. 1,057

Unit Mix Studio 100%


Price / Unit $590,000Price / Sq. Ft. $558

Sold For $14,750,000Closed 02/19/17


Unit Mix One Bedroom 50%Two Bedroom 50%



Sold For $5,550,000Closed 12/10/15

Elan Luxo II

1907 Columbia Street San Diego, CA 92101

Vida North Park

4223 Texas Street San Diego, CA 92104

Exotic Gardens

4319 Mississippi Street San Diego, CA 92014



Total Rentable Sq. Ft. 40,974 Price / Unit $531,900Price / Sq. Ft. $519

Sold For $21,276,000Closed 07/17/18


Unit Mix Studio 16% One Bedroom 50%Two Bedroom 34%



Sold For $61,550,000Closed 12/17/19





Sold For $10,700,000Closed 02/20/18

Comparable Sale Properties

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Rentals

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Two-Bedroom

$3,319Elevon Lofts

$3,450 $3,600 $3,700 $3,990

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Average $3,511

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Studio

$1,870Elevon Lofts

$2,099

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$2,560M

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Average $2,280

$400,000

$500,000

$600,000

SalesPrice Per Unit

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$509,524 $521,610 $531,900 $555,000 $590,000

Average $541,607

$100

$200

$300

$400

$500

$600

$700

$800

$334 $519 $558 $634 $704

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Average $550

Comparable Properties Summary

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The Location Attractive Location

Elevon Lofts is located in the thriving neighborhood of North Park in San Diego, California. North Park is situated to the northeast of beautiful Balboa Park and downtown San Diego and in close proximity to Interstate 805, providing residents with easy access to all of San Diego County.

The North Park community, and in particular, the downtown hub, is experiencing a renaissance of activity, with the community gaining widespread recognition as a center for the arts, dining, and entertainment. North Park’s downtown core, anchored by the nearby 30th Street and University Avenue intersection, contains a treasure trove of eclectic and historic architecture as well as an array of trendy restaurants, independent coffee shops, and microbreweries.

The area’s newly-established professional class of artists, designers, musicians, writers, and other creative entrepreneurs, combined with a broad array of colorful and imaginative cultural events have transformed North Park into a widely recognized “Creative Community.”

Today’s North Park plays host to an ever-increasing array of art galleries and studios, performing arts groups and venues, dance studios, architects, and local art projects including the recently renovated, historic Birch North Park Theatre (now known as Observatory North Park) and the Ray Street Arts District, the largest and longest running art walk in San Diego’s history.

Local Eats

The Smoking GoatUrban SolaceCarnita’s Snack ShackUrban PizzaUnderbellyWaypoint PublicThe MissionMr. Moto Pizza HouseToronado

Eclectic Eateries

Foodies find their solace within lively North Park. The neighborhood boasts some of the most unique eateries and restaurants in the city, all within walking distance of one another. North Park is a true food lover’s sanctuary, including premium sushi, vegetarian cafes, gourmet coffee shops, artisan ice cream, deliciously crafted waffles, and brunch spots.

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Community Events

Several weekly and annual events are held in North Park including the North Park Farmers’ Market which takes place every Thursday and has been listed as one of the top 40 in the USA. They feature over 35 independent vendors; locally grown produce / flowers; gourmet / ethnic foods; arts and crafts; books; and, often, live music. North Park Music Thing, a large musical festival, the North Park Lions Club Holiday Parade and Taste of North Park, which features 30 restaurants, micro-breweries, local galleries, and boutiques, take place annually. 30th on 30th is an event that takes place on the 30th of each month where a group of restau-rants and bars on and near 30th Street offer food and drink specials, encour-aging patrons to restaurant crawl and check out the amazing establishments on the 30th Street Corridor.

North Park After Dark is an event for people to go out and experience all that the North Park community has to offer in terms of restaurants, bars, and bou-tiques after hours.

Every quarter, several “Mom & Pop” shops, cafes, and restaurants stay open late and offer discounts as well as raffle prizes to customers. North Park’s Festi-val of Arts is a free and family-friendly festival with local traditions that include unique art, vendor booths, live graffiti demonstrations, fabulous food, craft beer gardens, and live musical performances. This is an annual event that occurs every spring.

Nightlife

North Park’s nightlife scene has been gaining momentum as one of the most popular destinations for the San Diego locals. The region nods its head at its roots within the Capital of Craft, with tasting rooms, beer bars, and breweries lining the streets of North Park. 30th Street is receiving national recognition as one of the most recognizable beer streets. However, the region also offers a haven for craft cocktail and wine lovers as well.

Local Nightlife

Polite ProvisionsBar Three PieceSeven Grand San DiegoCoin-Op Game RoomBelching Beaver North ParkModern Times BeerWest Coast TavernTrue NorthOffice Bar

Booming Retail

North Park was the place to shop through the 1950s. Although decades of decline followed the rise of regional malls, North Park is flourishing again. North Park’s lineup of shopping stores and boutiques is just as eclectic, unique, and diverse as the neighborhood itself, each shop with their own particular flavor while still retaining that classic North Park vibe.

Local Shopping

PigmentMimi & RedHome + HoundSimply LocalThe General StoreOverloadMaterialAesthetic Savor

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The Market Introduction

The San Diego-Carlsbad, CA, Metropolitan Statistical Area (MSA) is located entirely within San Diego County, spanning 70 miles of the California coastline from the border of Mexico to the shores of Orange County. Home to more than 3.3 million residents, the San Diego MSA is the fourth most populated metro in the state. The dynamic and positive business environment of the San Diego metro area makes it one of the world’s leading business locations, in addition to being a center for high-tech innovation fostered by world-class universities and colleges.

With an active labor force of nearly 1.5 million workers, the highly educated, diverse, and growing San Diego metro area is one of the major population centers of Southern California. Dozens of new developments are underway and hundreds of new jobs are being added to the market, driving population growth metrowide. Today greater San Diego is a vital national defense asset and home to the largest concentration of military resources in the world.

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25%Key Renter Age Group (18-35 Years Old)

Demographics

66%Workers in White-Collar Positions Metrowide

36.6Median Age of Residents Metrowide

3.4 MillionPopulation Forecast over the Next Five Years

36%Residents with a Bachelor’s Degree or Higher(Compared to 30% Nationally)

34%Households that Earn $100,000+ Annually (Compared to 25% Nationally )

43%Region’s Housing Units that are Renter Occupied (Compared To 31% Nationally)

$78.6kProjected Median Household Income (by 2023)

Highlights

Income GrowthThe San Diego MSA led the nation in median annual household income growth in 2017, fueled by high-paying job growth in telecoms and biotech.

U.S. Census Bureau

Best Big City to Live InSan Diego ranked No. 5 among the “Best Big Cities to Live In.”

WalletHub

Job GrowthSan Diego was named one of the “Best Cities for Job Growth.”

NewGeography

Best City for Tech JobsSan Diego is the “Best City for Tech Jobs” in the United States.

PCMag

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate.

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elevon lofts north park 3767 bancroft san diego, ca …...quality finishes. rich interior luxuries...

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