offering memorandum updated - loopnet€¦ · offering memorandum *unit 105 is resident manager...

S PA N I S H L A N D I N G3 1 5 - 3 1 9 AC AC I A AV E / CARLSBAD, CA 92008

A U G U S T 0 8 , 2 0 1 8O F F E R I N G M E M O R A N D U M

S PA N I S H L A N D I N G

TA B L E O F C O N T E N T S

I. PROPERTY INFORMATION 3

II. PROPERTY DESCRIPTION 9

III. LOCATION INFORMATION 15

IV. FINANCIAL ANALYSIS 20

V. DEMOGRAPHICS 25

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 | PROPERTY 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

514 VIA DE LA VALLE | SOLANA BEACH, CA 92075WWW.ACRECOMMERCIAL.COM

C R A I G S T E W A R T, M B A T O M B E R R Y

760.230.8014 X1001 760.260.8573

[email protected] [email protected]

3 1 5 - 3 1 9 A C A C I A A V E , C A R L S B A D , C A 9 2 0 0 8 P R O P E R T Y I N F O R M A T I O N | 4O F F E R I N G M E M O R A N D U M

OFFERING SUMMARY

Sale Price: Subject To Offer

Number Of Units: 24

Building Size: 21,378

Lot Size: 0.89 Acres

Year Built: 1986


E X E C U T I V E S U M M A R Y


ACRE Investment Real Estate Services is proud to present the Spanish Landing apartment complex,comprising of 24 total units, with a 92% 2bed/2bath mix. It is located two short blocks from thePacific Ocean, giving easy beach access and a short walk to Carlsbad Village. There are 15 garageson the property, which are rented to tenants for an added fee. The property boasts a pool and spafor convenient tenant use, along with on-site laundry facilities and a resident manager. All unitshave fireplaces, select have balconies, and master suites are large.

This is an excellent value-add opportunity. Rents are currently below market, and a savvy investorcan increase cash flow by bringing rents up to market, with very little capital expenditurenecessary.

INVESTMENT OVERVIEW


I N V E S T M E N T O V E R V I E W


PROPERTY HIGHLIGHTS

• Mostly 2 Bedroom/2 Bath Units with Garages

• Upside in Rents

• New Tile Roofs

• 2 Blocks to the Ocean

• Close to Downtown Carlsbad

• Gourmet Kitchens

• Balconies (select units)

• Newly Remodeled Pool and Spa

• On-site Laundry

• Dishwashers & Ceiling Fans

INVESTMENT HIGHLIGHTS

• Value-Add Investment Through Increased Rents


I N V E S T M E N T H I G H L I G H T S



P R O P E R T Y P H O T O S


• Remodeled Pool

• Remodeled Spa

• Garages

• Beach Location

• New Pitched Tile Roof

• Balconies

• Landscaped

• On-Site Laundry

• Professionally Managed

PROPERTY AMENITIES

• 15 Garages

• 48 total parking spaces (33 surfaces)

• Fireplaces

• Gourmet Kitchens

• Balconies (select units)

• On-site Laundry

• Dishwashers

• Ceiling fans

UNIT AMENITIES


A M E N I T I E S

I II I | PROPERTY DESCRIPT IONA 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



760.230.8014 X1001 760.260.8573


3 1 5 - 3 1 9 A C A C I A A V E , C A R L S B A D , C A 9 2 0 0 8 P R O P E R T Y D E S C R I P T I O N | 1 0O F F E R I N G M E M O R A N D U M

SALE PRICE SUBJECT TO OFFER

LOCATION INFORMATION

Building Name Spanish Landing

Street Address 315-319 Acacia Ave

City, State, Zip Carlsbad, CA 92008

County/Township San Diego

BUILDING INFORMATION

Building Size 21,378 SF

Occupancy % 100.0

Number Of Floors 2

Year Built 1986

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning R4

Lot Size 38,679 SF

APN# 204-240-04-00

PARKING & TRANSPORTATION

Number Of Spaces 48

Parking Description Assigned Spaces & Garages

UTILITIES & AMENITIES

Laundry Description On-site


P R O P E R T Y D E TA I L S



F L O O R P L A N

I I II I 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



760.230.8014 X1001 760.260.8573


3 1 5 - 3 1 9 A C A C I A A V E , C A R L S B A D , C A 9 2 0 0 8 L O C A T I O N I N F O R M A T I O N | 1 6O F F E R I N G M E M O R A N D U M

Carlsbad is an affluent seaside resort city occupying a 7-mile (11 km) stretch of Pacific coastline innorthern San Diego County, California. The city is 87 miles (140 km) south of Los Angeles and 35 miles(56 km) north of downtown San Diego and is part of the San Diego-Carlsbad, CA Metropolitan StatisticalArea. It is bordered by Oceanside to the north, Vista and San Marcos to the east and Encinitas to thesouth. Referred to as "The Village by the Sea" by locals, Carlsbad is a tourist destination. The city'sestimated 2014 population was 112,299.[9] Among the nation's top 20 wealthiest communities, Carlsbadis the 5th richest city in the state of California with a median household income close to US$105,000.The northwest quadrant of Carlsbad (ZIP code 92008) includes the downtown "Village," and "OldCarlsbad." It was the first part of Carlsbad to be settled. Homes range from 1950s cottages andbungalows to elegant mansions on the hill overlooking the ocean. It is also home to Hosp Grove Park, agrove of trees relatively untouched by development and now designated by the city for recreational use,in addition to the Buena Vista and Agua Hedionda Lagoons. It is located west of El Camino Real andnorth of Palomar Airport Road.

LOCATION OVERVIEW DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

Total Households 4,864 23,370 56,848

Total Population 10,496 55,963 147,433

Average HH Income $68,668 $86,197 $81,706


L O C AT I O N O V E R V I E W



R E G I O N A L M A P



L O C AT I O N M A P S


Spanish Landing


A E R I A L M A P

IVIV | 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



760.230.8014 X1001 760.260.8573


3 1 5 - 3 1 9 A C A C I A A V E , C A R L S B A D , C A 9 2 0 0 8 F I N A N C I A L A N A L Y S I S | 2 1O F F E R I N G M E M O R A N D U M

UNIT TYPE COUNT % TOTAL SIZE (SF) MARKET RENT MARKET RENT/SF

2bed/2bath 22 91.7 1,000 $2,550 $2.55

1bed/1bath 2 8.3 875 $1,800 $2.06

Totals/Averages 24 100% 23,750 $59,700 $2.51


U N I T M I X S U M M A R Y


INCOME SUMMARY PRO FORMA FINANCIALS PER SF

$716,400 $33.51 Rental Income - Pro FormaGarages/Laundry/Misc. Income $21,106 $0.99

Gross Income $737,506 $34.50

EXPENSE SUMMARY PRO FORMA FINANCIALS PER SF

Property Taxes $116,537 $5.45Property Management Fees $35,103 $1.64Onsite Manager $37,274 $1.74Office Expenses/Dues/Licenses $991 $0.05Liability Insurance $6,572 $0.31Advertising/Promotions $1,000 $0.05Gas & Electric $16,731 $0.78Water $11,668 $0.55Sewer $5,795 $0.27Trash/Recycling $5,538 $0.26Landscaping $4,920 $0.23Fire Safety $461 $0.02Pest Control $636 $0.03Pool Service $4,466 $0.21Window Cleaning - -Maintenance & Repairs* $50,114 $2.34

Gross Expenses $297,806 $13.93

Net Operating Income $439,699 $20.57


I N C O M E & E X P E N S E S


*Unit 105 is Resident Manager

UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

LEASESTART

LEASEEND

MARKETRENT

MARKETRENT/SF

108 1 1 875 10/6/2015 2/28/2019 $1,950 $2.23

208 1 1 875 3/1/2017 2/28/2019 $1,950 $2.23

109 2 2 1,000 9/10/2005 2/28/2019 $2,550 $2.55

110 2 2 1,000 6/8/2018 6/7/2019 $2,550 $2.55

111 2 2 1,000 5/5/2017 12/1/2018 $2,550 $2.55

112 2 2 1,000 6/15/2013 12/31/2018 $2,550 $2.55

209 2 2 1,000 6/14/2015 6/30/2018 $2,550 $2.55

210 2 2 1,000 10/15/2017 10/14/2018 $2,550 $2.55

211 2 2 1,000 8/19/1991 6/30/2018 $2,550 $2.55

212 2 2 1,000 5/9/2008 5/31/2018 $2,550 $2.55

101 2 2 1,000 2/3/2018 2/2/2019 $2,550 $2.55

102 2 2 1,000 1/26/2009 5/31/2018 $2,550 $2.55

103 2 2 1,000 7/19/2017 7/18/2018 $2,550 $2.55

201 2 2 1,000 1/15/2012 1/31/2019 $2,550 $2.55

202 2 2 1,000 10/21/2013 10/31/2018 $2,550 $2.55

203 2 2 1,000 9/26/2015 12/31/2018 $2,550 $2.55


R E N T R O L L


*Unit 105 is Resident Manager

UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

LEASESTART

LEASEEND

MARKETRENT

MARKETRENT/SF

104 2 2 1,000 3/4/2015 3/31/2019 $2,550 $2.55

105 2 2 1,000 10/27/2015 $2,550 $2.55

106 2 2 1,000 3/28/2017 3/31/2019 $2,550 $2.55

107 2 2 1,000 3/24/2009 5/31/2019 $2,550 $2.55

204 2 2 1,000 2/26/2017 2/28/2019 $2,550 $2.55

205 2 2 1,000 12/31/2013 2/28/2019 $2,550 $2.55

206 2 2 1,000 1/5/2017 8/31/2018 $2,550 $2.55

207 2 2 1,000 9/1/2017 8/31/2018 $2,550 $2.55

Totals/Averages 23,750 $60,000 $2.52


R E N T R O L L

VV | DEMOGRAPHICSA 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



760.230.8014 X1001 760.260.8573


3 1 5 - 3 1 9 A C A C I A A V E , C A R L S B A D , C A 9 2 0 0 8 D E M O G R A P H I C S | 2 6O F F E R I N G M E M O R A N D U M

1 MILE 3 MILES 5 MILES

Total population 10,496 55,963 147,433

Median age 37.7 39.5 37.0

Median age (male) 36.6 38.6 35.8

Median age (female) 38.7 40.2 38.4

Total households 4,864 23,370 56,848

Total persons per HH 2.2 2.4 2.6

Average HH income $68,668 $86,197 $81,706

Average house value $637,048 $636,497 $577,328

Total Population - White 9,011 45,797 108,305

% White 85.9% 81.8% 73.5%

Total Population - Black 39 1,045 4,252

% Black 0.4% 1.9% 2.9%

Total Population - Asian 283 2,277 8,149

% Asian 2.7% 4.1% 5.5%

Total Population - Hawaiian 0 124 408

% Hawaiian 0.0% 0.2% 0.3%

Total Population - American Indian 3 129 503

% American Indian 0.0% 0.2% 0.3%

Total Population - Other 853 4,012 18,924

% Other 8.1% 7.2% 12.8%

Total Population - Hispanic 3,184 12,019 44,018

% Hispanic 30.3% 21.5% 29.9%

* Demographic data derived from 2010 US Census


D E M O G R A P H I C S R E P O R T

3 1 5 - 3 1 9 A C A C I A A V E , C A R L S B A D , C A 9 2 0 0 8 D E M O G R A P H I C S | 2 7O F F E R I N G M E M O R A N D U M

POPULATION 1 MILE 3 MILES 5 MILESTotal population 10,496 55,963 147,433

Median age 37.7 39.5 37.0

Median age (male) 36.6 38.6 35.8

Median age (Female) 38.7 40.2 38.4

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 4,864 23,370 56,848

# of persons per HH 2.2 2.4 2.6

Average HH income $68,668 $86,197 $81,706

Average house value $637,048 $636,497 $577,328

ETHNICITY (%) 1 MILE 3 MILES 5 MILESHispanic 30.3% 21.5% 29.9%

RACE (%)White 85.9% 81.8% 73.5%

Black 0.4% 1.9% 2.9%

Asian 2.7% 4.1% 5.5%

Hawaiian 0.0% 0.2% 0.3%

American Indian 0.0% 0.2% 0.3%

Other 8.1% 7.2% 12.8%

* Demographic data derived from 2010 US Census


D E M O G R A P H I C S M A P

S PA N I S H L A N D I N GT O M B E R R YC R A I G S T E W A R T, M B A

760.230.8014 [email protected] [email protected]

offering memorandum updated - loopnet€¦ · offering memorandum *unit 105 is resident manager...

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