SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
918
918--948 MAIN STREET & 931 D STREET
RAMONA, CA 92065
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22 APARTMENT UNITS, 1 COMMERCIAL BUILDING, 1 HOUSE, 1 VACANT LOT
6 SEPARATE ADJACENT PARCELS TOTALING 44,865 SQUARE FEET OF LAND
11 BUILDINGS TOTALING 10,840 SQUARE FEET OF IMPROVEMENTS
APARTMENT UNITS ARE “COTTAGE” STYLE WITH HUGE OUTDOOR COMMON AREAS
LOCATED ON MAIN STREET IN THE CENTER OF RAMONA’S COMMERCIAL DISTRICT
POSSIBLE DEVELOPMENT OPPORTUNITY WITH COMMERCIAL GENERAL ZONING (C36)
250 FEET OF FRONTAGE ON MAIN STREET WITH REAR ALLEY ACCESS
RENTAL UPSIDE AND POTENTIAL TO SELL OFF PARCELS WITH MINOR LOT SPLIT
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
OFFERING SUMMARY
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Property Mix
22 apartment units (1 bed 1 bath) - 3 parcels
1 house (2 bed 2 bath) - 1 parcel
1 commercial building - 1 parcel
1 vacant lot - 1 parcel
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Total Purchase Price
$1,600,000
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Total Rentable SF
10,840 sq ft
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Total Land Size
44,865 sq ft
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Year Built
House 1920, Commercial 1947, Apartments 1950
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Number of Buildings
11 buildings + 1 laundry & 1 maintenance building
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Type of Ownership
Fee Simple
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Parcel Numbers
Apartments: 281-281-15-00, 281-281-16-00, 281-281-17-00
Commercial: 281-281-14-00
House: 281-281-08-00
Vacant lot: 281-281-18-00
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Number of Stories
Mostly 1 story, 4 apartment units in 2 story building
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Zoning
Commercial General (C-36)
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
INVESTMENT OVERVIEW
Available for sale is a unique investment property portfolio in the City of Ramona situated in northern San Diego County. The offering includes 22 apartment units, 1 commercial
building, 1 single family home and 1 vacant lot spread over 6 contiguous parcels. This portfolio offers an investor or developer the opportunity to control over 44,000 square feet of commercially zoned land in the heart of Ramona’s commercial district. The investment includes a
total of 11 buildings plus a coin laundry facility and maintenance building. The apartment units
are configured as “cottage” style duplexes and spread over 27,000 square feet of well landscaped property offering ample outdoor common area for the tenants to enjoy. All of the buildings included in the portfolio are rented to tenants with the exception of 4 apartment units, a
complete description of the vacant units is found below. This opportunity may appeal to a developer by offering rental income while processing entitlements for a commercial project in the
heart of Ramona. An investor may consider the properties as an opportunity to reposition the
assets through renovation and rental upside and stabilization. Another potential strategy is to
reconfigure the parking areas for the apartment units and then sell off the single family home
and commercial building. There are multiple scenarios in which a savvy buyer can maximize
the investment and get the properties operating at full capacity.
4 unit building
There are 4 apartment units located in a 2 story building on the eastern most parcel (281
-281-17-00) that are currently vacant. The ownership conducted a structural engineering report
which concluded that the ground floor framing is not structurally sound and not up to modern
construction codes and standards. The report recommends retrofitting the building with new
framing on the 1st floor to properly brace the building. Current ownership is not in a position
to perform the work and has decided to keep the building vacant. A copy of the engineering
report will be provided to the buyer as part of the due diligence package. We welcome
prospective buyers to perform any investigations to satisfy themselves as to the condition of the
4 unit building and determine how best to proceed with renovations.
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
Stabilized Rent Roll
Unit Number
924-1:
924-2:
924-3:
924-4:
924-5:
924-6:
924-7:
924-8:
924-9:
924-10:
924-11:
924-12:
924-14:
924-15:
926:
930:
932:
934:
*918:
*920:
*922:
*924-A:
931 D St.
948 Main St.
Laundry:
Total Income:
Unit Size (approx)
377 square feet
377 square feet
377 square feet
377square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
377 square feet
550 square feet
377 square feet
570 square feet
570 square feet
570 square feet
570 square feet
794 square feet
980 square feet
Type
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
1 bed 1 bath
2 bed 2 bath (house)
Commercial Building
Current Rent
$750
$745
$695
$750
$625
$695
$750
$725
$750
$725
$695
$725
$695
$695
$775
$700
$0 (manager)
$750
$0
$0
$0
$0
$1,295
$850
$200
Market Rent
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$750
$795
$750
$795
$795
$795
$795
$1,295
$980
$200
$14,590
$19,200
* Units 918-924-A are part of the 4 unit building that is currently vacant. Please see description of these units on
the previous page.
Note: The most current rent roll will be provided to buyer as part of due diligence package to determine rents and
occupancy at time of sale.
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
Current Value Indicators
Stabilized Expenses
Property Taxes:
Property Insurance:
Utilities (SDGE):
Water:
Trash:
Pest Control:
Landscaping:
Vacancy (5%):
Management (5%):
Maintenance:
Reserve:
Total Expenses:
$16,650 (based on asking price)
Estimated
$5,500
$3,500
Based on last 3 years
Based on last 3 years
$5,000
Based on last 3 years
$3,000
Estimated
$1,080
Estimated
$3,500
Estimated
$8,754
Professional management
$8,754
$500/unit average
$12,000
Estimated
$5,000
$72,738
41% of Gross Income
Gross Income: $175,080
Total Expenses: $72,738 (41% of GSI)
Net Income:
$102,342
CAP Rate:
6.4%
GRM:
9
Pro-Forma Value Indicators
Gross Income: $230,400
Total Expenses: $78,270 (34% of GSI)
Net Income:
$152,130
CAP Rate:
9.5%
GRM:
7
Note: Actual expenses have been running extremely high. Buyer will be provided with historical financials
and shall satisfy themselves as to the income and expense figures. Expenses above are based on normalized
operating figures to reflect 30-40% of gross income attributed to reoccurring expenses.
Appraisal Values
Property
Appraised Value Appraised Value % Change in Value
2008
2013
$1,370,000
$1,190,000
13%
948 Main Street
Commercial
$237,000
$83,000
65%
931 D Street
House + Vacant Lot
$316,000
$230,000
27%
$1,923,000
$1,503,000
22%
918-934 Main Street
Apartments
Total Appraised Value
Note: Properties were appraised in August 2008 and again in June-July 2013. Copies of all appraisals will be
made available to buyer as part of the due diligence package. Buyer to satisfy themselves on accuracy and
credibility of information and values contained in appraisal reports.
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
PROPERTY PHOTOS-EXTERIOR
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
PROPERTY PHOTOS-EXTERIOR
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
PROPERTY PHOTOS-INTERIOR
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
AERIAL PHOTO
South View
North View
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
10th Street
AREA OVERVIEW
B Street
Main Street
Chamber of
Commerce
Subject
Property
9th Street
11th Street
D Street
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
Ramona
Elementary School
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
PARCEL MAP
Apartments: Parcel 281-281-15-00, 281-281-17-00, 281-281-17-00
Commercial: Parcel 281-281-14-00
House: Parcel 281-281-08-00
Vacant lot: Parcel 281-281-18-00
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200
SAN DIEGO COUNTY
INVESTMENT PROPERTY
PORTFOLIO-FOR SALE
22 Apartments, House, Commercial Building, Land: List Price: $1,600,000
PARCEL MAP OVERLAY
Apartments: Parcel 281-281-15-00, 281-281-17-00, 281-281-17-00
Commercial: Parcel 281-281-14-00
House: Parcel 281-281-08-00
Vacant lot: Parcel 281-281-18-00
Alex Mickle
(619) 307-3782
[email protected]
DRE License # 01350200