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Bristol Cove Carlsbad

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0102030405

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

FINANCIAL ANAYLSIS

LOCATION OVERVIEW

COMPRABLES

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Ref-erences to square footage or age are approximate. Buyer must verify the in-formation and bears all risk for any in-accuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future per-formance of the property.

Marcus & Millichap Real Estate Invest-ment Services is a service mark of Mar-cus& Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created. by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

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Executive Summary

4611 Park Drive consists of three (3) waterfront located

apartment units on the shores of Aqua Hedionda

Lagoon in the highly desirable coastal community of

Carlsbad, CA. In addition to its irreplaceable location,

the property enjoys an excellent unit mix consisting

of one (1) three-bedroom/three-bathroom unit, one

(1) two-bedroom/two-bathroom units and one (1)

one-bedroom/one and a half bathroom unit. Onsite

amenities include three (2) private boat docks, three (3)

large private decks/patios, and ample parking (3 garage,

3 open).

4611 Park Drive embodies an extraordinary, secure and

well sought-after investment real estate categories –

waterfront located Southern California apartment units.

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Property Summary$ 1 , 6 0 0 , 0 0 0

O F F E R I N G P R I C E

3 , 8 0 2 S FB U I L D I N G A R E A

4 . 2 4 % C A P R A T E

5 , 0 7 5 S FL O T A R E A

1 5 . 5 1G R M

1 9 78Y E A R B U I L T

207-150-28-00A P N

3U N I T S

F E E S I M P L EO W N E R S H I P

1B U I L D I N G

PROPERTY DESCRIPTION02 PROPERTY DESCRIPTION 026 7

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Property Overview

PROPERTY DESCRIPTION02 PROPERTY DESCRIPTION 028 9

ADDRESS 4611 Park Drive | Carlsbad, 92008

PROPERTY TYPE Carlsbad Multifamily

PARCEL NUMBERS 207-150-28-00

LOT SIZE 5,075 SF/ 0.12 AC

BUILDING SIZE 3,802 SF

ZONING R-W (RESIDENTIAL WATERWAY ZONE)

CLICK HERE City of Carlsbad Zoning

PRICE $1,600,000

OFFERS The Seller reserves the right to sell the property at anytime during the marketing period without prior notice.

DISCLAIMER The property will be sold on an “as-is” basis. It is the Buyer ’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.

Property Highlights

Direct access to the lagoon for wake boarding, sking, fishing, sailing, and crusing

Upto 3 boat slips transfer with the property

Exclusive Bristol Cove neighborhood

One of a few water front homes in San Diego County

Upgraded units

PROPERTY DESCRIPTION02 PROPERTY DESCRIPTION 0210 11

4611Park Drive

Rent RollUNIT TYPE # OF UNITS EST SQFT CURRENT RENT MONTHLY INCOME PROFORMA RENT PROFORMA INCOME

1 Bedroom / 1.5 Bathroom 1 938 $2,345 $2,345 $2,500 $2,500

2 Bedroom / 2 Bathroom* 1 1,170 $3,000 $3,000 $3,200 $3,200

3 Bedroom / 3 Bathroom 1 1,300 $3,250 $3,250 $3,400 $3,400

TOTAL / AVG 3 1,136 $8,595 $9,100

* VACANT UNIT. PRICE REFLECTS PAST TENANTS RENT

UNIT DISTRIBUTION

1 BEDROOM / 1 BATHROOM

2 BEDROOM / 2 BATHROOM

3 BEDROOM / 3 BATHROOM

OCCUPANCY

OCCUPIED

VACANT

UNIT TYPE EST SQFT RENT RENT /SF

1 Bedroom / 1.5 Bathroom 938 $2,345 $2.502 Bedroom / 2 Bathroom* 1,170 $3,000 $2.56

3 Bedroom / 3 Bathroom 1,300 $3,250 $2.50

TOTAL / AVG 1,136 $2,865 $2.52

SQUARE FOOTAGE DISTRIBUTION

1 BEDROOM / 1.5 BATHROOM

2 BEDROOM / 2 BATHROOM

3 BEDROOM / 3 BATHROOM

38.1%

34.3%

27.5%

33.3%

33.3%

33.3%

33.3% 66.7%

INCOME CURRENT PRO FORMAGross Potential Rent $103,140 $109,200 Less: General Vacancy 3.0% $3,094 3.0% $3,276 Effective Rental Income $100,046 $105,924 Laundry $0 $0 Storage/Parking $0 $0 Effective Gross Income $100,046 $105,924 Less: Expenses $32,274 $32,074 Net Operating Income $67,772 $73,850 Annual Debt Service 1.01 $67,015 1.10 $67,015 Cash Flow After Debt Service $757 $6,835 Principal Reduction $20,839 $20,839 Total Return Before Taxes 5.19% $21,596 6.65% $27,674

EXPENSES CURRENT PRO FORMAReal Estate Taxes $19,754 $19,754Insurance* $2,200 $2,000 Management Fee $0 $0 HOA $5,520 $5,520 Repairs & Maintenance $2,100 $2,100 Utilities $2,100 $2,100 Trash Removal $0 $0 Contract Services $0 $0 General/Administrative* $0 $0 Reserves $600 $600 Total Operating Expenses $32,274 $32,074 Expense/SF $8.49 $8.44 Expense/Unit $10,758 $10,691 % of EGI 32.3% 30.3%

Operating ExpensesSUMMARYPRICE $1,600,000 Down Payment $416,000 26.00%Number of Units 3Price Per Unit $533,333Building SqFt 3,802 Price Per SqFt $420.83Lot Size SF 5,075Approx Year Built 1978

RETURNS CURRENT PRO FORMACAP Rate 4.24% 4.73%

GRM 15.51 14.65

Cash-On-Cash 0.18% 2.08%

Debt Coverage Ratio 1.01 1.13

FINANCING 1st LoanLoan Amount $1,184,000 Loan Type Fully AmortizedInterest Rate 3.90%Term 10Amortization 30Annual Debt Service $67,015 Lot Size SF 5,075Approx Year Built 1978

FINANCIAL ANALYSIS02 FINANCIAL ANALYSIS 0212 13

LOCATION OVERVIEW03 LOCATION OVERVIEW 0314 15

Agua Hedionda Lagoon sometimes referred to as Carlsbad Lagoon, is a saltwater wetland and watershed and offers year-round recreational and commercial use. The lagoon includes mud flats, salt, and freshwater marsh, and deep water and is actually com-prised of three lagoons: a 66-acre out-er lagoon, a 27-acre middle lagoon, and 293-acre inner lagoon.It has facilities for boating, skiing, wakeboarding, sailing, windsurfing, and fishing. The Carlsbad lagoon is home to Hubbs/Sea World White Sea Bass Hatchery and Carlsbad Aquafarm, a commercial mussel-farm-ing operation. Kayaking the lagoon is a popular activity and is best at high tide when numerous streams appear bring-ing a multitude of birds and wildlife.

Agua Hedionda Lagoon

# ADDRESS CITY ZIP UNITS SALE PRICE $ / UNIT $/SF BUILT COE DATE MIX

1 4590 Cove Dr San Diego 92008 2 $930,000 $450,000 $455.88 1965 12/31/2019 (2) 2BD/2BA

2 2634-36 Ocean St San Diego 92008 2 $1,625,000 $812,500 $1,154.12 1946 8/1/2019 (2) 2BD/1BA

3 150-152 Cherry Ave San Diego 92008 2 $1,750,000 $875,000 $1,093.75 1957 11/1/2019 (2) 2BD/1BA

4 159-167 Tamarack San Diego 92008 4 $2,665,000 $666,250 $987.04 1952 8/1/2019 (4) 2BD/1BA

5 3810 Carlsbad Blvd San Diego 92008 4 $3,375,000 $843,750 $1,238.99 1970 6/12/2020 (4) 2BD/2BA

Averages 4 $2,069,000 $729,500 $985.96 1958

4 6 1 1 Pa r k Dr i v e San Diego 92008 3 $1,600,000 $533, 333 $420.83 1978 TBD (1) 3BD/3BA, (1) 2BD/2BA, (1) 1BD/1.5 BA

Sale Comparables

COMPARABLES04 16

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1

2

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4611Park Drive

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COMPARABLES 0417

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2

3

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5

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# ADDRESS CITY ZIP TYPE RENT RENT/SF BUILT

1 4519 Cove Drive 5 San Diego 92008 2 BD/2 BA $3,850 $3.06 1972

2 4525 Cove Dr 7 San Diego 92008 2 BD/3 BA $3,500 $1.85 1986

3 4525 Cove Drive 1 San Diego 92008 3 BD/3 BA $3,700 $1.95 1986

4 4583 Cove Dr San Diego 92008 2 BD/2 BA $2,800 $2.06 1983

5 4607 Park Dr B San Diego 92008 2 BD/1 BA $3,000 $2.01 1984

6 4566 Cove Dr San Diego 92008 3 BD/2 BA $2,500 $2.50 1982

Rent Comparables

COMPARABLES04 18

RENT COMPARISON RENT PER SF COMPARISON

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2-3

45

6

4611Park Drive

T W O B E D R O O M

O N E B E D R O O M

$2,345 RENT

$2.50RENT /SF

T W O B E D R O O M

$3,000RENT

$2.56RENT /SF

T H R E E B E D R O O M

$3,250 $2.50RENT /SF

COMPARABLES 0419

4611 PARK DRIVE

RENT

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Office 858.373.3237Mobile 858.945.7094Fax 858.373.3265 Email aaron.bove@marcusmillichap.comLicense CA 01318320

Senior Vice President Investments

Director | National Multi Housing Group

AARON BOVE