3424 & 3434Monroe St
C A R L S B A D , C A 9 2 0 0 8
2 P A R C E L S 8 U N I T S
N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E
C O N F I D E N T I A L I T Y & D I S C L A I M E R
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should
not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to
prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.
Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial
performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the 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, Marcus & Millichap has not verified,
and will not verify, any of the information contained herein, nor has Marcus & Millichap 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 of the information set forth herein. Marcus & Millichap is a
service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2018 Marcus & Millichap. All rights reserved.
N O N - E N D O R S E M E N T N O T I C E
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intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Activity ID: ZAA0090720
S P E C I A L C O V I D - 1 9 N O T I C E
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.)
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N LY .P L E A S E C O N S U LT Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
E X C L U S I V E L Y L I S T E D B Y
CARSON TRUJILLOSenior Associate
San DiegoDirect: (858)373-3285
Cell: (859)[email protected]
License: CA 01974818
RAYMOND CHOISenior Vice President Investments
San DiegoDirect: (858)373-3136Cell: (858) 735-6632
[email protected]: CA 01297138
4 E X E C U T I V E S U M M A R Y
Marcus & Millichap is pleased to present for sale two contiguous 4-plexes in the highly desirable neighborhood of Carlsbad. Resting on a 15,726 SF lot, there is 6,524 rentable SF comprised of (8) two-
bedroom/one-bathroom units.
3424 & 3434 Monroe Street offers investors the unique opportunity to acquire a value-add asset in a rarely traded neighborhood. The cottage style 4-plexes feature coin operated laundry, 8 covered
carport parking spaces, a communal courtyard, and an abundance of storage space. This asset can be renovated to maximize cash flow or continue to be well maintained and operate as is.
Carlsbad is one of San Diego County’s most desirable cities to live in. It is home to some of California’s most famous beaches, top rated schools, attractions, and restaurants. This coastal community attracts
high quality tenants that will continue to keep vacancy rates low and rent increases steady. Being within walking distance to Carlsbad High School, this property is well positioned with the investor’s longevity in
mind.
All 2 Bdrm / 1 Bath Units Value Add -Under Market
Rents
30-Year Fixed Financing Options
Large LotApprox. 16K sq ft
2 Separate4 Unit Parcels
5E X E C U T I V E S U M M A R Y
3424 & 3434Monroe St
C A R L S B A D , C A 9 2 0 0 8
6 P R O P E R T Y D E S C R I P T I O N6
3424 & 3434Monroe St
C A R L S B A D , C A 9 2 0 0 8
7P R O P E R T Y D E S C R I P T I O N
3 4 2 4 3 4 3 4 M O N R O E S T
&
CARLSBAD HIGH SCHO OL
CARLSBAD STATE BEACHI-5
8 P R O P E R T Y D E S C R I P T I O N
CARLSBAD VILLAGE
3 4 2 4 3 4 3 4 M O N R O E S T
&
SOUTH O CEANSIDE
9P R O P E R T Y D E S C R I P T I O N
Carlsbad is a coastal city in the North County region of San Diego County,
California, United States called “The Village by the Sea”. It is a small,
affluent seaside resort community about half way between San Diego
and Orange County. Carlsbad has the charm of an old European city
and the atmosphere of a typical Californian coastal community. With
seven miles of fine white sandy beaches and the near perfect climate,
the village is a popular weekend destination and a great place to live.
The city’s estimated 2019 population was 115,382. Among the nation’s top
20 wealthiest communities, Carlsbad is the 5th richest city in the state of
California with a median household income close to $105,000.
Carlsbad is also a popular tourist destination. One of the Top 25 beaches
via TripAdvisor. The beach offers an array of outdoor activities to enjoy
– swimming, surfing, stand-up paddle boarding, scuba diving and snorkeling, fishing, shelling, and of course just hanging out.Paddle Out in our local lagoons for a relaxing and peaceful experience
on the water. Not only is the ocean important to us but so is our miracle
alkaline mineral water, fresh water lagoons and our newest desalinization
plant which provides approximately 10% or regions water.
South Carlsbad State Beach is one of the top Carlsbad attractions.
With uninterrupted views of Carlsbad’s sunset views, what more could
you ask for.
CARLSBAD
10 P R O P E R T Y D E S C R I P T I O N
CARLSBAD
11F I N A N C I A L A N A L Y S I S
PRICING DETAILS // 3424 & 3434 MONROE ST
SUMMARY Price $2,950,000Down Payment $1,239,000 42%Number of Units 8Price Per Unit $368,750Price Per SqFt $452.18Gross SqFt 6,524Lot Size 0.34 AcresApprox. Year Built 1960
RETURNS CURRENT PROFORMACAP Rate 3.85% 4.76%GRM 16.64 14.29Cash-on-Cash 1.72% 3.88%Debt Coverage Ratio 1.23 1.52
FINANCING 1ST LOANLoan Amount $1,711,000Loan Type NewInterest Rate 3.75%Amortization 30 YearsYear Due 2025
# OF UNITS
UNIT TYPE SCHEDULED RENTS
MARKETRENTS
8 2-Bed/1-Bath $1,847 $2,150
INCOME CURRENT PROFROMAGross Scheduled Rent $177,300 $206,400Less: Vacancy/Deductions 3.0% $5,319 3.0% $6,192Total Effective Rental Income $171,981 $200,208
Other Income $1,500 $1,500Effective Gross Income $173,481 $201,708Less: Expenses 34.6% $59,977 30.4% $61,388Net Operating Income $113,504 $140,320Cash Flow $113,504 $140,320Debt Service $92,198 $92,198Net Cash Flow After Debt Service 1.72% $21,306 3.88% $48,122Principal Reduction $32,836 $34,004Total Return 4.37% $54,142 6.63% $82,126
EXPENSES CURRENT PROFORMAReal Estate Taxes $32,495 $32,495Insurance $2,400 $2,400Utilities - Water & Sewer $4,882 $4,882Utlities - Gas & Electric $2,806 $2,806Trash Removal $2,880 $2,880Repairs & Maintenance $2,800 $2,800Landscaping $1,440 $1,440Operating Reserves $1,600 $1,600Management Fee $8,674 $10,085Total Expenses $59,977 $61,388Expenses/Unit $7,497 $7,674Expenses/SF $9.19 $9.41
12 F I N A N C I A L A N A L Y S I S
RENT ROLL SUMMARY // 3424 & 3434 MONROE ST
RENT ROLL
SCHEDULED POTENTIAL
UNIT TYPE # OF UNITS
AVG SQFEET
RENTALRANGE
AVG.RENT
AVG.RENT/ SF
MONTHLYINCOME
AVG.RENT
AVG. RENT / SF
MONTHLYINCOME
2-Bedroom/1-Bathroom 8 816 $1,725 - $2,100 $1,847 $2.26 $14,775 $2,150 $2.64 $17,200
TOTALS/WEIGHTED AVERAGES 8 816 $1,847 $2.26 $14,775 $2,150 $2.64 $17,200
GROSS ANNUALIZED RENTS $177,300 $206,400
UNIT UNIT TYPE SQUAREFEET
CURRENTRENT / MONTH
CURRENT RENT/SF/MONTH
POTENTIAL RENT/ MONTH
POTENTIALRENT/SF/MONTH
3424-1 2-Bedroom/1-Bathroom 816 $1,875 $2.30 $2,150 $2.64
3424-2 2-Bedroom/1-Bathroom 816 $1,750 $2.15 $2,150 $2.64
3424-3 2-Bedroom/1-Bathroom 816 $1,725 $2.12 $2,150 $2.64
3424-4 2-Bedroom/1-Bathroom 816 $1,850 $2.27 $2,150 $2.64
3434-1 2-Bedroom/1-Bathroom 816 $1,850 $2.27 $2,150 $2.64
3434-2 2-Bedroom/1-Bathroom 816 $1,850 $2.27 $2,150 $2.64
3434-3 2-Bedroom/1-Bathroom 816 $2,100 $2.58 $2,150 $2.64
3434-4 2-Bedroom/1-Bathroom 816 $1,775 $2.18 $2,150 $2.64
Total 6,524 $14,775 $2.26 $17,200 $2.64
13S A L E S C O M P A R A B L E S
2
5
3
4
8 UNITS
3 4 2 4 & 3 4 3 4M O N R O E S T
1
3424 & 3434 MONROE ST
3410 MONROE ST
3760 JEFFERSON ST
735-739 CALIFORNIA ST
870-865 LAGUNA DR
3350 HARDING ST
123
4
5
SALES COMPARABLES
14 S A L E S C O M P A R A B L E S
SALES COMPARABLES // 3424 & 3434 MONROE ST
3424 & 3434 MONROE STCarlsbad, CA 92008
3410 MONROE STCarlsbad, CA 92008
3760 JEFFERSON STCarlsbad, CA 92008
Sale Price $2,950,000
Sale Date ON MARKET
Year Built 1960
Price per Unit $368,750
Price per Square Foot $452.18
CAP Rate 3.85%
GRM 16.64
Number of Units 8
Units Unit Type
8 2 Bedroom / 1 Bathroom
Sale Price $1,400,000
Sale Date 10/4/2019
Year Built 1964
Price per Unit $350,000
Price per Square Foot $322.88
CAP Rate -
GRM -
Number of Units 4
Sale Price $1,150,000
Sale Date 3/13/2020
Year Built 1953
Price per Unit $575,000
Price per Square Foot $697.82
CAP Rate 4.01%
GRM 18.61
Number of Units 2
Units Unit Type
4 2 Bedroom / 1 Bathroom
Units Unit Type
2 2 Bedroom / 1 Bathroom
1 2
15S A L E S C O M P A R A B L E S
735-739 CALIFORNIA STOceanside, CA 92054
8 7 0 - 8 7 6 L AG U NA DRCarlsbad, CA 92008
3350 HARDING STCarlsbad, CA 92008
Sale Price $2,030,000.00
Sale Date 1/10/2019
Year Built -
Price per Unit $507,500
Price per Square Foot $532.81
CAP Rate 3.12%
GRM 21.15
Number of Units 4
Sale Price $2,240,000
Sale Date 10/10/2019
Year Built 1950
Price per Unit $373,333
Price per Square Foot $466.67
CAP Rate 3.27%
GRM 18.21
Number of Units 6
Sale Price $6,395,000
Sale Date ON MARKET
Year Built 1969
Price per Unit $376,176
Price per Square Foot $460.80
CAP Rate 4.45%
GRM 14.16
Number of Units 17
Units Unit Type
1 2 Bedroom / 1 Bathroom Home
1 1Bedroom / 1 Bathroom
2 2 Bedroom / 2 Bathroom
Units Unit Type
6 1 Bedroom / 1 Bathroom
Units Unit Type
2 1 Bedroom / 1 Bathroom
15 2 Bedroom / 1 Bathroom
43 5
O N M A R K E T
2
8 UNITS
3 4 2 4 & 3 4 3 4M O N R O E S T
13
4
3424 & 3434 MONROE ST
3410 MONROE ST1000 CHINQUAPIN AVE935 LAGUNA DR2824 FAIRFIELD AVE
123
4
RENT COMPARABLES
17R E N T C O M P A R A B L E S
UNIT T YPE UNIT S SQUARE FEET RENT RENT/SF
2 Bedroom / 1 Bathroom 8 816 $1,725 - $2,100 $2.26
UNIT T YPE UNIT S SQUARE FEET RENT RENT/SF
2 Bedroom / 2 Bathroom 1 1,000 $2,200 $2.20
UNIT T YPE UNIT S SQUARE FEET RENT RENT/SF
2 Bedroom / 1.5 Bathroom 1 1,000 $2,125 - $2,175 $2.13 - $2.18
TotalUnits 08 Year
Built
YearBuilt
YearBuilt
1960
1960
1979
3 4 2 4 & 3 4 3 4 M O N R O E S TCarlsbad, CA 92008
3 4 1 0 M O N R O E S TCarlsbad, CA 92008
1 0 0 0 C H I N Q U A P I N AV ECarlsbad, CA 92008
1
2
18 R E N T C O M P A R A B L E S
UNIT T YPE UNIT S SQUARE FEET RENT RENT/SF
2 Bedroom / 1 Bathroom 1 950 $2,195 $2.31
UNIT T YPE UNIT S SQUARE FEET RENT RENT/SF
2 Bedroom / 2 Bathroom 1 1,112 $2,200 $1.98
YearBuilt
YearBuilt
1973
1987
9 3 5 L A G U NA D RCarlsbad, CA 92008
2 8 2 4 F A I R F I E L D AV ECarlsbad, CA 92008
4
3
19M A R K E T O V E R V I E W
The Village The Village by the Seaby the Sea
20 M A R K E T O V E R V I E W
$609,900Median Home Pr ice
M E T R O A R E AS A N D I E G O
California’s second largest city and the United States’ eighth largest, San Diego boasts a citywide population of nearly 1.3 million residents and more than 3 million residents countywide. Within its borders of 4,200 sq. miles, San Diego County encompasses 18 incorporated cities and numerous other charming neighborhoods and communities, including downtown’s historic Gaslamp Quarter, Little Italy, Coronado, La Jolla, Del Mar, Carlsbad, Escondido, La Mesa, Hillcrest, Barrio Logan and Chula Vista just to name a few.
San Diego is renowned for its idyllic climate, 70 miles of pristine beaches and a dazzling array of world-class family attractions. Popular attractions include the world-famous San Diego Zoo and San Diego Zoo Safari Park, SeaWorld San Diego and LEGOLAND California. San Diego offers an expansive variety of things to see and do, appealing to guests of all ages from around the world.
In San Diego’s East County, the terrain varies from gentle foothills to mile-high mountains and the historic mining town, Julian, down to the 600,000-acre Anza-Borrego Desert State Park, offering nature-conscious visitors endless opportunities to hike, camp, fish, observe wildlife and much more. In San Diego’s North County, the agricultural community produces quantities of flowers and magnificent produce. Wine growers are also making a mark by growing and harvesting quality grapes that become excellent wines, which are served at some of the most elegant restaurants and resorts in the region. Along the west, 70 miles of Pacific Ocean coastline not only supports year-round outdoor recreation, such as surfing, boating, sailing and swimming, but also important scientific research at the Scripps Institution of Oceanography. To the south, it’s a whole different country, Mexico, featuring its own cultural offerings in various towns along the border and coastline.
DEMOGRAPHICS 3424 & 3434 MONROE ST
3,300,000 T o t a l P o p u l a t i o n i n M e t r o S a n D i e g o
POPULATION BY AGE
6%0-4 Years
18%5-19 Years
8%20-24 Years
29%25-44 Years
24%45-64 Years
13%65+ Years
21M A R K E T O V E R V I E W
E X C L U S I V E L Y L I S T E D B Y
CARSON TRUJILLOSenior Associate
San DiegoDirect: (858)373-3285
Cell: (859)[email protected]
License: CA 01974818
RAYMOND CHOISenior Vice President Investments
San DiegoDirect: (858)373-3136Cell: (858) 735-6632
[email protected]: CA 01297138