4057 46th St, San Diego 7 Unit Multifamily | Value-Add | Investment Opportunity

Rammy Cortez, Broker CA LIC #01795469619-962-5022RC@MyInfill.com

Exclusively listed by

4057 46TH STREET, SAN DIEGO, CA 92105

Investment Opportunity & SummaryTHE OPPORTUNITY

This 7unit multifamily value-add investment opportunity

offers substantial upside on rents by as much as 50%. The

property has been owned and self-managed for nearly 25

years with same tenants in place for as long as 20 years with

the average tenant in place for 11 years. The favorable unit

mix consists of 4 – 2BR and 3 – 1 BR Units with a total of 12

parking; 8 off-street parking (front) and 4 private garages

(rear). The property includes onsite laundry and front & rear gated entry. This high in demand submarket

features local shopping, restaurants, schools and easy access to interstate 15,805 and 8.

The property represents tremendous upside opportunity for a value-add investor seeking a centrally located

income producing asset.

SUMMARYAddress 4057 46th St, San Diego, CA 92105

Sale Price $1,450,000

Number of Units 7

Unit Mix 4 – 2BR

3 – 1 BR

Price / Unit $207,000

Cap Rate 3.7%

Pro Forma Cap Rate 6.2%

Building Size 4,930

Year Built 1976

Parking 12

Market San Diego

12 Off-Street ParkingOversized Units Rent Upside up to 50% Leases Month to Month or Short Expirations

Centrally Located - CloseProximity to Talmadge & SDSU

All materials and information received or derived from Rammy Cortez, Broker or Rammy Urban Infill further known as Broker, its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters and makes any representa-tion or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Broker will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed 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 all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by

such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. No warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Broker does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,va-cancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Broker in compliance with all applicable fair housing and equal opportunity laws.

INVESTMENT HIGHLIGHTS

4057 46TH STREET, SAN DIEGO, CA 92105

Euclid Elementary

Ibarra Elementary

Herbert HooverHigh School

City Heights Weingart Library

Highland & Landis Park

City Heights Swim Center

PoliceDepartment

The Lulus MontessoriBilingual Preschool

Vicinity Map

USPS

Central Elementary School

777 Noodle House

TheTower Bar

City HeightsPrep Charter School

Pho Hoa

Pho King

4057 46th St

4057 46TH STREET, SAN DIEGO, CA 92105

Financial SummaryRENT ROLL / UNIT MIX

Unit BR BA Lease Start Lease End Current Rent Remodeled Pro

1 1 1 7/1/04 Mo. to Mo. $795 $1,250

2 2 1.5 2/1/00 Mo. to Mo. $1,105 $1,550

3 2 1.5 4/1/03 Mo. to Mo. $1,015 $1,550

4 1 1 7/1/15 Mo. to Mo. $885 $1,250

5 2 1.5 1/2/13 Mo. to Mo. $950 $1,550

6 2 1.5 1/28/98 Mo. to Mo. $950 $1,550

7 1 1 6/3/14 Mo. to Mo. $855 $1,250

Month $6,555 $9,950

Annual $78,660 $119,400

INCOME & EXPENSES

Current Remodeled Pro Forma

Rental Income $78,660 $119,400

Other Income $3,000 $6,000

Gross Income $81,660 $125,400

EXPENSES

Property Tax (Based on Sale Price) 1.15% $16,675 $16,675

Insurance $2,150 $2,150

Off-Site Management $- $6,270

Repairs & Maintenance $4,600 $4,600

Utilities $5,300 $5,300

Total Expenses $28,725 $34,995

Net Operating Income $52,935 $90,405

Cap Rate $1,450,000 3.7% 6.2%

Forma Rent

4057 46TH STREET, SAN DIEGO, CA 92105

Sales Comps

PROPERTY

Address

# of Units

Year Built

Sales Date

Sales Price

Price Per Unit

Price Per SF

Cap Rate

Unit Mix

SUBJECT PROPERTY

7

1976

N/A

$1,450,000

$212,857

$294

3.7% / 6.2% Pro Forma

3 -1 BR / 1 BA

4 - 2 BR / 1.5 BA

4057 46th St. 92105

6

1938

10/2/17

$1,245,000

$207,500

$276

4.45%

6 - 2 BR / 2 BA

4423 49th St. 92115

8

1971

1/4/18

$1,650,000

$206,250

$305

6%

5 - 1 BR / 1 BA

3 - 2 BR / 1 BA

3877 46th St. 92105

8

1971

1/4/18

$1,700,000

$212,500

$327

5.9%

5 - 1 BR / 1 BA

3 - 2 BR / 1 BA

3859 46th St. 92105

7

1979

3/6/18

$1,590,000

$227,142

$353

5.7%

7 - 1 BR / 1 BA

1 - 2 BR / 1 BA

4225 42nd St. 92105

5

2016

3/38/18

$1,594,000

$318,000

$341

4.43%

5 - 2 BR / 2 BA

4353 Dawson Ave. 92115

1 2 3 4 5

1 2 3 4 5Subject Property

4057 46TH STREET, SAN DIEGO, CA 92105

Rent Comps

Address

# of Units

Year Built

Unit Type

Unit Rent

Unit Sq Ft

Rent Sq Ft

4953 Trojan Ave. 92115

16

1959

2 BR / 1 BA

$1,450

798

$1.82

4082 48th St. 92105

8

1959

2 BR / 1 BA

$1,545

775

$1.99

4038 48th St. 92105

6

1979

2 BR / 1 BA

$1,500

851

$1.76

5020 Wightman St. 92105

22

1980

2 BR / 1 BA

$1,500

900

$1.67

5047 Sterling Ct. 92105

3

1958

2 BR / 1 BA

$1,495

725

$2.06

3704 Altadena Ave. 92105

24

1963

2 BR / 1 BA

$1,500

720

$2.08

4067 Van Dyke Ave. 92105

8

1958

2 BR / 1 BA

$1,450

1000

$1.45

1

RENT SURVEY FEBRUARY 2018

2 3 4 5 6 7

MAP LEGEND

RENTALS1. 4953 Trojan Ave. 2. 4082 48th St. 3. 4038 48th St.4. 5020 Wightman St. 5. 5047 Sterling CT. 6. 3704 Altadena Ave.7. 4067 Van Dyke Ave.

SALES1. 4423 49th St.2. 3877 46th St. 3. 3859 46th St. 4. 4225 42nd St. 5. 4353 Dawson Ave.

1 2 3 4 5 6 7

1

1

23

4

5

6

7

8

23

4

5

4057 46TH STREET, SAN DIEGO, CA 92105

POPULATION

Total Population 12,339 130,117 387,663

Median Age 36.0 35.8 35.2

HOUSEHOLDS & INCOME

# of Persons per HH 3.0 2.2 2.2

Average HH Income $107,234 $78,736 $75,293

Average House Value $473,384 $585,023 $592,611

RACE %

Caucasian 86.0% 81.2% 77.9%

African American 3.8% 3.8% 5.1%

Asian 3.1% 7.1% 6.8%

Hawaiian 0.3% 0.5% 0.4%

American Indian 0.6% 0.9% 1.0%

Other 3.1% 2.8% 4.6%

Hispanic 16.5% 18.6% 22.8%

RACE TOTAL POPULATION

Caucasian 10,612 105,696 302,022

African American 474 4,966 19,820

Asian 383 9,258 26,355

Hawaiian 42 617 1,679

American Indian 78 1,174 4,004

Other 379 3,683 17,768

Hispanic 2,036 24,153 88,294

1 MILE 3 MILES 5 MILES

1 MILE 3 MILES 5 MILES

1 MILE 3 MILES 5 MILES

1 MILE 3 MILES 5 MILES

*Demographics data delivered from 2010 U.S. Census

Demographics