SALE
6 7 5 2 S O L I TA AV E $4,250,000 6752 Solita Ave San Diego, CA 92115
AVAILABLE SPACE 9,500 SF
AREA
CBCWORLDWIDE.COM
LEAS /
WEST
La Mesa
OFFICE Jeff Kane 760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
Nick Kane 760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
©2021 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker Commercial logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Equal Opportunity Act.
COLDWELL BANKER COMMERCIAL WEST 620 First Avenue, 2nd Floor, San Diego, CA 92101 619.325.0405
SALE CONFIDENTIALITY AGREEMENT This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
Property Overview Location Map Demographics Map & Report Property Summary Property Description Property Details & Highlights Regional Map Financial Summary Rent Roll Additional Photos Meet the Team
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
CLICK HERE To view the area on Google Maps
OFFERING SUMMARY Sale Price:
$4,250,000
Number Of Units:
10
Cap Rate:
3.37%
NOI:
$143,435
Rentable SF:
9,500
Lease Rate:
N/A
Lot Size:
32,670 SF
Building Size: Zoning:
PROPERTY OVERVIEW
9,500 SF Apartment House 5+ Units
Market:
La Mesa
Price / SF:
$447.37
Rare La Mesa ten-plex. Is a terrific opportunity for investors. Hot San Diego Rental market means great upside potential for rent increases with some TLC. Rarely available, these units are all 3 bedroom, 2 baths. Centrally located in quaint La Mesa, these units are just minutes to the 8 freeway, 125 and 94 and close by San Diego State University. These unique cottages are all freestanding with no common walls. (Like 10 separate homes) All units have dedicated garage parking. Plenty of visitor parking and close by shopping with great restaurants nearby. Washer and dryer hookups in all units. Units have private patios. All units have gas stoves and water heaters. Each unit is individually metered for gas and electricity.
PROPERTY HIGHLIGHTS Close to SDSU and Centrally Located to Major Freeways and Shopping Centers Potential Value Add All Units are Detached with single car garage All Units have private back patio Current Rents are below market average Location has high rent demand
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115 POPULATION
1 MILE
2 MILES
3 MILES
Total Population
26,650
89,318
191,516
Average age
30.6
32.8
34.7
Average age (Male)
30.8
32.7
34.2
Average age (Female)
30.2
32.8
34.9
1 MILE
2 MILES
3 MILES
9,917
33,350
71,912
# of persons per HH
2.7
2.7
2.7
Average HH income
$63,150
$64,858
$64,360
Average house value
$415,336
$465,961
$489,911
HOUSEHOLDS & INCOME Total households
* Demographic data derived from 2010 US Census
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
PROPERTY DESCRIPTION
OFFERING SUMMARY
Rare La Mesa ten-plex. Is a terrific opportunity for investors. Hot San Diego Rental market means great upside potential for rent increases with some TLC. Rarely available, these units are all 3 bedroom, 2 baths. Centrally located in quaint La Mesa, these units are just minutes to the 8 freeway, 125 and 94 and close by San Diego State University. These unique cottages are all freestanding with no common walls. (Like 10 separate homes) All units have dedicated garage parking. Plenty of visitor parking and close by shopping with great restaurants nearby. Washer and dryer hookups in all units. Units have private patios. All units have gas stoves and water heaters. Each unit is individually metered for gas and electricity.
Sale Price:
$4,250,000
Lease Rate:
N/A
Number of Units:
10
Rentable SF:
9,500
Lot Size:
32,670 SF
Building Size:
9,500 SF
NOI:
PROPERTY HIGHLIGHTS
$143,435.00
Cap Rate:
3.37%
DEMOGRAPHICS
1 MILE
2 MILES
3 MILES
Total Households
9,917
33,350
71,912
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115 PROPERTY DESCRIPTION
Rare La Mesa ten-plex. Is a terrific opportunity for investors. Hot San Diego Rental market means great upside potential for rent increases with some TLC. Rarely available, these units are all 3 bedroom, 2 baths. Centrally located in quaint La Mesa, these units are just minutes to the 8 freeway, 125 and 94 and close by San Diego State University. These unique cottages are all freestanding with no common walls. (Like 10 separate homes) All units have dedicated garage parking. Plenty of visitor parking and close by shopping with great restaurants nearby. Washer and dryer hookups in all units. Units have private patios. All units have gas stoves and water heaters. Each unit is individually metered for gas and electricity.
LOCATION DESCRIPTION Drive by only, shown with an accepted offer. Do Not Disturb Tenants. Tenants do not know property is for sale. Great urban units in the heart of La Mesa. Plenty of rental upside through upgrading the interiors with a little TLC. If a vacancy occurs, it is rarely vacant for more than a couple of days. The close proximity to the freeway and San Diego State access makes rental of these units highly desirable.
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115 Building Name
6752 Solita Ave
Property Type
Multifamily
Property Subtype
Low-Rise/Garden
APN
468-380-19-00
Building Size
9,500 SF
Lot Size
32,670 SF
Free Standing
Yes
Rare La Mesa ten-plex. Is a terrific opportunity for investors. Hot San Diego Rental market means great upside potential for rent increases with some TLC. Rarely available, these units are all 3 bedroom, 2 baths. Centrally located in quaint La Mesa, these units are just minutes to the 8 freeway, 125 and 94 and close by San Diego State University. These unique cottages are all freestanding with no common walls. (Like 10 separate homes) All units have dedicated garage parking. Plenty of visitor parking and close by shopping with great restaurants nearby. Washer and dryer hookups in all units. Units have private patios. All units have gas stoves and water heaters. Each unit is individually metered for gas and electricity.
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
CLICK HERE
Sanarea Diego, CA To view the on Google Maps
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115 INVESTMENT OVERVIEW Price Price per Unit GRM CAP Rate Cash-on-Cash Return (yr 1) Total Return (yr 1) Debt Coverage Ratio
OPERATING DATA
6752 SOLITA AVE $4,250,000 $425,000 15.5 3.4% 3.37 % $143,435 -
6752 SOLITA AVE
Gross Scheduled Income Other Income Total Scheduled Income Vacancy Cost Gross Income Operating Expenses Net Operating Income Pre-Tax Cash Flow
$275,150 $4,557 $279,707 $13,757 $265,955 $122,520 $143,435 $143,435
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115 UNIT
UNIT
UNIT
UNIT
LEASE
LEASE
CURRENT
CURRENT
MARKET
MARKET
SECURITY
NUMBER
BED
BATH
SIZE (SF)
START
END
RENT
RENT (PER SF)
RENT
RENT/SF
DEPOSIT
6752
3
2
950
4/5/2019
4/4/2020
$2,095
$2.21
$2,600
$2.74
$900
6754
3
2
950
11/21/2017
8/31/2022
$2,075
$2.18
$2,600
$2.74
$1,000
6756
3
2
950
$0
$0.00
$2,600
$2.74
$0
6758
3
2
950
10/12/2019
7/31/2023
$4,609
$4.85
$2,600
$2.74
$1,500
6760
3
2
950
7/10/2020
7/31/2022
$2,234
$2.35
$2,600
$2.74
$2,195
6762
3
2
950
4/1/2016
2/9/2020
$2,050
$2.16
$2,600
$2.74
$1,000
6764
3
2
950
12/1/2013
2/29/2020
$2,050
$2.16
$2,600
$2.74
$500
6766
3
2
950
5/14/2014
8/31/2018
$2,275
$2.39
$2,600
$2.74
$500
6768
3
2
950
2/1/2021
4/30/2020
$2,090
$2.20
$2,600
$2.74
$0
6770
3
2
950
3/1/2019
7/31/2022
$1,730
$1.82
$2,600
$2.74
$700
$21,208
$2.23
$26,000
$2.74
$8,295
Totals/Averages
9,500
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST
S A L E / L E A S E
6 7 5 2 S O L I TA AV E 6752 Solita Ave, San Diego, CA 92115
JEFF KANE
NICK KANE
President- Coldwell Banker Commercial West
Associate Vice President
D: 760.518.4900
D: 760.518.6552 | C: 760.518.6552
JeffKaneRE@gmail.com
kanerealestateservices@gmail.com
CalDRE #01915649
CalDRE #01968022
CBCWORLDWIDE.COM
Jeff Kane
Nick Kane
760 518 4900 JeffKaneRE@gmail.com CalDRE #01915649
760 518 6552 kanerealestateservices@gmail.com CalDRE #01968022
WEST