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M U LT I FA M I LY M A R K E T R E P O R T San Diego Quarter 4, 2012

SDApartmentBrokers.com

858.750.5000 Feb 15 2013


Multifamily Market Report Nooren Apartment Investments is an experienced multi housing brokerage team in San Diego County solely dedicated to apartments. We create, add and protect value on behalf of our clients through our knowledge and access to comprehensive information, superior evaluation, marketing and sales expertise. We work with one goal in mind: to maximize value for our clients. The San Diego multi-family market has proven to be one of the better markets within our country. A number of nationally traded REITS who have chosen to dispose most of their assets in Florida, the Mid West, Arizona, and Texas, are now moving those funds to Southern California. We have created a web site with six regions where you will find all the current Apartment Buildings listed for sale. Our team of experts is prepared to help you negotiate a new purchase, in due diligence, with finance, and on how to improve the operations of your investments and cash flows. We have sold and closed over 4,000 apartments with a total volume of over $500,000,000. We are licensed in multiple states and can help you anywhere in the country. With occupancy at record highs and interest rates at historic lows, now is a great time to buy or sell in San Diego. As the development of new apartments in our county are not keeping up with the growth, we will see a continued increase in rents, and expect a continued decrease in vacancies. Nooren Apartment Investments is part of NAI San Diego, with a network of 350 offices world wide with over 5,000 associates located in 55 different countries. Please call me at any time at 858.750.5000.

Jack Nooren Vice President Jnooren@naisandiego.com 858.750.5000 Lic. # 01881984 SDApartmentBrokers.com

JackNooren JackNooren


Table of Contents

1

Table of Contents

2

San Diego Statistics

San Diego Regional Maps

4

North County Coastal For Sale 5 - 50 units

6

North County Inland For Sale 5 - 50 units

8

East County For Sale 5 - 50 units

10

South Bay For Sale 5 - 50 units

12

Central San Diego Coastal For Sale 5 - 50 units

14

Central San Diego For Sale 5 - 50 units

17

Recent Transactions/ SDApartment Broker Profiles For Sale 5 - 50 units

1


Apartment Market Snapshot San Diego Q.4 Q.4, 2012 Report

Number of Apartment Transactions Cent. San Diego Caostal N. County Caostal N. County Inland Cent. San Diego E. County

San Diego County Multi-family Fundamentals Vacancy: 5.1 %

S. Bay

The macroeconomic outlook for San Diego is upbeat, as the critical fundamentals indicate a stable and growing Multi-family apartment market. Throughout 2012, 30,300 jobs were added, and the overall unemployment has decreased by 1 percent during the past 12 months. According to the NAHB, families earning the median income are able to afford 63 percent of all living residential prospects in San Diego. This may cause a greater increase in population and is expected to be 2.4 percent by 2015. This optimistic data justifies the rising consumer confidence in the 25 - 35 year old demographics who are interested in living in San Diego, but are more attracted to the convenience of apartment living because of stringent lending standards and job security .

7 % Increase

Cap Rate: 5.99% Average

The affordability of rental rates during Q.4, 2012 are aligned with the housing market, but they are not reflective of inventory abundance. County-wide vacancy rates are among the lowest in the nation, particularly in Central San Diego with a marketed 96.6 % occupancy. This low inventory supply to demand suggests that apartment values are due to increase and cap rates will maintain at their present rate of 5.99%; a trend that advocates the continued return of pre-recession multi-family housing market conditions.

2 % Decrease

Cap Rate: 6.37% Highest Average

Rental Market Performance The fall in homeownership rates in California realized 55.3% in 2011, causing increased demand in the rental market all throughout 2012. Rental rates proportionately increased in 2012 for the 3rd consecutive year with a year-end total in Q.4 of over 4,000 new confirmed leasing agreements in San Deigo County. Q.4 marks the highest monthly apartment rental rates which according to the SDCAA are up 4.3% to $1,377. This equates to an average price per foot in San Diego County of $1.72, and with the projected population growth, in addition to expected job availability in 2013, it can be expected to continue throughout the upcoming year. New jobs in San Diego and the tepidity from the recession will encourage the greater population of San Diego toward the rental market over homeownership.

3 % Increase

Cap Rate: 4.67% Lowest Average

In addressing the low apartment supply among the major regions of San Diego, it has been reported that building permits submitted in Q.4, 2012 by private enterprise will deliver over 3,000 units to San Diego County, in addition to allocation of 55 million from the city budget (approximately 500 units at the average price per unit in Q.4, 2012) for the construction of affordable living in 2013. This will offset a fraction of the growing demand for housing, but will not alter the rental and cap rates significantly.

9 % Increase

GRM: 10.19 Average

Sales Transaction 3.8 % Decrease

Transactions: 588

38 % Increase

Both Pricing and volume grew significantly in San Diego throughout 2012. Q.4 realized an overall transaction dollar volume increase of 112% in the multi-family housing sector for buildings of 5-50 units. Year-to-date sales in San Diego County total $455M which parallels a significant increase in transaction quantity of 44% from Q.4 of 2011. This data is inversely proportional to the decrease in homeowner percentage, and is justified by rising prices, uncertainty for the 2013 economics and the lure of a younger demographic to the major regions of San Diego County. 2013 is anticipated to extend the dollar volumes of 2012 particularly in 5-50 unit transactions because immediate sellers are looking for assets with higher returns, and buyers are looking for properties with healthy occupancy levels and advantageous Cap Rates - each of which can be found. This assertion can be confirmed by the expectation of demand by the age demographic between 20-30 in San Diego County who presently reside with parents or room mates, to rent accommodations of their own with brandished confidence of new job opportunities of 2013, and 8,200 introduced in Q.4, 2012.

Unemployment

Market Stats

Population

Demand

Q.4 County-Wide Vacancy Rate

Pricing

Q.4 Average Sale Price / sq. ft

8.3% 3.14M

Buildings of 5-50 Units

9,494 110,035

Total Units 2012 Homeownership rate

Current Rent Demand

55.3% 5.1% 45.1%

Q.4 Transaction Dollar Volume

$184M $185.28

Q.4 Average Price / Unit Sources: SanDag, SDCAA, Costar, ZipAtlas *2012

$ 144,981

2013 Market Projections Job growth in San Diego County for 2013 will help to reduce unemployment to 7.7% by Q.4, 2015. This economic data is strengthened by growing personal income in 2013, which will exceed 5%. Overall, our research suggests greater consumer confidence and investor interest for multi-family apartment prospects, generating greater opportunities for buyers and sellers alike. The Multi-family market is the most desired commercial real estate sector in San Diego, a status that is reassured by the data enclosed in this report and will be supported in 2013 by more than just the robust job projections stated by the IREM. The Multi-family sector will be at the forefront of Real estate activity in 2013, as seen in Q.4 2012 because of expected military jobs, constrained real incomes and austere borrowing requirements, which will bode well for investors in this sector.

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

2

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


San Diego County 5 - 50 Units Q.4 Data and Graphic Analysis San Diego County 5 - 50 Apartment Prices Vs. GRM

(Millions) 3.2

13%

$180,000 Average Price/Unit Gross Rent Multiplier

13% Percent Growth Y-O-Y Population in Millions

3.1

$160,000 12%

12%

3.0

11%

Percent Growth

$120,000

Population

$140,000

GRM

Average Price Per unit

Population Growth vs. Precent Population Growth

2.9 11% 2.8

$100,000 2.7 10%

10%

$90,000

2.6

9.0%

$70,000 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2.5

Source: Costar

9.0% 2002

Apartment # Transactions vs. Cap Rate

2003

2004

2005

2006

2007

2008

2009

2011

2012

Source: SanDag

5 - 50 Apartment Rental Rate Vs. Vacancy Percent

750

9.0%

6.0%

$ 1.70

Average Cap Rate Number of Transactions

700

2010

Vacancy Rate Rental Rate / Ft

$ 1.60

8.0%

650

# Transactions

500

$ 1.50 4.0% $ 1.40

Vacancy Percent

7.0%

Average Cap Rate

550

Rental Rate Per SF

5.0% 600

6.0%

450

3.0%

400

$ 1.30 5.0%

350 300

4.5% 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Source: Costar

$ 1.20

2.0% 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Source: SanDag/Costar

3


858.750.5000

Q.4, 2012

North County Coastal 13 3 10 1

17

12 2 9 1 11 1

2

4

14 7 15 1 16

1 3 5 6 8

Number of Buildings: Number of Apartments:

687 9,183

Quarter 4, 2011

Quarter 4, 2012

Number of transactions

5 - 50 Unit Sales Data

8

7

34

Average Price per Unit

$142,976

$200,705

$183,995

Average Price per Foot

$229.88

$231.60

$208.95

Average Cap Rate

5.58%

5.27%

5.29%

Average GRM

$11.19

$12.11

$12.28

2012 Quarter 1 - Quarter 4

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

4

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


SDApartmentBrokers.com

North County Coastal For Sale

1

2895 OCEAN ST, 92008 CARLSBAD

PRICE # UNITS $ / UNIT CAP / GRM MIX

6

1150 HERMES, 92024 ENCINITAS

PRICE # UNITS $ / UNIT CAP MIX

11

$1,710,000 6 $285,000 4.5% 1 - 3/2, 2 - 1/1, 2 - 2/2

2548-2554 STATE ST, 92008 CARLSBAD

PRICE # UNITS $ / UNIT CAP / GRM MIX

17

$7,995,000 11 $726,818 5.5% / 11.3 8 - 1/1, 1 - 2/1 1 - 2/2

$1,300,000 6 $216,667 5% / 15.26 6 - 1/1

101-103 S HORNE ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$899,000 5 $179,800 2 - 1/1, 3 - 2/1

2

610 HIDDEN CANYON WAY, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

7

302 S WEITZEL ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

12

$1,500,000 15 $100,000 6.07% / 10.4 14 - 0/1, 1 - 1/1

419 GARFIELD ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

18

$6,645,000 35 $189,857 7.29% / 8.33 9 - 2/2, 15 - 3/2, 11 - 4/2

$1,300,000 12 $108,333 12 - 2/1

118 SOUTH TREMONT ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT GRM MIX

$795,000 5 $159,000 14 5 - 1/1

3

1003 CHINQUAPIN AVE, 92008 CARLSBAD

PRICE # UNITS $ / UNIT CAP MIX

8

917 HERMES, 92054 ENCINITAS

PRICE # UNITS $ / UNIT CAP / 15.59 MIX

13

$1,425,000 5 $285,000 4.5% / 15.59 3 - 2/2, 2 - 1/1,

141 S MYERS ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP MIX

19

$5,150,000 36 $143,056 5.5% 36 - 1/1

$1,095,000 6 $182,500 5.1% 6 - 1/1

4

1202 MISSOURI AVE, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

9

414-420 GRANT ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP MIX

14

$4,400,000 40 $110,000 6.5% / 9 23 - 1/1, 9 - 2/1, 8 - 2/2,

$1,375,000 12 $114,583 5.56% / 9.21 2 - 1/1, 10 - 2/1

1509 LAUREL ST, 92058 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$1,075,000 8 $134,375 2 - 1/1, 6 - 2/1

5

2326 GREENBRIER DR, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

10

1239 CENTER AVE, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

16

$3,850,000 25 $154,000 6.3% / 10.6 14 - 1/1, 11 - 2/1

$1,300,000 10 $130,000 10 - 1/1

1024 S TREMONT ST, 92054 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$1,065,000 9 $118,333 5.1% / 11.8 8 - 1/1, 1 - 3/2

1430 DUBUQUE ST, 92058 OCEANSIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$700,000 6 $116,667 6 - 1/1

5


858.750.5000

Q.4, 2012

North County Inland 6

2 3 1 5 15 5

7 9 1 11 81 13 3 10 1 0 14 1 4

4

Number of Buildings: Number of Apartments:

12

655 11,071

Quarter 4, 2011

Quarter 4, 2012

Number of transactions

13

19

55

Average Price per Unit

$96,384

$141,507

$114,288

Average Price per Foot

$134.40

$119.06

$116.34

6.57%

5.94%

6.34%

8.84

9.89

9.29

5 - 50 Unit Sales Data

Average Cap Rate Average GRM

2012 Quarter 1 - Quarter 4

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

6

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


SDApartmentBrokers.com

North County Inland For Sale

1

326 HILLSIDE TERRACE, 92084 VISTA

PRICE # UNITS $ / UNIT CAP / GRM MIX

6

12 - 2/2

725 OLD STAGE RD, 92028 FALLBROOK

PRICE # UNITS $ / UNIT CAP / GRM MIX

11

12

$2,300,000 6 $143,750 4 - 2/1, 12 - 2/2

611 E MISSION AVE, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP / GRM MIX

$1,099,000 14 $78,500 14 - 1/1

2

1370 CALLE JULES, 92084 VISTA

PRICE # UNITS $ / UNIT CAP / GRM MIX

7

970 E MISSION AVE, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP / GRM MIX

12

$9,000,000 63 $142,857 5.3% / 10.5 1 - 0/1, 22 - 1/1, 14 - 2/1, 27 - 2/2

$2,150,000 16 $134,375 5.52% / 10.9 16 - 2/1

15348 RUNNING DEER TRL, 92064 POWAY

PRICE # UNITS $ / UNIT CAP / GRM MIX

$1,000,000 5 $200,000

3

1010 CLEARBROOK, 92084 VISTA

PRICE # UNITS $ / UNIT CAP MIX

8

333 N JUNIPER ST, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP / GRM MIX

13

$5,500,000 40 $137,500 5.52% 1 - 0/1, 18 - 2/2, 21 - 2/1

$1,475,000 18 $81,944 6.02% / 9.47 18 - 1/1

430-436 W 8TH AVE, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP MIX

$950,000 7 $135,714 5.7% / 10.5 1 - 2/1, 6 - 2/2

4

13635 CYNTHIA LN, 92064 POWAY

PRICE # UNITS $ / UNIT CAP / GRM MIX

9

1 - 1/1, 20 - 2/2, 2 - 3/2

338 E WASHINGTON AVE, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP / GRM MIX

14

$4,900,000 23 $213,043

$1,400,000 5 $280,000 4 - 2/1, 1 - 3/2

363-373 IDAHO AVE, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP MIX

$849,000 6 141,500 7.11% / 9.63 6 - 2/1

5

700 ALTA VISTA, 92084 VISTA

PRICE # UNITS $ / UNIT CAP / GRM MIX

10

1019-1033 CHESTNUT ST, 92025 ESCONDIDO

PRICE # UNITS $ / UNIT CAP MIX

15

$3,949,000 31 $127,387 6.53% / 10.2 9 - 1/1, 22 - 2/1

$1,199,000 10 $149,875 5.32% 4 - 1/1, 4 - 2/1

707 WINDSOR CT, 92084 VISTA

PRICE # UNITS $ / UNIT CAP MIX

$599,000 5 $119,800 1 - 0/1, 2 - 1/1, 2 - 2/1

7


858.750.5000

Q.4, 2012

East County 10

1 12 2 6 2 19

15

20 7

9 18

17

21

5

3

11 16

13 14

Number of Buildings: Number of Apartments:

4

8

1,035 16,921

5 - 50 Unit Sales Data

Quarter 4, 2011

Quarter 4, 2012

Number of transactions

29

33

113

Average Price per Unit

$119,454

$108,555

$110,402

Average Price per Foot

$137.99

$115.42

$113.05

6.17%

6.35%

6.37%

9.10

9.65

9.60

Average Cap Rate Average GRM

2012 Quarter 1 - Quarter 4

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

8

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


SDApartmentBrokers.com

East County For Sale

1

8410 LOS COCHES RD, 92021 EL CAJON

PRICE # UNITS $ / UNIT CAP / GRM MIX

6

1037 PEACH AVE 92021 EL CAJON

PRICE # UNITS $ / UNIT CAP / GRM MIX

11

$1,285,000 10 $128,500 7.31% 2 - 3/2, 8 - 2/2

3634 S BARCELONA ST, 91977 SPRING VALLEY

PRICE # UNITS $ / UNIT GRM MIX

21

$2,020,000 20 $101,000 5% / 13.6 1 - 0/1, 19 - 1/1

3917 SPRING PL, 91977 SPRING VALLEY

PRICE # UNITS $ / UNIT CAP MIX

16

$5,200,000 33 $157,576 6% / 6.8 12 - 2/2, 21 - 3/2

$850,000 7 $121,429 12 7 - 2/2

2

871 N MOLLISON AVE, 92021 EL CAJON

PRICE # UNITS $ / UNIT CAP / GRM MIX

7

4345 LOWELL ST, 91941 LA MESA

PRICE # UNITS $ / UNIT CAP / GRM MIX

12

$1,920,000 12 $160,000 4.4% / 12.5 12 - 2/1

959 GREENFIELD DR, 92021 EL CAJON

PRICE # UNITS $ / UNIT CAP MIX

17

$4,095,000 37 $110,676 5% / 10.7 15 - 1/1, 22 - 2/2

$1,250,000 12 $104,167 6.3% / 9 12 - 1/1

4249-4255 MENLO AVE, 92115 COLLEGE GROVE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$850,000 8 $106,250 6.5% / 10.9 4 - 2/1, 4 - 1/1

3

480 JAMACHA RD, 92019 EL CAJON

PRICE # UNITS $ / UNIT CAP / GRM MIX

8

1605 PRESIOCA ST, 91977 SPRING VALLEY

PRICE # UNITS $ / UNIT CAP / GRM MIX

13

$1,695,000 16 $105,938 5.67% / 9.4 16 - 2/2

1790-1822 DAYTON DR, 91945 LEMON GROVE

PRICE # UNITS $ / UNIT CAP / GRM MIX

18

$4,000,000 32 $125,000 6% / 10 32 - 2/2

$1,100,000 24 $45,833 7.63% / 9.12 24 - 0/0

4290-4294 SCHOOLRIDGE LN, 91941 LA MESA

PRICE # UNITS $ / UNIT CAP / GRM MIX

$775,000 8 $96,875 5.71% / 9.7 1 - 1/1, 7 - 2/1

4

294 BALLANTYNE ST, 92020 EL CAJON

PRICE # UNITS $ / UNIT CAP / GRM MIX

9

4330 53RD ST, 92115 COLLEGE GROVE

PRICE # UNITS $ / UNIT CAP / GRM MIX

14

$1,500,000 22 $68,182 8.08% / 7.03 3 - 0/1, 13 - 1/1, 6 - 2/1

760 GRAND AVE, 91977 SPRING VALLEY

PRICE # UNITS $ / UNIT CAP / GRM MIX

19

$3,995,000 40 $99,875 5.70% / 10.4 22 - 1/1, 18 - 2/1

$972,000 10 $97,200 6.35% / 9 10 - 2/1

786 S ORANGE AVE, 92020 EL CAJON

PRICE # UNITS $ / UNIT CAP / GRM MIX

$705,000 6 $117,500 6.11% / 9.25 6 - 2/1

5

4417 PARKS AVE, 91941 LA MESA

PRICE # UNITS $ / UNIT CAP / GRM MIX

10

9916 RIVER ST, 92040 LAKESIDE

PRICE # UNITS $ / UNIT CAP / GRM MIX

15

$1,500,000 10 $150,000 6.2% / 11.5 10 - 2/1.5

4255 WINONA AVE,92115 COLLEGE GROVE

PRICE # UNITS $ / UNIT CAP / GRM MIX

20

$2,366,500 27 $87,648 6.61% / 9.6 27 - 1/1

$890,000 7 $127,143 6.6% / 10.73 3 -1/1, 2 - 2/1, 1 - 2/2, 1 - 3/2

7720 UNIVERSITY AVE, 91942 LA MESA

PRICE # UNITS $ / UNIT CAP / GRM MIX

$695,000 6 $115,833 4 - 2/1, 2 - 1/1

3618 OLIVE ST, 91945 LEMON GROVE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$599,000 7 $85,571 8.18% / 8.5 6 - 1/1, 1 - 0/1

9


858.750.5000

Q.4, 2012

South Bay 2

5 16 11 1 1 18 1 15 5 4

10

17 7 2 1 14 4 3 12 6 7 8 9 13

Number of Buildings: Number of Apartments:

1,035 16,921

Quarter 4, 2011

Quarter 4, 2012

Number of transactions

12

16

48

Average Price per Unit

$106,585

$132,500

$115,928

Average Price per Foot

$148.08

$181.85

$159.93

6.61%

5.74%

6.31%

9.97

10.05

10.04

5 - 50 Unit Sales Data

Average Cap Rate Average GRM

2012 Quarter 1 - Quarter 4

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

10

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


SDApartmentBrokers.com

South Bay For Sale

1

PRICE # UNITS $ / UNIT CAP / GRM MIX

6

$1,395,000 11 $126,818 9 - 1/1, 2 - 2/1

1609-23 E 10TH ST, 91950 NATIONAL CITY

PRICE # UNITS $ / UNIT CAP / GRM MIX

16

$2,849,000 24 $118,708 5.12% / 10.8 16 - 1/1, 8 - 2/1

1352 13TH ST, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

11

2

1937 L AVE, 91950 NATIONAL CITY

$799,000 8 $99,875 6.41% / 9.3 4 - 2/1, 4 - 1/1

1420 SHERYL LN, 91950 NATIONAL CITY

PRICE # UNITS $ / UNIT CAP / GRM MIX

$549,000 5 $109,800 5.7% / 12.9 5 - 2/1

1106 4TH ST, 92118 CORONADO

PRICE # UNITS $ / UNIT CAP / GRM MIX

7

$1,320,000 8 $165,000 5.4% / 11.7 8 - 2/1

776 11TH ST, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

17

4 - 0/1, 5 - 1/1

983-997 DONAX AVE, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT CAP MIX

12

$2,390,000 9 $265,556

$750,000 7 $107,143 3 - 3/1, 6 - 1/1

582 12TH ST, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

$485,000 5 $97,000 7% / 9.6 1 - 2/1, 4 - 1/1

3

635 EMORY ST, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

8

1474 HEMLOCK AVE, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT GRM MIX

13

$1,250,000 6 $208,333 12.8

102-110 SELLSWAY ST, 92173 SAN YSIDRO

PRICE # UNITS $ / UNIT CAP / GRM MIX

18

$1,995,000 15 $133,000 5.08% / 11 1 - 1/1, 14 - 2/1

$700,000 6 $116,667 4.19% / 13.26 2 - 3/2, 4 - 1/1

4

1414 ROOSEVELT AVE, 91950 NATIONAL CITY

PRICE # UNITS $ / UNIT CAP MIX

9

1147-49 GROVE AVE, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT GRM MIX

14

$1,800,000 18 $100,000 8% 18 - 0/1

$880,000 6 $146,667 6.5 5 - 2/1

764-766 11TH ST, 91932 IMPERIAL BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

$650,000 5 $130,000 4 - 1/1, 1 - 2/1

5

360-362 ORANGE AVE, 92118 CORONADO

PRICE # UNITS $ / UNIT CAP MIX

10

427 TREMONT ST, 91911 CHULA VISTA

PRICE # UNITS $ / UNIT CAP / GRM MIX

15

$1,795,000 5 $359,000 3% 4 - 1/1, 1 - 3/2

$849,500 7 $121,357 7 - 2/1

1829 K AVE, 91950 NATIONAL CITY

PRICE # UNITS $ / UNIT CAP / GRM MIX

$625,000 6 $104,167 5.6% / 13.32 4 - 2/1, 2 - 0/1

1704-1712 B AVE, 91950 NATIONAL CITY

PRICE # UNITS $ / UNIT CAP / GRM MIX

$415,000 5 $83,000 7.1% / 9.3 1 - 0/0, 4 - 1/1

11


858.750.5000

Q.4, 2012

Central San Diego Coastal

10

14 1 4 12 24 1 2 1 8 6 13

9

16 15 11

5 7 3

Number of Buildings: Number of Apartments:

1,052 11,411

Quarter 4, 2011

Quarter 4, 2012

Number of transactions

8

12

44

Average Price per Unit

$211,190

$172,000

$197,928

Average Price per Foot

$230.86

$287.70

$283.20

Average Cap Rate

4.27%

4.73%

4.67%

Average GRM

14.36

13.38

13.57

5 - 50 Unit Sales Data

2012 Quarter 1 - Quarter 4

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

12

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


SDApartmentBrokers.com

Central San Diego Coastal For Sale

1

2201 GRAND AVE, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

6

3540 MISSION BLVD, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

11

$2,800,000 8 $350,000 6.07% / 10.4 2 - 2/1, 6 - 1/1

5029 W POINT LOMA BLVD, 92107 OCEAN BEACH

PRICE # UNITS $ / UNIT CAP MIX

16

$13,365,000 40 $334,125 5.5% / 11.3 20 - 1/1, 20 - 2/2

$1,395,000 6 $232,500 7% 1 - 2/2, 5 - 1/2

2

930 THOMAS AVE, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

7

3244 NIMITZ BLVD, 92106 POINT LOMA

PRICE # UNITS $ / UNIT CAP / 15.59 MIX

12

$7,000,000 35 $200,000 4.7% / 13.48 32 - 1/1, 3 - 0/0

$2,595,000 8 $324,375 4.17% / 14.65 2 - 1/1, 2 - 1/2.5 4 - 1/1.5

1049-1055 GRAND AVE, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT GRM MIX

$1,250,000 6 $208,333 11 4 - 2/1

3

1518-1536 ROSECRANS ST, 92109 POINT LOMA

PRICE # UNITS $ / UNIT CAP / GRM MIX

8

12 - 1/1, 6 - 2/1

3980-3994 INGRAHAM ST, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP MIX

13

$3,250,000 18 $180,556

$2,489,000 15 $165,933 5.30% / 12.45 12 - 1/1, 2 - 2/1 1 - 3/1

3250 MISSION BLVD, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

$1,175,000 6 $195,833 6 - 0/1

4

1647 GRAND, 92109 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP MIX

9

3431 DEL REY ST, 92109 10 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

14

$3,115,000 18 $173,056 3.8% / 14 15 - 1/1, 2 - 2/1, 1 - 0/1

$1,580,000 14 $112,857 5.53% / 11.23 14 - 1/1

4286-4288 MORRELL ST, 92058 PACIFIC BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

$975,000 6 $162,500 4% / 16.62 6 - 0/1

5

5058-5072 CAPE MAY AVE, 92024 OCEAN BEACH

PRICE # UNITS $ / UNIT CAP / GRM MIX

10

349 PLAYA DEL SUR, 92037 LA JOLLA

PRICE # UNITS $ / UNIT GRM MIX

15

$2,849,000 10 $284,900 4.3% / 15 6 - 1/1, 2 - 2/1, 1 - 3/1, 1 - 4/1.5

$1,499,990 5 $299,998 27 4 - 0/1, 1 - 1/1

5651-5663 MILDRED ST, 92110 OLD TOWN

PRICE # UNITS $ / UNIT CAP / GRM MIX

$795,000 5 $132,500 5.23% / 11.51 2 - 2/1, 4 - 1/1

6557 TAIT ST, 92054 LINDA VISTA

PRICE # UNITS $ / UNIT CAP / GRM MIX

$699,000 6 $116,500 1 - 2/1, 5 - 1/1

13


858.750.5000

Q.4, 2012

Central San Diego 21

1

7

17

33 223 116

24 4 15 5 535 31 14 25 1 28 2 26 6

3

30 32 5 3812 38 13 2 2 22 2 1 27 2 7

9

6

4 20

37 36

2 11 34 10

8

18

29 19

Number of Buildings: Number of Apartments:

4,296 42,821

Quarter 4, 2011

Quarter 4, 2012

Number of transactions

61

62

241

Average Price per Unit

$111,373

$114,619

$116,462

Average Price per Foot

$164.20

$176.09

$172.95

Average Cap Rate

6.02%

5.97%

6.04%

Average GRM

10.17

8.74

9.88

5 - 50 Unit Sales Data

2012 Quarter 1 - Quarter 4

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

14

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.


SDApartmentBrokers.com

Central San Diego For Sale

1

2405-2411 ADAMS AVE, 92116 NORMAL HTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

6

1299 LINCOLN AVE, 92103 HILLCREST / BANKERS HILL

PRICE # UNITS $ / UNIT CAP / GRM MIX

11

18 - 1/1

$1,495,000 7 $213,571 3 - 0/1, 2 - 1/1, 2 - 2/2

4109 KANSAS ST 92104 NORTH PARK

PRICE # UNITS $ / UNIT CAP / GRM MIX

21

$2,500,000 18 $138,889

237 W LAUREL ST, 92101 SAN DIEGO

PRICE # UNITS $ / UNIT CAP / GRM MIX

16

$4,623,000 28 $165,107 7.04% / 10.47 22 - 1/1, 6 - 2/2,

$1,300,000 8 $162,500 5% / 15.4 4 - 1/1, 4 - 2/1

4328 LOUISIANA ST, 92104 NORTH PARK

PRICE # UNITS $ / UNIT CAP / GRM MIX

$1,000,000 8 $166,667 2 - 1/1, 3 - 2/1, 1 - 3/1

2

2121 FIRST AVE, 92101 SAN DIEGO

PRICE # UNITS $ / UNIT CAP / GRM MIX

7

$1,399,000 14 $299,000 5.4% 14 - 1/1

4438-4444 KANSAS ST, 92116 NORMAL HTS

PRICE # UNITS $ / UNIT CAP MIX

22

$2,500,000 8 $312,500

3669-75 LEMONA AVE, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP MIX

17

26 - 0/1, 3 - 1/1

657 17TH STREET ST, 92101 SAN DIEGO

PRICE # UNITS $ / UNIT CAP / GRM MIX

12

$4,275,000 29 $147,414

$1,295,000 9 $143,889 6.09% 4 - 0/1, 2 - 1/1, 3 - 2/1

3867-3873 50TH ST, 92105 CITY HEIGHTS

# UNITS $ / UNIT CAP / GRM MIX

$950,000 8 $118,750 6.18% / 10 8 - 2/1

3

4231-4235 32RD AVE, 92103 HILLCREST / BANKERS HILL

PRICE # UNITS $ / UNIT CAP MIX

8

5137-5157 GROVELAND DR, 92114 ENCANTO

PRICE #U UNITS S $ / UNIT CAP MIX

13

$1,395,000 12 $299,000 7.05% / 9.54 4 - 1/1, 8 - 2/1

1931 MARKET ST, 92102 GOLDEN HILL

PRICE # UNITS $ / UNIT CAP / GRM MIX

23

$2,300,000 15 5 $153,333 7.40% 14 - 0/1

5027 UNIVERSITY, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP M MIX

18

$2,995,000 6 $499,167 5% 6 - 2/2.5

$1,200,000 28 $42,857 28 - 0/1

3820 ARNOLD AVE, 92104 NORTH PARK

PRICE # UNITS $ / UNIT CAP / GRM MIX

$900,000 6 $150,000 4 - 1/1, 2 - 2/1

4

3121-3149 BOUNDARY ST, 92104 NORTH PARK

PRICE # UNITS $ / UNIT CAP / GRM MIX

9

3909 FLORIDA ST, 92104 NORTH PARK

PRICE #U UNITS S $ / UNIT CAP / GRM MIX

14

$1,375,000 10 $137,500 5.7% / 11.5 6 - 1/1, 4 - 2/1

340-342 S 49TH ST, 92113 LOGAN HTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

24

$2,095,000 14 $149,643 5.72% / 11.7 14 - 0/1

3726 MADISON AVE, 92116 MAD NORMAL HTS

PR RICE # UNITS $ / UNIT CAP / GRM MIX

19

$2,750,000 15 $183,333 4.94% / 13.5 2 - 1/1, 10 - 2/1, 1 - 2/2, 2 - 3/1,

$1,169,000 13 $89,923 6.75% / 8.3 6 - 1/1, 2 - 2/1, 4 - 2/2, 1 - 3/1

4344 VAN DYKE ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT GRM MIX

$895,000 8 $111,875 11 5 - 1/1, 3 - 2/1

5

5410-5420 LEA ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

10

4 - 0/1, 7 - 1/1

$1,358,000 6 $226,333 15.81 6 - 1/1

3211-3219 32ND ST, 92104 NORTH PARK

PRICE # UNITS $ / UNIT CAP / GRM MIX

25

$1,500,000 11 $136,364

4711-21 BIONA DR, 92116 NORMAL HTS

PRICE # UNITS $ / UNIT GRM MIX

20

21 - 2/2

2024 E ST, 92102 GOLDEN HILL

PRICE # UNITS $ / UNIT CAP / GRM MIX

15

$2,700,000 21 $128,571

$1,100,000 11 $100,000 6.8% / 9.2 6 - 0/1, 5 - 1/1

4169-4179 CENTRAL AVE, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

$895,000 8 $111,875 6.3% / 9.6 7 - 1/1, 2 - 2/1

15


SDApartmentBrokers.com

Central San Diego For Sale

26

4153 42ND ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT GRM MIX

31

$875,000 8 $109,375 11.1 7 - 1/1, 1 - 3/2

$774,900 6 $129,150 5 - 1/1, 1 - 2/1

PRICE # UNITS $ / UNIT CAP / GRM MIX

$699,000 7 $99,857 6.65% / 9.2 4 - 1/1, 2 - 2/2, 1 - 3/2

$859,000 9 $95,444 9.3% / 8.4 8 - 1/1, 1 -2/1

4138 50TH ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

37

2626 HIGHLAND AVE, 92105 CITY HEIGHTS

5230-5234 LANDIS ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

32

4113 43RD ST, 92105 PACIFIC BEACH CITY

PRICE # UNITS $ / UNIT CAP / GRM MIX

36

27

$750,000 10 $75,000 6.01% / 8.55 8 - 1/1, 2 - 2/1

$600,000 6 $100,000 7.16% / 9.09 3 - 1/1, 3 - 2/1

4036 38TH ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

33

2499 TUBEROSE ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

28

3958-3968 FLORIDA ST, 92104 NORTH PARK

PRICE # UNITS $ / UNIT CAP / GRM MIX

38

$850,000 9 $94,444 5.5% / 9 6 - 1/1, 3 - 2/1

$749,000 6 $124,833 1 - 0/1, 5 - 1/1

29

328 MILBRAE ST, 92113 LOGAN HTS

PRICE # UNITS $ / UNIT CAP MIX

34

$825,000 8 $103,125 8.6% 8 - 2/1

4120-4126 C ST, 92102 MT. HOPE

PRICE # UNITS $ / UNIT CAP / GRM MIX

$725,000 7 $103,571 8.87% / 8.5 2 - 1/1, 3 - 2/1, 1 - 3/2, 1 - 4/2

30

4118-4124 48TH ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP MIX

35

4237 VAN DYKE AVE 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP MIX

4065-4069 N 49TH ST, 92105 CITY HEIGHTS

PRICE # UNITS $ / UNIT CAP / GRM MIX

$499,900 6 $83,317 2 - 1/1, 4 - 2/1

123 Camino De La Reina Suite 200 S. • San Diego, CA 92108 • 858.750.5000

16

$799,800 8 $99,975 7.14% 1 - 1/1, 7 - 2/1

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors omissions, change of price or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by the owners.

$720,000 7 $102,857 7% 6 - 1/1, 1 - 3/2


858.750.5000

S

S

S

O

O S

LD

LD

4261 LOWELL STREET - 16 UNITS

4273 HIGHLAND - 8 UNITS

S

O

LD

LD O S

O

4669 IOWA - 9 UNITS

LD

S

O S

O S 4640 KANSAS ST. - 8 UNITS

O

LD O

LD O O S

O S O S O S 1955 JULIAN AVE. - 26 UNITS

8914-8926 DELROSE AVE. - 48 UNITS

LD

2640-2646 CURLEW - 4 UNITS

LD

2262 BRANT ST. - 14 UNITS

838-848 41ST ST. - 6 UNITS

LD

5029 POINT LOMA BLVD. W. - 6 UNITS

LD

1319 MARSHALL ROAD - 24 UNITS

989-999 LESLIE ROAD - 16 UNITS

LD

S

S

O

LD

12560 LAUREL ST - 11 UNITS

LD

4424 ALTADENA - 16 UNITS

LD

Our Recent Transactions

4334-4340 VAN DYKE AVE. - 6 UNITS

17


With 20 years real estate experience, Jack Nooren has proven to be a leading force in Commercial Real Estate Investments with his commitment to his clients and an exceptional ability to bring a transaction to fruition. Jack started his own Real Estate Brokerage in the Midwest in 1997 which quickly grew to over ten agents with a production of over $80 million dollars per year. Professionally, Jack has sold over 4,000 apartment units. His multi-family experience started in 1991 when he purchased a duplex, and currently owns 208 apartment units and oversees the management of over 400 units. This vast multifamily experience gives his clients the benefit of his expertise and experience to help them make the best decisions when selling or acquiring their own multi-family property. He has over $500 million in personal sales during his career. Jack has been very involved in the community and the local business community on many boards and committees such as YWCA Board of Trustees, American Red Cross Board of Directors, Exceptional Athletes, Treasurer and the San Diego County Apartment Association Board of Directors.

Jack Nooren Vice President, NAI San Diego Lic: Office: Cell:

# 01881984 619.497.2255 Ext. 1121 858.750.5000

Terry Broderick

Deborah Pogue

Harry Miller

Associate Vice President

Marketing and Escrow Specialist

Paul Britvar

Client Relations

Research Analyst

Lic: Office: Cell:

# 01350411 619 497 2255 Ext. 1165 619.972.0990

Lic: Office:

# 01413237 619.497.2255 Ext. 1126

Lic: Office:

# 01467804 619.497.2255

Office:

619.497.2255


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