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OFFERING MEMORANDUM
4585HAMILTON
STREE
T
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 RThe 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 EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The
presence of any corporation's logo or name is not 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: ZAA0090790
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 L Y .P L E A S E C O N S U L T 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
04 S A L E S C O M P A R A B L E S / / 1 7 - 2 1
05 R E N T C O M P A R A B L E S / / 2 2 - 2 7
06 M A R K E T O V E R V I E W / / 2 8 - 3 0
01 E X E C U T I V E S U M M A R Y / / 6 - 7
02 P R O P E R T Y D E S C R I P T I O N / / 8 - 1 4
03 F I N A N C I A L A N A L Y S I S / / 1 5 - 1 6
TABLE OF CONTENTS
6 E X E C U T I V E S U M M A R Y
I N V E S T M E N T H I G H L I G H T S
Marcus & Millichap is pleased to present a for sale a pride of ownership and partially renovated 8-unit property in the North Park of San Diego. 4585 Hamilton Street offers the rare opportunity to acquire an
almost all two-bedroom / two-bath unit from the original owner since it was constructed in 1969. Meticulously maintained and upgraded over the years, this property rests on an approximate 6,990 SF lot
with 7,018 of rentable SF.
This property is comprised of 7 two-bedroom / two-bathroom units and 1 two-bedroom / one-bathroom unit. All units feature air conditioning, double pane windows, dishwashers, and kitchens with quartz or
granite counter tops. Select units have ceramic tile kitchen flooring, upgraded bathrooms, and 6 units have walk-in closets. A new roof was installed 7 years ago with a 10-year warranty by Martin Roofing. Other
amenities include coin-operated owned laundry and some units with private balconies or patios.
This complex offers investors the rare opportunity to significantly improve rents on this property with much of the capital improvement expense already completed. Increase rents an estimated 20% with no additional improvements needed or update the units to increase by an estimated 44%. North Park continues to draw
in the highest quality and most desirable tenants in San Diego. Being within walking distance to two of North Park’s main thoroughfares, Adams Avenue and El Cajon Boulevard, this property is centrally located with
the investor’s longevity in mind.
HIGHLY DESIRABLEUNIT MIX 88% 2BR/ 2BA
UNDER MARKETRENTS
FIRST TIME TOMARKET - ONLY
ONE OWNER
PARTIAL RENOVATIONTO ALL UNITS
AC IN ALL UNITS
4585HAMILTON
STREE
T
7E X E C U T I V E S U M M A R Y
8 P R O P E R T Y D E S C R I P T I O N
4585HAMILTON
STREE
T
North Park, with over 80 highly rated bars and restaurants.
El Cajon BlvdEl Cajon Blvd
University AveUniversity Ave
Texas StTexas St
30th St30th St
4585HAMILTON
STREE
T
San Diego’s very own North Park is a neighborhood that has been
growing in popularity year after year. With some of the best bars
and restaurants in town, this has been one of the most desirable
neighborhoods to be a part of.
Being a rapidly growing community, North Park is currently
undergoing major development projects. HG Fenton, an apartment
and commercial construction company, is building a complex
with over 160 apartment homes; and the ground floor of this site
will be restaurant and retail space. Another upscale project is the
Broadstone Apartment Complex. This special project has aesthetic
architecture, mixing in colorful and creative designs within the
building to keep it interesting.
Over recent years, North Park has been put on a pedestal by
known magazines such as Forbes and the Los Angles Times. Forbes
magazine quotes, “culturally diverse North Park is home to Craftsman
cottages, cafes and diners, coffee shops, several microbreweries,
boutiques, and the North Park Farmers Market.” The Los Angeles
Times continues to cherish this gentrified neighborhood. “North Park
has all the ingredients for the cool school: it’s culturally diverse and
has art galleries, boutiques, trendy bars with handcrafted cocktails,
and local brews, and foodie-approved eateries.” This neighborhood
is considered the complete package.
NORTH PARK
10 P R O P E R T Y D E S C R I P T I O N
E X T E R I O RF E A T U R E S
New roof January 2013 with a 10-year warranty
Double pane vinyl windows
On-site Coin Operated Laundry(Owned)
Select Units with Private Balconies/Patios
Off-Street Parking (3 tandem and 5 single spaces)
11P R O P E R T Y D E S C R I P T I O N
12 P R O P E R T Y D E S C R I P T I O N
I N T E R I O RF E A T U R E S
All units have built in wall or split A/C systems
All units with upgraded graniteor quartz counters
All Units have dishwashers
Some bathrooms upgraded
6 Units have walk-in Closets
13P R O P E R T Y D E S C R I P T I O N
14 P R O P E R T Y D E S C R I P T I O N
15F I N A N C I A L A N A L Y S I S
PRICING DETAILS // 4585 HAMILTON STREET
SUMMARY Price $2,800,000Down Payment $1,400,000 50%Number of Units 8Price Per Unit $350,000Price Per SqFt $398.97Gross SqFt 7,018Lot Size 0.16 AcresApprox. Year Built 1969
RETURNS CURRENT PROFORMACAP Rate 3.56% 5.80%GRM 17.91 12.48Cash-on-Cash 1.39% 5.87%Debt Coverage Ratio 1.24 2.02
FINANCING 1ST LOANLoan Amount $1,400,000Loan Type NewInterest Rate 4.00%Amortization 30 YearsYear Due 2025
# OF UNITS
UNIT TYPE SCHEDULED RENTS
PROFORMA
7 2-Bed / 2-Bath $1,625 $2,350 1 2-Bed / 1-Bath $1,650 $2,250
INCOME CURRENT PROFORMAGross Scheduled Rent $156,300 $224,400Less: Vacancy/Deductions 3.0% $4,689 3.0% $6,732Total Effective Rental Income $151,611 $217,668Other Income $8,036 $8,036Effective Gross Income $159,647 $225,704Less: Expenses 37.6% $59,988 28.0% $63,291Net Operating Income $99,659 $162,413Cash Flow $99,659 $162,413Debt Service $80,206 $80,206Net Cash Flow After Debt Service 1.39% $19,453 5.87% $82,207Principal Reduction $24,655 $25,659Total Return 3.15% $44,107 7.70% $107,866
EXPENSES CURRENT PROFORMAReal Estate Taxes $34,496 $34,496Insurance $2,000 $2,000Utilities - Water & Sewer $5,075 $5,075Utilities - Gas & Electric $1,375 $1,375Trash Removal $2,400 $2,400Repairs & Maintenance $3,200 $3,200Landscaping $1,200 $1,200Pest $660 $660Operating Reserves $1,600 $1,600Management Fee $7,982 $11,285Total Expenses $59,988 $63,291Expenses/Unit $7,499 $7,911Expenses/SF $8.55 $9.02
16 F I N A N C I A L A N A L Y S I S
RENT ROLL SUMMARY // 4585 HAMILTON STREET
RENT ROLL
SCHEDULED POTENTIAL
UNIT TYPE # OF UNITSAVG SQ
FEETRENTALRANGE
AVG.RENT
AVG.RENT/ SF
MONTHLYINCOME
AVG.RENT
AVG. RENT / SF
MONTHLYINCOME
2-Bedroom/1-Bathroom 7 880 $1,200 - $1,850 $1,625 $1.85 $11,375 $2,350 $2.67 $16,450
2-Bedroom/ 1-Bathroom 1 850 $1,650 - $1,650 $1,650 $1.94 $1,650 $2,250 $2.65 $2,250
TOTALS/WEIGHTED AVERAGES 8 877 $1,628 $1.86 $13,025 $2,338 $2.66 $18,700
GROSS ANNUALIZED RENTS $156,300 $224,400
UNIT UNIT TYPE SQUAREFEET
CURRENTRENT / MONTH
CURRENT RENT/SF/MONTH
POTENTIAL RENT/ MONTH
POTENTIALRENT/SF/MONTH
A-1 2Bedroom / 2Bathroom 885 $1,550 $1.75 $2,350 $2.66
A-2 2Bedroom / 2Bathroom 885 $1,200 $1.36 $2,350 $2.66
A-3 2Bedroom / 2Bathroom 885 $1,550 $1.75 $2,350 $2.66
A-4 2Bedroom / 1Bathroom 850 $1,650 $1.94 $2,250 $2.65
B-1 2Bedroom / 2Bathroom 885 $1,850 $2.09 $2,350 $2.66
B-2 2Bedroom / 2Bathroom 885 $1,750 $1.98 $2,350 $2.66
B-3 2Bedroom / 2Bathroom 885 $1,850 $2.09 $2,350 $2.66
B-4 2Bedroom / 2Bathroom 850 $1,625 $1.91 $2,350 $2.76
Total 7,018 $13,025 $1.86 $18,700 $2.66
4585 HAMILTON STREET
3233 Herman Avenue
4534 30th Street
2814-2832 30th Street
4119 Florida Street
3811 Pershing Avenue
3965 Hamilton Street
4147 Idaho Street
4078 Hamilton Street
3361 Dale Street
1
2
3
4
SALES COMPARABLES
5
6
7
8
9
3
2
1
4
5
9
78
6
17S A L E S C O M P A R A B L E S
4585 HAMILTON STREETSan Diego, CA 92116
List Price $2,800,000
Sale Date On Market
Year Built 1969
Price per Unit $350,000
Price per Square Foot $399
CAP Rate 3.57%
GRM 17.91
Number of Units 8
Units Unit Type
7 2 Bedroom/ 2 Bathroom
1 2 Bedroom/ 1 Bathroom
4534 30TH STREETSan Diego, CA 92104
Sale Price $3,630,000
Sale Date 7/24/2019
Year Built 1987
Price per Unit $363,000
Price per Square Foot $623
CAP Rate 4.00%
GRM 16.28
Number of Units 10
Units Unit Type
8 1 Bedroom/ 1 Bathroom
2 2 Bedroom/ 1 Bathroom
3233 HERMAN AVENUESan Diego, CA 92104
Sale Price $3,202,500
Sale Date 07/25/2019
Year Built 1972/2018
Price per Unit $400,313
Price per Square Foot $589
CAP Rate 4.37%
GRM 15.47
Number of Units 8
Units Unit Type
5 1 Bedroom/ 1 Bathroom
2 2 Bedroom/ 1 Bathroom
1 2 Bedroom/ 2 Bathroom
1 2
18 S A L E S C O M P A R A B L E S
2814-2832 30TH STREETSan Diego, CA 92104
Sale Price $3,650,000
Sale Date 08/09/2019
Year Built 1987
Price per Unit $365,000
Price per Square Foot $608
CAP Rate 3.88%
GRM 17.89
Number of Units 10
Units Unit Type
2 1 Bedroom/ 1 Bathroom
8 2 Bedroom/ 1 Bathroom
3811 PERSHING AVENUESan Diego, CA 92104
Sale Price $2,200,000
Sale Date In Escrow
Year Built 1988
Price per Unit $366,667
Price per Square Foot $469
CAP Rate 3.38%
GRM 17.77
Number of Units 6
Units Unit Type
6 2 Bedroom/ 2 Bathroom
4119 FLORIDA STREETSan Diego, CA 92104
List Price $2,710,000
Sale Date 04/01/2020
Year Built 1987
Price per Unit $338,750
Price per Square Foot $457
CAP Rate 3.14%
GRM 18.35
Number of Units 8
Units Unit Type
3 1 Bedroom/ 1 Bathroom
5 2 Bedroom/ 2 Bathroom
3 4 5
19S A L E S C O M P A R A B L E S
4147 IDAHO STREETSan Diego, CA 92104
Sale Price $2,350,000
Sale Date On Market
Year Built 1988
Price per Unit $391,667
Price per Square Foot $514
CAP Rate 4.02%
GRM 16.77
Number of Units 6
Units Unit Type
2 1 Bedroom/ 1 Bathroom
3 2 Bedroom/ 1 Bathroom
1 3 Bedroom/ 2 Bathroom
3965 HAMILTON STREETSan Diego, CA 92104
Sale Price $3,750,000
Sale Date On Market
Year Built 1988
Price per Unit $375,000
Price per Square Foot $854
CAP Rate 3.46%
GRM 20.23
Number of Units 10
Units Unit Type
2 Studio/ 1 Bathroom
7 1 Bedroom/ 1 Bathroom
4078 HAMILTON STREETSan Diego, CA 92104
Sale Price $4,195,000
Sale Date On Market
Year Built 1971/2019
Price per Unit $419,500
Price per Square Foot $577
CAP Rate 4.12%
GRM 16.68
Number of Units 10
Units Unit Type
6 1 Bedroom/ 1 Bathroom
4 2 Bedroom/ 2 Bathroom
1 2 Bedroom/ 1 Bathroom*Listed By The Trujillo Group
6 7 8
20 S A L E S C O M P A R A B L E S
3361 DALE STREETSan Diego, CA 92104
List Price $3,450,000
Sale Date On Market
Year Built 1970/2019
Price per Unit $575,000
Price per Square Foot $576
CAP Rate 3.62%
GRM 17.90
Number of Units 6
Units Unit Type
6 2 Bedroom/ 2 Bathroom
9
21S A L E S C O M P A R A B L E S
22 R E N T C O M P A R A B L E S
4585 HAMILTON STREET
4078 Hamilton Street
3233 Herman Avenue
4576 Idaho Street
4319 Mississippi Street
4054 Florida Street
3770 Grim Avenue
3684 Alabama Street
4674 Ohio Street
3744 Arnold Avenue
1
2
3
4
RENT COMPARABLES
56
78
9
3
2
4
5
69
8
7
1
23R E N T C O M P A R A B L E S
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 2 Bathroom 7 880 $1,625 $1.85
2 Bedroom / 1 Bathroom 1 850 $1,650 $1.88
TOTAL/WTD. AVG. 8 877 $1,628 1.86
TotalUnits08 YearBuilt 19694 5 8 5 H A M I L T O N S T R E E TSan Diego, CA 92116
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 1 Bathroom 2 818 $2,300 $2.81
2 Bedroom / 2 Bathroom 1 888 $2,500 $2.82
TOTAL/WTD. AVG. 3 853 $2,400 $2.82
3 2 3 3 H E R M A N A V E N U ESan Diego, CA 92104
TotalUnits08 YearBuilt 1957
TotalUnits10 YearBuilt 19714 0 7 8 H A M I L T O N S T R E E TSan Diego, CA 92104
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
1 Bedroom / 1 Bathroom 6 640 $1,895 $2.96
2 Bedroom / 2 Bathroom 4 850 $2,456 $2.89
TOTAL/WTD. AVG. 10 $2,096 $2.98
1
1
1
2
24 R E N T C O M P A R A B L E S
1
1
1
4 5 7 6 I D A H O S T R E E TSan Diego, CA 92116
YearBuilt 1972
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom /2 Bathroom 1 1084 $2,550 $2.35
TOTAL/WTD. AVG. 1 1084 $2,550 $2.35
4 0 5 4 F L O R D I A S T R E E TSan Diego, CA 92104
TotalUnits09 YearBuilt 1978
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 1 Bathroom 1 945 $2,921 $3.09
TOTAL/WTD. AVG. 1 945 $2,921 $3.09
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 1 Bathroom 3 $2,395
TOTAL/WTD. AVG. 1 $2,395
4 3 1 9 M I S S I S S I P P I S T R E E TSan Diego, CA 92104
TotalUnits21 YearBuilt 2017
09TotalUnits
4
3
5
25R E N T C O M P A R A B L E S
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 2 Bathroom 1 854 $2,500 $2.93
TOTAL/WTD. AVG. 1 854 $2,500 $2.93
3 7 7 0 G R I M A V E N U E San Diego, CA, 92103
TotalUnits07 YearBuilt 1981
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 1 Bathroom 6 850 $2,295 $2.70
TOTAL/WTD. AVG. 6 850 $2,295 $2.70
4 6 7 4 O H I O S T R E E TSan Diego, CA 92116
TotalUnits08 YearBuilt 1964
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 2 Bathroom 1 822 $2,600 $3.16
TOTAL/WTD. AVG. 1 822 $2,600 $3.16
3 6 8 4 A L A B A M A S T R E E TSan Diego, CA 92104
TotalUnits12 YearBuilt 2013
1
1
1
6
7
8
26 R E N T C O M P A R A B L E S
UNIT TYPE UNITS SQUARE FEET RENT RENT/SF
2 Bedroom / 2 Bathroom 1 920 $2,500 $2.72
TOTAL/WTD. AVG. 1 920 $2,500 $2.72
3 7 4 4 A R N O L D A V E N U ESan Diego, CA 92104
TotalUnits15 YearBuilt 19861
9
27R E N T C O M P A R A B L E S
America's Finest CityAmerica's Finest City
28 M A R K E T O V E R V I E W
$609,900Median Home Pr ice
METRO A R EAS AN D I EGO
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, including Tijuana, Rosarito and Ensenada.
DEMOGRAPHICS 4585 HAMILTON STREET
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
29E X E C U T I V E S U M M A R Y
CARSON TRUJILLOSenior Associate
San DiegoDirect: (858)373-3285
Cell: (859)[email protected]
License: CA 01974818
E X C L U S I V E L Y L I S T E D B Y