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FO
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AL
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$1,495,000 | Residential
846 Island Court
San Diego, CA 92109
Josh BrowarPresident / Principal [email protected]
Darragh RaffertySales [email protected]
PROPERTY HIGHLIGHTS
Irreplaceable Mission Beach Location - Steps toBay
●
High Yielding - Short Term Rental Opportunity●
Strong Unit Mix with Upgraded Interiors●
Garages●
Most Aggressively Priced Property in 92109 ZipCode
●
PROPERTY DESCRIPTION
Island Ct Tri-Plex846 Island Court | San Diego, CA 92109
Josh BrowarPresident / Principal 619701[email protected]
846848 Island Court, Mission Beach, CA 92109
We are pleased to offer this unique multifaceted real estate investment opportunity in the heart of
Mission Beach in San Diego, California. The property offers a superior unit mix of upgraded and fully
furnished apartments in which two of the units contain 2 bedrooms and 1 bathroom floor plans and
one unit contains a 1 bedroom and 1 bathroom floor plan. The property also boasts 2 garages and
laundry facilities. Current ownership is taking advantage of increasing yields substantially via the short
term rental model as the location offers vacationers exclusive access to not only the beach (1 block
away) and bay (less than half a block away) but easy access to Belmont Park, popular bars and
restaurants and public transportation. This location is literally the most centrally located beach
community in San Diego County. Currently, the summer months already have approx $30,000 worth
of reservations that can easily be transferred to new ownership. In fact, per our survey, there is
significantly more rental potential via modest increases in the daily asking rate (please refer to vacation
rental proforma in OM via our strategic relationship with Seabreeze Vacation Rentals). Due to the
stellar location, the building is extremely appealing to long term tenants at peak rental rates. Potential
owner occupants who want to enjoy living in a premier location in America's Finest City can benefit by
using the income from the other units to supplement carrying costs
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PRO FORMA SUMMARY
Island Ct Tri-Plex846 Island Court | San Diego, CA 92109
Josh BrowarPresident / Principal 619701[email protected]
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total Market Total 2Br/1Ba 1 $40,128 $40,128 $70,152 $70,152
2Br/1Ba 1 $40,128 $40,128 $70,152 $70,152
1Br/1Ba 1 $27,744 $27,744 $53,040 $53,040
TOTALS 3 $108,000 $193,344
ANNUALIZED INCOME
Description Actual Market Gross Potential Rent $108,000 $193,344Less: Vacancy ($3,240) ($48,336)
Effective Gross Income $104,760 $145,008Less: Expenses ($37,440) ($53,179)
Net Operating Income $67,320 $91,829
ANNUALIZED EXPENSES
Description Actual Market Advertising $1,000 $1,000
Building Insurance $1,250 $1,250
Maintenance $2,335 $2,335
Management Fees $8,646 $23,200
Misc $2,315 $2,500
Reserves $1,000 $0
Taxes Real Estate $16,894 $16,894
Utilities $4,000 $6,000
Total Expenses $37,440 $53,179Expenses Per RSF $19.50 $27.70Expenses Per Unit $12,480 $17,726
INVESTMENT SUMMARY
Price: $1,495,000
Year Built: 1948
Units: 3
Price/Unit: $498,333
RSF: 1,920
Price/RSF: $778.65
Lot Size: 2,513 sf
Floors: 2
APN: 42367214
Cap Rate: 4.5%
Market Cap Rate: 6.14%
GRM: 13.84
Market GRM: 7.73
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SeaBreeze Rental Revenue Projections846 Island Court
MONTH INCOME EXPENSES NET
Average $129,800 $38,940 $90,860
MONTH LOW AVG HIGHJanuary $6,600 $8,250 $9,900February $6,600 $8,250 $9,900March $9,240 $11,550 $13,860April $6,600 $8,250 $9,900May $6,600 $8,250 $9,900June $11,000 $13,750 $16,500July $17,600 $22,000 $26,400August $13,200 $16,500 $19,800September $5,500 $6,875 $8,250October $5,500 $6,875 $8,250November $6,600 $8,250 $9,900December $8,800 $11,000 $13,200
Total $103,840 $129,800 $155,760
Peak Week
$5,500
Expected income
Summary
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Jan Feb March April May June July Aug Sept Oct Nov Dec
Monthly comparison
$129,800.00
$38,940.00
$90,860.00
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Income Expense Net
Annual estimated NET income to Owner
Debbie BarberDirector of Business [email protected]
Pricing % per month Pricing % per monthFull price 40 Full price 40Discounted 25 Discounted 25Vacant 35 Vacant 35
Pricing % per month Pricing % per monthFull price 75 Full price 50Discounted 15 Discounted 15Vacant 10 Vacant 35
January February
March April
Full price 40%
Discounted
25%
Vacant 35%
Estimated occupancy % Jan - Apr
Full price 40%
Discounted
25%
Vacant 35%
Full price 75%
Discounted
15%
Vacant 10%
Full price 50%
Discounted 15%
Vacant 35%
Pricing % per month Pricing % per monthFull price 40 Full price 50Discounted 25 Discounted 25Vacant 35 Vacant 25
Pricing % per month Pricing % per monthFull price 100 Full price 75Discounted 0 Discounted 15Vacant 0 Vacant 10
May June
July August
Full price 40%
Discounted
25%
Vacant 35%
Estimated occupancy % May - Aug
Full price 50%
Discounted
25%
Vacant 25%
Full price 100%
Full price 75%
Discounted 15%
Vacant 10%
Pricing % per month Pricing % per monthFull price 50 Full price 40Discounted 25 Discounted 25Vacant 25 Vacant 35
Pricing % per month Pricing % per monthFull price 40 Full price 50Discounted 25 Discounted 25Vacant 35 Vacant 25
September October
November December
Full price 50%
Discounted
25%
Vacant 25%
Estimated occupancy % Sep - Dec
Full price 40%
Discounted
25%
Vacant 35%
Full price 40%
Discounted
25%
Vacant 35%
Full price 50%
Discounted 25%
Vacant 25%
PROPERTY PHOTOS
Island Ct Tri-Plex846 Island Court | San Diego, CA 92109
Josh BrowarPresident / Principal 619701[email protected]
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REGIONAL MAP
Island Ct Tri-Plex846 Island Court | San Diego, CA 92109
Josh BrowarPresident / Principal 619701[email protected]
Page 9
LOCATION MAP
Island Ct Tri-Plex846 Island Court | San Diego, CA 92109
Josh BrowarPresident / Principal 619701[email protected]
Page 10
AERIAL MAP
Island Ct Tri-Plex846 Island Court | San Diego, CA 92109
Josh BrowarPresident / Principal 619701[email protected]
Page 11
