Las Casistas
948 N. Santa Fe Ave | Vista, Ca 92084
Brian Nelson, Broker619-226-6011 x [email protected]
Tim SwanstonSenior [email protected]
Phone: (619) 226-6011 ● Fax: (866) 861-7803 ● 3405 Kenyon St #411 ● San Diego, CA 92110 ● www.scc1031.com
24 Units with Room to Raise Rents●
100% occupied●
Professionally Maintained grounds & Landscaping●
Managed By Same Owner For the Last 18 years●
Table of Contents
Real Estate Investment Details ..................................................................................... 3
Property Description .................................................................................................... 4
Property Photos ............................................................................................................. 5
Executive Summary ...................................................................................................... 6
Resale Report .................................................................................................................. 7
Internal Rate of Return Analysis .................................................................................. 8
Cash Flow Analysis ...................................................................................................... 9
Financial Indicators ...................................................................................................... 11
Cumulative Analysis .................................................................................................... 13
Detailed General Expenses ............................................................................................ 15
Annual Property Operating Data .................................................................................. 17
Loan Analysis ................................................................................................................. 19
Cash In Cash Out ........................................................................................................... 21
Property Resale Analysis ........................................................................................... 25
Unit Mix Base Rent Report ............................................................................................. 27
Property Equity Analysis ............................................................................................ 29
Gross Income Vs. Operating Expenses ...................................................................... 30
Equity vs. Debt ............................................................................................................... 31
Cumulative Wealth Analysis .......................................................................................... 32
Vista Comps ..................................................................................................................... 33
Real Estate Investment Details
ANALYSIS
Analysis Date July 2014
PROPERTY
Property Las Casistas
Property Address 948 N. Santa Fe AveVista, Ca 92084
Year Built 1973
FINANCIAL INFORMATION
Down Payment $689,700
Closing Costs $8,000
LT Capital Gain 15.00%
Federal Tax Rate 35.0%
State Tax Rate 10.0%
Discount Rate 5.00%
PURCHASE INFORMATION
Property Type MultiFamily
Purchase Price $2,350,000
Fair Market Value $2,309,000
Units 24
Total Rentable Sq. Ft. 9,792
Resale Valuation 3.0% (annual appreciation)
Resale Expenses 1.0%
LOANS
Debt Term Amortization Rate Payment LO Costs
Fixed $1,609,300 30 years 30 years 4.25% $7,917
INCOME & EXPENSES
Gross Operating Income $209,520
Monthly GOI $17,460
Total Annual Expenses ($71,237)
Monthly Expenses ($5,936)
CONTACT INFORMATION
Brian Nelson, Broker619-226-6011 x [email protected]
Kevin [email protected]
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax orother professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting,tax or other professional area before making any decisions.
page 3 of 46
Property DescriptionLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
The las Casistas Apartment Community is a 24unit complex which consists of all studios. Thecomplex is made up of 3 identical buildings,each containing 8 units which are approximately408 Sq. ft each. This building is 100% occupiedwith a waiting list for any vacancies thatoccasionally pop up. The property has beenmanaged by the same owner for the last 18years. The property is in great condition and iseasily maintained.. There is room for rent raisesand there is already cash flow in place.
page 4 of 46
Property PhotosLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
page 5 of 46
Executive SummaryLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $2,358,000
Investment - Cash $697,700
First Loan $1,609,300
INVESTMENT INFORMATION
Purchase Price $2,350,000
Price per Unit $97,917
Price per Sq. Ft. $239.99
Income per Unit $9,000
Expenses per Unit ($2,968)
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income $216,000
Total Vacancy and Credits ($6,480)
Operating Expenses ($71,237)
Net Operating Income $138,283
Debt Service ($95,001)
Cash Flow Before Taxes $43,282
Total Interest (Debt Service) ($67,871)
Depreciation and Amortization ($61,178)
Taxable Income (Loss) $9,235
Tax Savings (Costs) ($4,156)
Cash Flow After Taxes $39,126
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes 6.20%
Optimal Internal Rate of Return (yr 2) 14.71%
Debt Coverage Ratio 1.46
Capitalization Rate 5.88%
Gross Rent Multiplier 10.88
Gross Income / Square Feet $22.06
Gross Expenses / Square Feet ($7.28)
Operating Expense Ratio 34.00%
page 6 of 46
Resale ReportLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
NET PROCEEDS FROM SALE
Adjusted Basis
Basis At Acquisition $2,358,000
-Depreciation $1,271,603
Adjusted Basis at Sale $1,086,397
Capital Gain
Sale Price $4,170,311
-Sale Expenses ($41,703)
-Adjusted Basis at Sale $1,086,397
Gain or (Loss) $3,042,211
-Depreciation (limited to gain) $1,271,603
Capital Gain from Appreciation $1,770,608
Sales Proceeds After Tax
Sale Price $4,170,311
-Sale Expenses $41,703
-Mortgage Balance $772,841
Sale Proceeds Before Tax $3,355,767
-Tax On Depreciation $317,901
-Tax On Capital Gain $265,591
Sale Proceeds After Tax $2,772,275
page 7 of 46
Internal Rate of Return AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
BEFORE TAX IRR
Time Future Cash Flows
Initial Investment ($697,700)
End of Year 1 $43,282 End of Year 11 $115,339
End of Year 2 $49,567 End of Year 12 $123,786
End of Year 3 $56,041 End of Year 13 $132,487
End of Year 4 $62,710 End of Year 14 $141,449
End of Year 5 $69,578 End of Year 15 $150,679
End of Year 6 $76,653 End of Year 16 $160,187
End of Year 7 $83,939 End of Year 17 $169,980
End of Year 8 $91,445 End of Year 18 $180,066
End of Year 9 $99,175 End of Year 19 $190,455
End of Year 10 $107,138 End of Year 20* $3,556,923
IRR = 15.28% * ($201,156 + $3,355,767)
AFTER TAX IRR
Time Future Cash Flows
Initial Investment ($697,700)
End of Year 1 $39,126 End of Year 11 $73,507
End of Year 2 $43,255 End of Year 12 $77,344
End of Year 3 $46,264 End of Year 13 $81,286
End of Year 4 $49,355 End of Year 14 $85,335
End of Year 5 $52,532 End of Year 15 $89,493
End of Year 6 $55,796 End of Year 16 $93,764
End of Year 7 $59,150 End of Year 17 $98,150
End of Year 8 $62,595 End of Year 18 $102,655
End of Year 9 $66,135 End of Year 19 $107,280
End of Year 10 $69,771 End of Year 20* $2,883,108
IRR = 12.49% * ($110,833 + $2,772,275)
page 8 of 46
Cash Flow AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
GROSS SCHEDULED INCOME $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
Turnover Vacancy ($6,480) ($6,674) ($6,875) ($7,081) ($7,293) ($7,512) ($7,737) ($7,970) ($8,209) ($8,455)
Total Operating Expenses ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
NET OPERATING INCOME $138,283 $144,569 $151,043 $157,711 $164,580 $171,654 $178,941 $186,446 $194,177 $202,139
Loan Payment ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001)
NET CASH FLOW (b/t) $43,282 $49,567 $56,041 $62,710 $69,578 $76,653 $83,939 $91,445 $99,175 $107,138
Cash On Cash Return b/t 6.20% 7.10% 8.03% 8.99% 9.97% 10.99% 12.03% 13.11% 14.21% 15.36%
NET OPERATING INCOME $138,283 $144,569 $151,043 $157,711 $164,580 $171,654 $178,941 $186,446 $194,177 $202,139
Depreciation ($61,178) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847)
Loan Interest ($67,871) ($66,695) ($65,468) ($64,188) ($62,853) ($61,460) ($60,006) ($58,490) ($56,907) ($55,256)
TAXABLE INCOME (LOSS) $9,235 $14,027 $21,728 $29,676 $37,880 $46,348 $55,088 $64,110 $73,423 $83,036
Income Taxes ($4,156) ($6,312) ($9,778) ($13,354) ($17,046) ($20,856) ($24,790) ($28,850) ($33,040) ($37,366)
CASH FLOW (a/t) $39,126 $43,255 $46,264 $49,355 $52,532 $55,796 $59,150 $62,595 $66,135 $69,771
Cash On Cash Return a/t 5.61% 6.20% 6.63% 7.07% 7.53% 8.00% 8.48% 8.97% 9.48% 10.00%
Footnotes: b/t = before taxes;a/t = after taxes
page 9 of 46
Cash Flow AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
GROSS SCHEDULED INCOME $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
Turnover Vacancy ($8,709) ($8,970) ($9,239) ($9,516) ($9,802) ($10,096) ($10,398) ($10,710) ($11,032) ($11,363)
Total Operating Expenses ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
NET OPERATING INCOME $210,340 $218,788 $227,488 $236,450 $245,681 $255,188 $264,981 $275,068 $285,457 $296,158
Loan Payment ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001) ($95,001)
NET CASH FLOW (b/t) $115,339 $123,786 $132,487 $141,449 $150,679 $160,187 $169,980 $180,066 $190,455 $201,156
Cash On Cash Return b/t 16.53% 17.74% 18.99% 20.27% 21.60% 22.96% 24.36% 25.81% 27.30% 28.83%
NET OPERATING INCOME $210,340 $218,788 $227,488 $236,450 $245,681 $255,188 $264,981 $275,068 $285,457 $296,158
Depreciation ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($63,847) ($61,187)
Loan Interest ($53,534) ($51,737) ($49,862) ($47,905) ($45,864) ($43,735) ($41,513) ($39,195) ($36,777) ($34,253)
TAXABLE INCOME (LOSS) $92,960 $103,204 $113,780 $124,698 $135,970 $147,607 $159,621 $172,026 $184,834 $200,718
Income Taxes ($41,832) ($46,442) ($51,201) ($56,114) ($61,186) ($66,423) ($71,830) ($77,412) ($83,175) ($90,323)
CASH FLOW (a/t) $73,507 $77,344 $81,286 $85,335 $89,493 $93,764 $98,150 $102,655 $107,280 $110,833
Cash On Cash Return a/t 10.54% 11.09% 11.65% 12.23% 12.83% 13.44% 14.07% 14.71% 15.38% 15.89%
Footnotes: b/t = before taxes;a/t = after taxes
page 10 of 46
Financial IndicatorsLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Gross Rent Multiplier 11.01 11.01 11.01 11.01 11.01 11.01 11.01 11.01 11.01 11.01
Capitalization Rate 5.88% 6.15% 6.43% 6.71% 7.00% 7.30% 7.61% 7.93% 8.26% 8.60%
Cash On Cash Return b/t 6.20% 7.10% 8.03% 8.99% 9.97% 10.99% 12.03% 13.11% 14.21% 15.36%
Cash On Cash Return a/t 5.61% 6.20% 6.63% 7.07% 7.53% 8.00% 8.48% 8.97% 9.48% 10.00%
Debt Coverage Ratio 1.46 1.52 1.59 1.66 1.73 1.81 1.88 1.96 2.04 2.13
Gross Income per Sq. Ft. $22.06 $22.72 $23.40 $24.10 $24.83 $25.57 $26.34 $27.13 $27.94 $28.78
Expenses per Sq. Ft. ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28)
Net Income Multiplier 17.20 16.94 16.70 16.48 16.26 16.06 15.87 15.69 15.52 15.35
Operating Expense Ratio 34.00% 33.01% 32.05% 31.11% 30.21% 29.33% 28.47% 27.65% 26.84% 26.06%
Loan To Value Ratio 66.53% 63.43% 60.41% 57.47% 54.59% 51.79% 49.05% 46.37% 43.76% 41.20%
Footnotes: b/t = before taxes; a/t = after taxes
page 11 of 46
Financial IndicatorsLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Gross Rent Multiplier 11.01 11.01 11.01 11.01 11.01 11.01 11.01 11.01 11.01 11.01
Capitalization Rate 8.95% 9.31% 9.68% 10.06% 10.45% 10.86% 11.28% 11.71% 12.15% 12.60%
Cash On Cash Return b/t 16.53% 17.74% 18.99% 20.27% 21.60% 22.96% 24.36% 25.81% 27.30% 28.83%
Cash On Cash Return a/t 10.54% 11.09% 11.65% 12.23% 12.83% 13.44% 14.07% 14.71% 15.38% 15.89%
Debt Coverage Ratio 2.21 2.30 2.39 2.49 2.59 2.69 2.79 2.90 3.00 3.12
Gross Income per Sq. Ft. $29.65 $30.53 $31.45 $32.39 $33.37 $34.37 $35.40 $36.46 $37.55 $38.68
Expenses per Sq. Ft. ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28) ($7.28)
Net Income Multiplier 15.20 15.05 14.91 14.77 14.64 14.52 14.40 14.29 14.18 14.08
Operating Expense Ratio 25.30% 24.56% 23.85% 23.15% 22.48% 21.82% 21.19% 20.57% 19.97% 19.39%
Loan To Value Ratio 38.70% 36.26% 33.87% 31.54% 29.25% 27.02% 24.83% 22.69% 20.59% 18.53%
Footnotes: b/t = before taxes; a/t = after taxes
page 12 of 46
Cumulative AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Equity (appreciation) $28,270 $99,618 $173,107 $248,800 $326,764 $407,067 $489,779 $574,972 $662,721 $753,103
Equity (loan reduction) $27,131 $55,437 $84,970 $115,783 $147,932 $181,473 $216,469 $252,981 $291,075 $330,820
CASH FLOW (a/t) $39,126 $82,381 $128,645 $178,000 $230,532 $286,328 $345,478 $408,073 $474,208 $543,980
Totals - To Date $94,527 $237,436 $386,722 $542,583 $705,228 $874,869 $1,051,726 $1,236,026 $1,428,005 $1,627,903
Invested Capital ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700)
ROIC - To Date 13.55% 34.03% 55.43% 77.77% 101.08% 125.39% 150.74% 177.16% 204.67% 233.32%
Footnotes: a/t = after taxes; ROIC = Return On Invested Capital
page 13 of 46
Cumulative AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Equity (appreciation) $846,196 $942,082 $1,040,844 $1,142,570 $1,247,347 $1,355,267 $1,466,425 $1,580,918 $1,698,845 $1,820,311
Equity (loan reduction) $372,288 $415,552 $460,692 $507,788 $556,925 $608,192 $661,680 $717,486 $775,711 $836,459
CASH FLOW (a/t) $617,487 $694,831 $776,117 $861,451 $950,944 $1,044,708 $1,142,858 $1,245,513 $1,352,793 $1,463,626
Totals - To Date $1,835,970 $2,052,465 $2,277,653 $2,511,809 $2,755,216 $3,008,167 $3,270,963 $3,543,917 $3,827,350 $4,120,396
Invested Capital ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700) ($697,700)
ROIC - To Date 263.15% 294.18% 326.45% 360.01% 394.90% 431.15% 468.82% 507.94% 548.57% 590.57%
Footnotes: a/t = after taxes; ROIC = Return On Invested Capital
page 14 of 46
Detailed General ExpensesLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Total Expenses ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
Supplies ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636)
Building Insurance ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732)
Pest control ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612)
Maintenance ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255)
Management Fees ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700)
Misc ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400)
Repairs ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300)
Taxes - Real Estate ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037)
Trash Removal ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715)
Utilities ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850)
page 15 of 46
Detailed General ExpensesLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Total Expenses ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
Supplies ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636)
Building Insurance ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732)
Pest control ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612)
Maintenance ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255)
Management Fees ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700)
Misc ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400)
Repairs ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300)
Taxes - Real Estate ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037)
Trash Removal ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715)
Utilities ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850)
page 16 of 46
Annual Property Operating DataLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Rental Income $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
GROSS SCHEDULED INCOME $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
Turnover Vacancy ($6,480) ($6,674) ($6,875) ($7,081) ($7,293) ($7,512) ($7,737) ($7,970) ($8,209) ($8,455)
GROSS OPERATING INCOME $209,520 $215,806 $222,280 $228,948 $235,817 $242,891 $250,178 $257,683 $265,414 $273,376
Expenses
Supplies ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636)
Building Insurance ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732)
Pest control ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612)
Maintenance ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255)
Management Fees ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700)
Misc ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400)
Repairs ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300)
Taxes - Real Estate ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037)
Trash Removal ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715)
Utilities ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850)
TOTAL OPERATING EXPENSES ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
NET OPERATING INCOME $138,283 $144,569 $151,043 $157,711 $164,580 $171,654 $178,941 $186,446 $194,177 $202,139
page 17 of 46
Annual Property Operating DataLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Rental Income $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
GROSS SCHEDULED INCOME $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
Turnover Vacancy ($8,709) ($8,970) ($9,239) ($9,516) ($9,802) ($10,096) ($10,398) ($10,710) ($11,032) ($11,363)
GROSS OPERATING INCOME $281,577 $290,025 $298,725 $307,687 $316,918 $326,425 $336,218 $346,305 $356,694 $367,395
Expenses
Supplies ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636)
Building Insurance ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732)
Pest control ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612)
Maintenance ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255)
Management Fees ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700)
Misc ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400)
Repairs ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300)
Taxes - Real Estate ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037)
Trash Removal ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715)
Utilities ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850)
TOTAL OPERATING EXPENSES ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
NET OPERATING INCOME $210,340 $218,788 $227,488 $236,450 $245,681 $255,188 $264,981 $275,068 $285,457 $296,158
page 18 of 46
Loan AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
LOAN 1
Debt Service Analysis
Principal Payments $27,131 $28,306 $29,533 $30,813 $32,148 $33,542 $34,995 $36,512 $38,094 $39,745
Interest Payments $67,871 $66,695 $65,468 $64,188 $62,853 $61,460 $60,006 $58,490 $56,907 $55,256
Total Debt Service $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001
Principal Balance Analysis
Beginning Principal Balance $1,609,300 $1,582,169 $1,553,863 $1,524,330 $1,493,517 $1,461,368 $1,427,827 $1,392,831 $1,356,319 $1,318,225
Principal Reductions $27,131 $28,306 $29,533 $30,813 $32,148 $33,542 $34,995 $36,512 $38,094 $39,745
Ending Principal Balance $1,582,169 $1,553,863 $1,524,330 $1,493,517 $1,461,368 $1,427,827 $1,392,831 $1,356,319 $1,318,225 $1,278,480
page 19 of 46
Loan AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
LOAN 1
Debt Service Analysis
Principal Payments $41,468 $43,265 $45,140 $47,096 $49,137 $51,267 $53,488 $55,806 $58,225 $60,748
Interest Payments $53,534 $51,737 $49,862 $47,905 $45,864 $43,735 $41,513 $39,195 $36,777 $34,253
Total Debt Service $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001 $95,001
Principal Balance Analysis
Beginning Principal Balance $1,278,480 $1,237,012 $1,193,748 $1,148,608 $1,101,512 $1,052,375 $1,001,108 $947,620 $891,814 $833,589
Principal Reductions $41,468 $43,265 $45,140 $47,096 $49,137 $51,267 $53,488 $55,806 $58,225 $60,748
Ending Principal Balance $1,237,012 $1,193,748 $1,148,608 $1,101,512 $1,052,375 $1,001,108 $947,620 $891,814 $833,589 $772,841
page 20 of 46
Cash In Cash OutLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Rental Income $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
GROSS SCHEDULED INCOME $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
Turnover Vacancy ($6,480) ($6,674) ($6,875) ($7,081) ($7,293) ($7,512) ($7,737) ($7,970) ($8,209) ($8,455)
GROSS OPERATING INCOME $209,520 $215,806 $222,280 $228,948 $235,817 $242,891 $250,178 $257,683 $265,414 $273,376
Expenses
Supplies ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636)
Building Insurance ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732)
Pest control ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612)
Maintenance ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255)
Management Fees ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700)
Misc ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400)
Repairs ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300)
Taxes - Real Estate ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037)
Trash Removal ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715)
Utilities ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850)
TOTAL OPERATING EXPENSES ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
NET OPERATING INCOME $138,283 $144,569 $151,043 $157,711 $164,580 $171,654 $178,941 $186,446 $194,177 $202,139
Footnotes: Cash Flow IRR based upon net cash flow and principal payments
page 21 of 46
Cash In Cash OutLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Debt Service
Loan Interest ($67,871) ($66,695) ($65,468) ($64,188) ($62,853) ($61,460) ($60,006) ($58,490) ($56,907) ($55,256)
Principal Payments ($27,131) ($28,306) ($29,533) ($30,813) ($32,148) ($33,542) ($34,995) ($36,512) ($38,094) ($39,745)
NET CASH FLOW (b/t) $43,282 $49,567 $56,041 $62,710 $69,578 $76,653 $83,939 $91,445 $99,175 $107,138
Cash Flow IRR N/A N/A N/A N/A N/A N/A N/A 2.48% 5.36% 7.57%
Projected Property Value $2,378,270 $2,449,618 $2,523,107 $2,598,800 $2,676,764 $2,757,067 $2,839,779 $2,924,972 $3,012,721 $3,103,103
Resale Expenses ($23,783) ($24,496) ($25,231) ($25,988) ($26,768) ($27,571) ($28,398) ($29,250) ($30,127) ($31,031)
Proceeds b/f Debt Payoff $2,354,487 $2,425,122 $2,497,876 $2,572,812 $2,649,996 $2,729,496 $2,811,381 $2,895,722 $2,982,594 $3,072,072
Loan Principal Balance ($1,582,169) ($1,553,863) ($1,524,330) ($1,493,517) ($1,461,368) ($1,427,827) ($1,392,831) ($1,356,319) ($1,318,225) ($1,278,480)
Net Proceeds From Sale $772,318 $871,259 $973,546 $1,079,295 $1,188,628 $1,301,669 $1,418,550 $1,539,403 $1,664,369 $1,793,592
Net Resale IRR 16.90% 18.03% 18.07% 17.90% 17.66% 17.41% 17.17% 16.95% 16.74% 16.55%
Footnotes: Cash Flow IRR based upon net cash flow and principal payments
page 22 of 46
Cash In Cash OutLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Rental Income $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
GROSS SCHEDULED INCOME $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
Turnover Vacancy ($8,709) ($8,970) ($9,239) ($9,516) ($9,802) ($10,096) ($10,398) ($10,710) ($11,032) ($11,363)
GROSS OPERATING INCOME $281,577 $290,025 $298,725 $307,687 $316,918 $326,425 $336,218 $346,305 $356,694 $367,395
Expenses
Supplies ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636) ($2,636)
Building Insurance ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732) ($9,732)
Pest control ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612) ($612)
Maintenance ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255) ($4,255)
Management Fees ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700) ($8,700)
Misc ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400) ($2,400)
Repairs ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300) ($6,300)
Taxes - Real Estate ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037) ($22,037)
Trash Removal ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715) ($3,715)
Utilities ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850) ($10,850)
TOTAL OPERATING EXPENSES ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237) ($71,237)
NET OPERATING INCOME $210,340 $218,788 $227,488 $236,450 $245,681 $255,188 $264,981 $275,068 $285,457 $296,158
Footnotes: Cash Flow IRR based upon net cash flow and principal payments
page 23 of 46
Cash In Cash OutLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Debt Service
Loan Interest ($53,534) ($51,737) ($49,862) ($47,905) ($45,864) ($43,735) ($41,513) ($39,195) ($36,777) ($34,253)
Principal Payments ($41,468) ($43,265) ($45,140) ($47,096) ($49,137) ($51,267) ($53,488) ($55,806) ($58,225) ($60,748)
NET CASH FLOW (b/t) $115,339 $123,786 $132,487 $141,449 $150,679 $160,187 $169,980 $180,066 $190,455 $201,156
Cash Flow IRR 9.31% 10.69% 11.80% 12.71% 13.45% 14.06% 14.57% 14.99% 15.35% 15.65%
Projected Property Value $3,196,196 $3,292,082 $3,390,844 $3,492,570 $3,597,347 $3,705,267 $3,816,425 $3,930,918 $4,048,845 $4,170,311
Resale Expenses ($31,962) ($32,921) ($33,908) ($34,926) ($35,973) ($37,053) ($38,164) ($39,309) ($40,488) ($41,703)
Proceeds b/f Debt Payoff $3,164,234 $3,259,161 $3,356,936 $3,457,644 $3,561,373 $3,668,214 $3,778,261 $3,891,609 $4,008,357 $4,128,608
Loan Principal Balance ($1,237,012) ($1,193,748) ($1,148,608) ($1,101,512) ($1,052,375) ($1,001,108) ($947,620) ($891,814) ($833,589) ($772,841)
Net Proceeds From Sale $1,927,222 $2,065,413 $2,208,328 $2,356,132 $2,508,998 $2,667,106 $2,830,641 $2,999,795 $3,174,768 $3,355,767
Net Resale IRR 16.37% 16.20% 16.05% 15.91% 15.78% 15.67% 15.56% 15.46% 15.36% 15.28%
Footnotes: Cash Flow IRR based upon net cash flow and principal payments
page 24 of 46
Property Resale AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Projected Property Value $2,378,270 $2,449,618 $2,523,107 $2,598,800 $2,676,764 $2,757,067 $2,839,779 $2,924,972 $3,012,721 $3,103,103
Resale Expenses ($23,783) ($24,496) ($25,231) ($25,988) ($26,768) ($27,571) ($28,398) ($29,250) ($30,127) ($31,031)
Proceeds b/f Debt Payoff $2,354,487 $2,425,122 $2,497,876 $2,572,812 $2,649,996 $2,729,496 $2,811,381 $2,895,722 $2,982,594 $3,072,072
Basis at Acquisition $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000
Depreciation ($61,178) ($125,024) ($188,871) ($252,717) ($316,564) ($380,411) ($444,257) ($508,104) ($571,950) ($635,797)
Adjusted Tax Basis $2,296,822 $2,232,976 $2,169,129 $2,105,283 $2,041,436 $1,977,589 $1,913,743 $1,849,896 $1,786,050 $1,722,203
Resale Tax Gain (Loss) $57,665 $192,146 $328,746 $467,529 $608,560 $751,907 $897,638 $1,045,826 $1,196,545 $1,349,869
Resale Tax Benefit (Cost) ($14,416) ($41,324) ($68,199) ($95,401) ($122,940) ($150,827) ($179,071) ($207,684) ($236,677) ($266,060)
Loan Principal Balance ($1,582,169) ($1,553,863) ($1,524,330) ($1,493,517) ($1,461,368) ($1,427,827) ($1,392,831) ($1,356,319) ($1,318,225) ($1,278,480)
Net Resale Proceeds $757,902 $829,935 $905,347 $983,894 $1,065,688 $1,150,842 $1,239,478 $1,331,719 $1,427,692 $1,527,532
Footnotes: b/f = before
page 25 of 46
Property Resale AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Projected Property Value $3,196,196 $3,292,082 $3,390,844 $3,492,570 $3,597,347 $3,705,267 $3,816,425 $3,930,918 $4,048,845 $4,170,311
Resale Expenses ($31,962) ($32,921) ($33,908) ($34,926) ($35,973) ($37,053) ($38,164) ($39,309) ($40,488) ($41,703)
Proceeds b/f Debt Payoff $3,164,234 $3,259,161 $3,356,936 $3,457,644 $3,561,373 $3,668,214 $3,778,261 $3,891,609 $4,008,357 $4,128,608
Basis at Acquisition $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000 $2,358,000
Depreciation ($699,644) ($763,490) ($827,337) ($891,184) ($955,030) ($1,018,877) ($1,082,723) ($1,146,570) ($1,210,417) ($1,271,603)
Adjusted Tax Basis $1,658,356 $1,594,510 $1,530,663 $1,466,816 $1,402,970 $1,339,123 $1,275,277 $1,211,430 $1,147,583 $1,086,397
Resale Tax Gain (Loss) $1,505,878 $1,664,651 $1,826,273 $1,990,828 $2,158,403 $2,329,091 $2,502,984 $2,680,179 $2,860,774 $3,042,211
Resale Tax Benefit (Cost) ($295,846) ($326,047) ($356,675) ($387,742) ($419,264) ($451,251) ($483,720) ($516,684) ($550,158) ($583,492)
Loan Principal Balance ($1,237,012) ($1,193,748) ($1,148,608) ($1,101,512) ($1,052,375) ($1,001,108) ($947,620) ($891,814) ($833,589) ($772,841)
Net Resale Proceeds $1,631,376 $1,739,367 $1,851,653 $1,968,390 $2,089,735 $2,215,855 $2,346,921 $2,483,111 $2,624,611 $2,772,275
Footnotes: b/f = before
page 26 of 46
Unit Mix Base Rent ReportLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Studio
24 Units
$750.00 per unit $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
Total Income $216,000 $222,480 $229,154 $236,029 $243,110 $250,403 $257,915 $265,653 $273,622 $281,831
page 27 of 46
Unit Mix Base Rent ReportLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Studio
24 Units
$750.00 per unit $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
Total Income $290,286 $298,995 $307,964 $317,203 $326,719 $336,521 $346,617 $357,015 $367,726 $378,757
page 28 of 46
Property Equity AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$340,000
$680,000
$1,020,000
$1,360,000
$1,700,000
$2,040,000
$2,380,000
$2,720,000
$3,060,000
$3,400,000
Legend
Initial Equity Equity (loan reduction) Equity (appreciation)
page 29 of 46
Gross Income Vs. Operating ExpensesLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$38,000
$76,000
$114,000
$152,000
$190,000
$228,000
$266,000
$304,000
$342,000
$380,000
Legend
GROSS SCHEDULED INCOME Total Operating Expenses
page 30 of 46
Equity vs. DebtLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$340,000
$680,000
$1,020,000
$1,360,000
$1,700,000
$2,040,000
$2,380,000
$2,720,000
$3,060,000
$3,400,000
Legend
Equity Loan Principal Balance
page 31 of 46
Cumulative Wealth AnalysisLas Casistas
948 N. Santa Fe AveVista, Ca 92084
Brian Nelson, Broker619-226-6011 x 102
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$420,000
$840,000
$1,260,000
$1,680,000
$2,100,000
$2,520,000
$2,940,000
$3,360,000
$3,780,000
$4,200,000
Legend
Equity (loan reduction) Equity (appreciation) CASH FLOW (a/t)
page 32 of 46
121 Azalea Dr
Vista, CA 92083
Sale on 4/17/2013 for $1,200,000 ($150.00/SF; $120,000/Unit) - Research Complete
10 Unit, 8,000 SF Class C Apartments Building Built in 1986
SOLD
1
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$150.00
$1,200,000-Confirmed
04/17/2013 (5 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
6.50%
Apartments
Built in 1986 Age: 27
8,000 SF
0.35 AC (15,246 SF)
Percent Leased: -
Transaction Details
Asking Price: $1,300,000
Price/AC Land Gross: $3,428,571.43
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$1,228,755 in 2012
$758,168
$470,587
Percent Improved: 61.7%
Land Assessed/AC: $1,344,534
InvestmentSale Type:
Transfer Tax: $1,293.60
GRM/GIM: 9.90/-
ID: 2733770
-
Spacer
Escrow Length: -
Parcel No:
Financing:
217-082-13
Down payment of $1,200,000.00 (100.0%)
Document No: 0261715
Sale History: Sold for $1,200,000 ($150.00/SF; $120,000/Unit) on 4/17/2013Sold for $1,175,000 ($146.88/SF; $117,500/Unit) on 8/22/2007Sold for $1,079,000 ($134.88/SF; $107,900/Unit) on 3/5/2004Sold for $850,000 ($106.25/SF; $85,000/Unit) on 7/16/2002
Legal Desc: Lot 11 blk F Charles Victor Hall Trt Unit 2
Spacer
# Units:
Avg Unit Size: 800 SF
10
Avg Rent/Unit/Mo:
Avg Rent/SF/Mo:
$1,045
$1.31SF of all Units: 8,000
$120,000Price/Unit:
Spacer Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
10 2/2.0 - 100.0 - -
This copyrighted report contains research licensed to South Coast Commercial, Inc. - 437113. 10/22/2013
Page 1
Transaction Notes
Sales Price: The sales price of $1.2M was confirmed by the listing broker and buyer's broker.
Occupancy: This building was 100% occupied at the time of sale.
Income/Expense: The listing broker reported a GRM of 9.9 and a cap rate of 6.5% at the time of sale.
Bldg Type: Apartments
10
800 SF
# Units:
Avg Unit Size:
Avg Vacancy: 0.0%
Current Building Information
Bldg Status: Built in 1986
8,000 SFBldg Size:
Typical Floor Size: 4,000 SF
Stories: 2
Parking: 18 Surface Spaces are available; Ratio of 1.80/1,000 SF; 1.80/Unit
Bldg Vacant: 0 SF
Owner Type: Developer/Owner-RGNL
Zoning: RU29, Vista
Rent/SF/Yr: -
Elevators: 0
Land Area: 0.35 AC
Expenses: 2012 Tax @ $1801.59/Unit; 2007 Ops @ $3034.80/Unit
Site Amenities: Balcony/Patio, Laundry Facilities
Metering: Individually Metered
ID: 1154358
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
Map(Page): Thomas Bros. Guide 1108-C4
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
Cross Street: Primrose Avenue
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121 Azalea Dr SOLD10 Unit, 8,000 SF Class C Apartments Building Built in 1986 (con't)
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Page 2
663 Eucalyptus Ave
Vista, CA 92084
Sale on 8/2/2013 for $1,465,000 ($183.13/SF; $104,643/Unit) - Research Complete
14 Unit, 8,000 SF Class C Apartments Building
SOLD
2
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$183.13
$1,465,000-Confirmed
08/02/2013 (296 days on market)
Bldg Type:
Land Area:
Sale Conditions:
Year Built/Age:
RBA:
5.75%
Apartments
-
8,000 SF
0.18 AC (7,841 SF)
1031 Exchange
Percent Leased: -
Transaction Details
Asking Price: $1,500,000
Price/AC Land Gross: $8,138,888.89
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$373,328 in 2012
$290,594
$82,734
Percent Improved: 77.8%
Land Assessed/AC: $459,633
InvestmentSale Type:
Transfer Tax: $1,611.50
GRM/GIM: 11.00/-
ID: 2815770
-
Spacer
Escrow Length: 75 days
Parcel No:
Financing:
176-102-14, 176-102-15
$800,000.00 from Sterling Savings Bank
Document No: 0487532
Spacer
# Units:
Avg Unit Size: 435 SF
14
Avg Rent/Unit/Mo:
Avg Rent/SF/Mo:
$810
$1.86SF of all Units: 6,100
$104,643Price/Unit:
Spacer Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
12 1/1.0 375 85.7 $725 $800
2 2/1.0 800 14.3 $1,100 $1,100
This copyrighted report contains research licensed to South Coast Commercial, Inc. - 437113. 10/22/2013
Page 3
Transaction Notes
Sales Price: The sales price of $1.465M was confirmed by the listing broker and buyer's broker.
Occupancy: There were no vacant units at the time of sale.
Income/Expense: The buyer's broker reported a GRM of 11.00 and a cap rate of 5.75% on actual income and expenses at the time of sale.
1031 Exchange: This was the buyer's upleg and the seller's downleg in two separte and distinct 1031 exchanges.
Income Expense Data
$133,182
Effective Gross Income
- Vacancy Allowance
+ Other Income
Gross Scheduled IncomeIncome
$48,944
$43,178
$5,766
Total Expenses
- Operating Expenses
- TaxesExpenses
Cash Flow
$84,238
- Capital Expenditure
- Debt Service
Net Operating IncomeNet Income
Bldg Type: Apartments
14
435 SF
# Units:
Avg Unit Size:
Avg Vacancy: 0.0%
Current Building Information
Bldg Status: Existing
8,000 SFBldg Size:
Typical Floor Size: 3,817 SF
Stories: 2
Parking: 6 free Surface Spaces are available; Ratio of 1.00/1,000 SF; 0.43/Unit
Bldg Vacant: 0 SF
Owner Type: Individual
Zoning: -
Rent/SF/Yr: -
Elevators: 0
Land Area: 0.18 AC
Expenses: 2013 Tax @ $411.87/Unit; 2013 Ops @ $3084.15/Unit
ID: 6555988
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
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663 Eucalyptus Ave SOLD14 Unit, 8,000 SF Class C Apartments Building (con't)
This copyrighted report contains research licensed to South Coast Commercial, Inc. - 437113. 10/22/2013
Page 4
326 Hillside Ter
Vista, CA 92084
Sale on 4/2/2013 for $1,550,000 ($145.46/SF; $129,167/Unit) - Research Complete
12 Unit, 10,656 SF Class C Apartments Building Built in 1979
SOLD
3
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$145.46
$1,550,000-Confirmed
04/02/2013 (139 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.40%
Apartments
Built in 1979 Age: 34
10,656 SF
0.54 AC (23,522 SF)
Percent Leased: -
Transaction Details
Asking Price: -
Price/AC Land Gross: $2,870,370.37
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$1,200,000 in 2012
$620,000
$580,000
Percent Improved: 51.7%
Land Assessed/AC: $1,074,074
InvestmentSale Type:
GRM/GIM: 10.30/-
ID: 2793523
-
Spacer
Escrow Length: -
Parcel No:
Financing:
175-192-32
Down payment of $390,000.00 (25.2%)$1,160,000.00 from Jp Morgan Chase Bk
Document No: 0435185
Sale History: Sold for $1,550,000 ($145.46/SF; $129,167/Unit) on 4/2/2013Sold for $1,670,000 ($156.72/SF; $139,167/Unit) on 2/28/2006Sold for $1,050,000 ($98.54/SF; $87,500/Unit) on 11/15/2002Sold for $760,000 ($71.32/SF; $63,333/Unit) on 11/27/1991
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# Units:
Avg Unit Size: 888 SF
12
Avg Rent/Unit/Mo: $1,025
$129,167Price/Unit:
Spacer Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
12 2/2.0 888 100.0 - -
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Page 5
Transaction Notes
The cap rate at time of sale was 5.4% and GRMwas 10.30 at time of sale.
The buyer took out a loan to purchase the property with JP Morgan Chase Bank for $1,160,000.00.
Bldg Type: Apartments
12
888 SF
# Units:
Avg Unit Size:
Current Building Information
Bldg Status: Built in 1979
10,656 SFBldg Size:
Typical Floor Size: 5,328 SF
Stories: 2
Parking: 12 Covered Spaces are available; 12 Surface Spaces are available; Ratio of 2.00/1,000 SF; 2.00/Unit
Bldg Vacant: 0 SF
Owner Type: Individual
Zoning: TSP, Vista
Rent/SF/Yr: -
Elevators: 0
Land Area: 0.54 AC
Expenses: 2012 Tax @ $1559.93/Unit
Site Amenities: Balcony/Patio
# of Bldgs: 2
Units per AC: 22
ID: 4737514
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
Map(Page): Thomas Bros. Guide 1087-H6
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
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326 Hillside Ter SOLD12 Unit, 10,656 SF Class C Apartments Building Built in 1979 (con't)
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517 Massachusetts Ave
Vista, CA 92084
Sale on 7/1/2013 for $620,000 ($193.63/SF; $124,000/Unit) - Research Complete
5 Unit, 3,202 SF Class C Apartments Building Built in 1960
SOLD
4
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$193.63
$620,000-Confirmed
07/01/2013 (82 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.90%
Apartments
Built in 1960 Age: 53
3,202 SF
0.17 AC (7,501 SF)
Percent Leased: -
Transaction Details
Asking Price: $639,000
Price/AC Land Gross: $3,600,464.58
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$364,596 in 2012
$188,177
$176,419
Percent Improved: 51.6%
Land Assessed/AC: $1,024,500
InvestmentSale Type:
GRM/GIM: 11.20/-
ID: 2782481
-
Spacer
Escrow Length: 60 days
Parcel No:
Financing:
175-113-14
Down payment of $620,000.00 (100.0%)
Document No: 0412284
Sale History: Sold for $620,000 ($193.63/SF; $124,000/Unit) on 7/1/2013Sold for $310,000 ($96.81/SF; $62,000/Unit) on 2/27/2002
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# Units:
Avg Unit Size: 640 SF
5
Avg Rent/Unit/Mo:
Avg Rent/SF/Mo:
$886
$1.38SF of all Units: 3,202
$124,000Price/Unit:
Spacer Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
4 1/1.0 550 80.0 $795 $795
1 3/1.0 1,002 20.0 $1,250 $1,250
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Page 7
Transaction Notes
Escrow length was approximately 60 days.
Cap rate at time of sale was 5.9%and GRM was 11.20.
This was an all cash transaction.
There were no other sale conditions that affected the price of this transaction at time of sale.
Income Expense Data
($1,667)
$55,560
Effective Gross Income
- Vacancy Allowance
+ Other Income
Gross Scheduled IncomeIncome
$17,338
$11,021
$6,317
Total Expenses
- Operating Expenses
- TaxesExpenses
Cash Flow
$36,555
- Capital Expenditure
- Debt Service
Net Operating IncomeNet Income
Bldg Type: Apartments
5
640 SF
# Units:
Avg Unit Size:
Current Building Information
Bldg Status: Built in 1960
3,202 SFBldg Size:
Typical Floor Size: 2,134 SF
Stories: 2
Bldg Vacant: 0 SF
Owner Type: Individual
Zoning: R3, Vista
Rent/SF/Yr: -
Elevators: 0
Land Area: 0.17 AC
Expenses: 2013 Tax @ $1263.39/Unit; 2013 Ops @ $2204.21/Unit
# of Bldgs: 1
Units per AC: 29
ID: 4380937
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
Map(Page): Thomas Bros. Guide 1087-H5
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
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517 Massachusetts Ave SOLD5 Unit, 3,202 SF Class C Apartments Building Built in 1960 (con't)
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Page 8
181 Pala Vista Dr - Vista Apartments
Vista, CA 92083
Sale on 6/10/2013 for $720,000 ($136.05/SF; $144,000/Unit) - Research Complete
5 Unit, 5,292 SF Class C Apartments Building Built in 1985
SOLD
5
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$136.05
$720,000-Confirmed
06/10/2013 (73 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.10%
Apartments
Built in 1985 Age: 28
5,292 SF
0.24 AC (10,346 SF)
Percent Leased: -
Transaction Details
Asking Price: $900,000
Price/AC Land Gross: $3,031,578.95
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$545,844 in 2012
$359,898
$185,946
Percent Improved: 65.9%
Land Assessed/AC: $782,930
InvestmentSale Type:
GRM/GIM: 11.20/-
ID: 2766993
-
Spacer
Escrow Length: 60 days
Parcel No:
Financing:
179-121-08
Down payment of $220,000.00 (30.6%)$500,000.00 from Private Individual Fas Fiancial Inc
Document No: 0362849
Sale History: Sold for $720,000 ($136.05/SF; $144,000/Unit) on 6/10/2013Sold for $450,000 ($85.03/SF; $90,000/Unit) on 2/2/2001
Spacer
# Units:
Avg Unit Size: 970 SF
5
SF of all Units: 4,850
$144,000Price/Unit:
Spacer
Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
4 2/2.0 900 80.0 - -
1 3/2.5 1,250 20.0 - -
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Page 9
Transaction Notes
There was a $20,000 credit for deferred maintenance to the buyer.
Escrow length was approximately 60 days.
Buyer took out a loan with Mission Federal to purchase the property. The loan was for the amount of $500,000.00 therefore, buyer's downpayment was $220,000.00.
The cap rate at time of sale was approximately 5.1%.
There were no vacancies at this multi-family property time of purchase.
Bldg Type: Apartments
5
970 SF
# Units:
Avg Unit Size:
Current Building Information
Bldg Status: Built in 1985
5,292 SFBldg Size:
Typical Floor Size: 2,646 SF
Stories: 2
Parking: 2 Surface Spaces are available; 4 Covered Spaces are available; Ratio of 1.60/1,000 SF; 1.20/Unit
Bldg Vacant: 0 SF
Owner Type: Other - Private
Zoning: R3, Vista
Rent/SF/Yr: -
Elevators: 0
Land Area: 0.24 AC
Expenses: 2010 Tax @ $1581.58/Unit
Site Amenities: A/C, Balcony/Patio, Storage Units
# of Bldgs: 2
Units per AC: 21
ID: 4314660
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
Map(Page): Thomas Bros. Guide 1087-H7
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
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181 Pala Vista Dr - Vista Apartments SOLD5 Unit, 5,292 SF Class C Apartments Building Built in 1985 (con't)
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1135 S Santa Fe Ave
Vista, CA 92083
Sale on 5/10/2013 for $759,000 ($253.00/SF; $94,875/Unit) - Research Complete
8 Unit, 3,000 SF Class C Apartments Building Built in 1945
SOLD
6
Sale Date:
Price/SF:
Sale Price:
$253.00
$759,000-Full Value
05/10/2013
Bldg Type:
Land Area:
Year Built/Age:
RBA:
Apartments
Built in 1945 Age: 68
3,000 SF
0.60 AC (26,136 SF)
Percent Leased: -
Transaction Details
Asking Price: -
Price/AC Land Gross: $1,265,000.00
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$840,000 in 2012
$300,000
$540,000
Percent Improved: 35.7%
Land Assessed/AC: $900,000
InvestmentSale Type:
GRM/GIM: -/-
ID: 2746393
-
Spacer
Escrow Length: -
Parcel No:
Financing:
180-150-14
Down payment of $289,000.00 (38.1%)$470,000.00 from Us Bk National Assn
Document No: 0296932
Sale History: Sold for $759,000 ($253.00/SF; $94,875/Unit) on 5/10/2013Sold for $290,000 ($96.67/SF; $36,250/Unit) on 7/31/1998
Legal Desc: POR LOT 33
Spacer
# Units:
Avg Unit Size: 375 SF
8
Avg Rent/Unit/Mo: $890
$94,875Price/Unit:
Spacer Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
7 1/1.0 - 87.5 $790 $963
1 2/1.0 - 12.5 $995 $995
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Transaction Notes
We were unable to get a hold of the parties involved in this transaction. Please note that all of the information on this report is based onrecorded public records.
Bldg Type: Apartments
8
375 SF
# Units:
Avg Unit Size:
Current Building Information
Bldg Status: Built in 1945
3,000 SFBldg Size:
Typical Floor Size: 3,000 SF
Stories: 1
Parking: 17 Surface Spaces are available; Ratio of 1.00/1,000 SF; 2.13/Unit
Bldg Vacant: 0 SF
Owner Type: Individual
Zoning: C2, County
Rent/SF/Yr: -
Elevators: 0
Land Area: 0.60 AC
Expenses: 2012 Tax @ $1630.23/Unit; 2010 Ops @ $2533.25/Unit, 2011 Est Ops @ $2173.65/Unit
Site Amenities: Laundry Facilities, Storage Units
# of Bldgs: 1
ID: 824877
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
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1135 S Santa Fe Ave SOLD8 Unit, 3,000 SF Class C Apartments Building Built in 1945 (con't)
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Page 12
842 Sinkler Way - Palms
Vista, CA 92083
Sale on 9/10/2013 for $1,040,000 ($128.11/SF; $130,000/Unit) - Research Complete
8 Unit, 8,118 SF Class C Apartments Building Built in 1979
SOLD
7
Sale Date:
Price/SF:
Sale Price:
Actual Cap Rate:
$128.11
$1,040,000-Confirmed
09/10/2013 (85 days on market)
Bldg Type:
Land Area:
Year Built/Age:
RBA:
5.70%
Apartments
Built in 1979 Age: 34
8,118 SF
0.51 AC (22,216 SF)
Percent Leased: -
Transaction Details
Asking Price: $1,099,999
Price/AC Land Gross: $2,039,215.69
Total Value Assessed:
Improved Value Assessed
Land Value Assessed:
$967,316 in 2012
$705,880
$261,436
Percent Improved: 73.0%
Land Assessed/AC: $512,619
InvestmentSale Type:
GRM/GIM: 9.70/-
ID: 2837104
-
Spacer
Escrow Length: 63 days
Parcel No:
Financing:
179-124-34-00
Down payment of $260,000.00 (25.0%)$780,000.00 from Mission Fed'l C.U.
Document No: 0559994
Sale History: Sold for $1,040,000 ($128.11/SF; $130,000/Unit) on 9/10/2013Sold for $975,000 ($120.10/SF; $121,875/Unit) on 5/28/2008Sold for $1,150,000 ($141.66/SF; $143,750/Unit) on 6/16/2005Sold on 4/6/2005 Non-Arms LengthSold on 4/6/2005 Non-Arms LengthSold for $795,000 ($97.93/SF; $99,375/Unit) on 6/27/2002Sold on 2/27/2002 Non-Arms LengthSold on 11/2/2001 Non-Arms LengthSold for $489,000 ($60.24/SF; $61,125/Unit) on 6/13/2001Sold for $357,500 ($44.04/SF; $44,688/Unit) on 5/28/1998Sold for $275,000 ($33.88/SF; $34,375/Unit) on 6/27/1997
Spacer
# Units:
Avg Unit Size: 997 SF
8
Avg Rent/Unit/Mo:
Avg Rent/SF/Mo:
$1,150
$1.15SF of all Units: 7,980
$130,000Price/Unit:
Spacer Spacer
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Page 13
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
6 2/2.0 990 75.0 $1,100 $1,100
2 3/2.0 1,020 25.0 $1,300 $1,300
Transaction Notes
100% occupied at time of sale.
Escrow length was approximately 63 days.
No other sale conditions affected the sale price of this transaction.
Bldg Type: Apartments
8
997 SF
# Units:
Avg Unit Size:
Current Building Information
Bldg Status: Built in 1979
8,118 SFBldg Size:
Typical Floor Size: 3,990 SF
Stories: 2
Parking: 8 Covered Spaces are available; 8 Surface Spaces are available; Ratio of 1.97/1,000 SF; 2.00/Unit
Bldg Vacant: 0 SF
Owner Type: Individual
Zoning: RM Rent/SF/Yr: -
Elevators: 0Land Area: 0.51 AC
Expenses: 2010 Tax @ $1699.11/Unit; 2008 Ops @ $1985.88/Unit
Site Amenities: Balcony/Patio, Dishwasher, Laundry Facilities
# of Bldgs: 1
Const Type: Wood Frame,
Metering: Individually Metered
ID: 667584
Location Information
San Diego
North County/Vista MF
Metro Market:
Submarket:
County: San Diego
Map(Page): Thomas Bros. Guide 1106-B2
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
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842 Sinkler Way - Palms SOLD8 Unit, 8,118 SF Class C Apartments Building Built in 1979 (con't)
This copyrighted report contains research licensed to South Coast Commercial, Inc. - 437113. 10/22/2013
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