3334 EUREKA PLACE, CARLSBAD, CA 92008

Exclusively Offered By:

EUREKA PLACE APARTMENTSINVESTMENT OFFERING

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RAY ADAMSMulti-Family Investments+1 858.546.5456ray.adams@cushwake.comLIC #01298909

WILL CREAGANMulti-Family Investments+1 760.431.4206will.creagan@cushwake.comLIC #00949450

CLARK RORBACHMulti-Family Investments+1 858.546.5419clark.rorbach@cushwake.comLIC #01888559

PAGE 2 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

LIST PRICE: $5,600,000

TOTAL UNITS: 14

PRICE/UNIT: $400,000

PRICE/SF: $420

CURRENT CAP RATE: 3.0%

MARKET CAP RATE: 4.2%

*RENOVATED CAP RATE: 4.5%

CURRENT GRM: 19.5

MARKET GRM: 15.6

*RENOVATED GRM: 14.3

PARKING:5 carports

19 uncovered

APN: 205-112-03

APPROX BLDG. SIZE: 13,331

YEAR BUILT: 1975

EXECUTIVE SUMMARYThe subject property is a coastal apartment property offering a stable operation, desirable unit mix of mostly two bedroom, two bath units with excellent cash flow potential. The property is located only 0.8 miles to the beach with easy access to shopping, restaurants, and entertainment in the Village of Carlsbad. Additionally, Holiday Park is just across the street offering picnic areas, playgrounds, volleyball court, horse shoe pits, and a large grass field. It is a great residential neighborhood for kids and is only a few blocks away from Carlsbad High School. Not only does this property offer tenants many close by amenities, it also offers investors excellent cash flow potential at market rental rates.

Carlsbad Village is a quaint coastal community in North San Diego County. It was the first area to be settled in the Carlsbad area in the 1880s after Fraizier’s Mineral Well was established. This historic town has been well preserved by the community over the years, maintaining historic buildings such as the Old Santa Fe Depot & encouraging new developments to keep Old Victorian and Cape Cod style designs. This preservation is what makes the community unique among West Coast Beach communities. Today, Carlsbad Village features tree lined streets and sidewalks where vacationers and residents enjoy walking to all the local boutique shops, antique stores, restaurants, cafes, pubs, art galleries, and hotels.

OFFERING TERMS The property is offered cash or cash to a new loan. Sale shall be “as is, where is.” Property is being sold in its current condition. Owner will not make any repairs to complete the sale.

SHOWING Please drive by discreetly without disturbing the tenants or management. All property previews or inspections to be scheduled through the listing agents upon receipt of an acceptable offer.

• Rent increase potential• Irreplaceable location-0.8 Miles

to Beach• Convenient access to Carlsbad

Village• Excellent Unit Mix- 86%

Two-Bedroom, Two Bath Units• Fireplaces & crown moulding• Abundant parkng on-site and

street• Contiguous to Holiday Park and

Library Learning Center

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

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SUBJECT

LIBRARY LEARNING CENTER

HOLIDAY PARK

CHASE FIELD

PINE AVE PARK

TAMARACK BEACHRESORT & HOTEL

CARLSBAD VILLAGE STATION

PAGE 4 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

RENT ROLLUnit Mix # OF UNITS

APPROXIMATE SQUARE FEET CURRENT RENT MARKET RENT *RENOVATED RENT

1 bed, 1 bath 1 750 $1,650 $1,650 $1,795

2 bed, 2 bath 8 950 $1,575-$1,700 $1,995 $2,145

2 bed, 2 bath 4 950 $1,600-$1,700 $1,995 (with yard) $2,245

3 bed, 2 bath 1 1,050 $1,850 $2,350 $2,595

Storage 7 $280 (2) $80 (2) $80

Garages (5 after carport conversion) $0 $750 $750

RUBS $1,050 $1,050 $1,050

Laundry Income $145 $200 $200

Monthly Gross Income $23,950 $30,020 $32,610

Annual Gross Income $287,400 $360,240 $391,320

*Renovated rents assume $20,000/unit in renovations and is included in renovated rent pro forma calculations

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

INCOME & EXPENSE SUMMARY

PROPOSED FINANCING % OF VALUEDown Payment 50% $2,800,000 New First Loan 4.5% 30 year 50% $2,800,000

TOTAL $5,600,000

CURRENT RENT MARKET RENT RENOVATED RENTANNUAL GROSS SCHEDULED INCOME $287,400 $360,240 $391,320 Vacancy 3.0% ($8,622) ($10,807) ($11,740)Effective Gross Income $278,778 $349,433 $379,580 ESTIMATED EXPENSESReal Estate Taxes 1.08% $60,427 $60,427 $60,427 Charges on RE Taxes $152 $152 $152 Insurance $0.30 $3,999 $3,999 $3,999 Water & Sewer $70 $11,760 $11,760 $11,760 Gas & Electricity $2,4 00 $2,400 $2,400 Landscaping $2,400 $2,400 $2,400 Trash $2,287 $2,287 $2,287 Management 5% $13,938.90 $17,472 $18,979 Repairs & Maintanence $750/unit $10,500 $10,500 $10,500 Replacement Reserves $250/unit $3,500 $3,500 $3,500 Misc. $500 $500 $500 Total Expenses ($7,990 Total Exp/Unit) 39% ($111,864) ($115,397) ($116,904)

NET OPERATING INCOME $166,914 $234,036 $262,676 CAPITALIZATION RATE 3.0% 4.2% 4.5%PROPOSED FINANCINGNew First Loan 4.5% $2,800,000 ($170,246) ($170,246) ($170,246)

CASH FLOW ($3,333) $63,789 $92,430 Cash On Cash Return -0.1% 2.3% 3.3%

PAGE 6 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

SALES COMPARABLESPRICE PRICE/UNIT PRICE/SF CAP RATE GRM YEAR BUILT

$5,600,000 $400,000 $420 Current: 3.0% Current: 19.5 1975EUREKA PLACE APARTMENTS Market: 4.2% Market: 15.63334 Eureka Place Renovated: 4.5% Renovated: 14.3Carlsbad, CA 9200812 - 2 bed, 2 bath, 1 - 3 bed, 2 bath, 1 - 1 bed, 1 bath

BEACH UNITS $3,200,000 $400,000 $652 3.0% 19.5 19653254 Lincoln St. 4.2% 15.9Carlsbad, CA 92008Sold 5/25/20188 units plus 1 non-permitted unit. Large parcel with land value. Near beach.

LA COSTA APTS. $3,600,000 $450,000 $443 4.1% 15.7 19792950 La Costa Ave.Carlsbad, CA 92009Sold 1/26/2018Price ratios based on list price. Actual sale price is not disclosed. All 2 bed, 1.5 bath.

CARLSBAD APTS. $4,730,000 $473,000 $452 3.8% NK 1975140 Acacia Ave.Carlsbad, CA 92008Sold 6/30/20179 - 1 bed, 1 bath & 1 - 2 bed, 2 bath

OCEANSIDE COASTAL $2,700,000 $385,714 $584 3.4% 17.4 1974 / 641312 S. Pacific St.Oceanside, CA 92054Sold 7/19/20173 - 1 bed, 1 bath; 4 - 2 bed, 2 bath; 6 garages

BEACH TRIPLEX $1,415,001 $471,667 $481 NK 19.7 19653492 Garfield St.Carlsbad, CA 92008Sold 7/24/20173 - 2 bed, 1 bath with garage

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Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Untitled map

Untitled layer

3254 Lincoln St

2950 La Costa Ave

140 Acacia Ave

1312 S Pacific St

3492 Garfield St

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PAGE 8 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

RENT COMPARABLESUNIT MIX APPROXIMATE SF CURRENT RENT MARKET RENT RENOVATED RENT

EUREKA PLACE APARTMENTS 1 bed, 1 bath 750 $1,650 $1,650 $1,7953334 Eureka Place 2 bed, 2 bath 950 $1,610 $1,995 $2,145

2 bed, 2 bath 950 $1,610 $1,995 $2,245

Carlsbad, CA 92008 3 bed, 2 bath 1,050 $1,850 $2,350 $2,595

UNIT MIX APPROXIMATE SF RENT RENT/SFEUREKA TOWNHOMES 1 bed, 1 bath 575 $1,500 $2.61

3300 Eureka Place 1 bed 1 bath (renovation) 575 $1,645 $2.74Carlsbad, CA 92008

RISING GLEN 2 bed, 2 bath 871 $2,215-$2,927 $2.54+2300 Rising Glen Way 2 bed, 2 bath 892 $2,219-$2,915 $2.49+Carlsbad, CA 92008 1 bed 1 bath 678 $1,848-$2,365 $2.73+

LEMON GROVE APARTMENTS 2 bed, 1.5 bath 995 $1,950 $1.96 1050-1060 Chinquapin Ave

Carlsbad, CA 92008

ADAMS STREET APTS 1 bed, 1 bath 655-671 $1,575 2.35+3969 Adams Street 1 bed, 1 bath 770-785 $1,695 2.16+Carlsbad, CA 92008 Notes: Quartz countertops, wood flooring, stainless steel appliances.

Attractive exterior renovation.

TAMARAK APARTMENTS 3 bed, 2 bath 1,300 $2,800 $2.15 664 Tamarak Ave

Carlsbad, CA 92008

THE VILLAGE APARTMENTS 1 bed, 1 bath 683 $2,009 $2.94+3642 Village Cir 1 bed, 1 bath 753 $2,076 $2.76+

Carlsbad, CA 92008

LAGUNA APARTMENTS 2 bed, 1 bath 1,000 $2,145 $2.15 980 Laguna Dr

Carlsbad, CA 92008

THE VILLAS AT CARLSBAD Studio 329 $1,595 - $1,770 $4.85+

1 bed, 1 bath 601 $1,751-$1,920 $2.91+

2600-2695 Kremeyer Cir 2 bed, 2 bath 987 $2,395-$2,660 $2.43+

Carlsbad, CA 92008 3 bed, 2 bath 1,180 $2,800 $2.37

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Untitled map

Untitled layer

3300 Eureka Pl

2300 Rising Glen Way

1050 Chinquapin Ave

3969 Adams St

664 Tamarack Ave

3642 Village Cir

980 Laguna Dr

2695 Kremeyer Cir

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Untitled map

Untitled layer

3300 Eureka Pl

2300 Rising Glen Way

1050 Chinquapin Ave

3969 Adams St

664 Tamarack Ave

3642 Village Cir

980 Laguna Dr

2695 Kremeyer Cir

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510

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HARDING APARTMENTS 1 bed, 1 bath 650 $1,600 $2.46

3350 Harding St. 2 bed, 2 bath 800 $1,900 $2.38

Carlsbad, CA 92008

ELAN BEACH POINTE 1 bed, 1 bath 420 $1,600 $3.81

1000 Chinquapin 1 bed, 1 bath (upstairs) 775 $1,845 $2.00

Carlsbad, CA 92008 1 bed 1 bath (downstairs) 775 $1,795

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PAGE 10 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

SUBJECT PROPERTY

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

PAGE 12 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

SUBJECT PROPERTY

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

FEATURES• All units include fireplaces and

crown moulding.• Upgraded base boards and

window casing.• Roof replaced in 2015.• New “Thunderbird” exterior drain

line installed.• Water heater installed approx. 2013.• New stair threads.• Railings reinforced.• Refrigerators.• Ranges• Dishwashers.• Separate gas and electric meters

PAGE 14 | EUREKA PLACE APARTMENTSCushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

LOCATION OVERVIEW

Carlsbad’s Quality of Life is Unmatched.

Where else would you find a seaside community that is small enough to have village charm yet large enough to be a world-class business environment?

Carlsbad is a community with near-perfect weather and two world-class resorts. It supports economic development yet sets aside 40 percent of its land for open space. It has attracted an international theme park and has become the golf capital of the world. Carlsbad has a commuter train, great bus service and the busiest single-runway airport in the nation. A great place to live, with miles of beaches, a wide variety of housing options, terrific shopping, a world-class public library and excellent schools.

Where else but Carlsbad, California? Fortune Magazine rated Carlsbad as one of the nation’s five best places to retire. “An affordable Southern California dream lifestyle is still available in about one place: Carlsbad,” the magazine boasted in August, 1997. Fortune pointed out that our community has ample open space, a low crime rate, a near-perfect climate, smog-free ocean breezes, and is not in an earthquake fault zone. In 1999, Where to Retire Magazine rated Carlsbad among the best retirement towns in Southern California.

Carlsbad’s population has grown considerably as more and more people become acquainted with the area. In fact, the population has increased five-fold since 1960, but the city’s award-winning Growth Management Plan ensures that the city retains its small-town charm. Despite Fortune calling us a retirement haven, Carlsbad has a relatively young population, with a median age of 32, and 78 percent of residents under age 55.

Easy access to North County employment centersCarlsbad has more than 72,000 employees and over 4.5 million square feet of office space. Some of the largest employers are minutes away including Life Technologies Coporations, Taylor Made/Addidas Golf, ViaStat Inc, Callaway Golf and Legoland.

DEMOGRAPHICS

92008 Zip Code Carlsbad

Total Population 29,105 114,379

Median Age: 40 41

Avg. Household Income $98,539 $129,748

Bachelor’s Degrees or Higher Education

46% 55.2%

White Collar Workforce 72% 79%

Source: Carlsbad Chamber of Commerce

Source: United States Census Bureau 2017

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

DEMOGRAPHICS

CARLSBAD VILLAGE DRIVE

AQUA HEDIONDA LAGOON

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5SUBJECT

LIBRARY LEARNING CENTER

HOLIDAY PARK

CARLSBAD LIBRARY

EUREKA PL

CHESTNUT AVE

CHASEFIELD PINE AVENUE

PARK

Source: United States Census Bureau 2017

RAY ADAMSMulti-Family Investments+1 858.546.5456ray.adams@cushwake.comLIC #01298909

WILL CREAGANMulti-Family Investments+1 760.431.4206will.creagan@cushwake.comLIC #00949450

CLARK RORBACHMulti-Family Investments+1 858.546.5419clark.rorbach@cushwake.comLIC #01888559

Exclusively Offered By: