Casa Blanca

2241 4th Avenue & 401-423 E Juniper Street | San Diego | CA | 92101


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Confidentiality Agreement

Confidentiality agreement sub heading

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Agreement

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Property Highlights

    • Attractive Assumable Financing - (See Page 24 in OM for Details)
    • 38 Units – Mix of spacious studios, lofts, and one-bedroom units
    • Beautifully renovated in 2018 (see marketing package for details)
    • Immediate upside in rents
    • Rare, legacy asset in irreplaceable location - Bankers Hill
    • Just blocks from Downtown San Diego
    • Spans across two parcels
    • Gated community with code access
    • BBQ, courtyard with lounge area and picnic seating, cornhole game
    • Bike racks and dog wash
    • Next-generation laundry room with smartphone pay

Property Details

  • Price: $ 12,950,000
  • Price Per Unit: $ 340,789.47
  • Units: 38
  • Transaction Type: For Sale
  • Property Type: Multi-Family
  • Building Size: 18,549 SF
  • Cap Rate: 4.28%
  • Availability: Sold

Property Description

The Anderson Group is pleased to present Casa Blanca (the “Property”), an attractive rental community located in Bankers Hill in San Diego, California. The offering presents real estate investors the opportunity to acquire a turn-key stabilized real estate asset that has been professionally managed and meticulously remodeled while still preserving the charm and historical features of that era – featuring claw foot bathtubs, original ice boxes for extra storage, and hardwood flooring in select units. This listing is being offered with attractive, in-place assumable financing.

The Property consists of 38 units, spread out across two parcels totaling 15,777 square feet. The Property was extensively renovated in 2018 and is well-maintained by the current
ownership.

Casa Blanca units are comprised of ten (10) one-bedroom / one-bath units and twenty-eight (28) studios. The Property provides tenants with secure gate entry with code access, a common area BBQ, dog wash, common area games, bike racks, and modern laundry facilities – featuring smartphone pay. Unit 101 offers an in-unit washer and dryer. The design and aesthetics of the courtyard offer the tenants an enjoyable place to relax and mingle.

The substantial renovation of the property consisted of both the exterior of the building and totaled a little under $2M. The exterior renovations include – branding signage, a new roof, paint, and fencing. The interiors were appointed with – cabinets, quartz countertops, and stainless steel appliances including – refrigerators, gas ranges, fixtures, and sinks. In addition, the units were appointed with new designer light fixtures, ceiling fans, and window coverings.

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3D Tour

Offering Memorandum

Property Amenities

  • Stainless steel appliances with gas range
  • Quartz countertops
  • Oversized kitchen sink
  • Designer mosaic and subway tile
  • Designer lighting
  • Original hardwood flooring
  • Ceiling fan
  • Original ice boxes for extra storage
  • WWI-era vintage bathrooms mirrors
  • Original claw foot tub (select units)
  • Rain showerhead and handheld sprayer
  • Gated community with code access
  • Spacious courtyard with BBQ and picnic seating
  • Cornhole game and lounge area
  • Bike racks
  • Dog wash
  • Next-generation laundry room with smartphone pay
  • Pet friendly (no weight or breed restrictions)
  • Responsive management team with 24-hour emergency line
  • Online resident portal for easy maintenance requests and rent payment

Financial Summary

Investment Highlights

Price $12,950,000.00
Price / Unit $340,789.47
Gross Rent Multiplier 0.00
Proposed Loan Amount $0.00
Initial Investment $12,950,000.00

 

Income & Expenses

Income
Potential
Current

 

Expense
Potential
Current
Total Expenses
$ 0.00
$ 0.00
Net Operating Income $0.00 $0.00
Less Debt Service $0 $0
Potential Net Cash Flow $0.00 $0.00
Cash on Cash Return 0.00 % 0.00 %
Capitalization Rate 0.00 % 0.00 %

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires

Totals

$ 0.00

$ 0.00