San Diego Current Offerings
Reynard, San Diego
28th Street, San Diego
28th Street, San Diego
A fully-leased 14-unit building built in 1985 with 3 newly renovated units leased at market rent. We plan to renovate the remaining 11 units and convert the 20 attached garages into 10 one-bedroom ADUs, increasing the total unit count to 24.
Return Profile:
4 Year Expected Hold
18.58% IRR
6.76% Yield on Cost
1.9x Equity Multiple
$9.3 mm project cost and a $6.3 purchase price
28th Street, San Diego
28th Street, San Diego
28th Street, San Diego
A 27-unit multifamily property under contract, currently 96.9% occupied with an average monthly rent of $2,141 per unit. We project a 21.13% Project Level IRR over a 5-year hold. NOI will increase by 3x given the value we create by renovating existing units and increasing the unit count by 140%.
Return Profile
5 Year Expected Hold
21.13% IRR
2.38x Equity Multiple
We will be assuming an existing below-market-rate loan of $5.2M at 2.83% and raising $4.1M in equity.