Palm Avenue Apartments

116 Palm Ave | National City, CA 91950

Chris Robinson, Senior VP ●

Top Rental Market in SD County (USS Carl Vinson to bring in 1000's
01346887 of renters)
619-255-3222 ●
Beautifully Landscaped, New Windows & Interior Renovations during
crobinson@acrecommercial.com ownership
●
Pitched Roofs w/ New Exterior Paint

William Anderson, Senior VP Ample Parking in Rear & On-Site Laundry Facility
●

01441142 Relaxing Courtyard Area for Tenants to Enjoy

●

760-944-9110
wanderson@acrecommercial.com

Phone: 858-232-0945 ● 1081 Camino Del Rio South, Suite 221 ● Mission Valley, CA 92108
Palm Avenue Apartments Unit Mix Report
116 Palm Ave Bill Anderson, Senior VP
National City, CA 9195 760-944-9110

UNIT MIXES

# Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
1 Studio 500 $650 $650 $675 $675
10 1Bed/1Bath 600 $799 $7,990 $850 $8,500
8 2Bed/1Bath 700 $966 $7,728 $1,050 $8,400
19 12,100 $16,368 $17,575

UNIT MIX UNIT MIX SQUARE FEET

● Studio ● Studio
● 1Bed/1Bath ● 1Bed/1Bath
● 2Bed/1Bath ● 2Bed/1Bath

UNIT MIX INCOME UNIT MIX MARKET INCOME

● Studio ● Studio
● 1Bed/1Bath ● 1Bed/1Bath
● 2Bed/1Bath ● 2Bed/1Bath
Palm Avenue Apartments Financial Summary
116 Palm Ave Bill Anderson, Senior VP
National City, CA 9195 760-944-9110

UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Market Total
Studio 1 $7,800 $7,800 $8,100 $8,100
1Bed/1Bath 10 $9,588 $95,880 $10,200 $102,000
2Bed/1Bath 8 $11,592 $92,736 $12,600 $100,800
TOTALS 19 $196,416 $210,900

ANNUALIZED INCOME
INVESTMENT SUMMARY Actual Market
Price: $1,985,000 Gross Potential Rent $196,416 $210,900
Year Built: 1963 Less: Vacancy ($5,892) ($6,327)
Misc. Income $1,920 $1,920
Units: 19
Effective Gross Income $192,444 $206,493
Price/Unit: $104,474 Less: Expenses ($65,225) ($65,225)
RSF: 12,087 Net Operating Income $127,219 $141,268
Price/RSF: $164.23 Debt Service ($84,210) ($84,210)
Net Cash Flow after Debt Service $43,009 $57,058
Cap Rate: 6.41%
Principal Reduction $15,469 $15,469
Pro Forma Cap Rate: 7.12% Total Return $58,478 $72,528
GRM: 10.0
Pro Forma GRM: 9.3

ANNUALIZED EXPENSES
Description Actual Market
Building Insurance $1,578 $1,578
FINANCING SUMMARY Landscaping $900 $900
Loan Amount: $1,202,500 Management $7,640 $7,640
Down Payment: $647,500 On-Site Management $4,800 $4,800
Repairs & Maintenance $8,550 $8,550
Loan Type: Fixed
Taxes - Real Estate $22,052 $22,052
Interest Rate: 5.75000% Sewer Charge on Tax Bill $5,700 $5,700
Term: 30 years SDGE, WATER & TRASH $14,005 $14,005
Monthly Payment: $7,017.46
Total Expenses $65,225 $65,225
Expenses Per RSF $5.40 $5.40
Expenses Per Unit $3,433 $3,433
Palm Avenue Apartments Property Description
116 Palm Ave Chris Robinson, Senior VP
National City, CA 91950 619-255-3222

Property Description

ACRE is proud to announce the availability of

the Palm Apartments in National City. This
property has been professionally managed for
years and has been modernized during the
current ownership through close attention to
both interior and exterior upgrades and
improvements. Interior amenities include
ceramic tile (entry, kitchen & bathrooms),
modern ceiling fans, beautiful new cabinets,
stylish paint tones, new bathroom vanities &
mirrored closet doors. Exterior improvements
include new vinyl windows throughout, stucco
work, a new paint job, new black polished
security doors and tropical landscaping.

The property maintains nearly 100% occupancy due to the convenient location near I-805, the curb
appeal of the property and the practical floor-plans that attract quality tenants.

National City, San Diego County’s second oldest city, is truly “In the center of it all:” a thriving bi-
national region of 5 million consumers. The City’s competitive edge is its central location,
transportation network, and business industry. National City is 10 minutes from everywhere and
positioned for prosperity, with proximity to the San Diego Bay, US-Mexico border, downtown San
Diego, international airport, rail, San Diego State University, and other colleges and universities.
The city is circled by interstates 5 and 805, and highways 54 and 15. The San Diego Trolley and
the Metropolitan Transit System (MTS) service National City 7 days a week. These transportation
resources conveniently connect the City to the region. An acute investor will recognize this well-
located property's turn-key condition and future rental upside.
Palm Avenue Apartments Property Photos
116 Palm Ave Chris Robinson, Senior VP
National City, CA 91950 619-255-3222

Property Photo's
Palm Avenue Apartments Maps and Aerials
116 Palm Ave Chris Robinson, Senior VP
National City, CA 91950 619-255-3222

Area Map