Expansive Views Entitlements for 20 Residential Lots Previously Graded Entitled for 14 Detached Lots, 6 Townhome Units DOWNTOWN SAN DIEGO ASKING PRICE: $1,395,000 - OFFERS DUE JULY 14, 2017 Monterey Heights Elementary School LEMON GROVE AVE Lemon Grove Middle School BROADWAY Lemon Grove Park MT VERNON ST Mt. Vernon Elementary School Liberty Charter High School PALM ST SUBJECT PROPERTY CAMINO DE LAS PALMAS PALM ST TROY ST
PAGE CONTENT 3 AERIALS 7 LOCATION MAP 8 PHOTOS 9 PROPERTY INFO 10 DOCUMENT LINKS 11 IMPROVEMENT COSTS 12 IMPACT FEES 13 TENTATIVE MAP 14 PARCEL MAP 15 MARKET INFORMATION & PRICING ANALYSIS PALM ST PALM ST TROY ST No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice. 2
AERIALS CAMINO DE LAS PALMAS TROY ST SUBJECT PROPERTY PALM ST PALM ST 3
AERIALS TROY ST PALM ST SUBJECT PROPERTY 4
AERIALS SAN DIEGO Avondale Elementary School Mt. Miguel High School CAMINO DE LAS PALMAS Liberty Charter High School Mt Vernon Elementary School PALM ST PALM ST SUBJECT PROPERTY SWEETWATER RD TROY ST 5
AERIALS Lake Murray SUBJECT PROPERTY TROY ST SWEETWATER RD PALM ST PALM ST 6
LOCATION MAP NORMAL HEIGHTS Mission Trails Regional Park LA MESA EL CAJON NORTH PARK LEMON GROVE SUBJECT PROPERTY Lincoln St Golden Ave Crane St SUBJECT PROPERTY Troy St Palm St Palm St Valencia St Camino De Las Palmas Sweetwater Rd 7
PROPERTY PHOTOS 8
PROPERTY INFO Location: Located on the southwest corner of Palm Street and Camino de las Palmas in Lemon Grove. Approximately.1 of a mile west of Interstate 125 and less than a mile south of Interstate 94, this site will provide commuters with quick, convenient access to all of San Diego County. Only 10.5 miles from downtown San Diego. Jurisdiction: County of San Diego City of Lemon Grove APN #: 503-252-42-00 Acreage: Topography: Zoning: 2.06 Acres Generally Flat RM (Residential Medium Density) General Plan: Density: Lot Coverage: 24% Lot Size: RLM (Residential Low Medium) 9.71 DU/Ac 1,330 SF to 11,237 SF Average Price Per Home: Approximately $540,188 Impact Fees: Approximately $27,468 per lot (includes a 5% contingency) Site Improvements: $78,296 per lot with 10% contingency (includes a 10% contingency) School District: Lemon Grove School District Lemon Grove Elementary Lemon Grove Middle School Monterey Heights High School Services: Water Helix Water District Sewer Lemon Grove Sanitation Dist. Gas/Electricity SDG&E Fire Heartland Fire Dept. Police Lemon Grove Police-Sheriffs Dept. Asking Price: $1,395,000 - OFFERS DUE JULY 14, 2017 9
DOCUMENT LINKS CLICK TO VIEW DOCUMENT LINKS ACOUSTICAL REPORT PHASE I ENVIRONMENTAL SITE ASSESSMENT CONCEPT LANDSCAPE PLANS PRELIMINARY GRADING PLAN CONCEPT SITE PLAN, ELEVATIONS & FLOOR PLANS PRELIMINARY GRADING PLAN PG 2 CONDITIONS OF APPROVAL PRELIMINARY TITLE REPORT GEOTECHNICAL REPORT SIMULATED HYDRANT FLOW TEST GEOTECHNICAL UPDATE LETTER SITE DEVELOPMENT FEES AND PERMITS LANDSCAPE COSTS ESTIMATES TENTATIVE MAP & PRELIMINARY GRADING PLAN LIMITED PHASE II ENVIRONMENTAL SOIL EVALUATION VISTA AZUL PRICING ANALYSIS NOTICE OF DETERMINATION VISTA AZUL TRIP GENERATION ANALYSIS 10
IMPROVEMENT COSTS Vista Azul Site Development Estimates Site Development Description Estimated Cost Per Unit Cost Erosion Control 21,919 1,096 Grading and Site Prep 147,955 7,398 Dirt Export/Import 49,875 2,494 Storm Drain 22,505 1,125 Brow Ditch 19,485 974 Sewer 86,604 4,330 Concrete Staircase 4,400 220 Water 95,673 4,784 Curb Gutter 31,242 1,562 Sidewalk/Drive Approach 19,070 954 Paving 32,690 1,635 Dry Utilities/Joint Trench 68,900 3,445 Street Lights 4,500 225 Signs/Striping 1,000 50 Bioretention 74,000 3,700 Common Area Landscaping 230,963 11,548 Sound Wall 32,310 1,616 Retaining Walls 95,675 4,784 Segmented Walls 43,545 2,177 SDG&E Conversion 341,250 17,063 Subtotal Before Contingency 1,423,561 71,178 10% Site Development Contingency 142,356 7,118 Total Site Development 1,565,917 78,296 11
IMPACT FEES Vista Azul-Lemon Grove, CA Fee Estimate Fees & Permits Estimated Cost Per Unit Cost City/County Inspection Fees 25,000 1,250 City/County Final Map Fees 5,000 250 RTCIP Fee 47,140 2,357 Utility Deposits 55,700 2,785 Utility Reimbursements (49,800) (2,490) Park Fee 18,000 900 Sewer Connection Fees 20,000 1,000 Water Connection Fees 136,840 6,842 SDCWA Fee 99,260 4,963 1.5 Inch Irrigation Meter 37,695 1,885 School Fees 128,362 6,418 Subtotal Before Contingency 523,197 26,160 5% Contingency 26,160 1,308 Total Fees 549,357 27,468 12
TENTATIVE MAP 13
PARCEL MAP 14
MARKET INFORMATION & PRICING ANALYSIS Project Name Builder Name City Master Plan Open Date Product Type Typical Lot Size Unit Size Min Unit Size Max MinPrice MaxPrice Min $/SF Max $/SF Total Units Planned Total Units Sold Total Remaining Park Avenue Row Homes DP Homes El Cajon - 11/12/2016 Attached - 1790 1954 $ 442,900 $ 469,900 $ 240.48 $ 247.43 48 10 38 Magnolia Trails KB Home El Cajon - 12/9/2015 Detached 4042 2292 2757 $ 577,634 $ 599,990 $ 217.62 $ 252.02 44 42 2 Mary Street Homes DP Homes El Cajon - 10/22/2016 Detached 4000 1300 1860 $ 459,900 $ 509,900 $ 274.14 $ 353.77 16 6 10 Boulder Point KB Home Lakeside - 5/9/2015 Attached - 1465 1748 $ 420,990 $ 505,131 $ 288.98 $ 287.37 132 131 1 Ridgeline KB Home Lakeside - 5/30/2015 Detached 3000 1836 2076 $ 546,825 $ 589,990 $ 284.20 $ 297.83 52 50 2 Prospect Fields KB Home Santee - 6/1/2017 Detached 3850 1904 2221 $ 616,490 $ 646,990 $ 291.31 $ 323.79 75-75 River Village KB Home Santee - 2/23/2017 Detached 6800 2210 2850 $ 712,990 $ 743,990 $ 261.05 $ 322.62 82 15 67 15
Vista Azul Preliminary Pricing Analysis ANTICIPATED RETAIL SALES SUMMARY Revenue By Phase Phase 1 5,821,873 Phase 2 4,981,879 Total Gross Revenue 10,803,752 Average Price Per Home 540,188 Prepared by CADO Real Estate Group January 6, 2017
VISTA AZUL PRICING/REVENUE MODELING Market Pricing Today Market Introduction Phase 1 Phase 2 - Remaining Lots Assumes a 2.5% Appreciation Lots 7-17 Assumes Additional 2.5% Increase PLAN # SQUARE PRICE / PRICING REVENUE PRICING REVENUE PRICING REVENUE PRICING REVENUE FEET SQ. FT. 1/6/2017 BY PLAN 6/1/2017 BY PLAN 6/1/2017 BY PLAN 1/1/2018 BY PLAN 1 2 1,836 272.28 499,900 999,800 512,398 1,024,795 512,398-525,207 1,050,415 2 6 1,925 238.91 459,900 2,759,400 471,398 2,828,385 471,398 1,885,590 483,182 966,365 3.0 12 2,079 250.07 519,900 6,238,800 532,898 6,394,770 532,898 3,730,283 546,220 2,731,100 Base Sales Rev 9,998,000 10,247,950 5,615,873 4,747,879 Premiums 240,000 240,000 96,000 144,000 Upgrades (excluding flooring) 200,000 200,000 110,000 90,000 Gross Sales Revenue 10,438,000 10,687,950 5,821,873 4,981,879 Average Sales Price/Home 521,900 534,398 529,261 553,542 SUMMARY Revenue By Phase Phase 1 5,821,873 Phase 2 4,981,879 Total Gross Revenue 10,803,752 Average Price Per Home 540,188 Model Assumptions Homes introduced to market in approximately 1 Year Period 5% Annual price appreciation in housing market No appreciation given for upgrades and premiums Marketed in 2 Phases Project sold and closed out in 1 year CADO Real Estate Group Updated January 6, 2017
Exhibit 1 PRELIMINARY PRICING VISTA AZUL PRELIMINARY PRICING FOR VISTA AZUL COMMUNITY NAME PLAN BEDRM BATH STORIES GARAGE ATT/ SQUARE PRICE / BASE QUANTITY SALES DET FEET SQ. FT. PRICE REV VISTA AZUL 1 3 2.0 2 2 DET 1,836 272.28 499,900 2 999,800 VISTA AZUL 2 3 3.0 3 2 ATT 1,925 238.91 459,900 6 2,759,400 VISTA AZUL 3 3 3.5 3 2 DET 2,079 250.07 519,900 12 6,238,800 NOTES VALENCIA HILLS 2 4 2.5 2 2 DET 1,969 251.01 494,241 COE 4/14/2016 VALENCIA HILLS 2 4 2.5 2 2 DET 1,969 246.37 485,100 COE 4/19/2016 VALENCIA HILLS 3 4 3.0 2 3 DET 2,220 242.24 537,780 COE 1/13/2016 VALENCIA HILLS 3 4 3.0 2 3 DET 2,220 247.30 549,010 COE 4/20/2016 VALENCIA HILLS 3 4 3.0 2 2 DET 2,220 240.76 534,480 COE 4/13/2016 VALENCIA HILLS 3 4 3.0 2 2 DET 2,223 244.71 544,000 COE 8/31/2016 MESA RIDGE 3 3 2 2 DET 1,773 293.29 520,000 COE 9/22/2016 MESA RIDGE 4 3 2 2 DET 2,300 254.35 585,000 COE 7/8/2016 MESA RIDGE 4 3 2 2 DET 2,039 274.64 560,000 COE 6/20/2016 MESA RIDGE 4 3 2 2 DET 2,300 263.04 605,000 COE 6/6/2016 MESA RIDGE 4 3 2 2 DET 2,300 261.74 602,000 COE 8/31/2016 MESA RIDGE 4 3 2 2 DET 2,300 265.22 610,000 COE 7/11/2016 MESA DEL SOL 4 3.0 2 2 DET 2,377 240.85 572,500 COE 1/21/2015 MESA DEL SOL 4 3.0 2 2 DET 2,377 250.32 595,000 COE 5/18/2015 MESA DEL SOL 4 3.0 2 2 DET 2,669 243.20 649,100 COE 4/17/2015 MESA DEL SOL 5 4.0 2 2 DET 2,669 247.28 660,000 COE 7/9/2015 MESA DEL SOL 4 3.0 2 2 DET 2,669 273.51 730,000 COE 10/14/2016 BASE SALES REVENUE WITH PRICING ASSUMPTIONS BASED MARKET PRICING TODAY 9,998,000 AVERAGE BASE SALES PRICE* 499,900 * all figures represent initial base prices without lot premiums or upgrades based on introduction to the market today CADO Real Estate Group Updated January 6, 2017
Exhibit 2 COMPARISON OF PRICES OF SELECT NEW HOMES $660,000 $640,000 $620,000 $600,000 $580,000 $560,000 Sales Price $540,000 $520,000 $500,000 $480,000 $460,000 $440,000 $420,000 $400,000 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 Unit Size (Sq.Ft.) VISTA AZUL VALENCIA HILLS MESA RIDGE CADO Real Estate Group Updated January 6, 2017
Exhibit 3 COMPARISON OF PRICES WITH SURROUNDING NEWER RESALE $730,000 $705,000 $680,000 $655,000 $630,000 $605,000 Sales Price $580,000 $555,000 $530,000 $505,000 $480,000 $455,000 $430,000 $405,000 $380,000 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 Unit Size (Sq.Ft.) VISTA AZUL MESA DEL SOL RESALE CLOSED DET LEMON GROVE: Median Size: 1,832 Sq.Ft. Median Sold Price: $435,000 Median $/SF: $245 Median Year Built: 2014 Median DOM: 26 Number of Listings: 11 CLOSED DET LA MESA: Median Size: 1,896 Sq.Ft. Median Sold Price: $582,500 Median $/SF: $272 Median Year Built: 2004 Median DOM: 19 Number of Listings: 9 CLOSED DET SPRING VALLEY: Median Size: 2,318 Sq.Ft. Median Sold Price: $525,000 Median $/SF: $226 Median Year Built: 2001 Median DOM: 15 Number of Listings: 7 CADO Real Estate Group Updated January 6, 2017
Exhibit 4 CLOSED RESALES Lemon Grove Sold in the Last 2 Years Built Since 2000 STREET ADDRESS BED BATH UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT COE 6420 Blue Ash Dr 4 3 1,611 $403,000 $250.16 10 2003 1/27/2016 1991 Shirley Ln. 3 2 1,600 $412,000 $257.50 14 2015 2/20/2015 8618 SANDY BEV LANE 4 3 1,720 $420,000 $244.19 3 2011 1/7/2015 6720 Hibiscus 4 3 1,884 $417,000 $221.34 40 2004 5/19/2015 1625 Drexel Dr 3 3 1,700 $435,000 $255.88 51 2015 7/30/2015 7015 Casa Ln. 5 3 1,735 $425,000 $244.96 5 2015 5/11/2015 2889 Orange Place 4 3 2,067 $465,000 $224.96 79 2010 1/19/2016 6767 San Miguel 3 3 1,832 $455,000 $248.36 28 2015 2/23/2016 8014 Mary Pat Ln. 4 3 2,053 $460,000 $224.06 63 2006 8/14/2015 3253 Harris 6 3 2,116 $500,000 $236.29 26 2014 1/5/2015 6966 Broadway Ave 4 3 2,220 $561,500 $252.93 6 2016 10/6/2016 UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT MEDIAN 1,832 $435,000 $244.96 26 2014 AVERAGE 1,867 $450,318 $241.88 30 2011 MINIMUM 1,600 $403,000 $221.34 3 2003 MAXIMUM 2,220 $561,500 $257.50 79 2016 CADO Real Estate Group Updated January 6, 2017
Exhibit 5 CLOSED RESALES La Mesa South of I-8 Sold in the Last Year Built since 2000 STREET ADDRESS BED BATH UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT COE 4677 Parks Ave 3 3 1,896 $505,000 $266.35 8 2002 7/22/2016 4111 Massachusetts Avenue 1 4 3 2,329 $555,000 $238.30 6 2004 11/20/2016 4111 Massachusetts Avenue 12 3 3 1,890 $505,000 $267.20 5 2004 3/24/2016 4111 Massachusetts Avenue 17 3 3 1,855 $520,000 $280.32 2 2004 5/16/2016 7778 Highwood Ave 4 3 2,077 $582,500 $280.45 22 2006 9/23/2016 4837 73rd Street 4 3 1,820 $605,500 $332.69 19 2015 6/30/2016 4693 Parks Ave 4 3 2,260 $595,000 $263.27 32 2002 8/8/2016 7902 Windsor drive 4 3 1,745 $637,800 $365.50 47 2015 1/29/2016 4500 Lowell St 4 3 2,307 $627,500 $272.00 82 2015 9/3/2016 UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT MEDIAN 1,896 $582,500 $272.00 19 2004 AVERAGE 2,020 $570,367 $285.12 25 2007 MINIMUM 1,745 $505,000 $238.30 2 2002 MAXIMUM 2,329 $637,800 $365.50 82 2015 CADO Real Estate Group Updated January 6, 2017
Exhibit 6 CLOSED RESALES Spring Valley North of Jamacha Sold in the Last Year Built Since 2000 STREET ADDRESS BED BATH UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT COE 9760 Date 4 3 2,424 $485,000 $200.08 60 2004 11/3/2016 2781 Pointe 3 3 1,918 $495,000 $258.08 15 2000 4/8/2016 1307 Ramona Ave 4 3 2,280 $500,000 $219.30 13 2016 11/22/2016 2060 Fabled Waters 4 4 2,318 $525,000 $226.49 24 2000 3/29/2016 1666 Ramona Ave 4 3 2,500 $535,000 $214.00 6 2002 8/24/2016 2081 California Springs 4 3 2,143 $541,000 $252.45 16 2000 11/2/2016 2085 Fabled Waters Dr 4 3 2,455 $560,000 $228.11 7 2001 11/14/2016 UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET YEAR BUILT MEDIAN 2,318 $525,000 $226.49 15 2001 AVERAGE 2,291 $520,143 $228.36 20 2003 MINIMUM 1,918 $485,000 $200.08 6 2000 MAXIMUM 2,500 $560,000 $258.08 60 2016 CADO Real Estate Group Updated January 6, 2017
For More Information, Please Contact: CA Lic#01367183 CA Lic#01323215 24