Executive Summary of 314 Beach Lofts - Coastal Oceanside, CA
314 Beach Lofts is under construction and will be finished in July 2019.
It is owned by Cleveland Street Beach Lofts, LLC. Upon completion it will be purchased by Beach Vacation Properties, LLC (BVP).
BVP will operate the property as a short-term rental property (STR) serving three main markets:
Short-term corporate rentals
Short-term government contractor housing for Camp Pendleton (Oceanside, CA)
314 Beach Lofts is zoned for STR, hotel and residential.
314 Beach Lofts has a fully approved condo map in place.
There is an option to reconfigure a few of the units to create 6-8 additional units or approximately 15 additional bedrooms.
STR Operator Offers
We’ve received interest from several leading national master lease partners, who would rent the entire project annually and guarantee the rent.
These include: Domio, Sonder, Minthouse, Stay Alfred, Common, Outsite, etc.
To date we’ve received two LOI’s with fully guaranteed rent.
Current & Future Zoning
Zoned for commercial, hotel, residential, & mixed-use
Can be re-zoned for hotel use by obtaining Conditional Use Permit through the City of Oceanside
We’ve met with City Council members individually and have their support to operate the property as either STR or a hotel.
We are exempt from future legislative STR restrictions due to our unique zoning and location in the Coastal Zone.
Eight 2 bed/ 2 bath units
Two 3 bed/3 bath units
Washer & dryer in each unit
Secured parking garage, two spots per unit
Storage for each unit
Two retail (600 sq. ft. each, can be combined)
Ability to add 6-8 units by reconfiguring current layout
Open floor plans, a lot of windows and natural light
Built utilizing the latest in green building methods
All steel & concrete construction - no wood
Three buildings on a concrete podium deck
Gated, covered and secured parking
Projected Capital Stack
$11.3M purchase price (BVP purchases from CSBL)
$8,814,000 - 1st loan (75% LTV)
$2,938,000 - Equity and/or mezz debt
10% preferred return (compounds annually)
Pro-rata share of 75% of all operating profits
Pro-rata share of all sales profits
About 314 Beach Lofts
Address: 314 N. Cleveland Street, Oceanside, CA, 92054
Description: Luxury vacation rental lofts in a walkable community by the beach in Oceanside, California
Brand new construction, built using the latest in green building methods & materials
10 residential lofts, 2 retail condos
Mix of 2 & 3 bedroom lofts, 1000-2100 square feet
Open floor-plans, luxury appliances, oversized balconies
2 community decks & ocean view deck
Approx. total retail square feet = 1370
Unlike traditional Air BnB properties (who serve only one market) we serve three markets:
Corporate short-term housing
Gov’t short-term housing
Fully zoned right now for STR operations, no permits needed
Centrally located- two blocks to Amtrak, Downtown and the world famous Oceanside Pier.
30 mins to Downtown San diego, 45 minutes to Orange County, 90 minutes to Los Angeles.
Units are oversized with luxury amenities for longer stays.
Little luxury STR competition in local area.
HOA allows for three-day minimum stays.
About Jim Simcoe, Managing Member, BVP
Managing Member for Beach Vacation Properties, LLC
Sustainable home developer and author
Certified Green Building Professional
Real Estate Broker
Featured on NBC, Fox, SmartMoney.com, San Diego Insider TV
Past speaking engagements include: San Diego State University, University of California at San Diego, University of San Diego, etc.
Published in Personal Real Estate Investor Magazine, BiggerPockets.com, San Diego Business Journal, EcoHome, etc
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