TOP GUN CRE
Untitled BOV Ready
Prepared For
Owner Name
Broker Opinion of Value
1234 Example St., San Diego, CA 92104
As Of
Nick Hernandez
Associate
DRE #02XXXXXX
nick@topguncre.com (619) 555-0100
Broker Opinion of Value
San Diego, CA
1234 Example St.
1234 Example St.
Executive Summary
Property Information
Address1234 Example St.
City / StateSan Diego, CA
ZIP92104
CountySan Diego
SubmarketSubmarket
Asset TypeMultifamily
Total Units4
Unit Mix
Building SF2,830
Lot SF5,600
Year Built1968
Parking4
APN000-000-00-00
Zoning
Property Overview
Four-unit garden-style apartment building constructed in 1968, featuring a well-maintained stucco exterior and private tuck-under parking. Recent capital improvements include updated electrical panel and refreshed unit interiors. Strong current occupancy with significant rental upside to market rates.
Recommended List Price
Set Price
Value Range
Low  –  High
Price / Unit
Price / SF
GRM
Market:
CAP Rate
Market:
Market Overview
Pricing positioned to attract qualified value-add buyers in a market where recent comparable sales have traded at $380–$500 per square foot. Rental upside, stabilized operations, and location support pricing at the upper end of the range.
1234 Example St.
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1234 Example St.
Rent Roll & Income
Rent Roll
Current · Market
Unit Type SF CURRENTActual Rent MARKETProjected
MONTHLY GSI $0 $0
ANNUAL GSI $0 $0
Unit Mix Summary
Unit Type Mix
Rent Upside
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Underwriting
Underwriting Analysis
Buyer Perspective · Two-Scenario Underwriting
Purchase Price
PriceSet Price
Down Payment %30%
Down Payment$397,500
CapEx / Unit$0
Total CapEx$0
Financing Assumptions
Target DCR1.20
Loan Amount
Interest Rate6.75%
Amort (yrs)30
Term (yrs)7
Monthly Pmt
Annual Debt Svc
Key Returns
Current
CAP Rate
GRM
DCR
Cash/Cash
Market
CAP Rate
GRM
DCR
Cash/Cash
Operating Data
Line Item Current Market
Gross Scheduled Rent $0 $0
Other Income (annual) $0 $0
Vacancy 5% $0 $0
GROSS OPERATING INCOME $0 $0
Total Expenses $0 $0
NET OPERATING INCOME $0 $0
PRE-TAX CASH FLOW $0 $0
Operating Expenses(annual)
Expense Item Current Market
TOTAL EXPENSES $0 $0
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Sales Comparables
Sales Comparables
Closed Transactions · Market Evidence
S
Subject Property
Price
$ / Unit
$ / SF
$ / Land SF
CAP
GRM
Year Built
Ø
Comp Average
Price
$ / Unit
$ / SF
$ / Land SF
CAP
GRM
Year Built
Price Justification
Subject recommended at $331K/unit, in line with 3-comp average of $338K/unit. Modest discount reflects deferred interior updates and original kitchens. Market rents at comp parity support meaningful upside on turnover.
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Top Gun CRE · BOV · Page 06
Sales Comparables Map
Location Context · Pin Legend
Click + Pin (top-right of map), then click the map to drop pins. Drag pins to reposition. Subject goes first, then comps 1–6 in order.
Pin Legend
Comp Map
1234 Example St.
About Top Gun CRE
About Top Gun CRE
San Diego Multifamily · Investment Sales

Specialized San Diego Multifamily Brokers

Top Gun CRE is your premier San Diego commercial real estate brokerage, specializing in multifamily investment advisory, apartment transactions, 1031 exchanges, and property management. Founded in late 2017, we provide top-tier buyer and seller representation through a superior team of brokers, innovative technology, multifamily expertise, and a clients-first approach. We believe in being expert advisors — sharing quality information and distilling it into actionable insights, not withholding it.

What Makes Us Unique

Our team-based approach — collaboration, shared data, disciplined strategy — yields more buyers, more offers, and better end financial results. Both principals are licensed brokers, with fiduciary duty and transparency at the foundation of every engagement. We maintain the most comprehensive San Diego apartment database in the market, and pride ourselves on top-of-market underwriting and pushing the pricing envelope to get our clients the best possible deal.

We Know the Market

Collectively, our team brings over three decades of broad CRE experience — investment, property management, development, and brokerage — including mentorship from and work alongside several of the largest apartment brokerages and top-producing brokers in Southern California. As of 2023, we also offer full-service property management with 90+ doors and growing. 100% focused on San Diego County multifamily, with deep transaction experience across central and coastal submarkets.

Nick Hernandez
Senior Advisor · DRE #02XXXXXX
nick@topguncre.com (619) 555-0100 Top Gun CRE, San Diego
1234 Example St.
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How We Market
How We Market Your Property
Buyer Reach · Process · Transparency
01
Targeted Buyer Outreach

Direct outreach to our proprietary database of San Diego multifamily investors, 1031 exchange buyers, and local operators. We call, we do not just email — leveraging relationships built over decades of local market focus.

  • Curated buyer database segmented by asset size and strategy
  • Off-market teasers to qualified principals prior to wide release
  • Personal introductions where relationship adds value
02
Digital Presence

Industry-leading digital exposure on every major CRE platform, paired with in-house marketing and design support that gives qualified buyers everything they need to underwrite the deal confidently.

  • LoopNet, CREXi, and MLS syndication
  • Full Offering Memorandum with verified financials
  • Secure, auditable data room for due diligence materials
03
Direct Marketing

Old-school channels still move deals. We pair digital reach with tactile deliverables that decision-makers actually read — leaving no wing unturned.

  • Printed broker flyers to local investor Rolodex
  • Weekly email campaigns with open/click tracking
  • LinkedIn & social announcements targeting CRE professionals
04
Maximum Exposure = Maximum Price

We fully expose every listing to the market simultaneously — all qualified buyers, all platforms, across local, state, and national levels — to generate maximum demand and buyer competition. Weekly reports and full offer comparisons keep you in control from listing to close.

  • Weekly written activity reports (showings, offers, feedback)
  • Full offer comparison with net-sheet analysis
  • Broker-managed escrow coordination through close
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Methodology & Disclosure
Methodology & Valuation Basis
Approaches Considered · Assumptions · Disclosure
Valuation Approach

The subject property was valued using our standard Market Value approach, comparing it to like-kind sales comparables on a variety of parameters: current and pro-forma income, use type, construction quality, age, building and lot square footage, “Highest and Best” use potential, and industry-standard indicators including GRM, Cap Rate, and price per unit / per SF. The resulting valuation — or valuation range — is shown on the preceding pages, with the supporting comparables detailed on the following pages of this report.

Where comps are dated or outside the subject's direct vicinity, we adjust for core differences: sale date (older comps brought forward to present market value) and location (premium submarkets consistently trade at higher valuation metrics than inferior ones). Despite recent macroeconomic headwinds and softened demand-side strength, San Diego remains a net seller's market, driven by persistent low supply, strong rents, and high occupancy. Our pricing therefore sits at the upper end of the Pricing Pendulum, factoring the subject's rent upside, submarket desirability, value-add appeal, and Highest-and-Best use potential. We push the pricing envelope without signaling to the market that the property is overpriced — the difference between a listing that builds competition and one that stalls.

Key Assumptions

Current rent roll and operating expense information was provided by ownership and/or verified against publicly available sources. Stabilized and Market scenarios reflect our estimate of achievable rents following routine turnover and light cosmetic improvements (Stabilized) and at full market parity with comparable recently-leased units (Market). Vacancy is applied consistently across scenarios. Property tax is estimated based on prevailing San Diego County rates applied to the recommended purchase price; buyer should verify actual reassessment. At the prices and terms indicated in this report, we believe we can achieve strong demand, build buyer competition, and facilitate an aggressively-priced, hassle-free, and quick transaction for our client.

Disclaimer The information contained herein has been obtained from sources believed to be reliable, however Top Gun CRE makes no guarantee, warranty, or representation about it. It is the buyer's or owner's responsibility to independently confirm the accuracy and completeness of all information prior to taking any action. Any projections, opinions, assumptions, or estimates are used as examples only and do not represent the current or future performance of the property. Real estate values, market conditions, operating expenses, and regulatory environments are dynamic and subject to change.
Authorized By
Nick Hernandez
Senior Advisor · DRE #02XXXXXX
nick@topguncre.com · (619) 555-0100 · Top Gun CRE, San Diego
Opinion Date
1234 Example St.
Top Gun CRE · BOV · Page 09
Top Gun CRE
Your Wingmen in Commercial Real Estate
Thank You
Thank you for the opportunity to prepare this Broker Opinion of Value. We look forward to discussing next steps.
Your Broker
Nick Hernandez
Senior Advisor · DRE #02XXXXXX
nick@topguncre.com · (619) 555-0100 · Top Gun CRE, San Diego
topguncre.com
1550 Hotel Circle North #225 · San Diego, CA 92108
(619) 550-4515 · info@topguncre.com
CalDRE #02059064