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$ 2,499,500
Est. payment | /mo
4 Beds
0.33 Acres Lot
$ 2,499,500
Est. payment | /mo
4 Beds
0.33 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2507131
Bedrooms 4
Lot Size 0.333 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
We are pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, triple-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. The property possesses 3 water meters, suggesting a potential 3-way lot split as a possibility for additional value growth. 21-33 S. 35th Street was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bayall within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. 21-33 S. 35th Street offers strong in-place financial metrics at $213k gross scheduled annual income, with the immediately available rent increases yielding a 5.60% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate.
Location
State CA
County San Diego
Direction GPS
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 5461360200
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Maxwell Brown Commercial Asset Advisors
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