2127 Front St 4 Unit Apartment Building $1,675,000 ($418,750/Unit) 3.52% Cap Rate San Diego, CA 92101

Glad to introduce for sale 2127 Front Street, a great +/-1980's-built four-plex in Bankers Hill, within walking distance (+/-3 blocks) to Little Italy, boasting tremendous potential for adding value to the (4) existing spacious (+/-730 SF) 1-bedroom/1-bathroom units via modernization efforts, and/or by potentially adding more density to the site in one way or another, on a +/-5,236 SF lot with favorable zoning. Zoning is as follows, 1) By Right: RM-3-7 (max. height +/-40 Ft., max FAR +/-1.8 or +/-9,424 SF of RBA, max. DU +/-5); and 2) Complete Communities or CCOZ (Tier 3) Zone, allowing for up to a 6.5 FAR (or 34K+ SF of RBA), with no real max. on number of units, minimum parking needed, with a requirement for several units to be designated as low to middle income housing.
The current building is essentially two and a half stories tall, comprised of all spacious 1-bedroom/1-bathroom units of similar design, each with generous living areas, modest yet functional kitchens, quasi open floor plans, and a roomy bedroom with large walk-in closet. There are peek bay/water views currently from most units, common entry is gated with dial pad access, and there is commercial laundry equipment on site for tenants use. The parking situation at 2127 Front Street is excellent, with 5 surface off-street spaces, one of which is tandem. There is a large parking area in front, with a common area walkway/bbq area in back. Units are separately metered for gas and electricity, the roof is flat, windows have been upgraded with dual-pane vinyl, and yet unit interiors could use a refresher or a reset. There seems plenty of room to add in-unit laundry if one were so inclined. All units with west-facing views, allowing for beautiful evening sunsets over the San Diego Bay with the thrill of planes flying overhead throughout the day, as many tourists and residents alike arrive to this fine city nearby.
Great potential exists for adding more rentable building area, within walking distance to one of San Diego's most desirable rental markets in terms of scenic beauty, excellent dining options, great proximity to nightlife, access to good public transit, overall attractive environs, in Little Italy, reflected in its area rents that are some of the top in all of Downtown San Diego, and the city of San Diego as a whole.
Contact exclusive agent Joseph Burrough at 858 352-6742 (ext. 101) for more details, including a full OM. One unit to be delivered vacant by/before close of escrow. Shown with accepted/acceptable offer + sufficient proof of funds.