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2605 Madison Ave 9 Unit Apartment Building $3,375,000 ($375,000/Unit) 4.15% Cap Rate San Diego, CA 92116
Investment Highlights
- Boasts a desirable unit mix of spacious one- and two-bedroom units
- Great central location steps away from Adams Ave, walking distance from parks, restaurants, and bars
- Quick access to the 805 interstate and minutes away from major employment centers
- True value-add investment opportunity
- Abundant off-street parking for tenants
Executive Summary
We are pleased to present 2605 Madison Ave, located in the North Park neighborhood of San Diego. The subject property features four (4) one-bedroom/one-bathroom, three (3) two-bedroom/one-bathroom units, and two (2) two-bedroom/two-bathroom units that total approximately 6,400 of rentable square footage.
The subject property is located in North Park, one of the most coveted locations for renters in San Diego. The property boasts a walkability score of 94 which Walkscore.com calls a “Walker's Paradise". It is approximately two miles from Morley Field/Balboa Park which offers tennis courts, public pool, baseball fields, archery range, hiking trails, dog park, disk golf course, playground, and a speed track for bicyclist. Residents at the subject property enjoy immediate walking access to the many bars and restaurants on Adams Avenue, El Cajon Blvd and 30th Street. Lastly, residents enjoy easy access to Interstate 805 and are just minutes away from San Diego’s largest employment centers including Downtown, Mission Valley, and Kearny Mesa.
This property presents a unique opportunity for an investor to purchase a value-add investment opportunity in one of the strongest submarkets at the forefront of rental growth in San Diego. The new owner will enjoy the security of having the property situated near comparable apartment complexes, local shopping, and infrastructure, as well as having easy access to Mission Valley, Interstate 805, Interstate 8, and Highway 163.
The subject property is located in North Park, one of the most coveted locations for renters in San Diego. The property boasts a walkability score of 94 which Walkscore.com calls a “Walker's Paradise". It is approximately two miles from Morley Field/Balboa Park which offers tennis courts, public pool, baseball fields, archery range, hiking trails, dog park, disk golf course, playground, and a speed track for bicyclist. Residents at the subject property enjoy immediate walking access to the many bars and restaurants on Adams Avenue, El Cajon Blvd and 30th Street. Lastly, residents enjoy easy access to Interstate 805 and are just minutes away from San Diego’s largest employment centers including Downtown, Mission Valley, and Kearny Mesa.
This property presents a unique opportunity for an investor to purchase a value-add investment opportunity in one of the strongest submarkets at the forefront of rental growth in San Diego. The new owner will enjoy the security of having the property situated near comparable apartment complexes, local shopping, and infrastructure, as well as having easy access to Mission Valley, Interstate 805, Interstate 8, and Highway 163.
Property Facts
| Price | $3,375,000 | Property Subtype | Apartment |
| Price Per Unit | $375,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.15% | Building Size | 6,969 SF |
| Gross Rent Multiplier | 14.42 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Zoning | RS-1-7 | ||
| Price | $3,375,000 |
| Price Per Unit | $375,000 |
| Sale Type | Investment |
| Cap Rate | 4.15% |
| Gross Rent Multiplier | 14.42 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,969 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Zoning | RS-1-7 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,963 | 600 |
| 2+1 | 3 | $2,278 | 700 |
| 2+2 | 2 | $2,412 | 950 |
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Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 445-171-01 | Improvements Assessment | $1,176,715 |
| Land Assessment | $2,208,161 | Total Assessment | $3,384,876 |
Property Taxes
Parcel Number
445-171-01
Land Assessment
$2,208,161
Improvements Assessment
$1,176,715
Total Assessment
$3,384,876
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