3139 Reynard Way 5 Unit Apartment Building $1,700,000 ($340,000/Unit) 6.11% Cap Rate San Diego, CA 92103

Marcus & Millichap is pleased to present 3139-47 Reynard Way located in San Diego, CA. The 5-unit apartment complex is ideally located in the central neighborhood of Bankers Hill and boasts proximity to all the best attractions the neighborhood has to offer. Originally built in approximately 1957, the property is situated on a large 8,946 SF lot and the building measures approximately 3,250 square feet.
The unit mix consists of (4) 1-bedroom / 1-bathroom units and (1) two-bedroom/1-bathroom unit. The 2-bedroom unit is currently rented as a 1-bedroom unit with the second bedroom being used as storage but could easily be repurposed back into an additional bedroom. Current ownership has self-managed the property and completed some capital improvements including dual-pane vinyl windows in all units and a newer hot water heater. The sewer line has also been recently upgraded with an epoxy liner and new cleanouts. Attractive tenant offerings of the single-story complex include a communal courtyard space, on-site laundry room and back porch area for select units. Current rents are significantly below market and offer a savvy investor an opportunity to extensively renovate and capture market rents in this desirable location. The property is also situated in Complete Communities Tier 3 allowing a 6.5 FAR and the large lot size could bode well for a complete redevelopment to significantly increase density.
Located within minutes of Iconic Balboa Park and the bustling neighborhoods of Mission Hills and Hillcrest, the property is well positioned for continued growth. Bankers Hill is a hub for entertainment and lifestyle, the area is perfect for residents looking for the perfect balance of a residential neighborhood with proximity to endless activities and attractions. As a highly desirable and walkable area, 3139-47 Reynard Way ultimately presents investors the rare opportunity to acquire a value-add asset with significant rental upside and redevelopment potential that will only continue to benefit from appreciation and rent growth in one of San Diego’s most premier rental markets.
Contact Listing Broker for Offering Memorandum.