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3670 Altadena Ave
San Diego, CA 92105
Multifamily Property For Sale
·
10 Units
INVESTMENT HIGHLIGHTS
- Strong Upside Potential (23% Rent Upside)
- Located in an Opportunity Zone
- Very Well Parked (1.4 to 1.0 Parking Ratio)
- 6.36% Pro Forma Cap Rate w/ Rubs
- All Roofs Replaced within Prior 3 Years
- Large Average SF/Unit Relative to Unit Mix
EXECUTIVE SUMMARY
CBRE is pleased to present the pricing and analysis for 3670 Altadena Avenue, a 10-unit multifamily property located in the heart of Chollas Creek, one of San Diego’s centrally located and steadily evolving rental submarkets. The property features a unit mix of ten (10) large one-bedroom/one-bathroom units averaging approximately 650 square feet, with floorplans that offer potential for reconfiguration into two-bedroom units. Built in 1976, the property offers practical layouts that appeal to singles, couples, and long-term tenants. All roofs have been fully replaced within the last three years. Additionally, Altadena Avenue is in a designated Opportunity Zone, allowing buyers to potentially benefit from significant federal tax incentives, including deferral and reduction of capital gains taxes. This makes the property an attractive investment for those seeking both long-term growth and tax advantages.
Chollas Creek continues to attract investor interest due to its central location, access to major employment centers, and proximity to public transit. The property is located near University Avenue, Euclid Avenue, and Interstate 15, providing convenient connectivity to neighborhoods such as Talmadge, Colina del Sol, and City Heights, as well as San Diego State University.
Residents enjoy access to local amenities including Fox Canyon Park, Colina del Sol Park, and shopping centers such as University Square and City Heights Retail Village. The area is served by multiple bus routes, including the 7, 10, and 115, enhancing mobility throughout Mid-City and East San Diego. With the area’s growing population and increasing demand for well-located, affordable rental housing, 3670 Altadena Avenue presents an excellent opportunity for investors seeking a value-add asset with solid fundamentals in a dynamic and accessible submarket of San Diego County.
Chollas Creek continues to attract investor interest due to its central location, access to major employment centers, and proximity to public transit. The property is located near University Avenue, Euclid Avenue, and Interstate 15, providing convenient connectivity to neighborhoods such as Talmadge, Colina del Sol, and City Heights, as well as San Diego State University.
Residents enjoy access to local amenities including Fox Canyon Park, Colina del Sol Park, and shopping centers such as University Square and City Heights Retail Village. The area is served by multiple bus routes, including the 7, 10, and 115, enhancing mobility throughout Mid-City and East San Diego. With the area’s growing population and increasing demand for well-located, affordable rental housing, 3670 Altadena Avenue presents an excellent opportunity for investors seeking a value-add asset with solid fundamentals in a dynamic and accessible submarket of San Diego County.
PROPERTY FACTS
| Price Per Unit | $249,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 4.54% | Building Size | 6,510 SF |
| Gross Rent Multiplier | 13.67 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 2.15/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RM-2-5 - Multi-Family | ||
| Price Per Unit | $249,500 |
| Sale Type | Investment |
| Cap Rate | 4.54% |
| Gross Rent Multiplier | 13.67 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 6,510 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1976 |
| Parking Ratio | 2.15/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-2-5 - Multi-Family |
AMENITIES
UNIT AMENITIES
- Balcony
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $1,488 | 650 |
PROPERTY TAXES
| Parcel Number | 471-810-27 | Improvements Assessment | $666,196 |
| Land Assessment | $434,474 | Total Assessment | $1,100,670 |
PROPERTY TAXES
Parcel Number
471-810-27
Land Assessment
$434,474
Improvements Assessment
$666,196
Total Assessment
$1,100,670
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