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3721 Georgia St 8 Unit Apartment Building $2,360,000 ($295,000/Unit) 3.75% Cap Rate San Diego, CA 92103
Investment Highlights
- 8 Units in Prime North Park Location Bordering Hillcrest
- Oversized 1 Bedroom Units - 610 SF
- Oversized Corner Lot
- Walkable to Numerous Retail, Bars and Restaurants
- Value Add - 56% upside in Rents with Renovation
Executive Summary
Whitewater Commercial Real Estate & CBRE are pleased to present 3721 Georgia St, an 8-unit apartment building in the heart of San Diego’s coveted North Park neighborhood.
The building was built in 1978 and rests on a large 7,434 sf corner lot. The unit mix consists of eight (8) large one-bedroom units of 610 sf that feature large living rooms, patios or balconies for select units and plenty of natural light. Property amenities include on-site parking, multiple patio areas and an on-site laundry room.
A few units have a mix of upgrades including new flooring, updated kitchens with stainless
appliances and upgraded bathrooms. Current ownership also recently undertook a full
roof replacement.
With a Walk Score of 87, the property is ideally situated in the upscale part of North Park that borders Hillcrest. Numerous bars, restaurants, retail shops and grocery stores are nearby providing tenants with ultimate convenience. North Park has been recognized nationally multiple times, recently being rated among the top “Up and Coming” neighborhoods in the U.S by US Travel Mag.
The building was built in 1978 and rests on a large 7,434 sf corner lot. The unit mix consists of eight (8) large one-bedroom units of 610 sf that feature large living rooms, patios or balconies for select units and plenty of natural light. Property amenities include on-site parking, multiple patio areas and an on-site laundry room.
A few units have a mix of upgrades including new flooring, updated kitchens with stainless
appliances and upgraded bathrooms. Current ownership also recently undertook a full
roof replacement.
With a Walk Score of 87, the property is ideally situated in the upscale part of North Park that borders Hillcrest. Numerous bars, restaurants, retail shops and grocery stores are nearby providing tenants with ultimate convenience. North Park has been recognized nationally multiple times, recently being rated among the top “Up and Coming” neighborhoods in the U.S by US Travel Mag.
Property Facts
| Price | $2,360,000 | Apartment Style | Low-Rise |
| Price Per Unit | $295,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 3.75% | Building Size | 4,894 SF |
| Gross Rent Multiplier | 14.49 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1978 |
| Property Type | Multifamily | Parking Ratio | 1.84/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R3 | ||
| Price | $2,360,000 |
| Price Per Unit | $295,000 |
| Sale Type | Investment |
| Cap Rate | 3.75% |
| Gross Rent Multiplier | 14.49 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,894 SF |
| No. Stories | 2 |
| Year Built | 1978 |
| Parking Ratio | 1.84/1,000 SF |
| Zoning | R3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 610 |
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Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 453-182-14 | Improvements Assessment | $237,951 |
| Land Assessment | $62,331 | Total Assessment | $300,282 |
Property Taxes
Parcel Number
453-182-14
Land Assessment
$62,331
Improvements Assessment
$237,951
Total Assessment
$300,282
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3721 Georgia St