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3770 42nd St 10 Unit Apartment Building $2,400,000 ($240,000/Unit) 6.10% Cap Rate San Diego, CA 92105
Investment Highlights
- 1986 Construction, Pitched Roof, Excellent Unit Mix of 1's & 2's with Rents about 10% Below Market
- Walkable Neighborhood 88/100 Walk Score
- Plenty of Off Street Parking, Gated Front & Rear Entrance
Executive Summary
Pleased to present this Garden Style 10 Unit Apartment Building located on the western side of City Heights, just a few blocks from the I-15 Interstate. The property offers a Walk Score of 88/100 and is conveniently situated near several grocery stores and restaurants. 3770 42nd Street is also within a short walk or drive to multiple elementary, middle, and high schools. City Heights continues to improve year over year in terms of overall property conditions and tenant quality. This is the perfect “bread & butter” property that attracts quality tenants and should provide a stable, cash-flowing investment for the next owner.
The property has been well maintained over the years by a well-respected property management company. The unit mix consists of seven 1BR/1BA units and three 2BR/1BA units, with nearby comparable units achieving rents approximately 10% higher.
Significant capital improvements have been completed, including main and subpanel electrical replacements for insurance compliance, a roof approximately seven years old, and the recent replacement of more than half of the water heaters. SB 721 work has also been completed, with a passing inspection report forthcoming upon final inspection scheduled for next week.
The property has been well maintained over the years by a well-respected property management company. The unit mix consists of seven 1BR/1BA units and three 2BR/1BA units, with nearby comparable units achieving rents approximately 10% higher.
Significant capital improvements have been completed, including main and subpanel electrical replacements for insurance compliance, a roof approximately seven years old, and the recent replacement of more than half of the water heaters. SB 721 work has also been completed, with a passing inspection report forthcoming upon final inspection scheduled for next week.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$209,364
|
$39.22
|
| Other Income |
$11,100
|
$2.08
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$220,464
|
$41.30
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$68,963
|
$12.92
|
| Net Operating Income |
$151,501
|
$28.38
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $209,364 |
| Annual Per SF | $39.22 |
| Other Income | |
|---|---|
| Annual | $11,100 |
| Annual Per SF | $2.08 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $220,464 |
| Annual Per SF | $41.30 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $68,963 |
| Annual Per SF | $12.92 |
| Net Operating Income | |
|---|---|
| Annual | $151,501 |
| Annual Per SF | $28.38 |
Property Facts
| Price | $2,400,000 | Building Class | C |
| Price Per Unit | $240,000 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 5,338 SF |
| Cap Rate | 6.10% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1986/2000 |
| Property Subtype | Apartment | Parking Ratio | 0.8/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | MR15B, San Diego | ||
| Price | $2,400,000 |
| Price Per Unit | $240,000 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,338 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1986/2000 |
| Parking Ratio | 0.8/1,000 SF |
| Zoning | MR15B, San Diego |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $1,647 | 500 |
| 2+1 | 3 | $1,997 | 651 |
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Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 471-631-26 | Improvements Assessment | $1,027,855 |
| Land Assessment | $661,904 | Total Assessment | $1,689,759 |
Property Taxes
Parcel Number
471-631-26
Land Assessment
$661,904
Improvements Assessment
$1,027,855
Total Assessment
$1,689,759
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3770 42nd St