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Las Palmas 3864 35th St 18 Unit Apartment Building $4,995,000 ($277,500/Unit) 5.56% Cap Rate San Diego, CA 92104
INVESTMENT HIGHLIGHTS
- Walking distance to University Avenue restaurants and shopping (1 block)
- Easy access to 805 freeway (0.2 miles)
EXECUTIVE SUMMARY
- Price Reduced - Seller Motivated for Year End Close - Bring all Offers
- Rents just increased. 5.56% cap on in-place income.
- Newer vintage (1986) when compared to the majority of the submarket meaning far less capital expenditure needed vs. comparable properties
- 11/18 units renovated already with room to push rents
- Below market rents (~12.3%) across the board - 7.03% cap + mark-to-market
- No new construction in the immediate submarket
- Average per unit sale in past 12 months in 92104 zip code is $411,000/unit vs. asking price of $277,500 is a ~30% discount to comparable sales
- Rents just increased. 5.56% cap on in-place income.
- Newer vintage (1986) when compared to the majority of the submarket meaning far less capital expenditure needed vs. comparable properties
- 11/18 units renovated already with room to push rents
- Below market rents (~12.3%) across the board - 7.03% cap + mark-to-market
- No new construction in the immediate submarket
- Average per unit sale in past 12 months in 92104 zip code is $411,000/unit vs. asking price of $277,500 is a ~30% discount to comparable sales
PROPERTY FACTS Under Contract
| Price | $4,995,000 | Building Class | C |
| Price Per Unit | $277,500 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 10,410 SF |
| Cap Rate | 5.56% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 1.06/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | CUPT-CT-5-4 | ||
| Price | $4,995,000 |
| Price Per Unit | $277,500 |
| Sale Type | Investment |
| Cap Rate | 5.56% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 10,410 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1986 |
| Parking Ratio | 1.06/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | CUPT-CT-5-4 |
AMENITIES
UNIT AMENITIES
- Balcony
- Heating
- Kitchen
- Oven
- Range
- Grill
- Deck
- Double Pane Windows
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,565 | 310 |
| 1+1 | 6 | $1,768 | 400 |
| 2+1 | 11 | $2,160 | 700 |
1 1
Walk Score®
Walker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 447-452-27 | Improvements Assessment | $2,966,076 |
| Land Assessment | $3,210,154 | Total Assessment | $6,176,230 |
PROPERTY TAXES
Parcel Number
447-452-27
Land Assessment
$3,210,154
Improvements Assessment
$2,966,076
Total Assessment
$6,176,230
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Las Palmas | 3864 35th St
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