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3968 Alabama Street 3968 Alabama St 8 Unit Apartment Building $3,300,000 ($412,500/Unit) 4.49% Cap Rate San Diego, CA 92104
INVESTMENT HIGHLIGHTS
- In-unit laundry
- Fully renovated interior and exterior
- two-zone AC
- On-site parking
- 92 Walkscore
- Private patios and balconies
EXECUTIVE SUMMARY
This is a unique opportunity to own eight extensively renovated 500sf 1 Bed 1 Bath units in the premier North Park neighborhood of San Diego CA. Units are fully appointed with in-unit washer dryer, 2 zone mini-split ac units, vinyl plank floors, recessed lighting, ceiling fans, modern kitchen and bathroom finishes. Tenants enjoy Private balcony/patio space and dedicated onsite parking for each unit. The site is gated with a code lock. The building is all electric and has upgraded electrical subpanels. The building was constructed in 1977 and Renovated in 2020. Lot size is 6,974. Improved Space: 3,906 per title.
Site offers desirable high density RM-3-9 Zoning (allows 1 dwelling per 600sf)which could open construction opportunity in the rear lot space. Up to 100% density bonus is allowed with deed-restricted units. Site is within Complete Communities FAR Tier 3 (6.5 FAR) and within Mobility Zone 2. These favorable zoning designations allow for increased density, waivers for development impact fees, and reduced parking requirements. This is an opportunity to entitle functional space while maintaining units for cash-flow.
Site offers desirable high density RM-3-9 Zoning (allows 1 dwelling per 600sf)which could open construction opportunity in the rear lot space. Up to 100% density bonus is allowed with deed-restricted units. Site is within Complete Communities FAR Tier 3 (6.5 FAR) and within Mobility Zone 2. These favorable zoning designations allow for increased density, waivers for development impact fees, and reduced parking requirements. This is an opportunity to entitle functional space while maintaining units for cash-flow.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $3,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $412,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.49% | Building Size | 4,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.67 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1978/2020 |
| Property Type | Multifamily | Parking Ratio | 1.25/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-3-9 - 1 dwelling per 600 sf. Complete communities Tier 3 (6.5 FAR), Mobility Zone 2. | ||
| Price | $3,300,000 |
| Price Per Unit | $412,500 |
| Sale Type | Investment |
| Cap Rate | 4.49% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 14.67 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1978/2020 |
| Parking Ratio | 1.25/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-3-9 - 1 dwelling per 600 sf. Complete communities Tier 3 (6.5 FAR), Mobility Zone 2. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Patio
SITE AMENITIES
- Courtyard
- Gated
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $2,325 | 510 |
Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 445-672-24 | Total Assessment | $3,274,355 |
| Land Assessment | $2,273,106 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,001,249 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
445-672-24
Land Assessment
$2,273,106
Improvements Assessment
$1,001,249
Total Assessment
$3,274,355
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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3968 Alabama Street | 3968 Alabama St
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