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The North Park Apartments 4240 Felton St 27 Unit Apartment Building $8,249,000 ($305,519/Unit) 5.06% Cap Rate San Diego, CA 92104
Investment Highlights
- Seller Financing Available | 5% Interest Only up to 10 Years!
- Premier North Park Location
- Significant Rental Upside
- 27-Unit Value-Add Investment Opportunity
- Desirable Unit Mix: (15) 1BD/1BA, (9) 2BD/1BA & (3) 2BD/2BA
Executive Summary
Seller Financing is available at 5% Interest Only for up to 10 Years!
This 27-unit value add opportunity is ideally located in the highly desirable North Park neighborhood of San Diego, within walking distance to restaurants, breweries and retail, and just minutes from Balboa Park and Downtown San Diego. Situated on a spacious 21,780 square foot lot, the property features 18,993 square feet of rentable building area with an excellent unit mix of (15) 1 bedroom / 1 bath, (9) 2 bedroom / 1 bath and (3) 2 bedroom / 2 bath units. The property offers significant rental upside, a resort style landscaped courtyard, controlled access and 30 parking spaces, including 10 garages and 20 open spaces. With its premier location, rental upside and attractive seller financing, this property offers an excellent value add investment and long-term wealth preservation opportunity.
This 27-unit value add opportunity is ideally located in the highly desirable North Park neighborhood of San Diego, within walking distance to restaurants, breweries and retail, and just minutes from Balboa Park and Downtown San Diego. Situated on a spacious 21,780 square foot lot, the property features 18,993 square feet of rentable building area with an excellent unit mix of (15) 1 bedroom / 1 bath, (9) 2 bedroom / 1 bath and (3) 2 bedroom / 2 bath units. The property offers significant rental upside, a resort style landscaped courtyard, controlled access and 30 parking spaces, including 10 garages and 20 open spaces. With its premier location, rental upside and attractive seller financing, this property offers an excellent value add investment and long-term wealth preservation opportunity.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2026) 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 - 2026) 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 | $8,249,000 | Building Class | C |
| Price Per Unit | $305,519 | Lot Size | 0.50 AC |
| Sale Type | Investment | Building Size | 18,993 SF |
| Cap Rate | 5.06% | Average Occupancy | 93% |
| Gross Rent Multiplier | 11.63 | No. Stories | 2 |
| No. Units | 27 | Year Built | 1968 |
| Property Type | Multifamily | Parking Ratio | 0.37/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MR 10B | ||
| Price | $8,249,000 |
| Price Per Unit | $305,519 |
| Sale Type | Investment |
| Cap Rate | 5.06% |
| Gross Rent Multiplier | 11.63 |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 18,993 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 0.37/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MR 10B |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Microwave
- Heating
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Double Pane Windows
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Gated
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | - | 625 |
| 2+1 | 9 | - | 770 |
| 2+2 | 3 | - | 890 |
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Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 447-561-30 | Total Assessment | $9,110,593 |
| Land Assessment | $5,454,750 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,655,843 | Tax Year | 2026 |
Property Taxes
Parcel Number
447-561-30
Land Assessment
$5,454,750
Improvements Assessment
$3,655,843
Total Assessment
$9,110,593
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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