Marcus & Millichap is pleased to present a VALUE ADD 15 unit property resting on the border of two of San Diego’s most lucrative rental markets, University Heights and North Park. This rare opportunity has not traded hands in nearly 50 years. Constructed in 1960, this property rests on an approximate 7,010 SF lot.
This property is comprised of 14 studio/one-bathroom units and 1 one-bedroom/one-bathroom unit. Tenants currently enjoy gated access to the property, on site laundry and off-street parking. There is a tremendous amount of value to add to this property by increasing rents through a full renovation to the property and use
of the underutilized courtyard and rooftop deck. Expenses can be dramatically reduced through the implementation of RUBS system (ratio utility billing) to pass through utilities to the tenants and installing low maintenance Xeriscape landscaping in the very large courtyard. Located 4 doors down from the city bus stop, this property provides excellent access to public transportation.
This sale lends investors the extremely rare opportunity to acquire a value add, majority studio complex in one of San Diego’s most desired neighborhoods. With the current demographic shift, studios and one bedrooms are now in the highest demand unit types across San Diego County. Studio have become the go to property type for working class renters, looking for an affordable and modern style of housing. Rapidly increasing rents in San Diego will continue the trend of historically low vacancies at this property. Located on the border of University Heights and North Park with direct access to Mission Valley, this property is centrally located with the investors longevity in mind.
Call listing agent for more details.
