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4583-4585 36th St 8 Unit Apartment Building $2,700,000 ($337,500/Unit) 3.79% Cap Rate San Diego, CA 92116
INVESTMENT HIGHLIGHTS
- 10 Parking Spaces for 8 Units
- 5 of 8 Units Fully Remodeled
- RUBs in Place and Potential to increase RUBS percentage and add other utilities
- Each Unit is Outfitted with Washer/Dryer and Dishwasher
- Stainless Steel Appliances
EXECUTIVE SUMMARY
Exceptional 8-unit investment opportunity in one of San Diego’s most desirable and walkable neighborhoods — Normal Heights. The property features an ideal unit mix of (5) two-bed/two-bath and (3) one-bed/one-bath apartments, along with 10 off-street parking spaces, a highly sought-after amenity in this dense urban location.
Each apartment includes in-unit laundry, and five of the eight units have been fully remodeled within the past four years, showcasing modern finishes, upgraded kitchens, and stainless steel appliances. The remaining units are in good condition and provide straightforward value-add potential through light renovations.
The property is currently stabilized with strong in-place rents and additional upside through RUBS optimization and market-rate rent adjustments. A Ratio Utility Billing System is already in place, recovering approximately 50% of water expenses. Future ownership can increase RUBS participation and include trash and common-area SDG&E for additional pass-through income.
With immediate cash flow, value-add upside, and durable long-term demand, this property represents a rare opportunity to acquire a turnkey asset with income growth potential in one of San Diego’s strongest rental markets.
Each apartment includes in-unit laundry, and five of the eight units have been fully remodeled within the past four years, showcasing modern finishes, upgraded kitchens, and stainless steel appliances. The remaining units are in good condition and provide straightforward value-add potential through light renovations.
The property is currently stabilized with strong in-place rents and additional upside through RUBS optimization and market-rate rent adjustments. A Ratio Utility Billing System is already in place, recovering approximately 50% of water expenses. Future ownership can increase RUBS participation and include trash and common-area SDG&E for additional pass-through income.
With immediate cash flow, value-add upside, and durable long-term demand, this property represents a rare opportunity to acquire a turnkey asset with income growth potential in one of San Diego’s strongest rental markets.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$201,180
|
$34.58
|
| Other Income |
$3,000
|
$0.52
|
| Vacancy Loss |
$8,047
|
$1.38
|
| Effective Gross Income |
$196,133
|
$33.72
|
| Taxes |
$23,759
|
$4.08
|
| Operating Expenses |
$69,803
|
$12.00
|
| Total Expenses |
$93,562
|
$16.08
|
| Net Operating Income |
$102,571
|
$17.63
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $201,180 |
| Annual Per SF | $34.58 |
| Other Income | |
|---|---|
| Annual | $3,000 |
| Annual Per SF | $0.52 |
| Vacancy Loss | |
|---|---|
| Annual | $8,047 |
| Annual Per SF | $1.38 |
| Effective Gross Income | |
|---|---|
| Annual | $196,133 |
| Annual Per SF | $33.72 |
| Taxes | |
|---|---|
| Annual | $23,759 |
| Annual Per SF | $4.08 |
| Operating Expenses | |
|---|---|
| Annual | $69,803 |
| Annual Per SF | $12.00 |
| Total Expenses | |
|---|---|
| Annual | $93,562 |
| Annual Per SF | $16.08 |
| Net Operating Income | |
|---|---|
| Annual | $102,571 |
| Annual Per SF | $17.63 |
PROPERTY FACTS
| Price | $2,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $337,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 3.79% | Building Size | 5,817 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 95% |
| Gross Rent Multiplier | 13.42 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1987 |
| Property Type | Multifamily | Parking Ratio | 0.88/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | MR15B, San Diego | ||
| Price | $2,700,000 |
| Price Per Unit | $337,500 |
| Sale Type | Investment |
| Cap Rate | 3.79% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.42 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,817 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1987 |
| Parking Ratio | 0.88/1,000 SF |
| Zoning | MR15B, San Diego |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Stainless Steel Appliances
- Tub/Shower
- Vinyl Flooring
- Quartz Countertops
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,913 | - |
| 2+2 | 5 | $2,038 | - |
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 447-042-04 | Total Assessment | $1,968,558 (2025) |
| Land Assessment | $1,203,008 (2025) | Annual Taxes | $23,759 ($4.08/SF) |
| Improvements Assessment | $765,550 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
447-042-04
Land Assessment
$1,203,008 (2025)
Improvements Assessment
$765,550 (2025)
Total Assessment
$1,968,558 (2025)
Annual Taxes
$23,759 ($4.08/SF)
Tax Year
2024
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ENG & Willin Properties
4583-4585 36th St
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