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Palm Villa II 4585 Felton St 7 Unit Apartment Building $2,450,000 ($350,000/Unit) 5.27% Cap Rate San Diego, CA 92116
INVESTMENT HIGHLIGHTS
- Every Unit has been upgraded with new kitchens, bathrooms and flooring
- 8 Parking Spaces (1.14 Parking Ratio)
- Compliant SB721 Elevated Elements Inspection Report as of 2024
- (5) 2BR/2BA Units (71%) + (2) 1BR/1BA Units
- On-Site Laundry
- Quiet residential neighborhood with a Walk Score of 93 to all the shops and restaurants on Adams Ave
EXECUTIVE SUMMARY
Palm Villas is located in Normal Heights, one of San Diego’s highest- demand and most resilient submarkets, prized for its walkable access to the shops, restaurants, and nightlife along Adams Avenue, the cultural energy of North Park, and the charm and architectural character associated with neighboring Kensington. This central location consistently attracts long-term tenants who value lifestyle, convenience, and neighborhood identity, supporting strong rent durability and low vacancy. The property has been thoughtfully remodeled, allowing it to compete at the upper end of the rental market without relying on speculative upgrades. Current in-place rents are just below nearby comparable properties, offering buyers immediate confidence in the income stream, with future upside driven by organic market growth and allowable annual rent increases rather than aggressive repositioning. Featuring a rare 71% ratio of 2BR/2BA units, 8 parking spaces and on-site laundry, this property is a premium long-term hold for any portfolio.
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 | $2,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $350,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.27% | Building Size | 5,550 SF |
| Gross Rent Multiplier | 12.47 | Average Occupancy | 86% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Zoning | MR15B, San Diego | ||
| Price | $2,450,000 |
| Price Per Unit | $350,000 |
| Sale Type | Investment |
| Cap Rate | 5.27% |
| Gross Rent Multiplier | 12.47 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,550 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2022 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | MR15B, San Diego |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $3,060 | 600 |
| 2+2 | 5 | $7,185 | 950 |
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Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 447-522-04 | Total Assessment | $474,214 |
| Land Assessment | $159,665 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $314,549 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
447-522-04
Land Assessment
$159,665
Improvements Assessment
$314,549
Total Assessment
$474,214
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Palm Villa II | 4585 Felton St
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