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Palm Villa II 4585 Felton St 7 Unit Apartment Building $2,375,000 ($339,286/Unit) 5.33% Cap Rate San Diego, CA 92116
Investment Highlights
- (5) 2BR/2BA Units (71%) + (2) 1BR/1BA Units
- 8 Parking Spaces (1.14 Parking Ratio)
- Compliant SB721 Elevated Elements Inspection Report as of 2024
- Well maintained building
- 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 features a rare, high-demand unit mix consisting of (5) 2BR/2BA units and (2) 1BR/1BA units. This 71% ratio of two-bedroom floor plans provides significant rent upside and attracts stable, long-term tenants who prioritize the flexibility of a second bedroom for home offices or roommates. Boasting a Walk Score of 93, the property is perfectly positioned in Normal Heights, just one block from the vibrant dining and nightlife of Adams Avenue.
This asset includes (8) dedicated parking spaces and on-site laundry, essential amenities that drive high tenant retention. Thoughtfully maintained and ready to command top-tier rents without significant capital expenditure, the property offers an immediate, reliable income stream while current rents sit just below market so investors can realize clear organic growth through annual allowable increases. This is a durable, premium acquisition designed for long-term portfolio growth in one of San Diego’s most resilient submarkets.
This asset includes (8) dedicated parking spaces and on-site laundry, essential amenities that drive high tenant retention. Thoughtfully maintained and ready to command top-tier rents without significant capital expenditure, the property offers an immediate, reliable income stream while current rents sit just below market so investors can realize clear organic growth through annual allowable increases. This is a durable, premium acquisition designed for long-term portfolio growth in one of San Diego’s most resilient submarkets.
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 | $2,375,000 | Apartment Style | Low-Rise |
| Price Per Unit | $339,286 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.33% | Building Size | 5,550 SF |
| Gross Rent Multiplier | 12.31 | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.44/1,000 SF |
| Zoning | MR15B, San Diego | ||
| Price | $2,375,000 |
| Price Per Unit | $339,286 |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| Gross Rent Multiplier | 12.31 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,550 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2022 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | MR15B, San Diego |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 5 | $7,135 | 950 |
| 1+1 | 2 | $2,040 | 600 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
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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