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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
- Strong in place rents
- Great unit mix of most 2 Bedroom Units
- All units professionally turned over to capture maximum rental income
- Visual curb appeal for marketability
- 8 Parking Spots
- Front and rear concrete parking lots were replaced
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.
Property Facts In Escrow
| 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 | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.44/1,000 SF |
| Zoning | MR15B, San Diego - Multi-Residential | ||
| 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 | 1966 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | MR15B, San Diego - Multi-Residential |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 650 |
| 2+2 | 5 | - | 850 |
Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 447-522-04 | Improvements Assessment | $314,549 |
| Land Assessment | $159,665 | Total Assessment | $474,214 |
Property Taxes
Parcel Number
447-522-04
Land Assessment
$159,665
Improvements Assessment
$314,549
Total Assessment
$474,214
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Palm Villa II | 4585 Felton St
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