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734-740 S 46th St 5 Unit Apartment Building $1,550,000 ($310,000/Unit) 6.72% Cap Rate San Diego, CA 92113
Investment Highlights
- Strong Unit Mix
- Fully Renovated Units
- ADU Potential
- Off-Street Parking
Executive Summary
This fully renovated multi-family asset offers a great investment opportunity, featuring a strong unit mix of one 3-bedroom/2-bathroom, two 2-bedroom/1-bathroom, and two 1-bedroom/1-bathroom units. Each unit has been upgraded with new flooring and appliances, offering tenants a modern living space. With 3,310 rentable square feet on a 6,116-square-foot lot, the property includes 3 garages, 5 parking spaces, and a newer roof. Featuring ADU potential for two 1-bedroom units or four studios and is pre-plumbed common laundry room, this turnkey property is perfectly positioned for an investor seeking immediate, consistent cash flow.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$148,788
|
$44.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,464
|
$1.35
|
| Effective Gross Income |
$144,324
|
$43.60
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$40,170
|
$12.14
|
| Net Operating Income |
$104,154
|
$31.47
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $148,788 |
| Annual Per SF | $44.95 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,464 |
| Annual Per SF | $1.35 |
| Effective Gross Income | |
|---|---|
| Annual | $144,324 |
| Annual Per SF | $43.60 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $40,170 |
| Annual Per SF | $12.14 |
| Net Operating Income | |
|---|---|
| Annual | $104,154 |
| Annual Per SF | $31.47 |
Property Facts
| Price | $1,550,000 | Apartment Style | Garden |
| Price Per Unit | $310,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 6.72% | Building Size | 3,310 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.4 | No. Stories | 2 |
| No. Units | 5 | Year Built/Renovated | 1955/2025 |
| Property Type | Multifamily | Parking Ratio | 1.51/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,550,000 |
| Price Per Unit | $310,000 |
| Sale Type | Investment |
| Cap Rate | 6.72% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 10.4 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,310 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1955/2025 |
| Parking Ratio | 1.51/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Ceiling Fans
- Kitchen
- Double Pane Windows
Site Amenities
- Courtyard
- Fenced Lot
- Laundry Facilities
- Gas Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,822 | 550 |
| 2+1 | 2 | $2,325 | 705 - 710 |
| 3+2 | 1 | $3,049 | 800 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 551-122-21 | Improvements Assessment | $438,384 (2025) |
| Land Assessment | $649,458 (2025) | Total Assessment | $1,087,842 (2025) |
Property Taxes
Parcel Number
551-122-21
Land Assessment
$649,458 (2025)
Improvements Assessment
$438,384 (2025)
Total Assessment
$1,087,842 (2025)
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734-740 S 46th St
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