We are pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, double-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. 21-33 S. 35th Street was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the… Read More buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bayall within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. 21-33 S. 35th Street offers strong in-place financial metrics at $206,940 gross scheduled annual income, with the immediately available rent increases yielding a 5.38% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate. Read Less
Courtesy of Commercial Asset Advisors, Maxwell Brown, [email protected].
Listing Snapshot
Days Online
135
Last Updated
Property Type
Res Income 2-4 Units
Beds
4
MLS Number
PTP2502876
Additional Details
Building
Built in 0, Building area total: 0, 5 number of buildings, 2 stories total, Living area: 0, Living area units: Sqft, Building area units: Sqft, 10 total units
Expenses
Operating expense: $66,107
Income
Gross scheduled income: $206,940
Lot
Size area: 0.3334, Size units: Acres
Pool
"N/K"
Property
Property subtype: Res Income 2-4 Units, Property type: Residential Income
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