3864 35Th St San Diego, CA 92104
Motivated seller, renovated units, below market rents, high cap rate.
Lot size:
0.16 AcresProperty Features for 3864 35Th St
General Information
- Lot size
- 0.16 Acres
Source:
Elliman
Listing Agent: Erik Anderson
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
San Diego Multifamily Investment Opportunity
This multifamily property, built in 1986, presents a significant investment opportunity. The seller is motivated to close by year-end and encourages all offers. The property currently operates at a 5.56% capitalization rate, with rents having recently increased. Compared to other properties in the submarket, this newer vintage building requires less capital expenditure. Eleven out of eighteen units have already been renovated, offering the potential to further increase rents. Current rents are approximately 12.3% below market rates. The property has the potential to achieve a 7.03% capitalization rate with mark-to-market adjustments. There is no new construction in the immediate submarket. The average per-unit sale price in the 92104 zip code over the past 12 months is $411,000, while the asking price is $277,500 per unit, representing an approximate 30% discount compared to recent sales.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- San Diego
- County
- San Diego
- State
- California
- Longitude
- -117.118417
- Latitude
- 32.7491812
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Motivated seller, renovated units, below market rents, high cap rate.
Where is this apartment building located?
The property is located at 3864 35Th St San Diego, CA.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: - Significant Discount: Asking price is approximately 30% lower than comparable sales.; - High Cap Rate: Current cap rate of 5.56% with potential to reach 7.03% by marking rents to market value.; - Opportunity to increase rents by approximately 12.3% across all units, due to below market rents.