3525 Indiana St San Diego, CA 92103

This exceptional 23-unit apartment building, constructed in 2019, presents a compelling investment opportunity in San Diego's desirable North Park neighborhood. Boasting 22,032 square feet on a 0.54-acre lot, the property features high-quality construction and finishes. The building offers 21 garage spaces (including 5 EV charging stations) and 7 carport spaces. Currently enjoying high occupancy with low turnover, rents are approximately $100 below market, presenting significant upside potential. A RUBS program, along with charging for gated parking and storage, offers further income enhancement. All units are metered for electric and water. The property benefits from newly installed solar panels, eliminating electric bills, and a portion (2 units) is approved for The Mills Act, resulting in property tax savings. The building is exempt from AB 1482 rent control measures. An extremely attractive assumable HUD loan is available, fixed at 2.5% until 2056. The property's walk score of 83 reflects its convenient location in a highly sought-after area, attracting young professionals. The asking price is $19,500,000, with a Net Operating Income (NOI) of $446,194 and a cap rate of 2.29%. The price per unit is $847,826, and the price per square foot is $1,057.20. This is a rare opportunity to acquire a well-maintained, high-performing asset in a prime San Diego location.