711 61st St San Diego, CA 92114-2435

Property Details for 711 61st St

Year built

2020

Lot size

0.35 lot acres

Property size

5,782 SF

Zone code

R-1:SINGLE FAM-RES

Property type

Apartment buildings

APN

549-052-03-00

APU

5490520300

Description

This exceptional 11-unit apartment building presents a compelling value-add opportunity in San Diego's Encanto neighborhood. Situated on a substantial 15,799 square foot lot, the property encompasses 5,782 square feet of building space, distributed across three structures. The unit mix includes one two-bedroom/one-bathroom unit, five one-bedroom/one-bathroom units, and five studio units; one additional unit's permit status is undetermined. Two studios were previously converted to one-bedroom units, suggesting further potential for unit upgrades and rent increases. The property boasts 13 parking spaces and on-site laundry facilities. Currently operating at 100% occupancy, the property generates a strong NOI of $122,803, with a pro-forma NOI projected at $144,246, reflecting a pro-forma cap rate of 7.4%. The asking price is $1,950,000, representing a price per square foot of $337.25 and a price per unit of $177,272.73. Built in 1920/54, the two-story building is located in a predominantly residential area undergoing revitalization, presenting significant upside potential through renovations, rent increases, and the possibility of developing an accessory dwelling unit (ADU). The property's location within the Encanto neighborhood, bordered by Broadway Heights, Martin Luther King Jr. Freeway (SR 94), Alta Vista, Emerald Hills, Valencia Park, Skyline, Jamacha, and Lemon Grove, offers convenient access to major thoroughfares and ongoing community improvements.