3525 Indiana St San Diego, CA 92103
- Apartment buildings
- 22,032 SF
- 0.54 lot acres
Current Use by Public Records
- The Indiana Apartments / Apartment Complex
- WRIGHT Management Inc. / Business Management Consultant
Property Details for 3525 Indiana St
- Year built
- 2019
- Lot size
- 0.54 lot acres
- Property size
- 22,032 SF
- Property type
- Apartment buildings
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- San Diego
- County
- San Diego
- State
- California
- Longitude
- -117.146
- Latitude
- 32.743
