234-42 Francis St San Diego, CA 92113

Property Details for 234-42 Francis St

Year built

1970

Property size

10,129 SF

Property type

Apartment buildings

Description

This exceptional 29-unit apartment building, located at 234 South Francis Street in San Diego's Logan Heights neighborhood, presents a compelling value-add opportunity. The property comprises 10,129 square feet across four three-story buildings, situated on a 0.7-acre lot. Currently, 25 of the 29 units are vacant, offering significant potential for renovation and increased rental income. The unit mix includes sixteen studios and thirteen one-bedroom/one-bathroom units. Recent improvements include sewer and gas plumbing replacement, new paint, water heaters, tile flooring, windows, bathrooms, and lighting in select units. The property's location offers convenient access to Interstates 15, 805, 5, and 94, providing easy commutes to downtown San Diego, a Tier 1 employment center, and Naval Base San Diego. The property is also within an Opportunity Zone and benefits from a recently adopted Community Master Plan aimed at boosting the Greater Southeast San Diego neighborhoods. The significant vacancy rate, combined with the potential to add additional units or ADUs on the undeveloped land or by converting existing ancillary rooms, presents a unique opportunity to capitalize on San Diego's robust rental market and the recent increase in basic housing allowances for active-duty military personnel. The asking price is $5,600,000, representing a price per unit of $193,103 and a price per square foot of $552.87. The property boasts a pro-forma cap rate of 6.94% and a pro-forma NOI of $388,428. Built in 1970, this asset offers investors a chance to significantly enhance returns through strategic renovations and expansion. The APN is 5455722000.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.12

Latitude

32.7036