4033-39 37Th St San Diego, CA 92105
- Apartment buildings
- 3,300 SF
Current Use by Public Records
- Apartment buildings
Property Details for 4033-39 37Th St
- Year built
- 1925
- Property size
- 3,300 SF
- Property type
- Apartment buildings
Description
This exceptional 6-unit apartment complex, located at 4033-39 37th Street in San Diego, California, presents a compelling value-add investment opportunity. Built in 1925, the property comprises three buildings across a 6,895 square foot lot, offering a total of 3,300 rentable square feet. The property currently boasts 100% occupancy, generating a Net Operating Income (NOI) of $51,992, representing a 4.44% cap rate. However, a pro-forma analysis projects a significantly improved NOI of $114,591, resulting in a 9.79% cap rate, highlighting the substantial upside potential. The unit mix consists of five two-bedroom, one-bathroom units and one studio apartment, currently priced at $195,000 per unit for a total asking price of $1,170,000. The property is classified as a Class C multifamily building and is situated in San Diego County, zip code 92105. This property offers a rare chance to acquire a well-located, multi-structure apartment complex in a thriving San Diego neighborhood with significant potential for increased profitability through value-add strategies. The two-story buildings sit on a substantial lot, providing ample space for potential future development or improvements. This is an ideal investment for those seeking strong returns and the opportunity to enhance the property's value.
Value Estimation
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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
- -117.113
- Latitude
- 32.7504
