635-641 C St San Diego, CA 92101

Property Details for 635-641 C St

Property size

50,000 SF

Property type

Apartment buildings

Description

This exceptional 4-story, 39-unit apartment building presents a compelling value-add investment opportunity in the heart of San Diego's vibrant downtown core. Located at 635-641 C Street, this Class B property boasts 50,000 square feet of total space, with 41,655 square feet of net rentable area. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $784,500, representing a 5.60% capitalization rate. However, significant upside potential exists due to below-market leases, promising a pro-forma NOI of $1,150,000 and an 8.24% pro-forma cap rate. The asking price is $13,950,000, translating to $279 per square foot and $357,692.31 per unit. The property benefits from its prime location on the San Diego Trolley line, a mixed-use zoning designation, and proximity to major employment centers, including the new UCSD Downtown Campus and Campus at Horton. The building also includes 45 underground parking spaces. This strategic location offers exceptional access to the Gaslamp Quarter, City College, and various city offices. This is a rare chance to acquire a well-positioned multifamily asset with substantial potential for increased profitability. The property's strong fundamentals and significant repositioning potential make it an attractive investment for discerning buyers.