3505-11 L St San Diego, CA 92102

This 6-unit apartment building in San Diego's Mt. Hope neighborhood presents a compelling value-add opportunity. Built in 1925, the property boasts 7,906 square feet on a 0.18-acre corner lot, with 3,582 square feet of net rentable space. The unit mix includes one three-bedroom/two-bathroom unit, one three-bedroom/one-bathroom unit, one two-bedroom/one-bathroom cottage, one one-bedroom/one-bathroom unit, and two studio ADU conversions. Approved permits are in place to convert the existing garage into an additional studio unit, further enhancing the property's income potential. The building features fenced yards and communal space. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $62,636, with a pro-forma NOI of $77,938. The asking price is $1,150,000, representing a current cap rate of 5.45% and a pro-forma cap rate of 6.78%. The main building has a new roof with a 10-year warranty. Its location, a few miles from Balboa Park and Downtown San Diego, makes it ideally situated to capitalize on the strong demand for workforce housing. This property offers significant upside potential for investors seeking a value-add opportunity in a desirable San Diego location. The price per unit is $191,666.67 and the price per square foot is $145.46.