3079 Martin Ave San Diego, CA 92113

Property Details for 3079 Martin Ave

Year built

2024

Lot size

0.16 lot acres

Property size

6,850 SF

Property type

Commercial real estate

APN

545-651-37-00 & 545-651-38-00

Description

This exceptional 8-unit apartment building, constructed in 2024, presents a compelling investment opportunity in San Diego's rapidly gentrifying Logan Heights neighborhood. The property boasts 6,850 square feet of rentable space situated on a 0.16-acre lot, with a diverse unit mix including two three-bedroom/three-bathroom townhouses, two two-bedroom/two-bathroom units, and four one-bedroom/one-bathroom units. Each unit features modern amenities such as hardwood flooring, tall ceilings, stainless steel appliances, and split system AC/heat. Select units offer private patios and fenced yards. On-site parking is also available. The property benefits from a 100% occupancy rate, generating a current NOI of $169,490 and a pro-forma NOI of $176,314, resulting in a 5.30% cap rate and a pro-forma cap rate of 5.51%. All units are separately metered for electric and water/sewer, contributing to low operating expenses. The asking price is $3,200,000, or $400,000 per unit. This new construction is not subject to AB-1482 rent control for 15 years, offering significant long-term value and potential for rent growth and appreciation. The property's location, just two miles from downtown San Diego, provides convenient access to the city's amenities and cultural attractions. The building consists of four structures, each two stories high, and features in-unit laundry. The property's APN is 545-651-37-00 & 545-651-38-00. This is a rare opportunity to acquire a stabilized, high-performing multifamily asset in a thriving San Diego neighborhood.