3829 Eagle St San Diego, CA 92103

Property Details for 3829 Eagle St

Year built

1920

Property size

3,224 SF

Property type

Commercial real estate

APN

451-101-08-00

Description

This exceptional value-add opportunity presents a 5-unit apartment building ideally situated on the border of San Diego's desirable Hillcrest and Mission Hills neighborhoods. The property, located at 3829 Eagle Street, boasts a total of 3,224 square feet on a 6,676 square foot lot. The building, constructed in 1920, features three stories and comprises one 1-bedroom + den/1-bathroom unit, two 1-bedroom/1-bathroom units, one studio unit, and one non-conforming 2-bedroom/1-bathroom unit. Adding to its appeal are three off-street parking spaces, on-site laundry facilities, and private patios for select units. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $74,013, representing a 4.11% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $104,335 and a 5.80% cap rate, showcasing the substantial upside potential for a savvy investor. The asking price is $1,799,000, translating to $359,800 per unit. This fee-simple ownership opportunity is a rare find in this highly sought-after location. The property's strong fundamentals, combined with its prime location and value-add potential, make it an attractive investment for those seeking substantial returns. Please note that the property is currently shown with an accepted offer and tenants should not be disturbed. The Assessor's Parcel Number (APN) is 451-101-08-00.