4342 Marlborough Ave San Diego, CA 92105-1134

Property Details for 4342 Marlborough Ave

Year built

1980

Lot size

0.14 lot acres

Property size

6,158 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Apartment buildings

APN

454-733-24-00

APU

4547332400

Description

This exceptional 9-unit apartment building presents a compelling investment opportunity in San Diego's desirable Kensington neighborhood. Built in 1980 and extensively renovated in 2016 and 2023, the property boasts a mix of studio, one-bedroom, and two-bedroom units, offering a diversified rental portfolio. The 6,158 square foot building sits on a 6,257 square foot lot and features nine parking spaces. Recent improvements include full interior and exterior renovations, landscaping upgrades, new water lines, a new roof, backflow installation, and the addition of air conditioning units. Two brand-new studio units with in-unit laundry and AC were completed in 2023. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $142,329, representing a 4.32% cap rate. A pro-forma NOI of $166,668 projects a 5.06% cap rate at full market rents. The asking price is $3,295,000, or $366,111 per unit. Approximately $1,150,000 in assumable debt is available at a below-market interest rate of 3.90%, fixed until October 1, 2025, offering significant Day 1 cash-on-cash returns. The property's location provides convenient access to major employment centers, entertainment venues, restaurants, and freeways. The permitted zoning is RM. This is a stabilized investment with strong potential for future appreciation. The property passed recent CA SB721 deck inspections.