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Listed by Maxwell Brown • Commercial Asset Advisors
$ 2,350,000
Est. payment | /mo
4,629 SqFt
$ 2,350,000
Est. payment | /mo
4,629 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,629 sqft
Price per Sqft $507
MLS Listing ID CRPTP2507131
HOA Y/N No
Year Built 1960
Lot Size 0.333 Acres
Property Sub-Type Other
Source Datashare California Regional
Property Description
Price Reduced!!! 21-33 S. 35th St is a high-yield, mostly renovated, low-density, triple-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. The property possesses 3 water meters, suggesting a potential 3-way lot split as a possibility for additional value growth. The property was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. 21-33 S. 35th Street offers strong in-place financial metrics at $208k gross scheduled annual income, with the immediately available rent increases yielding a 5.60% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $240,000 for a potential 6.84% cap rate. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, C
Location
State CA
County San Diego
Interior
Fireplace No
Laundry Other
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Glen Riggs
REALTOR® | Lic# CA DRE 02161397