3681 Fairmount AveSan Diego, CA 92105

This exceptional 10-unit apartment building in San Diego, CA presents a compelling value-add investment opportunity. Located at 3681 Fairmount Ave, 92105, this two-story, 5,248 square foot building sits on a 5,985 square foot lot and boasts 10 spacious one-bedroom, one-bathroom units. Built in 1985, the property features a gated entrance and common laundry facilities. The current occupancy is 100%, generating a Net Operating Income (NOI) of $83,871, with a current cap rate of 3.99%. However, a pro-forma NOI of $156,447 and a pro-forma cap rate of 7.45% indicate significant upside potential through rent increases. The property offers 15 parking spaces on-site, with additional parking available nearby in Fairmount Village. The strategic location is near City Heights Recreation Center, Library, Park, and a police station, as well as convenient access to shopping and retail at Fairmount Village, including Starbucks and Jamba Juice. The property is zoned CUPD-CU-3-6, within the Complete Communities Housing Solutions Tier 3 Zone Overlay with a 6.5 FAR Parking Standard Transit Priority Overlay, allowing for potential redevelopment. The asking price is $2,100,000 ($210,000 per unit) and is subject to court approval as part of an ongoing partition proceeding (Case No. 37-2023-00038391-CU-OR-CTL in San Diego County Superior Court). The sale is subject to overbid procedures and the court's final approval.