For Sale
$2,100,000

3681 Fairmount Ave San Diego, CA 92105

10-unit value-add opportunity. High upside potential.

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
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.

Highlights

  • $2,100,000 asking price for a value-add opportunity.
  • 10-unit apartment building in San Diego, CA.
  • 5,248 square feet on a 5,985 square foot lot.
  • 100% occupancy with a current NOI of $83,871 and a pro-forma NOI of $156,447.
  • $210,000 per unit price, with a current cap rate of 3.99% and a pro-forma cap rate of 7.45%.

Property Details for 3681 Fairmount Ave

Property type
Apartment buildings
Square Feet
5,248 SF
Class
C
Year Built
1985
Buildings
1
Stories
2
Units
10

Location Insight

City
San Diego
County
San Diego
State
California
Latitude
32.7455895
Longitude
-117.1006679

FAQs

What type of property is this?
Apartment building - 10-unit value-add opportunity. High upside potential.
Where is the apartment building located?
The property is located at 3681 Fairmount Ave San Diego, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: $2,100,000 asking price for a value-add opportunity.; 10-unit apartment building in San Diego, CA.; 5,248 square feet on a 5,985 square foot lot.
How can I contact the broker?
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3681 Fairmount Ave
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