For Sale
$1,150,000

3505-11 L StSan Diego, CA 92102

Value-add multifamily investment opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This 6-unit apartment building in San Diego's Mt. Hope neighborhood presents a compelling value-add opportunity. Built in 1925, the property boasts 7,906 square feet on a 0.18-acre corner lot, with 3,582 square feet of net rentable space. The unit mix includes one three-bedroom/two-bathroom unit, one three-bedroom/one-bathroom unit, one two-bedroom/one-bathroom cottage, one one-bedroom/one-bathroom unit, and two studio ADU conversions. Approved permits are in place to convert the existing garage into an additional studio unit, further enhancing the property's income potential. The building features fenced yards and communal space. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $62,636, with a pro-forma NOI of $77,938. The asking price is $1,150,000, representing a current cap rate of 5.45% and a pro-forma cap rate of 6.78%. The main building has a new roof with a 10-year warranty. Its location, a few miles from Balboa Park and Downtown San Diego, makes it ideally situated to capitalize on the strong demand for workforce housing. This property offers significant upside potential for investors seeking a value-add opportunity in a desirable San Diego location. The price per unit is $191,666.67 and the price per square foot is $145.46.

Highlights

  • Value-add opportunity in San Diego's Mt. Hope neighborhood.
  • Approved permits for garage conversion to add a studio unit.
  • Large 0.18-acre corner lot with fenced yards.
  • Strong demand for workforce housing near Balboa Park and Downtown San Diego.
  • New roof with a 10-year warranty.

Property Details for 3505-11 L St

Property type
Apartment buildings
Square Feet
7,906 SF
Class
B
Year Built
1925
Lot Size (sq. ft)
7,841 SF
Units
6

Location Insight

City
San Diego
County
San Diego
State
California
Latitude
32.707963015857
Longitude
-117.11850663975
3505-11 L St, San Diego, California

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3505-11 L St
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