5201 Naranja StSan Diego, CA 92114

This exceptional 10-unit apartment building, located at 5201 Naranja Street in San Diego, CA 92114, presents a compelling value-add investment opportunity. The property boasts 6,236 square feet of net rentable space across ten individual, cottage-style buildings, each offering a unique single-family home feel. Built in 1948, this well-maintained complex sits on a spacious 16,561 square foot lot and currently enjoys 100% occupancy. Seven assigned parking spaces are available on-site, supplemented by ample street parking. Residents benefit from a shared laundry facility. The property's current Net Operating Income (NOI) is $116,386, yielding a 5.97% cap rate. However, a pro-forma NOI of $148,128 projects a 7.60% cap rate, highlighting significant upside potential. Each unit is priced at $195,000, with the entire property listed at $1,950,000 ($312.70 per square foot). Its convenient location in San Diego offers easy access to major freeways, making it highly attractive to tenants. This property represents a rare chance to acquire a well-positioned, income-generating asset in a highly sought-after San Diego neighborhood. The individual cottage-style units provide a unique and desirable living experience, contributing to strong tenant demand and rental income stability.