4357-63 39Th StSan Diego, CA 92105

Property Details for 4357-63 39Th St

Year built

1926

Property size (Sq ft)

5,080 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 9-unit apartment building in San Diego's Normal Heights presents a compelling value-add opportunity. The property, comprised of six single-story structures totaling 5,080 square feet, sits on a 14,418 square foot lot and boasts 100% occupancy. Built in 1926, the property features nine 1-bedroom, 1-bathroom units and nine parking spaces. The current NOI is $89,287, yielding a 5.19% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $196,163, resulting in an attractive 11.40% pro-forma cap rate. This substantial upside potential stems from the property's value-add classification and the opportunity for increased rental income. The asking price is $1,720,000, translating to $191,111 per unit. The property's location in San Diego, CA, zip code 92105, offers strong rental demand and potential for future appreciation. Four of the nine garages are located at a separate address: 4358 40th Street. This property is an excellent investment for those seeking strong returns and significant upside potential in a desirable San Diego neighborhood.

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.7565

Longitude

-117.11

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