3505-11 L StSan Diego, CA 92102

Property Details for 3505-11 L St

Year built

1925

Lot size

0.18 AC

Property size (Sq ft)

7,906 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

San Diego

County

San Diego

State

California

Latitude

32.708

Longitude

-117.119

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].