331 1St StNational City, CA 91950

Property Details for 331 1St St

Year built

2000

Lot size

0.35 AC

Property size (Sq ft)

9,400 SF

Property type

Apartment buildings

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in the thriving National City, California market. Located at 331 E 1st St, 91950, this property boasts a total of 9,400 square feet on a 0.35-acre lot (APN: 556-010-50-00). Built between 2000 and 2023, the building comprises ten two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units, each offering individual garages and outdoor spaces. The asking price is $3,300,000, translating to $275,000 per unit and $351.06 per square foot. The current cap rate stands at 2.65%, while the pro-forma cap rate projects to 6.82%, yielding a pro-forma NOI of $225,085. National City's strategic location offers convenient access to major transportation hubs, Downtown San Diego, the Port of San Diego, and key employment centers, ensuring strong tenant demand. The property's classic charm provides a blank canvas for value-add improvements, capitalizing on the growing need for upgraded rentals in this dynamic community. Its diverse unit mix and potential for higher rents through future upgrades position this asset for both stable income generation and significant long-term capital appreciation. This is an ideal opportunity for investors seeking to capitalize on the San Diego real estate market's continued growth, particularly within emerging areas like National City. The property's prime location, combined with its inherent potential for enhancement, makes it a truly attractive investment prospect.

Location Insight

City

National City

County

San Diego

State

California

Latitude

32.6829

Longitude

-117.106

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