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Huge Upside + Multiple Value Add Strategies 1505-1525 S 40th St 5 Unit Apartment Building $2,240,700 CAD ($448,140 CAD/Unit) 5.01% Cap Rate San Diego, CA 92113
Investment Highlights
- Strong Unit Mix: (1) 5BD/3BA House (4) 2BD/1BA Units
- Large 17,668 SQFT Lot with Favorable Zoning: Complete Communities Tier 3: 6.5 FAR
- Potential Lot Split
- (12) Off Street Parking Spots + (1) Garage
- Huge Potential with Multiple Value Add Strategies
- Massive ADU Opportunity
Executive Summary
This 5-unit property offers strong in-place income and exceptional value-add potential, while boasting an attractive unit mix that includes a four-plex with four (4) 2BD/1BA units and a separate 5BD/3BA house with its own attached garage. Situated on an oversized lot, the site provides multiple value add opportunities for investors: (1) Add multiple ADUs within the expansive unused yard area, (2)pursue a lot split to separate the house from the 4-plex, and (3) explore full redevelopment with potential for 100+ units (buyer to verify).
It is positioned just 10 minutes from Downtown and 15 minutes from Coronado Island. The surrounding neighborhood continues to benefit from ongoing public and private investment such as South Crest Park & Recreation Center and Cesar Chaves Elementary School, strengthening demand for quality housing and supporting long-term appreciation. With diverse value-add strategies, this asset represents a compelling opportunity for investors seeking both near-term value and scalable future upside.
It is positioned just 10 minutes from Downtown and 15 minutes from Coronado Island. The surrounding neighborhood continues to benefit from ongoing public and private investment such as South Crest Park & Recreation Center and Cesar Chaves Elementary School, strengthening demand for quality housing and supporting long-term appreciation. With diverse value-add strategies, this asset represents a compelling opportunity for investors seeking both near-term value and scalable future upside.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,240,700 CAD | Building Class | C |
| Price Per Unit | $448,140 CAD | Lot Size | 0.41 AC |
| Sale Type | Investment | Building Size | 4,827 SF |
| Cap Rate | 5.01% | Average Occupancy | 96% |
| Gross Rent Multiplier | 12.66 | No. Stories | 1 |
| No. Units | 5 | Year Built | 1944 |
| Property Type | Multifamily | Parking Ratio | 2.49/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM 2-5 /CC Tier 3: 6.5FAR - Residential Multi-Family Zoning / Complete Communities Tier 3: 6.5 FAR | ||
| Price | $2,240,700 CAD |
| Price Per Unit | $448,140 CAD |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| Gross Rent Multiplier | 12.66 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 4,827 SF |
| Average Occupancy | 96% |
| No. Stories | 1 |
| Year Built | 1944 |
| Parking Ratio | 2.49/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM 2-5 /CC Tier 3: 6.5FAR - Residential Multi-Family Zoning / Complete Communities Tier 3: 6.5 FAR |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $2,296 CAD | 700 - 2,027 |
| 5+3 | 1 | $5,568 CAD | 2,027 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 551-320-17 | Total Assessment | $1,944,706 CAD |
| Land Assessment | $1,196,744 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $747,962 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
551-320-17
Land Assessment
$1,196,744 CAD
Improvements Assessment
$747,962 CAD
Total Assessment
$1,944,706 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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Huge Upside + Multiple Value Add Strategies | 1505-1525 S 40th St
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