21-33 S 35th St 10 Unit Apartment Building $3,150,333 CAD ($315,033 CAD/Unit) 6.07% Cap Rate San Diego, CA 92113

Price reduced by $200,000 to facilitate a quick sale!
Commercial Asset Advisors is pleased to present the opportunity to acquire a high yield, mostly renovated, low-density, triple lot, multifamily asset with a detached 3 Bed /2 Bath house in Central San Diego. The property possesses 3 water meters, suggesting a 3-way lot split could be feasible on the site.
21-33 S. 35th Street was originally constructed in 1960 with 9 of the 10 units renovated in 2021-2022 including the buildout of the two studio ADUs. A few units do possess deferred maintenance from 4-5 years of rental operations. One unit should receive a full interior renovation. 3 units will be delivered vacant at close of escrow to allow for immediate improvements and lease-up of full market rate tenants.
The asset consists of 5 buildings: a detached 3 Bed / 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) Studios, and a duplex of (2) 2022 completion Studio ADUs. All but two units have mid-sized private yards helping to drive longer term occupancy and higher rents. The property is well parked with 13 off-street parking spaces for the 10 units providing for over 1 parking space per bedroom.
21-33 S. 35th Street offers strong financial metrics with $209,748 GSI in-place upon lease-up of the 3 vacant units and $218,630 GSI with the immediately available rent increases on the existing units yielding a 6.07% cap rate. Additionally, the existing rents are under market allowing for further income potential with market gross income of $233,880 for a potential 6.70% cap rate.
The asset is centrally located in Logan Heights providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, Airport, & Bay all within a 10-minute drive. Select units possess views of Downtown San Diego Skyline and the Coronado Bridge.