Indiana Street Apartments 3525-3549 Indiana St 23 Unit Apartment Building $25,126,561 CAD ($1,092,459 CAD/Unit) 2.82% Cap Rate San Diego, CA 92103

The Indiana is a rare opportunity to have long term positive leverage for class A product and Class A location. Offered in conjunction with this asset is an Assumable HUD Loan fixed at 2.5% through 2057! Built to keep, The Indiana is a 23 Unit complex located in San Diego's Hillcrest neighborhood. The property features a unit mix of oversized 1- & 2-bedrooms in the form of cottages and townhomes.
The interior amenities include but are not limited to: wood flooring, cabinetry, counters, fixtures and appliances as well as in-unit Washer/Dryers. Many of the units have sizable balconies. The ultra high end construction and interior finishes will ensure low maintenance/management for the long term. Hillcrest is one of the strongest rental markets in San Diego County with very little vacancy and continued rental growth projected.
The current loan can be assumed with a balance of $7,900,000 and fixed until January 2057. P&I Payment is $30,471/month. The original existing 2 cottages have been completely remodeled and are currently benefiting from some property tax savings as they qualify for The Mills Act. The property was built to condo specs for future conversion. It includes 9’ ceilings, 8’ entry and patio doors, air gap between units, and sound-deafening subfloors. There is PV solar array for added power, low water usage landscaping, water is sub-metered and 28 private parking spaces are offered to tenants (21 of which are in a secure garage). The property sits 6 minutes to downtown, 10 minutes to SD International Airport and a mere two blocks from many shops and restaurants.