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Mara Apartments 4341 Texas St 9 Unit Apartment Building $4,964,184 CAD ($551,576 CAD/Unit) 5.04% Cap Rate San Diego, CA 92104
Investment Highlights
- Desirable 1987 Construction & Infastructure Systems
- Full ABS Plumbing & Pitched Roof
- Rare & Desirable Unit Mix
- Excessive Parking Ratio at 10 Parking Spaces + 4 Garage Spaces
- Fully Renovated
- San Diego's Bevolved Northpark
Executive Summary
The highest return turnkey Northpark multifamily deal on the market AND it has excessive parking AND highly desirable 1987 construction!
4341 Texas Street, San Diego offers a fully renovated, 1987 construction, 9-unit multifamily asset with an excessive 14 off-street parking spaces, immediate cash flow and remaining rental upside. 100% of units have been renovated.
The property is ideally situated in the center of Northpark, one of San Diego’s strongest and fondest rental markets. The property consists of an ideal and diverse unit mix of (6) 1 Bed / 1 Bath and (3) 3 Bed / 2 Bath units. All 3-Bedroom units possess in-unit laundry and AC. Onsite laundry is provided for the 1-bedroom units.
Parking is highly demanded and necessary to drive strong rents and occupancy in the Northpark Submarket. 4341 Texas will outperform competing rentals by providing 10 parking spaces plus an additional 4 garage spaces yielding 14 total parking spaces for 9 units, which is just shy of 1 parking space per bedroom, an extremely rare commodity in the dense Northpark submarket.
The property features full ABS plumbing, individual unit water heaters for reduced SDGE usage,Challenger brand electrical panels with Romex wiring (400 amp/220V main service), and a pitched shingle roof. Ownership will benefit from the highly desirable infrastructure systems of a 1987 construction asset while maintaining the operational simplicity of a low-density asset, 2 story walk up building.
The asset currently generates $272,612,412 annual GSI and $181,414 NOI, yielding a 5.04% in-place cap rate. There is approximately 11% income upside remaining with select units, the implementation of a utility billback program, and separated billing one of the double car garages. The asset is forecasted
to produce $301,380 GSI and a 5.78% market cap rate at full market operations, with no additional capital investment required to achieve that additional income
4341 Texas Street, San Diego offers a fully renovated, 1987 construction, 9-unit multifamily asset with an excessive 14 off-street parking spaces, immediate cash flow and remaining rental upside. 100% of units have been renovated.
The property is ideally situated in the center of Northpark, one of San Diego’s strongest and fondest rental markets. The property consists of an ideal and diverse unit mix of (6) 1 Bed / 1 Bath and (3) 3 Bed / 2 Bath units. All 3-Bedroom units possess in-unit laundry and AC. Onsite laundry is provided for the 1-bedroom units.
Parking is highly demanded and necessary to drive strong rents and occupancy in the Northpark Submarket. 4341 Texas will outperform competing rentals by providing 10 parking spaces plus an additional 4 garage spaces yielding 14 total parking spaces for 9 units, which is just shy of 1 parking space per bedroom, an extremely rare commodity in the dense Northpark submarket.
The property features full ABS plumbing, individual unit water heaters for reduced SDGE usage,Challenger brand electrical panels with Romex wiring (400 amp/220V main service), and a pitched shingle roof. Ownership will benefit from the highly desirable infrastructure systems of a 1987 construction asset while maintaining the operational simplicity of a low-density asset, 2 story walk up building.
The asset currently generates $272,612,412 annual GSI and $181,414 NOI, yielding a 5.04% in-place cap rate. There is approximately 11% income upside remaining with select units, the implementation of a utility billback program, and separated billing one of the double car garages. The asset is forecasted
to produce $301,380 GSI and a 5.78% market cap rate at full market operations, with no additional capital investment required to achieve that additional income
Property Facts
| Price | $4,964,184 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $551,576 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.04% | Building Size | 5,392 SF |
| Gross Rent Multiplier | 13.21 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1987/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.44/1,000 SF |
| Zoning | RM-3-9 - RM 3-9 with Complete Communities Overlay | ||
| Price | $4,964,184 CAD |
| Price Per Unit | $551,576 CAD |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| Gross Rent Multiplier | 13.21 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,392 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1987/2025 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | RM-3-9 - RM 3-9 with Complete Communities Overlay |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Range
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $2,682 CAD | 425 |
| 3+2 | 3 | $4,861 CAD | 950 |
1 1
Very walkable
80/100
Exceptionally drivable
100/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 445-342-07 | Improvements Assessment | $1,836,605 CAD |
| Land Assessment | $2,024,604 CAD | Total Assessment | $3,861,209 CAD |
Property Taxes
Parcel Number
445-342-07
Land Assessment
$2,024,604 CAD
Improvements Assessment
$1,836,605 CAD
Total Assessment
$3,861,209 CAD
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Mara Apartments | 4341 Texas St
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