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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 4,500,000

Est. payment | -/mo

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$ 4,500,000

Est. payment | -/mo

Save Virtual Tour

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

MLS Listing ID PTP2302669

HOA Y/N No

Year Built 1987

Property Sub-Type Multi Family

Property Description

Rare, 15-unit, 2-building, 3-story multifamily complex built 1987 in Linda Vista. All 3-bed/2-bath units, averaging over 900 SF each. Estimated 13,776 total rentable SF situated on a 15,822 SF corner lot zoned RM-3-9, which allows for base density of 1-unit/600 SF of land. Some units feature semi-private balconies, and there are upper catwalks between the 2 buildings, which provide limited outdoor space for some tenants. Estimated total of (33) off-street parking spaces, some of which are situated off the ample rear cul-de-sac. Property is in average current condition for the area, and the current rents are substantially below market. Four of the units have been more recently refreshed. There is significant upside in rents as units turn and further capital improvements performed to the interiors. Property has Complete Communities zoning overlay and is located in a City-designated Transit Priority Area. This provides an investor with a bonus FAR of 4.0x the lot, and therefore, there is considerable future development potential and relaxed parking requirements for mixed-use developments situated near transit corridors. Located near recently renovated apartment complexes of similar vintage, setting the stage for the value-add potential of this asset. Recent sales comps of like-kind properties suggest an average valuation of well over $300K/unit, with significant upside for astute investors who are able to improve building economics and achieve market rents. Don't miss this rare opportunity to acquire a larger value-add apartment complex in this highly desirable semi-coastal San Diego location.

Location

State CA

County San Diego

Area 92111 - Linda Vista

Zoning RM-3-9

Interior

Fireplace No

Exterior

Community Features Park

Total Parking Spaces 33

Building

Lot Description Near Park, Walkstreet

Story 3

Water Public

Others

Tax ID 4320701000

Acceptable Financing Cash, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac, Trust Deed

Listing Terms Cash, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac, Trust Deed

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2302669

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Listed by Kenneth Herskind Top Gun CRE kenh@topguncre.com, DRE #01872460

+1(619) 302-3010

matt@homecrave.com

San Diego, CA 92124

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Address not disclosed San Diego, CA 92111