10 Low Density Units on a Double Lot in Central San Diego
$2,500,000
21-33 35th Street, San Diego, CA 92113
5.59
Cap Rate
6.76
Pro Forma Cap Rate
Details:
Highlights:
- Desirable low-density double lot
- Immediately available rent increase with additional rent potential
- Detached 3 bed / 2 bath home
- 9 of 10 Units renovated
- 8 of 10 Units possess mid-sized private yards
- 10 minute drive from the majority of San Diego’s most attractive entertainment, restaurants, and hot spots!
Description:
Commercial Asset Advisors is pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, double-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego.
21-33 S. 35th Street was originally constructed in 1960, with 8 of the 10 units renovated in 2022, including the buildout of the two studio ADUs. 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 over 1 parking space per bedroom.
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, and bay—all within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge.
21-33 S. 35th Street offers strong in-place financial metrics at $212,388 gross scheduled annual income, with the immediately available rent increases yielding a 5.59% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $243,840 for a potential 6.76% cap rate.
Documents:
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Location
Gallery
