Overview

Description

4525 Rainier Ave is a highly attractive multi-family offering that is being offered for the first time in over 30 years. Built in 1967 this asset consists of six- 2 bed/ 1bath units and eight- 1bed/ 1bath units. The building is well-parked with 9 tandem surface spaces in the front of the building and 6 garages in the back. Tenants are also afforded the luxury of having a pool and on-site laundry.

While the units have been well-kept, there is significant value to add by going in and renovating with modern touches. Renovated units can be pushed another 35% in rent and be more in line with some of the newer construction buildings in the area.
A savvy investor can also take advantage of local ADU ordinances and convert some or all of the garages to create significant value.

The immediate surrounding area will continue to see stable rent growth as San Diego State's new expansion includes a 35,000 seat stadium, 95,000 sq. ft of retail, 1.6 million sq. ft. of research/innovation space, and approximately 4,600 housing units. This will be one of the most sought-after areas to live for postgraduates, bio-tech employees, and students alike.



4525 Rainier Ave. is centrally located in the Grantville sub-market of San Diego. The property lies at the intersection of the 8 and 15 Freeways, two major thoroughfares that connect to the rest of San Diego county. It is also within walking distance to the Green Line Trolley that connects to San Diego State University, UTC, Downtown, and the Mexico border. San Diego State West and two Kaiser Permanente hospitals are within walking distance from the property.

Highlights

• -Significantly increase rents through renovations
• - Convert garage space to additional units
• -Located next to the new SDSU West Campus
• -Kaiser Vandever and Kaiser Zion hospitals are located less than a few blocks away
• -Walking distance to Vons grocery store
• - Pool
• -On-site Laundry
• -18 surface spots and 6 garages

Documents

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