3865-77 Menlo Ave presents the opportunity to acquire 2 Contiguous parcel Multifamily Assets in Central San Diego totaling 15 units across 3 structures on a 12,625 sqft combined lot. The assets are located in 6.5 FAR Tier 3 Complete Community Zoning, which allows for a future high-density development opportunity.… Read More 3865-71 Menlo Ave consists of 5 units: (1) detached 2 bed / 1 bath house and a quadplex of 1 bed / 1 bath units with an onsite laundry room in the rear. The parcel size is 6,375 Sqft. 3877 Menlo consists of 10 units: (8) 1 bed / 1 baths & (2) 2 bed / 1 baths. The parcel size is 6,250 sqft. Both assets are turnkey with additional upside at an in-place cap rate averaging 4.52% or a 4.76% cap rate if rent increases were provided to the immediately viable units. For an investor looking to further maximize returns, lightly renovated units could achieve a proforma cap rate of 5.84%. The asset includes 15 on-site parking spaces providing for a desirable 1 parking space per unit. An additional 5 tandem parking spaces could be achieved if the fence was pushed back on 3865-71 Menlo Ave Read Less
Listing Snapshot
Days Online
98
Last Updated
Property Type
Other
Lot Size
0.29 Acres
Year Built
1964
MLS Number
PTP2405741
30 Days Snapshot Of 92105
$625k
-2%
(avg) sold price
7
-58%
homes sold
66
-17%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1964, Building area total: 8,789, 3 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Curbs
Expenses
New taxes expense: $49,050, Operating expense: $110,691
Income
Gross income: $309,084, Net operating income: $187,575
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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