We are 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 9 of the 10 units renovated in 2022, including… Read More the buildout of the two 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 $206,940 gross scheduled annual income, with the immediately available rent increases yielding a 5.38% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate. Read Less
Listing Snapshot
Days Online
54
Last Updated
Property Type
Other
Lot Size
0.33 Acres
Year Built
1960
MLS Number
PTP2502876
30 Days Snapshot Of 92113
$671k
-8%
(avg) sold price
13
+116%
homes sold
60
+1%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1960, Building area total: 4,629, 5 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Curbs
Expenses
Electric expense: $3,819, Insurance expense: $6,272, New taxes expense: $30,937, Operating expense: $66,107, Water sewer expense: $1,299
Income
Gross income: $206,940, Net operating income: $134,624
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.
Confirm your time
Fill in your details and we will contact you to confirm a time.
