4170 37Th St, San Diego, CA 92105
9 Unit Apartment Building | $2,385,000 ($265,000/Unit) | 3.12% Cap Rate | San Diego, CA 92105
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,385,000
- Property Type
-
Multifamily
- Square Feet
- 6,062 SF
Listing Contacts
Maxwell Brown
Verified Profile
- Property Info
Property Overview
Commercial Asset Advisors is pleased to present the opportunity to acquire an attractive investment opportunity for a value-add 9-unit multifamily asset in the desirable, centrally located Cherokee Point neighborhood. The asset consists of six 1 Bed / 1 Bath and three 2 Bed / 1 Bath units on a 7,000 sqft lot. All tenants possess notably below-market rents and are on a month-to-month basis. An investor seeking to maximize returns would likely elect to terminate existing tenancies, fully renovate all units with in-unit laundry, and re-lease at full market rents.
Additionally, the building contains a 50 sqft laundry room contiguous to a 150 sqft storage room containing an existing bathroom with plumbing, gas supply, and electricity. A savvy investor may seek to convert this 200 sqft of plumbed and powered non-living square footage into an additional studio unit as an ADU or expand on the existing contiguous 1 Bed / 1 Bath unit to create a 2 Bed / 2 Bath unit for increased rent potential producing a forecasted 7.33% proforma cap rate.
Please reach out to Maxwell Brown for the Offering Memorandum.
Additionally, the building contains a 50 sqft laundry room contiguous to a 150 sqft storage room containing an existing bathroom with plumbing, gas supply, and electricity. A savvy investor may seek to convert this 200 sqft of plumbed and powered non-living square footage into an additional studio unit as an ADU or expand on the existing contiguous 1 Bed / 1 Bath unit to create a 2 Bed / 2 Bath unit for increased rent potential producing a forecasted 7.33% proforma cap rate.
Please reach out to Maxwell Brown for the Offering Memorandum.
Property Details
- Class
- C
- Year Built
- 1966
- Stories
- 2
- Lot Size (sq. ft)
- 6,970 SF
- Units
- 9
Highlights
- 7.33% Proforma Cap Rate
- 6.0% Unleveraged Yield of Cost with full renovations
- Rapidly Gentrifying Cherokee Point Submarket
- Below Market Comp pricing at $265k/unit
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