Address Undisclosed, San Diego, CA 92111 - Berkshire Hathaway HomeServices California Properties
Phone949-212-2023
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Listing Agent


Kenneth Herskind | kenh@topguncre.com
Lic#: 01872460
Broker: Courtesy of Top Gun CRE

Co Listing Agent


Max Delbecq | maxd@topguncre.com
Lic#: 01964069
Broker: Courtesy of Top Gun CRE

Agent Remarks

Rare, 15-unit, 2-building, 3-story multifamily complex built 1987 in Linda Vista. All 3-bed/2-bath units, averaging over 900 SF each. Estimated 13,776 total rentable SF situated on a 15,822 SF corner lot zoned RM-3-9, which allows for base density of 1-unit/600 SF of land. Some units feature semi-private balconies, and there are upper catwalks between the 2 buildings, which provide limited outdoor space for some tenants. Estimated total of (33) off-street parking spaces, some of which are situated off the ample rear cul-de-sac. Property is in average current condition for the area, and the current rents are substantially below market. Four of the units have been more recently refreshed. There is significant upside in rents as units turn and further capital improvements performed to the interiors. Property has Complete Communities zoning overlay and is located in a City-designated Transit Priority Area. This provides an investor with a bonus FAR of 4.0x the lot, and therefore, there is considerable future development potential and relaxed parking requirements for mixed-use developments situated near transit corridors. Located near recently renovated apartment complexes of similar vintage, setting the stage for the value-add potential of this asset. Recent sales comps of like-kind properties suggest an average valuation of well over $300K/unit, with significant upside for astute investors who are able to improve building economics and achieve market rents. Don’t miss this rare opportunity to acquire a larger value-add apartment complex in this highly desirable semi-coastal San Diego location.

Listing Details

Trust & Probate
Property type: Multi Family (Commercial)
Status: Pending
MLS# PTP2302669
Price: $4,500,000
HOA Fee is $0.00
Beds: 0
Baths: 0
Built in 1987
County: San Diego
Zoning: RM-3-9
Lot description: Near Park,Walkstreet
MLS area: 92111 - Linda Vista

Last Updated: 10/1/2024

 Days On Market (DOM): 29

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This listing belongs to the 92111 - Linda Vista MLS area

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor. GET PRE-APPROVED The loan's interest rate will depend upon the specific characteristics of the loan transaction and credit profile up to the time of closing.

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