2259-2269 Market St
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2259-2269 Market St
6 Unit Apartment Building $1,875,000 ($312,500/Unit) San Diego, CA 92102
Investment Highlights
- Development potential - massive 7,000+ sq ft lot in SDA zoning
- Ample parking with plenty of surface parking spots
- Value-add opportunity to also upgrade existing units
Executive Summary
2259 Market St is a 6 unit property being offered for the first time in over 3 decades. Property is comprised of 3bd, 2bd, and 1bd units and sits on a 7,223 sq ft lot. Take advantage of the opportunity to upgrade existing units along with the ability to add additional units in the rear of the property. Current zoning is CC 3-4 and located within the Sustainable Development Area.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$163,500
|
$35.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,175
|
$1.77
|
| Effective Gross Income |
$155,325
|
$33.71
|
| Taxes |
$23,438
|
$5.09
|
| Operating Expenses |
$32,775
|
$7.11
|
| Total Expenses |
$56,213
|
$12.20
|
| Net Operating Income |
$99,112
|
$21.51
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $163,500 |
| Annual Per SF | $35.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $8,175 |
| Annual Per SF | $1.77 |
| Effective Gross Income | |
|---|---|
| Annual | $155,325 |
| Annual Per SF | $33.71 |
| Taxes | |
|---|---|
| Annual | $23,438 |
| Annual Per SF | $5.09 |
| Operating Expenses | |
|---|---|
| Annual | $32,775 |
| Annual Per SF | $7.11 |
| Total Expenses | |
|---|---|
| Annual | $56,213 |
| Annual Per SF | $12.20 |
| Net Operating Income | |
|---|---|
| Annual | $99,112 |
| Annual Per SF | $21.51 |
Property Facts Under Contract
| Price | $1,875,000 | Building Class | C |
| Price Per Unit | $312,500 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 4,608 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment | Parking Ratio | 1.09/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $1,875,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,608 SF |
| No. Stories | 2 |
| Year Built | 1927 |
| Parking Ratio | 1.09/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Microwave
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 3 | $1,900 | 800 - 850 |
| 1+1 | 2 | $818.00 | 600 - 750 |
| 2+1 | 1 | $1,900 | 300 |
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Walk Score ®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 535-230-11 | Total Assessment | $258,044 |
| Land Assessment | $106,700 | Annual Taxes | $23,438 ($5.09/SF) |
| Improvements Assessment | $151,344 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
535-230-11
Land Assessment
$106,700
Improvements Assessment
$151,344
Total Assessment
$258,044
Annual Taxes
$23,438 ($5.09/SF)
Tax Year
2024
zoning
| Zoning Code | SESDPD-CSF-2-R-3000 |
| SESDPD-CSF-2-R-3000 |
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2259-2269 Market St
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