Banker's Hill Remodeled - 5% CAP Proforma 233-239 Hawthorn St 8 Unit Apartment Building $3,995,000 ($499,375/Unit) 4.21% Cap Rate San Diego, CA 92101
INVESTMENT HIGHLIGHTS
- A+ Location in the Affluent Banker's Hill Neighborhood
- (2) Adjacent Fourplexes - Flexible Financing - 2 Residential loans or 1 Commercial loan
- Quieter Home Certification - All New Windows with Soundproofing and Ventilation System
- Completely Renovated in 2018 - Exterior and Interiors
- Historic Designation with Potential to Qualify for Mills Act - Significant Property Tax Savings
- Bonus 9th Non-Conforming Unit (Vacant, but rent ready)
EXECUTIVE SUMMARY
Newly modified price! DP Properties is pleased to offer for sale the rare opportunity to acquire (2) adjacent fourplexes in the highly desirable neighborhood of Banker’s Hill. Originally built in 1912, these historic apartment buildings were fully renovated in 2018 including new roofs, windows, electrical, and gas lines. The interiors were tastefully renovated with keeping the turn-of-the-century style in this craftsman masterpiece. The units consist of (4) Two Bedroom/One Bath units and (4) One Bedroom/One Bath Units. Some of the units feature washer/dryer hook-ups, while there is a communal laundry room for the other tenants to enjoy. There is a bonus non-conforming studio unit on the 3rd Ave property that will provide additional income should the new owner decide to capitalize on this 9th unit.
The addresses are 2070-76 3rd St. and 233-39 Hawthorn St. San Diego CA 92101
The addresses are 2070-76 3rd St. and 233-39 Hawthorn St. San Diego CA 92101
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$253,740
|
$35.16
|
| Other Income |
$6,000
|
$0.83
|
| Vacancy Loss |
$7,612
|
$1.05
|
| Effective Gross Income |
$252,128
|
$34.94
|
| Taxes |
$50,400
|
$6.98
|
| Operating Expenses |
$33,713
|
$4.67
|
| Total Expenses |
$84,113
|
$11.66
|
| Net Operating Income |
$168,015
|
$23.28
|
PROPERTY FACTS
| Price | $3,995,000 |
| Price Per Unit | $499,375 |
| Sale Type | Investment |
| Cap Rate | 4.21% |
| Gross Rent Multiplier | 15.75 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 7,216 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1912/2018 |
UNIT AMENITIES
- Dishwasher
- Disposal
- Microwave
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Den
- Double Pane Windows
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Grill
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $2,600 | 870 |
| 2+1 | 4 | $2,995 | 930 |
1 of 1
Walk Score®
Walker's Paradise (95)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $4,131,000 | |
| Land Assessment | $3,264,000 | Annual Taxes | $50,400 ($6.98/SF) |
| Improvements Assessment | $867,000 | Tax Year | 2024 |
ZONING
| Zoning Code | R-3 |
