2522-2536 2nd Ave
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2522-2536 2nd Ave
8 Unit Apartment Building $2,549,000 ($318,625/Unit) 3.28% Cap Rate San Diego, CA 92103
INVESTMENT HIGHLIGHTS
- VALUE ADD OPPORTUNITY – Strong Rental Upside with Current Rents Below Market
- ATTRACTIVE AMENITIES - Off-Street Parking, Gated Security and Laundry Room
- PRIME LOCATION - Well Located Near Numerous Consumer Retail Centers, Businesses & Restaurants
- DEVELOPMENT UPSIDE – Located in Complete Communities Tier 3 Zone.
EXECUTIVE SUMMARY
This is a rare investment opportunity in the prestigious Bankers Hill neighborhood. For the first time in over 51 years, 2522-36 2nd Ave is being offered for sale. This well-maintained, two-story building features eight charming 1-bedroom, 1-bathroom units and sits on a 5,213-square-foot lot. The property offers five off-street parking spaces and an on-site laundry facility, providing additional convenience for tenants. Positioned amidst professional offices and surrounded by new luxury developments, this property is located directly in the path of future growth. With rents currently below market, it presents significant value-add potential for investors, offering the chance to unlock increased rental income through targeted improvements and proactive management.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,549,000 | Apartment Style | Low Rise |
| Price Per Unit | $318,625 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 3.28% | Building Size | 4,136 SF |
| Gross Rent Multiplier | 19.12 | Average Occupancy | 88% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.21/1,000 SF |
| Price | $2,549,000 |
| Price Per Unit | $318,625 |
| Sale Type | Investment |
| Cap Rate | 3.28% |
| Gross Rent Multiplier | 19.12 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,136 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1.21/1,000 SF |
UNIT AMENITIES
- Microwave
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,524 | - |
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Walk Score®
Walker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 533-091-09 | Improvements Assessment | $179,591 (2024) |
| Land Assessment | $105,521 (2024) | Total Assessment | $285,112 (2024) |
PROPERTY TAXES
Parcel Number
533-091-09
Land Assessment
$105,521 (2024)
Improvements Assessment
$179,591 (2024)
Total Assessment
$285,112 (2024)
ZONING
| Zoning Code | C |
| C |
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2522-2536 2nd Ave
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