The Flats on Martin | 3079 Martin Ave ave
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The Flats on Martin 3079 Martin Ave ave
8 Unit Apartment Building $3,100,000 ($387,500/Unit) 5.51% Cap Rate San Diego, CA 92113
Investment Highlights
- New Construction- Apartments Not Subject to AB1482 Rent Control for 15 Years
- Low Expenses- All Units Separately Metered for Electric and Water/Sewer
- Rapidly Gentrifying Neighborhood of Logan Heights/ Barrio Logan
- 4 Separate Structures on 2 Legal Lots Allowing for Financing as (2) 4 Unit Properties
- Luxury Finishes- Limited Supply in This Market
- Just Two Miles Outside of Downtown San Diego
Executive Summary
The Trujillo Group of Marcus & Millichap is pleased to present 3079 Martin Ave, an 8-unit property located in the rapidly gentrifying neighborhood of Logan Heights. This newly constructed building offers features such as select units with private patios, fenced yards, in-unit laundry, and on-site parking. The property is situated on an approx. 7,000 SF lot with 6,850 of rentable SF. There are 4 total structures across two legal lots which could allow for favorable residential financing as (2) 4 unit properties.
The property has a diverse unit mix including (2) three-bedroom/ three-bathroom townhouses, (2) two-bedroom/ two-bathroom units, and (4) one-bedroom/ one-bathroom units. Each residence boasts modern amenities, such as hardwood flooring, tall ceilings, stainless-steel appliances, and split system AC/Heat.
The Logan Heights neighborhood of San Diego is known to be a place where art, culture, and community come together in a unique tapestry. Living in Logan Heights means embracing a dynamic community that’s both culturally rich and conveniently close to the heart of the city. In this quickly growing market, this asset is well positioned for rent growth and appreciation with the investor’s longevity in mind.
The property has a diverse unit mix including (2) three-bedroom/ three-bathroom townhouses, (2) two-bedroom/ two-bathroom units, and (4) one-bedroom/ one-bathroom units. Each residence boasts modern amenities, such as hardwood flooring, tall ceilings, stainless-steel appliances, and split system AC/Heat.
The Logan Heights neighborhood of San Diego is known to be a place where art, culture, and community come together in a unique tapestry. Living in Logan Heights means embracing a dynamic community that’s both culturally rich and conveniently close to the heart of the city. In this quickly growing market, this asset is well positioned for rent growth and appreciation with the investor’s longevity in mind.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,100,000 | Apartment Style | Mid Rise |
| Price Per Unit | $387,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.51% | Building Size | 6,850 SF |
| Gross Rent Multiplier | 12.56 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $3,100,000 |
| Price Per Unit | $387,500 |
| Sale Type | Investment |
| Cap Rate | 5.51% |
| Gross Rent Multiplier | 12.56 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 6,850 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2024 |
| Opportunity Zone |
Yes |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Hardwood Floors
- Ice Maker
- Oven
- Tub/Shower
- Walk-In Closets
- Yard
- Deck
- Freezer
- Island Kitchen
- Patio
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,995 | 505 |
| 2+2 | 2 | $2,695 | 800 |
| 3+3 | 2 | $3,600 | 1,615 |
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Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,832,240 | |
| Land Assessment | $1,032,240 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $800,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,032,240
Improvements Assessment
$800,000
Total Assessment
$1,832,240
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | R-3 (Multi-Family 10 units or less) |
| R-3 (Multi-Family 10 units or less) |
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The Flats on Martin | 3079 Martin Ave ave
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