3643-45 Logan Avenue
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3643-45 Logan Avenue
5 Unit Apartment Building $1,599,000 ($319,800/Unit) 7.03% Cap Rate San Diego, CA 92113
Investment Highlights
- 7% CAP Rate on Actuals
- Solar Income
- Ideal for a 1031 Excahnge Option
- Separately Metered for All Utilities
- Low Maintenance
Executive Summary
7% Cap Rate on actuals! Motivated Seller! Presenting 3643-49 Logan Avenue, a multifamily investment gem comprising five units, three of which are newly constructed, situated on a 6,956 square foot lot. With a favorable 7% cap rate and a low down payment financing, this property offers an accessible entry point and promising returns for investors.
The newly built structure is designed for modern living, featuring separately metered utilities, solar panels, and a detached laundry facility to minimize operational costs and maximize profitability. Notably, the new construction units are exempt from AB 1482 Rent Control Restrictions for the next 15 years.
Each unit is thoughtfully equipped with practical amenities such as stainless steel appliances, mini-split A/C units, and individual water heaters, all within a secure gated complex. Additionally, two original units present opportunities for further value optimization, providing a diverse mix of rental income streams.
Strategically located on Logan Avenue, this property offers both stability and growth potential in a desirable market. With its attractive cap rate and financing options tailored for a low down payment, 3643-49 Logan Avenue presents an enticing opportunity for investors seeking to expand their multifamily portfolio.
The newly built structure is designed for modern living, featuring separately metered utilities, solar panels, and a detached laundry facility to minimize operational costs and maximize profitability. Notably, the new construction units are exempt from AB 1482 Rent Control Restrictions for the next 15 years.
Each unit is thoughtfully equipped with practical amenities such as stainless steel appliances, mini-split A/C units, and individual water heaters, all within a secure gated complex. Additionally, two original units present opportunities for further value optimization, providing a diverse mix of rental income streams.
Strategically located on Logan Avenue, this property offers both stability and growth potential in a desirable market. With its attractive cap rate and financing options tailored for a low down payment, 3643-49 Logan Avenue presents an enticing opportunity for investors seeking to expand their multifamily portfolio.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$150,600
|
$42.78
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,012
|
$0.86
|
| Effective Gross Income |
$147,588
|
$41.93
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$35,152
|
$9.99
|
| Net Operating Income |
$112,436
|
$31.94
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $150,600 |
| Annual Per SF | $42.78 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,012 |
| Annual Per SF | $0.86 |
| Effective Gross Income | |
|---|---|
| Annual | $147,588 |
| Annual Per SF | $41.93 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $35,152 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $112,436 |
| Annual Per SF | $31.94 |
Property Facts
| Price | $1,599,000 | Building Class | B |
| Price Per Unit | $319,800 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 3,520 SF |
| Cap Rate | 7.03% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 1.7/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $1,599,000 |
| Price Per Unit | $319,800 |
| Sale Type | Investment |
| Cap Rate | 7.03% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 3,520 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2023 |
| Parking Ratio | 1.7/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Dishwasher
- Ceiling Fans
- Refrigerator
- Stainless Steel Appliances
- Carpet
- Yard
- Dining Room
- Double Pane Windows
- Vinyl Flooring
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,600 | 420 - 600 |
| 3+1 | 3 | $2,850 | 680 - 1,100 |
Walk Score ®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 550-092-07 | Improvements Assessment | $682,928 (2024) |
| Land Assessment | $499,392 (2024) | Total Assessment | $1,182,320 (2024) |
PROPERTY TAXES
Parcel Number
550-092-07
Land Assessment
$499,392 (2024)
Improvements Assessment
$682,928 (2024)
Total Assessment
$1,182,320 (2024)
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3643-45 Logan Avenue
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