City Heights | 4020 38th St
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City Heights 4020 38th St
10 Unit Apartment Building $2,675,000 ($267,500/Unit) 5.03% Cap Rate San Diego, CA 92105
Investment Highlights
- 6 of 10 units were Renovated
- Immediate Rental Upside
- On-Site Parking
- Large Floorplans
- On-Site Laundry Facilities
Executive Summary
Fantastic opportunity to purchase a stabilized (10) unit building in Central San Diego with immediate rental upside. This property boasts large floor plans, multiple renovated units, on-site parking and coin-operated laundry facilities. The building has been well managed and a new buyer will benefit from operational efficiencies that have been put in place over the last 24 months.
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 In Escrow
| Price | $2,675,000 | Building Class | C |
| Price Per Unit | $267,500 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 7,708 SF |
| Cap Rate | 5.03% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.52 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1970 |
| Property Type | Multifamily | Parking Ratio | 1.3/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $2,675,000 |
| Price Per Unit | $267,500 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| Gross Rent Multiplier | 12.52 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,708 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 1.3/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Kitchen
- Granite Countertops
- Tub/Shower
- Walk-In Closets
- Double Pane Windows
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Trash Pickup - Curbside
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,513 | 555 - 682 |
| 2+1.5 | 2 | $1,923 | 846 |
| 2+2 | 2 | $2,273 | 1,008 - 1,176 |
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 447-421-18 | Total Assessment | $741,884 |
| Land Assessment | $234,268 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $507,616 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
447-421-18
Land Assessment
$234,268
Improvements Assessment
$507,616
Total Assessment
$741,884
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | C (Multi-residential) |
| C (Multi-residential) |
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City Heights | 4020 38th St
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