4114 39th St
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4114 39th St
5 Unit Apartment Building $2,099,000 ($419,800/Unit) 6.10% Cap Rate San Diego, CA 92105
Investment Highlights
- Renovated in 2024
- Fully fenced property
- Laundry for all units
- Garage parking
- AC in all units
Executive Summary
Exceptional Investment Opportunity in Cherokee Point – Fully Renovated 5-Unit Property
This fully renovated, turnkey 5-unit multifamily property in Cherokee Point offers an exceptional blend of modern upgrades and investment potential. The property features three detached 2-bedroom, 1-bathroom craftsman cottages with private yards and laundry hookups, along with a two-story duplex comprising two 1-bedroom, 1-bathroom units that share a common laundry room. Four single-car garages provide additional income potential, with a feasibility study confirming their conversion into two accessory dwelling units (ADUs).
All units have been thoughtfully updated with new kitchens, appliances, flooring, lighting, fresh paint, and efficient AC and heating systems. The landscaped community includes outdoor seating areas, a dog run, automatic sprinklers, mature trees, and a block wall with a secure privacy gate, ensuring an inviting and safe environment.
Currently fully leased with 12-month contracts at market rates, the property offers immediate cash flow with a 5.86% cap rate. Located in a Transit Priority Area (TPA), it also has significant upside potential, with zoning allowing for up to 16 additional units. A feasibility study is available, detailing costs and timelines for expansion and garage conversions.
Less than a block from a park and school, this gated property is ideal for investors, multigenerational living, or owner-occupancy with rental income. Don’t miss this rare opportunity to acquire a stabilized asset with future growth potential.
Contact us today for financials, feasibility details, or to schedule a private showing.
This fully renovated, turnkey 5-unit multifamily property in Cherokee Point offers an exceptional blend of modern upgrades and investment potential. The property features three detached 2-bedroom, 1-bathroom craftsman cottages with private yards and laundry hookups, along with a two-story duplex comprising two 1-bedroom, 1-bathroom units that share a common laundry room. Four single-car garages provide additional income potential, with a feasibility study confirming their conversion into two accessory dwelling units (ADUs).
All units have been thoughtfully updated with new kitchens, appliances, flooring, lighting, fresh paint, and efficient AC and heating systems. The landscaped community includes outdoor seating areas, a dog run, automatic sprinklers, mature trees, and a block wall with a secure privacy gate, ensuring an inviting and safe environment.
Currently fully leased with 12-month contracts at market rates, the property offers immediate cash flow with a 5.86% cap rate. Located in a Transit Priority Area (TPA), it also has significant upside potential, with zoning allowing for up to 16 additional units. A feasibility study is available, detailing costs and timelines for expansion and garage conversions.
Less than a block from a park and school, this gated property is ideal for investors, multigenerational living, or owner-occupancy with rental income. Don’t miss this rare opportunity to acquire a stabilized asset with future growth potential.
Contact us today for financials, feasibility details, or to schedule a private showing.
Data Room Click Here to Access
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$159,480
|
$42.09
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,100
|
$0.82
|
| Effective Gross Income |
$156,380
|
$41.27
|
| Taxes |
$16,500
|
$4.35
|
| Operating Expenses |
$15,000
|
$3.96
|
| Total Expenses |
$31,500
|
$8.31
|
| Net Operating Income |
$124,880
|
$32.96
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $159,480 |
| Annual Per SF | $42.09 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,100 |
| Annual Per SF | $0.82 |
| Effective Gross Income | |
|---|---|
| Annual | $156,380 |
| Annual Per SF | $41.27 |
| Taxes | |
|---|---|
| Annual | $16,500 |
| Annual Per SF | $4.35 |
| Operating Expenses | |
|---|---|
| Annual | $15,000 |
| Annual Per SF | $3.96 |
| Total Expenses | |
|---|---|
| Annual | $31,500 |
| Annual Per SF | $8.31 |
| Net Operating Income | |
|---|---|
| Annual | $124,880 |
| Annual Per SF | $32.96 |
Property Facts
| Price | $2,099,000 | Building Class | C |
| Price Per Unit | $419,800 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 3,789 SF |
| Cap Rate | 6.10% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1941/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.06/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Price | $2,099,000 |
| Price Per Unit | $419,800 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,789 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1941/2024 |
| Parking Ratio | 1.06/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Ice Maker
- Refrigerator
- Stainless Steel Appliances
- Range
- Tub/Shower
- Double Pane Windows
- Freezer
- Lawn
- Patio
- Vinyl Flooring
Site Amenities
- Fenced Lot
- Laundry Facilities
- Gated
- Gas Range
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $2,200 | 550 |
| 2+1 | 3 | $2,995 | 700 |
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Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 447-352-21 | Total Assessment | $1,350,000 |
| Land Assessment | $1,000,000 | Annual Taxes | $16,500 ($4.35/SF) |
| Improvements Assessment | $350,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
447-352-21
Land Assessment
$1,000,000
Improvements Assessment
$350,000
Total Assessment
$1,350,000
Annual Taxes
$16,500 ($4.35/SF)
Tax Year
2024
zoning
| Zoning Code | RM 2-5 (Property located in opportunity zone. Has the ability to build up to 16 units on the lot. Garage can be converted into two additional units.) |
| RM 2-5 (Property located in opportunity zone. Has the ability to build up to 16 units on the lot. Garage can be converted into two additional units.) |
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4114 39th St
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