4209-4221 3rd Ave
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4209-4221 3rd Ave
9 Unit Apartment Building $4,000,000 ($444,444/Unit) 3.24% Cap Rate San Diego, CA 92103
Investment Highlights
- Close to Scripps and UCSD Med Ctrs.
- Low vacancy rate
- Off street parking
Executive Summary
Great 9 units in Hillcrest Area of San Diego. Close to both Scripps Med Ctr and UCSD Med Ctr. This purchase includes 2 parcels 444-720-18 with 5 units total, and 444-720-19 with 4 Units. Second parcel is all 2bed/1bath units. Financials are for both combined.
Current rents are below market value, good upside to these properties.
Current rents are below market value, good upside to these properties.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$192,000
|
$42.67
|
| Other Income |
$229
|
$0.05
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$192,229
|
$42.72
|
| Taxes |
$3,260
|
$0.72
|
| Operating Expenses |
$58,932
|
$13.10
|
| Total Expenses |
$62,192
|
$13.82
|
| Net Operating Income |
$130,037
|
$28.90
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $192,000 |
| Annual Per SF | $42.67 |
| Other Income | |
|---|---|
| Annual | $229 |
| Annual Per SF | $0.05 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $192,229 |
| Annual Per SF | $42.72 |
| Taxes | |
|---|---|
| Annual | $3,260 |
| Annual Per SF | $0.72 |
| Operating Expenses | |
|---|---|
| Annual | $58,932 |
| Annual Per SF | $13.10 |
| Total Expenses | |
|---|---|
| Annual | $62,192 |
| Annual Per SF | $13.82 |
| Net Operating Income | |
|---|---|
| Annual | $130,037 |
| Annual Per SF | $28.90 |
Property Facts
| Price | $4,000,000 | Building Class | C |
| Price Per Unit | $444,444 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 4,500 SF |
| Cap Rate | 3.24% | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Low Rise |
| Price | $4,000,000 |
| Price Per Unit | $444,444 |
| Sale Type | Investment |
| Cap Rate | 3.24% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,500 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 2/1,000 SF |
Unit Amenities
- Balcony
Site Amenities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 5 | - | - |
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Walk Score ®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 444-720-18 | Total Assessment | $119,991 (2024) |
| Land Assessment | $35,987 (2024) | Annual Taxes | $3,260 ($0.72/SF) |
| Improvements Assessment | $84,004 (2024) | Tax Year | 2023 Payable 2024 |
PROPERTY TAXES
Parcel Number
444-720-18
Land Assessment
$35,987 (2024)
Improvements Assessment
$84,004 (2024)
Total Assessment
$119,991 (2024)
Annual Taxes
$3,260 ($0.72/SF)
Tax Year
2023 Payable 2024
zoning
| Zoning Code | R4 (Residential) |
| R4 (Residential) |
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4209-4221 3rd Ave
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