4324 51st St 7 Unit Apartment Building $2,025,000 ($289,286/Unit) 5% Cap Rate San Diego, CA 92115
INVESTMENT HIGHLIGHTS
- 1989 Construction w/ Pitched Roof
- Desireable Unit Mix of Mainly 2 Bedrooms w/ Garages
- ADU Conversion Potential
- Value-Add - Significant Rental Upside
- Seven (7) Garage Spaces - Five (5) Single Car Garages + One (1) Double Car Garage
- Central San Diego Location
EXECUTIVE SUMMARY
CBRE is pleased to present 4324 51st St, a seven (7) unit value-add apartment building in the City Heights submarket of Central San Diego.
Built in 1989, the property consists of one (1) one-bedroom, five (5) two-bedroom, one (1) three-bedroom units. The property also includes five (5) single car garages and one (1) double car garage. There exists significant rental upside of nearly 20% through an interior/exterior renovation program. Additional upside is achievable through conversion of existing garages into additional units through the City of San Diego’s ADU program.
The property’s Central San Diego location in City Heights is a benefit to residents. Many retail centers are nearby as well as convenient access to major highways and thoroughfares that connect to job centers and entertainment.
Built in 1989, the property consists of one (1) one-bedroom, five (5) two-bedroom, one (1) three-bedroom units. The property also includes five (5) single car garages and one (1) double car garage. There exists significant rental upside of nearly 20% through an interior/exterior renovation program. Additional upside is achievable through conversion of existing garages into additional units through the City of San Diego’s ADU program.
The property’s Central San Diego location in City Heights is a benefit to residents. Many retail centers are nearby as well as convenient access to major highways and thoroughfares that connect to job centers and entertainment.
PROPERTY FACTS
| Price | $2,025,000 |
| Price Per Unit | $289,286 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 11.86 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,975 SF |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 2.21/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MR10B |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 3 | - | - |
| 2+2 | 2 | - | - |
| 3+2 | 1 | - | - |
1 of 1
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 472-031-17 | Improvements Assessment | $515,430 |
| Land Assessment | $298,178 | Total Assessment | $813,608 |
