4417 Mentone St
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4417 Mentone St
5 Unit Apartment Building $2,300,000 ($460,000/Unit) 5.69% Cap Rate San Diego, CA 92107
Investment Highlights
- 2 Parcels so potential to use Residential Financing (30 YR fixed with up to 80% leverage)
- Long Term Ownership
- 5.69% Cap with Stabilized Rents
- All 2 BR units, 2 Units Updated within the past 5 years.
- Prime Ocean Beach/San Diego location in quiet Temecula Heights
Executive Summary
Price Reduced. Bring all Offers.
2 Parcels. 4417 Mentone is a 2BR Single Family Home & 4419-21 Mentone is Four 2BR/1Bath units. Long term ownership. Although rents are well below market the property has been well maintained over the years. Live in the house or one of the units and rent out the rest. Located in the coastal community of San Diego known as Ocean Beach/Temecula Heights the subject property benefits from high occupancy and demand with young professionals wanting to leave within a short walk to the beach. Preliminary research indicates that 2 ADUs (Accessory Dwelling Units) may be added to the parcel. Because both parcels are less than 5 units you may be able to obtain 2 different residential loans offering up to 80% leverage (with owner occupied financing) and a 30 year fixed rate.
Family member of the Seller occupies one of the units. Willing to sign a new lease at market rents or vacate prior to the close of escrow.
2 Parcels. 4417 Mentone is a 2BR Single Family Home & 4419-21 Mentone is Four 2BR/1Bath units. Long term ownership. Although rents are well below market the property has been well maintained over the years. Live in the house or one of the units and rent out the rest. Located in the coastal community of San Diego known as Ocean Beach/Temecula Heights the subject property benefits from high occupancy and demand with young professionals wanting to leave within a short walk to the beach. Preliminary research indicates that 2 ADUs (Accessory Dwelling Units) may be added to the parcel. Because both parcels are less than 5 units you may be able to obtain 2 different residential loans offering up to 80% leverage (with owner occupied financing) and a 30 year fixed rate.
Family member of the Seller occupies one of the units. Willing to sign a new lease at market rents or vacate prior to the close of escrow.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$177,600
|
$50.11
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,328
|
$1.50
|
| Effective Gross Income |
$172,272
|
$48.61
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$41,337
|
$11.66
|
| Net Operating Income |
$130,935
|
$36.95
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $177,600 |
| Annual Per SF | $50.11 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,328 |
| Annual Per SF | $1.50 |
| Effective Gross Income | |
|---|---|
| Annual | $172,272 |
| Annual Per SF | $48.61 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $41,337 |
| Annual Per SF | $11.66 |
| Net Operating Income | |
|---|---|
| Annual | $130,935 |
| Annual Per SF | $36.95 |
Property Facts
| Price | $2,300,000 | Property Subtype | Apartment |
| Price Per Unit | $460,000 | Apartment Style | Garden |
| Sale Type | Investment | Building Size | 3,544 SF |
| Cap Rate | 5.69% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.95 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1958 |
| Property Type | Multifamily |
| Price | $2,300,000 |
| Price Per Unit | $460,000 |
| Sale Type | Investment |
| Cap Rate | 5.69% |
| Gross Rent Multiplier | 12.95 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Size | 3,544 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $2,400 | 611 - 1,100 |
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