6831-33 Amherst St | 6831-33 Amherst St
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6831-33 Amherst St 6831-33 Amherst St
4 Unit Apartment Building $2,295,000 ($573,750/Unit) 4.88% Cap Rate San Diego, CA 92115
Investment Highlights
- Add 4 Additional ADUs!
- Remodeled Units!
- Near SDSU!
Executive Summary
Current 4-unit building has very large backyard with ability to add 8 MORE UNITS to create a 12-unit apartment community. MASSIVE UPSIDE and seller may be open to staying on to complete the development with buyer. Amazing opportunity to own an income producing 4 unit property in a highly desirable neighborhood near SDSU! All units have been remodeled with new interior/exterior paint, new flooring, new kitchen cabinets/countertop, can lights in every room, remodeled bathrooms, laundry rooms, new windows, new electrical outlets, & new ceiling fans. The renovated units will ensure your income stream is reliable at acquisition with 1 unit already rented out and the others soon to follow as the development is under professional management. Additional Opportunity exists with recent law changes allowing for an increased FAR with the ability to add 4 additional ADUs at 500 sq. ft. each. Assuming construction cost of$720K and each new unit renting at $1900/month, this property would perform over 5% cap rate, excellent for San Diego! The Sellers are willing to assist in helping the new owners build the new ADU units and maximize their investment!
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$148,200
|
$33.45
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$148,200
|
$33.45
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$36,228
|
$8.18
|
| Net Operating Income |
$111,972
|
$25.27
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $148,200 |
| Annual Per SF | $33.45 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $148,200 |
| Annual Per SF | $33.45 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $36,228 |
| Annual Per SF | $8.18 |
| Net Operating Income | |
|---|---|
| Annual | $111,972 |
| Annual Per SF | $25.27 |
Property Facts
| Price | $2,295,000 | Property Subtype | Apartment |
| Price Per Unit | $573,750 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 4.88% | Building Size | 4,431 SF |
| Gross Rent Multiplier | 17.54 | Average Occupancy | 75% |
| No. Units | 4 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 2000/2024 |
| Price | $2,295,000 |
| Price Per Unit | $573,750 |
| Sale Type | Investment |
| Cap Rate | 4.88% |
| Gross Rent Multiplier | 17.54 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Building Size | 4,431 SF |
| Average Occupancy | 75% |
| No. Stories | 1 |
| Year Built/Renovated | 2000/2024 |
Unit Amenities
- Washer/Dryer
- Ceiling Fans
- Granite Countertops
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 3 | $3,575 | 1,182 - 1,640 |
| Studios | 1 | $1,400 | 359 |
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Walk Score ®
Very Walkable (89)
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6831-33 Amherst St | 6831-33 Amherst St
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