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711 N 61st St

11 Unit Apartment Building $1,900,000 ($172,727/Unit) 6.50% Cap Rate San Diego, CA 92114

Investment Highlights

  • Upside to a 7.7% Cap Rate & 9.2 GRM
  • 15,799 Sq Ft Lot With 13+ Parking Spaces
  • Most Units Have Renovations & New Windows

Executive Summary

711 61st Street consists of 5,782 square feet of structures on a large 15,799 square foot lot. The unit mix is one 2 bedroom / 1 bath, five 1 bedroom / 1 bath, and five studio units. The subject property has three structures and 13 parking spaces. There are 10 legal units and an 11th unit for which permits are unknown. Two studios had been previously converted to 1 bedroom units. The property has onsite laundry and upside in rents as well as ADU potential. The property is in a predominately residential neighborhood.
Encanto is a hilly neighborhood located in the southeastern part of San Diego, California. The neighborhood of Encanto is split into two sections, North Encanto (which lies north of Broadway), and South Encanto (which lies south of Broadway). The name Encanto usually refers to the neighborhood of Encanto, but it can also refer to the Encanto Neighborhoods planning area, which consists of Chollas View, Lincoln Park, Emerald Hills, Valencia Park, Encanto, South Encanto, Broadway Heights, and Alta Vista.
Encanto is a predominantly a low-density residential community, with commercial and industrial businesses located near major streets. Encanto and the adjacent neighborhoods are going through revitalization with such programs as the Chollas Creek Enhancement Program, which focuses on open space and restoring native vegetation.
Encanto's borders include: the San Diego neighborhood of Broadway Heights and Martin Luther King Jr. Freeway (SR 94) on the north, the neighborhood of Alta Vista on the south, the neighborhoods of Emerald Hills and Valencia Park on the west, and the neighborhoods of Skyline and Jamacha, and the city of Lemon Grove on the east.

Attachments

711 61st St_OM

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $1,900,000
Price Per Unit $172,727
Sale Type Investment
Cap Rate 6.50%
Gross Rent Multiplier 10.4
No. Units 11
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.36 AC
Building Size 5,782 SF
Average Occupancy 100%
No. Stories 2
Year Built 1954
Parking Ratio 1.27/1,000 SF
Opportunity Zone Yes

Site Amenities

  • Laundry Facilities

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 5 $1,010 -
1+1 5 $1,470 -
2+1 1 $1,900 -

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
549-052-03
Land Assessment
$522,260 (2024)
Improvements Assessment
$522,260 (2024)
Total Assessment
$1,044,520 (2024)

zoning

Zoning Code SF-6, San Diego
SF-6, San Diego
  • Listing ID: 32826353

  • Date on Market: 8/15/2024

  • Last Updated:

  • Address: 711 N 61st St, San Diego, CA 92114

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