711 N 61st St
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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.
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.
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 | Building Class | C |
Price Per Unit | $172,727 | Lot Size | 0.36 AC |
Sale Type | Investment | Building Size | 5,782 SF |
Cap Rate | 6.50% | Average Occupancy | 100% |
Gross Rent Multiplier | 10.4 | No. Stories | 2 |
No. Units | 11 | Year Built | 1954 |
Property Type | Multifamily | Parking Ratio | 1.27/1,000 SF |
Property Subtype | Apartment | Opportunity Zone |
Yes
|
Apartment Style | Low Rise |
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 | - |
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PROPERTY TAXES
Parcel Number | 549-052-03 | Improvements Assessment | $522,260 (2024) |
Land Assessment | $522,260 (2024) | Total Assessment | $1,044,520 (2024) |
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 |
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711 N 61st St
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