21 S 35th Street, San Diego, CA 92113 - MLS#PTP2502876

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Arash Rokni

arash@roknigroup.com +1(619) 762-0777

$2,500,000

Est. payment - /mo

4 Beds

4 Baths

0.33 Acres Lot

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2502876

Bedrooms 4

HOA Y/N No

Lot Size 0.333 Acres

Property Sub-Type Res Income 2-4 Units

Property Description

We are pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, double-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. 21-33 S. 35th Street was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bayall within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. 21-33 S. 35th Street offers strong in-place financial metrics at $206,940 gross scheduled annual income, with the immediately available rent increases yielding a 5.38% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate.
We are pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, double-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. 21-33 S. 35th Street was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bayall within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. 21-33 S. 35th Street offers strong in-place financial metrics at $206,940 gross scheduled annual income, with the immediately available rent increases yielding a 5.38% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate.

Location

State CA

County San Diego

Area Logan Heights (92113)

Building

Lot Description Curbs

Story 2

Others

Acceptable Financing Conventional

Space Rent $1,245

Listing Terms Conventional

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Listed by Maxwell Brown • Commercial Asset Advisors

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Arash Rokni

REALTOR® | CADRE# 02005305

+1(619) 762-0777 | arash@roknigroup.com

San Diego Communities

21 S 35th Street San Diego, CA 92113

Arash Rokni

Key Details

Location

Building

Others

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