26
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$2,350,000
Est. payment /mo
0.33 Acres Lot
Price Dropped by $149K
21 33 S 35th ST San Diego, CA 92113
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPTP2507131
Year Built 1960
Lot Size 0.333 Acres
Source California Regional MLS
Property Description
Price Reduced!!! 21-33 S. 35th St is a high-yield, mostly renovated, low-density, triple-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. The property possesses 3 water meters, suggesting a potential 3-way lot split as a possibility for additional value growth. The property 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. 21-33 S. 35th Street offers strong in-place financial metrics at $208k gross scheduled annual income, with the immediately available rent increases yielding a 5.60% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $240,000 for a potential 6.84% cap rate. The asset is centrally located in Logan Heights, providing quick access to Downtown San Die
Location
State CA
County San Diego
Area 92113 - Logan Heights
Interior
Laundry Laundry Area
Exterior
Pool None
Others
Tax ID 5461360200
Special Listing Condition Not Applicable
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