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$3,975,000
Est. payment /mo
0.29 Acres Lot
UPDATED:
12/05/2024 12:22 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2405741
HOA Y/N No
Year Built 1964
Lot Size 0.290 Acres
Property Description
3865-77 Menlo Ave presents the opportunity to acquire 2 Contiguous parcel Multifamily Assets in Central San Diego totaling 15 units across 3 structures on a 12,625 sqft combined lot. The assets are located in 6.5 FAR Tier 3 Complete Community Zoning, which allows for a future high-density development opportunity. 3865-71 Menlo Ave consists of 5 units: (1) detached 2 bed / 1 bath house and a quadplex of 1 bed / 1 bath units with an onsite laundry room in the rear. The parcel size is 6,375 Sqft. 3877 Menlo consists of 10 units: (8) 1 bed / 1 baths & (2) 2 bed / 1 baths. The parcel size is 6,250 sqft. Both assets are turnkey with additional upside at an in-place cap rate averaging 4.52% or a 4.76% cap rate if rent increases were provided to the immediately viable units. For an investor looking to further maximize returns, lightly renovated units could achieve a proforma cap rate of 5.84%. The asset includes 15 on-site parking spaces providing for a desirable 1 parking space per unit. An additional 5 tandem parking spaces could be achieved if the fence was pushed back on 3865-71 Menlo Ave
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning Multifamily Complete Comm
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs
View Y/N No
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4715910500
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
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Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com