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$1,400,000
Est. payment /mo
5,863 Sqft Lot
UPDATED:
12/05/2024 03:52 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2407391
HOA Y/N No
Year Built 2000
Lot Size 5,863 Sqft
Property Description
3865-71.5 Menlo Ave possesses 5 total units consisting of a detached 2 Bed / 1 Bath House + a rear Fourplex consisting of (4) 1 Bedrooms / 1 Bath units, and a laundry room. The property is legally a 4 unit on tax records and title, but was built as a 5 unit and is currently operating as a 5 unit. This rare scenario provides a new buyer the opportunity to achieve 30 year fixed residential financing while receiving income from 5 original construction units! Roughly half of the units possess light interior updates while the other half are in unrenovated condition. The property produces a strong $110,124 Gross Scheduled Income with a Net Operating income of $76,066 with an immediately available rent increase yielding an above market true 5.44% Cap Rate. A savvy investor may elect to renovate units to achieve even higher rents. The property is well-parked with 5 off-street spaces with the potential to add 5 additional tandem spaces.
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning Residential Multifamily
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs
View Y/N No
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 2
Sewer Public Sewer
New Construction No
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