4069-75 38th Street is a 6-unit apartment community built in 1926 located in mid-city San Diego just minutes from North Park, Talmadge and Kensington as well as only blocks from Normal Heights. The market cap rate is 7.83% and the market GRM is 9.6. The beach and downtown San Diego are within a few miles. The desirable unit mix features two tandem 2 Bedroom / 1 Bath units and four 1 Bedroom / 1 Bath units, all of which are renovated separate cottages. The exterior renovations include new windows, new stucco, a new concrete walkway, and new pitched roofs. The interiors feature quartz countertops, new cabinets, as well as plank and tile flooring, with back doors to private yards with individual hot water heaters. There are 6 off-street parking spaces, 400 amp electrical service, and the structures are situated on a 6,748 square foot lot in an Opportunity Zone and Complete Communities Plan between El Cajon Blvd and University Avenue in mid-city San Diego.
Listing courtesy of Listing Agent: Benn Vogelsang (415-250-4947) from Listing Office: NorthMarq Multifamily.
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