3865 Menlo Avenue, East San Diego, CA 92105

$3,975,000
List Price
$3,975,000
Status
ACTIVE
MLS#
PTP2405741
Lot Size(apprx.)
12,625
Property Type
Multifamily

Property Description

Commercial Asset Advisors is pleased to present 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 4.49% or a 4.72% 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 5.80%. 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

Additional Information

Lot Size
12,625
Neighborhood
City Heights
Style
Res Income 2-4 Units

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Listing Agent: Maxwell Brown (925-872-6746) from Listing Office: Commercial Asset Advisors.

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