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$ 3,600,000
Est. payment /mo
New
4341 Texas ST San Diego, CA 92104
7,004 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2606618
HOA Y/N No
Year Built 1987
Lot Size 7,004 Sqft
Property Description
4341 Texas Street, San Diego offers a fully renovated, 1987 construction, 9-unit multifamily asset with an excessive 14 off-street parking spaces, immediate cash flow and remaining rental upside. 100% of units have been renovated. The property is ideally situated in the center of Northpark, one of San Diego's strongest and fondest rental markets. The property consists of an ideal and diverse unit mix of (6) 1 Bed / 1 Bath and (3) 3 Bed / 2 Bath units. All 3-Bedroom units possess in-unit laundry and AC. Onsite laundry is provided for the 1-bedroom units. Parking is highly demanded and necessary to drive strong rents and occupancy in the Northpark Submarket. 4341 Texas will outperform competing rentals by providing over a 1:1 off-street parking ratio plus an additional 4 garage spaces yielding 14 total parking spaces for 9 units, which is just shy of 1 parking space per bedroom, an extremely rare commodity in the dense Northpark submarket. The property features full ABS plumbing, individual unit water heaters for reduced SDGE usage,Challenger brand electrical panels with Romex wiring (400 amp/220V main service), and a pitched shingle roof. Ownership will benefit from the highly desirable infrastructure systems of a 1987 construction asset while maintaining the operational simplicity of a low-density asset, 2 story walk up building. The asset currently generates $272,612,412 annual GSI and $181,414 NOI, yielding a 5.04% in-place cap rate. There is approximately 11% income upside remaining with select units, the implementation of a utility billback program, and separated billing one of the double car garages. The asset is forecasted to produce $301,380 GSI and a 5.78% market cap rate at full market operations, with no additional capital investment required to achieve that additional income
Location
State CA
County San Diego
Area 92104 - North Park
Zoning RM
Interior
Fireplace No
Laundry Common Area, Laundry Closet
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Curbs, Park
View Y/N No
Total Parking Spaces 4
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4453420700
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2606618
Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com, DRE #02127395
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