21-33 S. 35th St is a high-yield, partially renovated, low-density, triple-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. The property was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two… Read More ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. 21-33 S. 35th Street offers strong in-place financial metrics at $208k gross scheduled annual income, with the immediately available rent increases yielding a 5.60% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $240,000 for a potential 6.84% cap rate. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bay—all within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. Read Less
Property listed by Commercial Asset Advisors, Maxwell Brown 310-259-7556
Listing Snapshot
Days Online
43
Last Updated
Lot Size
0.33 Acres
Year Built
1960
MLS Number
PTP2601254
Additional Details
Building
Built in 1960, 5 buildings, 2 stories, Entry level: 1, Entry location: street
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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