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Multifamily

2070 3rd Ave & 233 Hawthorn St

2070 Third Ave, San Diego, CA 92101

Listing Price: $4,200,000

Cap Rate
3.70%
Number of Units
8
Occupancy
97.0%
Price/Unit
$525,000
Price/Gross SF
$582.04
Gross SF
7,216

Investment Overview

Marcus & Millichap is pleased to present for sale the rare opportunity to acquire this recently renovated historic property in the Bankers Hill Neighborhood of San Diego. The property consists of (2) contiguous 4-unit apartment buildings, each on with their own separate APN. Constructed in 1912 and renovated in 2018, this property rests on a 4,932 SF lot and offers over 7,200 of rentable SF. 2070-76 3rd Ave & 233-39 Hawthorn St is a Craftsman Property comprised of (four) 2-bedroom/1-bathroom units, (four) 1-bedroom+den/1-bathroom units, and (one) bonus non-confirming studio. This property was extensively renovated in 2018 with brand new plumbing, electrical, and gas lines. Exterior improvements include new roofs, new windows, and new exterior paint. Each unit features redesigned kitchens and bathrooms, new gas wall heaters, hardwood floors, ceiling fans, and new interior paint. 233 Hawthorn St has in-unit laundry and 2070 3rd have has on-site communal laundry. Tenants enjoy access to the secure gated courtyard with BBQ and sitting area. Located in the San Diego Airport flight path, this property has had the Quieter Home program upgrades completed in 2018. Issued by the FAA, the programs purpose is to install sound insulation treatments to mitigate aircraft noise which includes the addition of custom high-end windows, soundproofing, and air ventilation systems within the units. Bankers Hill is a popular rental market that attracts high quality and reliable tenants. With a walk score of 92, this property is close to many local restaurants, bars, shops, and attractions. Perfectly situated within a few blocks to Balboa Park, Hillcrest, Gaslamp, Little Italy and the I-5 freeway entrance, this property is centrally located with the investor’s longevity in mind.

Investment Highlights

  • Historic Craftsman Property
  • Fully Renovated in 2018
  • Quieter Home Program Completed – All New Windows with Soundproofing and Ventilation System
  • Foundations Rebuilt by RAMJACK with the Addition of Steel Piers
  • Historic Designation with Potential to Qualify for Mills Act Significant Property Tax Savings
  • Large Units – Average over 900SF

Exclusively Listed By

Financing By

Multifamily

2070 3rd Ave & 233 Hawthorn St

Listing Price: $4,200,000

Cap Rate
3.70%
Number of Units
8
Occupancy
97.0%
Price/Unit
$525,000
Price/Gross SF
$582.04
Gross SF
7,216

Investment Highlights

  • Historic Craftsman Property
  • Fully Renovated in 2018
  • Quieter Home Program Completed – All New Windows with Soundproofing and Ventilation System
  • Foundations Rebuilt by RAMJACK with the Addition of Steel Piers
  • Historic Designation with Potential to Qualify for Mills Act Significant Property Tax Savings
  • Large Units – Average over 900SF

Investment Overview

Marcus & Millichap is pleased to present for sale the rare opportunity to acquire this recently renovated historic property in the Bankers Hill Neighborhood of San Diego. The property consists of (2) contiguous 4-unit apartment buildings, each on with their own separate APN. Constructed in 1912 and renovated in 2018, this property rests on a 4,932 SF lot and offers over 7,200 of rentable SF. 2070-76 3rd Ave & 233-39 Hawthorn St is a Craftsman Property comprised of (four) 2-bedroom/1-bathroom units, (four) 1-bedroom+den/1-bathroom units, and (one) bonus non-confirming studio. This property was extensively renovated in 2018 with brand new plumbing, electrical, and gas lines. Exterior improvements include new roofs, new windows, and new exterior paint. Each unit features redesigned kitchens and bathrooms, new gas wall heaters, hardwood floors, ceiling fans, and new interior paint. 233 Hawthorn St has in-unit laundry and 2070 3rd have has on-site communal laundry. Tenants enjoy access to the secure gated courtyard with BBQ and sitting area. Located in the San Diego Airport flight path, this property has had the Quieter Home program upgrades completed in 2018. Issued by the FAA, the programs purpose is to install sound insulation treatments to mitigate aircraft noise which includes the addition of custom high-end windows, soundproofing, and air ventilation systems within the units. Bankers Hill is a popular rental market that attracts high quality and reliable tenants. With a walk score of 92, this property is close to many local restaurants, bars, shops, and attractions. Perfectly situated within a few blocks to Balboa Park, Hillcrest, Gaslamp, Little Italy and the I-5 freeway entrance, this property is centrally located with the investor’s longevity in mind.

Exclusively Listed By

Financing By

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