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Multifamily

3630-36 State St

3630 State St, San Diego, CA 92103

Listing Price: $2,175,000

Cap Rate
1.51%
Number of Units
4
Occupancy
100.0%
Price/Unit
$543,750
Price/Gross SF
$217.11
Gross SF
10,018

Investment Overview

Marcus & Millichap is pleased to present 3630 State St. The Subject Property is a rare 4-Plex located in the very desirable Mission Hills Neighborhood of San Diego. All units have a partial view of the San Diego Bay, Airport, and Point Loma. The property consists of two (2) 2-Bedroom / 1-Bathroom units and two (2) 1- Bedroom / 1 Bathroom units. There is off-street parking onsite for each unit and a common laundry area. There is a common area courtyard, and each unit has access to a back patio. Long-term ownership has done a great job maintaining the property with a very reputable property manager. The units have been occupied at 100% historically with the last turnover more than 5 years ago. A new owner could take advantage of the surrounding rental market and by upgrading the units there is almost 50% upside in Rental Income. The property also has development potential with the current zoning of RM-2 5. allowing for multiple ADUs to be constructed. In addition, the property is zoned under complete communities allowing and new owner to potentially redevelop the site with a FAR of 6.5/8 anywhere from 30-40 units. The property rests just south of Mission Hills, minutes from Balboa Park, Little Italy, and Downtown San Diego. Residents can enjoy an elevated, panoramic view of Harbor Island and Point Loma. One of the most established neighborhoods in San Diego, the property is surrounded by primarily residential with a cultured and trendy community with great walking proximity to popular restaurants and entertainment.

Investment Highlights

  • Prime Mission Hills Location
  • Current Rents are 50% below Market
  • True Ad Value Opportunity to Increase Value by Rehabbing the Units Interiors/Exteriors
  • Great Mix of Two (2) 2-BR / 1-Bath & Two (2) 1-BR / 1-Bath Units
  • Development Potential Zoned RM-2-5 Complete Communities FAR 6.5/8
  • Large Lot ~9,993 SF (0.23) Acres)
  • Off-Street Parking
  • Owner-Occupy Or Investment Property

Exclusively Listed By

Financing By

Multifamily

3630-36 State St

Listing Price: $2,175,000

Cap Rate
1.51%
Number of Units
4
Occupancy
100.0%
Price/Unit
$543,750
Price/Gross SF
$217.11
Gross SF
10,018

Investment Highlights

  • Prime Mission Hills Location
  • Current Rents are 50% below Market
  • True Ad Value Opportunity to Increase Value by Rehabbing the Units Interiors/Exteriors
  • Great Mix of Two (2) 2-BR / 1-Bath & Two (2) 1-BR / 1-Bath Units
  • Development Potential Zoned RM-2-5 Complete Communities FAR 6.5/8
  • Large Lot ~9,993 SF (0.23) Acres)
  • Off-Street Parking
  • Owner-Occupy Or Investment Property

Investment Overview

Marcus & Millichap is pleased to present 3630 State St. The Subject Property is a rare 4-Plex located in the very desirable Mission Hills Neighborhood of San Diego. All units have a partial view of the San Diego Bay, Airport, and Point Loma. The property consists of two (2) 2-Bedroom / 1-Bathroom units and two (2) 1- Bedroom / 1 Bathroom units. There is off-street parking onsite for each unit and a common laundry area. There is a common area courtyard, and each unit has access to a back patio. Long-term ownership has done a great job maintaining the property with a very reputable property manager. The units have been occupied at 100% historically with the last turnover more than 5 years ago. A new owner could take advantage of the surrounding rental market and by upgrading the units there is almost 50% upside in Rental Income. The property also has development potential with the current zoning of RM-2 5. allowing for multiple ADUs to be constructed. In addition, the property is zoned under complete communities allowing and new owner to potentially redevelop the site with a FAR of 6.5/8 anywhere from 30-40 units. The property rests just south of Mission Hills, minutes from Balboa Park, Little Italy, and Downtown San Diego. Residents can enjoy an elevated, panoramic view of Harbor Island and Point Loma. One of the most established neighborhoods in San Diego, the property is surrounded by primarily residential with a cultured and trendy community with great walking proximity to popular restaurants and entertainment.

Exclusively Listed By

Financing By

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