Investment Overview

Marcus & Millichap is pleased to present the Prospect on 45th located at 4286 45th Street in San Diego, California. Originally constructed in 1970, the 10-unit apartment complex is situated in the path of progress of the neighborhood of City Heights, bordering Talmadge. Boasting a Walk Score of 93, the property rests on a 6,258 square foot lot and has approximately 6,060 in rentable square footage. The unit mix consists of (3) two bedroom / one bathroom units and (7) one bedroom / one bathroom units. Extensively renovated in 2020, units feature quartz countertops, stainless steel appliances, laminate vinyl plank flooring, and dual pane windows. (2) one bedroom / one bathroom ADUs were completed this year and feature modern finishes such as in-unit washers / dryers and split-system air conditioners. Attractive tenant offerings include secure gated access, on-site laundry, and (4) tandem off-street parking spaces that can fit eight compact cars; (3) spaces are assigned to the two bedroom units and (1) space is assigned to a one bedroom unit. With remaining upside in rents, an investor has the opportunity to acquire a turnkey asset that will continue to benefit from appreciation and rent growth. Located less than a block from El Cajon Boulevard, the property is walking distance to all the best attractions City Heights has to offer. The popular neighborhoods of Talmadge and Kensington are minutes away from the subject property as well as easy access to the 8 and 15 freeways. The Prospect on 45th ultimately presents investors the rare opportunity to acquire a meticulously renovated asset with remaining rental upside in one of San Diego's fastest growing rental markets.