Multifamily

2909 Boston Ave

2909 Boston Ave, San Diego, CA 92113

Listing Price: $2,650,000

Cap Rate
4.82%
Number of Units
15
GRM
12.80
Occupancy
97.0%
Price/Unit
$176,667
Price/Gross SF
$433.01
Gross SF
6,120

Investment Overview

The Zorbas Group of Marcus & Millichap is pleased to present 2909 Boston Avenue, a fully renovated 15-unit complex in the City of San Diego, California. The property was built in 1982 and is situated on on a .16 acre parcel. The property is comprised fifteen (15) studio units totaling 6,120 of building square feet. The property has recently undergone extensive interior and exterior renovations and is achieving top of the market rents in heart of the booming Barrio Logan submarket. This property has been operated in conjunction with San Diego Mental Health Services since 1989, currently, the property offers investors guaranteed top of the market leases under a master lease with the city of San Diego.

Barrio Logan is a historic San Diego community that is transforming into an art-centric, cultural hotbed, featuring, art galleries, breweries, eateries, and cafes. Located along the San Diego harbor, just southeast of downtown across the San Diego Bay from Coronado, near the San Diego Convention Center, East Village, Coronado, Uptown and Petco Park. The property offers immediate access to the Gaslamp quarter, Petco Park, Chicano Park, a wide array of eateries, and all that Downtown San Diego has to offer. This desirable community is located near San Diegos largest employers, primary freeways, and the regions most popular destinations. The property is also located in an Opportunity Zone, which can provide tax benefits to qualified investors by deferring gains. Along with strong projected population growth in the coming years, increased demand for housing in the submarket will foster substantial rent growth for the foreseeable future, indicating a strong market and property performance for years to come.

The property provides investors the rare opportunity to acquire a true value asset in one of San Diegos Opportunity Zones. Offered free-and-clear of debt, allowing investors the opportunity to take advantage of todays historically low interest rates.

Investment Highlights

  • Fully renovated apartment complex
  • Operating under a master lease, achieving top of the market rent
  • Residents enjoy immediate access to I-5
  • Located within a Opportunity Zone
  • Offered free-and-clear of debt

Exclusively Listed By

Listing Price: $2,650,000

Cap Rate
4.82%
Number of Units
15
GRM
12.80
Occupancy
97.0%
Price/Unit
$176,667
Price/Gross SF
$433.01
Gross SF
6,120

Investment Highlights

  • Fully renovated apartment complex
  • Operating under a master lease, achieving top of the market rent
  • Residents enjoy immediate access to I-5
  • Located within a Opportunity Zone
  • Offered free-and-clear of debt

Investment Overview

The Zorbas Group of Marcus & Millichap is pleased to present 2909 Boston Avenue, a fully renovated 15-unit complex in the City of San Diego, California. The property was built in 1982 and is situated on on a .16 acre parcel. The property is comprised fifteen (15) studio units totaling 6,120 of building square feet. The property has recently undergone extensive interior and exterior renovations and is achieving top of the market rents in heart of the booming Barrio Logan submarket. This property has been operated in conjunction with San Diego Mental Health Services since 1989, currently, the property offers investors guaranteed top of the market leases under a master lease with the city of San Diego.

Barrio Logan is a historic San Diego community that is transforming into an art-centric, cultural hotbed, featuring, art galleries, breweries, eateries, and cafes. Located along the San Diego harbor, just southeast of downtown across the San Diego Bay from Coronado, near the San Diego Convention Center, East Village, Coronado, Uptown and Petco Park. The property offers immediate access to the Gaslamp quarter, Petco Park, Chicano Park, a wide array of eateries, and all that Downtown San Diego has to offer. This desirable community is located near San Diegos largest employers, primary freeways, and the regions most popular destinations. The property is also located in an Opportunity Zone, which can provide tax benefits to qualified investors by deferring gains. Along with strong projected population growth in the coming years, increased demand for housing in the submarket will foster substantial rent growth for the foreseeable future, indicating a strong market and property performance for years to come.

The property provides investors the rare opportunity to acquire a true value asset in one of San Diegos Opportunity Zones. Offered free-and-clear of debt, allowing investors the opportunity to take advantage of todays historically low interest rates.

Exclusively Listed By

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