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3865-77 Menlo Ave presents the opportunity to acquire 2 Contiguous parcel Multifamily Assets in Central San Diego totaling 15 units across 3 structures on a 12,625 sqft combined lot. The assets are located in 6.5 FAR Tier 3 Complete Community Zoning, which allows for a future high-density development opportunity. 3865-71 Menlo Ave consists of 5 units: (1) detached 2 bed / 1 bath house and a quadplex of 1 bed / 1 bath units with an onsite laundry room in the rear. The parcel size is 6,375 Sqft. 3877 Menlo consists of 10 units: (8) 1 bed / 1 baths & (2) 2 bed / 1 baths. The parcel size is 6,250 sqft. Both assets are turnkey with additional upside at an in-place cap rate averaging 4.49% or a 4.72% cap rate if rent increases were provided to the immediately viable units. For an investor looking to further maximize returns, lightly renovated units could achieve a proforma cap rate of 5.80%. The asset includes 15 on-site parking spaces providing for a desirable 1 parking space per unit. An additional 5 tandem parking spaces could be achieved if the fence was pushed back on 3865-71 Menlo Ave
| Last Updated | 10/17/2024 | Tract | City Heights |
|---|---|---|---|
| Year Built | 0 | County | San Diego |
Price History
| Prior to Oct 17, '24 | $3,975,000 |
|---|---|
| Oct 17, '24 - Today | $3,974,999 |
Additional Details
| LOT | 0.2898 acre(s) |
|---|---|
| STORIES | 2 |
| SUBDIVISION | City Heights |
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Properties on this website was last updated as recently as 11/15/24 1:24 AM PST.
This IDX solution is (c) Diverse Solutions 2024.
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