4342 Marlborough Ave presents the opportunity to acquire a 9 unit fully renovated multifamily asset situated on the southern border of the highly coveted Kensington neighborhood. The asset consists of an ideal unit mix of (2) Studios, (3) One Bed units, (2) 2 Bed / 1 Bath units, & (2) 2 Bed / 2 Bath units providing for a properly diversified unit make up. Existing ownership has spent over $600k in capital improvements to renovate the property including but not limited to full interior & exterior renovations, landscaping, water lines pulled from slab and re-piped, new roof, installation of backflow, AC units, and the build out of two brand new studio units with in-unit laundry and AC in 2023. The property recently passed CA SB721 deck inspections as well. The property produces an in-place 4.30% cap rate with an additional 10% in rental upside remaining. The property is forecasted at a strong 5.06% cap rate at full market rents. Roughly $1,150,000 of assumable debt is available at a below market 3.90% interest rate on the property fixed until 10/1/2025 and transitioning to floating rate moving forward for a 30-year term maturity in 2053. The assumable debt allows an investor to acquire the property with strong Day 1 cash on cash returns during a less competitive market window while the interest rate market corrects itself over 2025. This will allow for a potential refi in 2025’s likely much more attractive interest rate environment with no pre-pay penalty to do so. The property provides tenants with quick accessibility to the majority of San Diego’s primary entertainment, employment, restaurants, highway access, and activity hotspots. The asset is walking distance to the Heart of Kensington and is less than a 10-minute drive to the Heart of North Park, Normal Heights, Balboa Park and many more activity hotspots. The majority of San Diego’s top water destinations, such as Ocean Beach, Mission Bay, San Diego Bay, and Shelter Island, are all conveniently located within a 15-minute drive.
|
DAYS ON MARKET
|
62
|
LAST UPDATED
|
10/11/2024
|
|
YEAR BUILT
|
1980
|
COMMUNITY
|
East San Diego
|
|
COUNTY
|
San Diego
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AREA |
East San Diego |
| HOA DUES |
0 |
| LOT |
6257 sq ft |
| LOT DESCRIPTION |
36-40 Units/Acre |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| ZONING |
Multifamily |
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Listed with Commercial Asset Advisors
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 11/25/24 1:48 PM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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