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    3820 40th Street

    San Diego, CA 92105
    • $1,950,000
    • STATUS: ACTIVE
    • ON SITE: 6 days
    • ID#: 210011770
    New On Site 6 Days Ago
    $1,950,000
    • 11
      BEDS
    • 0.16
      ACRES
    • 8
      BATHS
    • 2
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    This multi-family apartment building investment located at 3820 40th Street in the heart of the city of San Diego. The investment is very close to major freeways and located in the up-and-coming neighborhood of Cherokee Point, a community of City Heights. The apartment building is comprised of 7 well-maintained units with a unit mix of 1BD, 2BD, and 3BD apartments adding up to a total of 5,200 rentable square feet. Built in 1977, the 100% leased apartment building has had many improvements done throughout the years. There is significant potential for rental income growth, since the rents are well below market. The subject property is centrally located off University Avenue and 40th Street with excellent access to City Height’s transportation corridors including highways 15, 805 and 8. and easy public transportation. The property is within close proximity to shopping, restaurants, parks and schools with easy public transportation making the investment property desirable for existing and future tenancies.

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
    www.sunluxrealestate.com/homes/116762782
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    3820 40th Street San Diego, CA 92105

    • Price: $1,950,000
    • Status: ACTIVE
    • ID#: 210011770
    11
    Beds
    8
    Baths
    2
    ½ Baths
    0.16
    Acres
    Neighborhood:
    East San Diego (92105)
    County:
    San Diego
    Area:
    East San Diego (92105)
    Property Description
    This multi-family apartment building investment located at 3820 40th Street in the heart of the city of San Diego. The investment is very close to major freeways and located in the up-and-coming neighborhood of Cherokee Point, a community of City Heights. The apartment building is comprised of 7 well-maintained units with a unit mix of 1BD, 2BD, and 3BD apartments adding up to a total of 5,200 rentable square feet. Built in 1977, the 100% leased apartment building has had many improvements done throughout the years. There is significant potential for rental income growth, since the rents are well below market. The subject property is centrally located off University Avenue and 40th Street with excellent access to City Height’s transportation corridors including highways 15, 805 and 8. and easy public transportation. The property is within close proximity to shopping, restaurants, parks and schools with easy public transportation making the investment property desirable for existing and future tenancies.
    Exterior Features

    Construction FrameStucco Parking GaragesSpaces Parking Spaces Total 10 Units With Garages 1

    Interior Features

    Cooling Wall/Window Heating Radiant Laundry Leased Sq Ft Of Improvement 5200 Stories 2 Story Units With Ranges 7 Units With Refrigerators 7

    Property Features

    Actual Gross Scheduled Income 127403.0 Actual Operating Expense 48559 Assumable Finance 0 Buildings 1 Complex Features None Existing Financing Conventional Flood Zone Hazard Unknown Gross Equity 1445411 Gross Multiplier 15.28 Have Apartment Building Mandatory Remarks None Known Market Area Metro Uptown Motive Want Cash Projected Cap Rate 3.49 Projected Cash On Cash 2.14% Projected Gross Multiplier 15.28 Projected Gross Operating Inc $123756 Projected Gross Scheduled Inc $127583 Projected Net Income $78790 Projected Operating Expense $55776 Projected Vacancy And Credit Loss ($3827) Short Sale No Sq Ft Source Buyer To Verify Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water N Terms CashCash To New LoanExchange Up Unit Number1 1 Unit Number2 1 Unit Number3 1 Unit Number4 1 Unit Number5 1 Unit Number6 1 Unit Number7 1 Unit Rent1 1325 Unit Rent2 1375 Unit Rent3 1700 Unit Rent4 1700 Unit Rent5 1375 Unit Rent6 1134 Unit Rent7 1700 Unit Type Apartment Zoning R-3

    Listing provided courtesy of Cethron Property Management. Listing information © 2021 San Diego MLS Inc. Source: SDMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
     
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    Keller Williams San Diego Signature
    1660 N Hotel Circle Dr #205
    San Diego CA, 92108