3865 Menlo Avenue
San Diego, CA 92105
0.29 acres | #PTP2405741
Description
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
Property Details
- Lot DescriptionThirtySixToFortyUnitsAcre
- Stories2
Measurements
- Acres0.2898
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1964
Utilities / Energy Details
- Sewer InformationPublicSewer
Community and Neighborhood Details
- CountySan Diego
Financial Details
- Original List Price$3,975,000
Other
- MLS #PTP2405741
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Maxwell Brown (#818479)
Listing Office: Commercial Asset Advisors (#87970)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
