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$2,500,000

Est. payment - /mo

0.33 Acres Lot

Active

21 33 S 35th ST San Diego, CA 92113

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The Brandon Drew Group

financing@tbdgmortgage.com +1(909) 944-8800

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Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2502876

HOA Y/N No

Year Built 1960

Lot Size 0.333 Acres

Property Description

We are pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, double-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. 21-33 S. 35th Street was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bay—all within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. 21-33 S. 35th Street offers strong in-place financial metrics at $206,940 gross scheduled annual income, with the immediately available rent increases yielding a 5.38% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate.

Location

State CA

County San Diego

Area 92113 - Logan Heights

Zoning RM1-1

Interior

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Curbs

View Y/N No

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Sewer Public Sewer

Others

Senior Community No

Tax ID 5461360200

Acceptable Financing Conventional

Listing Terms Conventional

Special Listing Condition Standard

Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com

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