Description

Rare, 15-unit, 2-building, 3-story multifamily complex built 1987 in Linda Vista. All 3-bed/2-bath units, averaging over 900 SF each. Estimated 13,776 total rentable SF situated on a 15,822 SF corner lot zoned RM-3-9, which allows for base density of 1-unit/600 SF of land. Some units feature semi-private balconies, and there are upper catwalks between the 2 buildings, which provide limited outdoor space for some tenants. Estimated total of (33) off-street parking spaces, some of which are situated off the ample rear cul-de-sac. Property is in average current condition for the area, and the current rents are substantially below market. Four of the units have been more recently refreshed. There is significant upside in rents as units turn and further capital improvements performed to the interiors. Property has Complete Communities zoning overlay and is located in a City-designated Transit Priority Area. This provides an investor with a bonus FAR of 4.0x the lot, and therefore, there is considerable future development potential and relaxed parking requirements for mixed-use developments situated near transit corridors. Located near recently renovated apartment complexes of similar vintage, setting the stage for the value-add potential of this asset. Recent sales comps of like-kind properties suggest an average valuation of well over $300K/unit, with significant upside for astute investors who are able to improve building economics and achieve market rents. Don’t miss this rare opportunity to acquire a larger value-add apartment complex in this highly desirable semi-coastal San Diego location.