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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 Type(s):
Residential Income
| Last Updated | 10/16/2024 | Year Built | 1964 |
|---|---|---|---|
| Community | East San Diego | County | San Diego |
Price History
| Prior to Oct 16, '24 | $3,975,000 |
|---|---|
| Oct 16, '24 - Today | $3,974,999 |
Additional Details
| AREA | East San Diego |
|---|---|
| HOA DUES | 0 |
| LOT | 0.29 acre(s) |
| LOT DESCRIPTION | 36-40 Units/Acre |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| ZONING | Multifamily Complete Comm |
Location
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