26
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$2,350,000
Est. payment /mo
Price Dropped by $149K
21 33 S 35th ST San Diego, CA 92113
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2507131
HOA Y/N No
Year Built 1960
Property Description
Price Reduced!!! 21-33 S. 35th St is a high-yield, mostly renovated, low-density, triple-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. The property possesses 3 water meters, suggesting a potential 3-way lot split as a possibility for additional value growth. The property 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. 21-33 S. 35th Street offers strong in-place financial metrics at $208k gross scheduled annual income, with the immediately available rent increases yielding a 5.60% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $240,000 for a potential 6.84% cap rate. 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.
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
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2502876
Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com
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Chrystal & David Schoenbrun
Realtor/Broker Associate | License ID: 01409474 & 01761327