Property Details

Price $4,500,000

Year Built 1982

# of Units 17

Price P/ Unit $264,706

Sq. ft. 17,748 SF

Price p/ Sq. ft. $254

Current Cap Rate 4.41%

Proforma Cap Rate 8.56%

Lot Size 38,333 SF

Zoning C

Hate filling out forms?

Download the OM here

About the Property

Kenny Stevens Team is pleased to present 748 N. 3rd St, a 17-unit townhouse-style complex located in the suburban family-focused east county region of San Diego. Built in 1982, this sprawling townhouse complex is 30 minutes from downtown San Diego and consists of (17) 2-bdrm. and 1.5-bath townhomes that are approx. 1,045 SF. Each unit includes a back patio, washer, and dryer. 748 N. 3rd St presents approx. 56% rental upside compared to renovated townhomes in the area. The property is offered at $264,000 per unit and $254 per foot, and at the list price, it stabilizes at an 8.56% CAP rate & 8.50 market GRM with projected market rents. Please note, 748 N. 3rd is not subject to local rent control, allowing for an annual rent increase of 5% + CPI. In addition to the spacious units and significant rental upside, this townhouse complex resides on nearly an acre lot with abundant parking, and a well-maintained community pool.

Like this property?

Contact Kenny Stevens about it!

Related Listings

12 Units w/ No LA City Rent Control & 34% Rental Upside

1144 Elden Avenue
Los Angeles, CA 90006

Price $3,000,000

City Koreatown

Units 12