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3939 7th Avenue

San Diego, CA 92103
  • $5,850,000
  • STATUS: ACTIVE
  • ON SITE: 439 Days
  • ID#: 230002134
$5,850,000
  • 0
    BEDS
  • 0.13
    ACRES
  • 1
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

La Palma at 3939 7th Avenue is a rare multifamily offering in the heart of Hillcrest. The unit mix consists of sixteen large 500 square foot studios. All units are renovated and feature faux hardwood floors, brushed nickel fixtures, stainless steel appliances, new cabinets, quartz countertops, spacious floorplans, in-unit laundry, and full closets. The 8,568 square foot building built in 1928 features interior common hallways, rooftop storage, and onsite laundry facilities. There is ASSUMABLE FINANCING available at 3.89% fixed until December 2026. The growing rents are supplemented by utility billback income and can grow by leveling the current rents to market. The structure is situated on a 5,697 square foot lot across from Whole Foods and just blocks from Scripps Mercy Hospital and the shopping, entertainment, business, and transit on University Avenue.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/136630314
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3939 7th Avenue San Diego, CA 92103

  • Price: $5,850,000
  • Status: ACTIVE
  • On Site: 439 Days
  • ID#: 230002134
0
Beds
1
Baths
0
½ Baths
0.13
Acres
Neighborhood:
Mission Hills (92103)
County:
San Diego
Area:
Mission Hills (92103)
Property Description
La Palma at 3939 7th Avenue is a rare multifamily offering in the heart of Hillcrest. The unit mix consists of sixteen large 500 square foot studios. All units are renovated and feature faux hardwood floors, brushed nickel fixtures, stainless steel appliances, new cabinets, quartz countertops, spacious floorplans, in-unit laundry, and full closets. The 8,568 square foot building built in 1928 features interior common hallways, rooftop storage, and onsite laundry facilities. There is ASSUMABLE FINANCING available at 3.89% fixed until December 2026. The growing rents are supplemented by utility billback income and can grow by leveling the current rents to market. The structure is situated on a 5,697 square foot lot across from Whole Foods and just blocks from Scripps Mercy Hospital and the shopping, entertainment, business, and transit on University Avenue.
Exterior Features

Parking Spaces Total 0

Interior Features

Sq Ft Of Improvement 8568 Units With Dishwashers 16 Units With Ranges 16 Units With Refrigerators 16

Property Features

1st Loan Balance 2850000 Actual Cap Rate 4.35 Actual Gross Operating Income 369780 Actual Gross Scheduled Income 381216.0 Actual Operating Expense 115060 Actual Vacancy And Credit Loss 11436 Assumable Finance 2850000 Buildings 1 Gross Equity 3000000 Gross Multiplier 15.3 Have Units Leased Apartments 16 Mandatory Remarks None Known Market Area Metro Uptown Monthly Rent Total 31768 Motive Want 1031 Other Income Source RUBS Present Loan 2850000 Projected Cap Rate 4.9 Projected Gross Multiplier 14.1 Projected Gross Operating Inc 401813 Projected Gross Scheduled Inc 414240 Projected Net Income 287022 Projected Operating Expense 114791 Projected Vacancy And Credit Loss 12427 Short Sale No Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water Y Unit Number1 16 Unit Rent Total1 30864 Unit Rent1 1929

San Diego MLS logo Listing provided courtesy of Benn Vogelsang of NorthMarq Multifamily: 415-250-4947. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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516 5th Avenue
San Diego CA, 92101