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Frances Baldwin

teamfran@gmail.com +1(310) 245-5626

$ 3,450,000

Est. payment -/mo

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Price Dropped by $125K

4341 Texas ST San Diego, CA 92104

7,004 Sqft Lot

UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2606618

HOA Y/N No

Year Built 1987

Lot Size 7,004 Sqft

Property Description

New pricing for a quick sale! The highest return turnkey Northpark multifamily deal on the market AND it has excessive parking AND highly desirable 1987 construction! 4341 Texas Street, San Diego offers a fully renovated, 1987 construction, 9-unit multifamily asset with an excessive 14 off-street parking spaces, immediate cash flow and remaining rental upside. 100% of units have been renovated. Parking is highly demanded and necessary to drive strong rents and occupancy in the Northpark Submarket. 4341 Texas will outperform competing rentals by providing 10 parking spaces plus an additional 4 garage spaces yielding 14 total parking spaces for 9 units, which is just shy of 1 parking space per bedroom, an extremely rare commodity in the dense Northpark submarket. The property features full ABS plumbing, individual unit water heaters for reduced SDGE usage, Challenger brand electrical panels with Romex wiring (400 amp/220V main service), and a pitched shingle roof. Ownership will benefit from the highly desirable infrastructure systems of a 1987 construction asset while maintaining the operational simplicity of a low-density asset, 2 story walk up building. The asset currently generates $272,012 annual GSI and $182,696 NOI, yielding a 5.30% in-place cap rate. There is approximately 10% income upside remaining with select units, the implementation of a utility billback program, and separated billing one of the double car garages. The asset is forecasted to produce $290,340 GSI and a 5.79% market cap rate at full market operations, with minimal to no additional capital investment required to achieve that additional income.

Location

State CA

County San Diego

Area 92104 - North Park

Zoning RM

Interior

Fireplace No

Laundry Common Area, Laundry Closet

Exterior

Garage Spaces 4.0

Garage Description 4.0

Pool None

Community Features Curbs, Park

View Y/N No

Total Parking Spaces 4

Private Pool No

Building

Lot Description 36-40 Units/Acre

Story 2

Sewer Public Sewer

Others

Senior Community No

Tax ID 4453420700

Acceptable Financing Conventional

Listing Terms Conventional

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2606618

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Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com, DRE #02127395

NEARBY SCHOOLS & PROPERTIES

Frances Baldwin

Owner - Agent - Loan Consultant License ID: DRE# 01194971 NMLS# 330182

+1(310) 245-5626

Frances Baldwin

4341 Texas ST San Diego, CA 92104

Key Details

Location

Interior

Exterior

Building

Others

NEARBY SCHOOLS & PROPERTIES

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4341 Texas ST