Listing ID: 230002134
Price: $6,000,000
Status: ACTIVE
Address: 3939 7th Avenue
City: San Diego
State: California
Postal Code: 92103
SqFt: 5,697
County: San Diego
San Diego
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.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income


Number of Baths (1): 1
Number of Stories: 2
SqFt of Improvement: 8568


Entry Only: No
Number of Buildings: 1
Number of Units: 16
Number of Units (1): 16
Number of Units w/Ranges: 16
Number of Units w/Refrigerator: 16
Number Units w/Dishwashers: 16


Country: United States
Market Area: Metro Uptown
Zip/Area: MISSION HILLS (92103)


Age: 1928
Have: Units
Mandatory Remarks: None Known


Actual Gross Operating Income: 353390
Actual Gross Scheduled Income: 364320
Actual Operating Expense: 116229
Actual Vacancy & Credit Loss: 10930
Cap Rate Actual: 3.95
Cap Rate Projected: 4.74
Gross Equity: 3150000
Gross Multiplier: 16.5
Monthly Rent Total: 30360
Number of Leased Apartments: 16
Other Income Source: RUBS
Price per SqFt of Improvements: 700.28
Price/Unit: 375000
Projected Gross Multiplier: 14.5
Projected Gross Operating Income: 400695
Projected Gross Scheduled Income: 413088
Projected Net Income: 284467
Projected Operating Expense: 116229
Projected Vacancy & Credit Los: 12393
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Tenant Pays Electric: Y
Tenant Pays Gas: Y
Tenant Pays Water: Y
Unit Rent (1): 1841
Unit Rent Total (1): 29456

Zoning Info

Area Info

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Listing courtesy of NorthMarq Multifamily

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