Listing ID: 230004330SD
Price: $6,660,000
Status: Active
Address: 3864 35th Street
City: San Diego
State: California
Postal Code: 92104
County: San Diego
San Diego
CA
92104
•Immediate 38% upside by marking rents to market •Additional increase in revenue through the implementation of a utility reimbursement program •1986 Construction / Newly Renovated •Less than one mile from Interstate-8, Interstate-805, and Interstate-15 the property offers great accessibility to all San Diego employment hubs •Cured of deferred maintenance, allowing for less capital upfront •Turnkey asset Las Palmas is a centrally located and newly renovated 18- unit trophy asset, set in between the walkable North Park and Cherokee Point submarkets within San Diego, CA. Built in 1986, the elevator served building consists of 1 studio, 6-one bedroom, and 11 two-bedroom units. The property exterior has been fully renovated within the past year including all new stucco/paint, new black trimmed vinyl windows, wood paneling highlights, roof repairs, and more. More than half of the interiors have been extensively renovated as well, including all new LVP throughout, new white/green shaker cabinets, all new appliances, quartz countertops, tiled in showers, private fenced in patios on the ground floor, undermount sinks, etc. The Property offers the next investor the opportunity to capitalize on an extremely well located, renovated asset with additional upside through the business plan proven renovation of the remaining units. Current ownership has not raised rents in the past year, offering substantial upside to the new owner. With all deferred maintenance taken care of, the opportunity exists for the next owner to implement RUBS, renovate the remaining units, and marking rents to market, all while enjoying a beautiful well taken care of property from day 1.
Primary Features
County:
San Diego
Price Before Reduction:
6750000
Price Reduction Date:
2023-03-20T00:08:00+00:00
Property Sub Type:
Commercial/Residential
Property Type:
Commercial Sale
Interior
External
Number Of Buildings:
1
Location
Country:
US
MLS Area Major:
92104 - North Park
Additional
Co List Agent State License:
01883437
Days On Market:
13
List Agent State License:
01991182
Number Of Units Total:
18
Parcel Number:
44745227
Financial
Gross Scheduled Income:
361000
Operating Expense:
143000
Zoning Info
Area Info
© 2023. The multiple listing data appearing on this website is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumer may be interested in purchasing. All data, including but not limited to all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Any correspondence from IDX pages are routed to Century 21 Award or one of their associates. Last updated Saturday, March 25th, 2023.
Based on information from CARETS as of Saturday, March 25th, 2023 03:18:47 AM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Based on information from CARETS as of Saturday, March 25th, 2023 03:18:47 AM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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