30th Street Cottages

//30th Street Cottages

30th Street Cottages

Address:
4518-24 30th Street
San Diego, CA 92116
Property Type:
Purchase Price:
Total Units:
Price Per Unit:
Rentable SF:
Price Per SF:
Market Cap Rate:
Market GRM:
Apartments
$1,150,000
8 (2 Non-Conforming)
$191,667
3,900
$460
2.89%
19.76

Property Description

ACRE Investment Real Estate Services is pleased to present the 30th Street Cottages (the “Property”), an attractive value-an apartment opportunity in San Diego’s Normal Heights sub market.     

The Property consists of a Spanish Courtyard setting spread out over an approximate 6,996 square foot lot. Originally constructed in the 1940’s, this Property has excellent value-add potential through further interior and exterior renovations. The 30th Street Cottages consist of five (5) spacious 1-Bedroom/1-Bath units, one (1) 2-Bedroom/1-Bath unit and one (1) Studio unit in the front of the Property, and an additional 1-Bedroom/1-Bath unit, located above the property’s 5 garages in the rear. In total, the Property is comprised of approximately 3,900 rentable square feet and provides an array of amenities including controlled access entry, open picnic areas and a community laundry facility.

The 30th Street Cottages are positioned within walking distance to retail and award winning restaurants and are minutes away from the 163, 805 and 8 freeways.  Normal Heights is one of San Diego’s most populated communities.  Stemming from its matchless diversity, the community has rapidly emerged into one of San Diego’s newest cultural and artistic cores.  Many streets are lined with trees with Craftsman style homes and Mid-Century modern apartment buildings. The neighborhood is bound by Mission Valley to the north, University Heights to the west, and North Park to the south. Normal Heights is part of the Uptown community planning area, which consists of the neighborhoods of Mission Hills, Hillcrest, Bankers Hill, Park West, Normal Heights, and University Heights. An acute investor will recognize the value-add opportunity the excellent unit mix and continued rental demand in this increasingly gentrified San Diego neighborhood.

The 30th Street Cottages showcase an opportunity to acquire an very well positioned multifamily property in one of the highest demand rental sub markets in all of San Diego County.  With immediate upside in rental income, this offering is perfect for the long-term investor seeking a value-add asset with a strong current and future cash flow.

Listed Properties

William AndersonContact Information
William R Anderson
MBA, Senior Vice President | Principal
Direct: 760.230.8015
Fax: 760.944.9119

Michael G. BiddickContact Information
Michael G. Biddick
Senior Investment Associate
Direct: 760.237.4111
Fax: 760.944.9119

2018-11-03T00:10:07+00:00