Conde Street Apartments

//Conde Street Apartments

Conde Street Apartments

Address:
3878-3886 Conde Street

San Diego, CA 92110

Property Type:
Purchase Price:
Total Units:
Price Per Unit:
Rentable SF:
Price Per SF:
Market Cap Rate:
Market GRM:

Apartments
$1,075,000
5
$215,000
2,576
$417.31
2.80%
18.47

Property Description

ACRE is proud to present for sale the Old Town Apartments. This 5 unit property is located in the heart of Old Town San Diego and is comprised of four ሺ4ሻ 1‐ Bed/1‐Bath units, a detached 2‐Bed/1‐Bath home, plus a vacant 3,216 square foot parcel. The property is located a few blocks from the heart of Old Town which offers shopping, dining, and entertainment. Additionally, the subject property is just minutes from the Beach, Downtown San Diego, Little Italy, The World Famous San Diego Zoo, and countless other San Diego attractions. With a walk score of 74 out of 100 tenants can enjoy many conveniences without ever getting into a car. The subject property has approximately 2,576 square feet of living area over two parcels that total 11,685 square feet. An opportunity may exist to build on the vacant 3,216 square foot parcel as there was once a residence there in the past. There is also limited on‐site parking and a laundry room. The Old Town Apartments offers an investor the opportunity to add value through renovations and updating of the asset. After renovations, there is an approximate 54% upside in rental income. The subject property is ideal for the investor looking for a value add opportunity in one of San Diego’s most historical areas. With continued upward pressure in rents one should expect solid returns for many years to come. The Old Town Apartments have been in the same family since the 1960’s and is being offered free and clear of debt.

Listed Properties


Contact Information

Dylan E. Wright
Vice President
Direct: 619.255.3233
Fax: 760.944.9119

2018-11-03T00:10:06+00:00