734 S 46th

San Diego, CA 92113

Sold

$1,005,000

2021.03.19

1/5

Property Description

Top Gun CRE, Inc. is pleased to present the “South 46th Street Apartment Homes” a new, value-add, 5-unit apartment listing located in the quiet, family-friendly sub-market in southeastern San Diego of Mountain View.
Built 1955 and comprised of a desirable unit mix of 2 and 1- bedroom units, this well-maintained property sits on a decent, over 6,000 SF lot with mature landscaping on a quiet, residential street. It has been owned long-term and cared for by a pride of ownership family trust for the last 2 decades, and is ready for your upgrades.
The unit mix is: (1) 2bed+2bath, (2) 2bed+1bath units, and (2) 1bed+1bath units, for an estimated combined total of 3,310 rentable SF. It sits on a roughly 6,116 SF lot zoned RS-1-7. There are 3 rear storage garages allocated to the 2-bedroom units, and a common laundry room storage area with laundry hookups and storage lockers accessible via the rear alley. The mature landscaping and ample front yard
provide tenants with shade and privacy, and some room to relax outside off the main street. There are roughly 4-5 parking spaces in the rear of the property.
The property has been well cared for and there is no readily apparent significant deferred maintenance. The roofs were replaced within the last 4 years, and newer bathrooms done within the last 2-4 years. The unit interiors, while somewhat dated and worn, are fairly clean and it should be relatively easy to renovate to modern finishes.
Current rents are significantly below market, allowing investors to further renovate the units and increase rents to market rates. It is estimated there is 45% upside in rents on average. All but 1 tenant is currently month to month. There may be the ability to add additional laundry/storage income, and/or convert the larger rear garages into ADUs.
The property is located in the southeastern portion of the Mountain View neighborhood, which is one of San Diego’s older neighborhoods. The neighborhood became known as "Mountain View" because of its unobstructed view of San Miguel Mountain to the east. It features wide streets and is generally quiet and family-friendly. The immediate area contains several neighborhood parks and schools. The property is located 1-block west of the 805 freeway, giving residents easy access within a 10-15 minute drive to Downtown, Balboa Park & Zoo, Coronado Island, and the US-Mexico border. Fun fact: Mountain View abuts two of the largest and oldest cemeteries in San Diego County - Mount Hope Cemetery and Greenwood Memorial Park.
In total, this property represents a fantastic value-add opportunity to increase income and build equity in an improving market with healthy long-term appreciation potential.

Property Details

Property Type

Multifamily

Units

5

SqFt

3,310

Unit Mix

Year Built

(1) 2+2, (2) 2+1, (1) 1+1

1955

Price

$1,005,000

Price/Unit

$201,000

Price/SF

GRM

$304

16.02

Cap Rate

3.29%

Property Location

Mountain View

Contact Agent

Maxim Delbecq

858.333.7701

DRE # 01964069

KEN_0377_edit_edited.jpg
KEN_0377_edit_edited.jpg