Offer Price:

$3,200,000

Proforma Cap Rate:

5.85%

Price/SF:

$358.02

Price/Unit:

$290,909

Gross Building Area:

8,938

Lot Size:

31,363 SF

Status:

Active

Submarket:

Central

Property Type:

Apartments, Land

Strategy:

Value Add

5450 University Avenue consists of 11 total rental units of both multifamily and retail, totaling 8,938 rentable square feet set on a 31,363 SF lot with ample off-street parking and extra land for the potential addition of ADUs. The front structure has 4 commercial units with frontage to University Ave totaling approximately 2,520 SF and maybe best converted to residential. The middle structure is an approximately 1,038 SF 2 Bed / 1 Bath single-family house. The rear structure has six apartment units consisting of (4) large 1,100 SF 2 Bed / 2 Bath units and (2) 590 SF 1 Bed / 1 Bath units. Rents are extremely low and redevelopment potential for this property is high.

While the units have been well-kept, there is significant value to add by going in and renovating with modern touches, adding ADUs and or redeveloping the site.

This property is located a few hundred feet from the shopping and transit on El Cajon Blvd and blocks from the new retail center in Fairmount Village with El Super, Starbucks, Chase and Wells Fargo banks, as well as numerous restaurants. The City Heights Library and new Police Station are nearby. Like other urban mesa neighborhoods north of Balboa Park, Central San Diego has a high rate of pedestrian activity, relative to the rest of San Diego. Central San Diego is located next to many of the major highways with close access to the coast, beaches, business districts, downtown, and Mexico.

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 373-3237