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$ 3,295,000
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Active
4342 Marlborough AVE San Diego, CA 92105
6,255 Sqft Lot
UPDATED:
12/05/2024 05:04 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2405882
HOA Y/N No
Year Built 1980
Lot Size 6,255 Sqft
Property Description
4342 Marlborough Ave presents the opportunity to acquire a 9 unit fully renovated multifamily asset situated on the southern border of the highly coveted Kensington neighborhood. The asset consists of an ideal unit mix of (2) Studios, (3) One Bed units, (2) 2 Bed / 1 Bath units, & (2) 2 Bed / 2 Bath units providing for a properly diversified unit make up. Existing ownership has spent over $600k in capital improvements to renovate the property including but not limited to full interior & exterior renovations, landscaping, water lines pulled from slab and re-piped, new roof, installation of backflow, AC units, and the build out of two brand new studio units with in-unit laundry and AC in 2023. The property recently passed CA SB721 deck inspections as well. The property produces an in-place 4.30% cap rate with an additional 10% in rental upside remaining. The property is forecasted at a strong 5.06% cap rate at full market rents. Roughly $1,150,000 of assumable debt is available at a below market 3.90% interest rate on the property fixed until 10/1/2025 and transitioning to floating rate moving forward for a 30-year term maturity in 2053. The assumable debt allows an investor to acquire the property with strong Day 1 cash on cash returns during a less competitive market window while the interest rate market corrects itself over 2025. This will allow for a potential refi in 2025’s likely much more attractive interest rate environment with no pre-pay penalty to do so. The property provides tenants with quick accessibility to the majority of San Diego’s primary entertainment, employment, restaurants, highway access, and activity hotspots. The asset is walking distance to the Heart of Kensington and is less than a 10-minute drive to the Heart of North Park, Normal Heights, Balboa Park and many more activity hotspots. The majority of San Diego’s top water destinations, such as Ocean Beach, Mission Bay, San Diego Bay, and Shelter Island, are all conveniently located within a 15-minute drive.
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning Multifamily
Interior
Fireplace No
Laundry Common Area, Inside
Exterior
Pool None
Community Features Curbs
View Y/N No
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4547332400
Energy Description 140.0
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com