3865 77 Menlo AVE Active Save Request In-Person Tour Request Virtual Tour
San Diego,CA 92105
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2405741
Year Built 1964
Lot Size 0.290 Acres
Property Description
3865-77 Menlo Ave presents the opportunity to acquire 2 Contiguous parcel Multifamily Assets in Central San Diego totaling 15 units across 3 structures on a 12,625 sqft combined lot. The assets are located in 6.5 FAR Tier 3 Complete Community Zoning, which allows for a future high-density development opportunity. 3865-71 Menlo Ave consists of 5 units: (1) detached 2 bed / 1 bath house and a quadplex of 1 bed / 1 bath units with an onsite laundry room in the rear. The parcel size is 6,375 Sqft. 3877 Menlo consists of 10 units: (8) 1 bed / 1 baths & (2) 2 bed / 1 baths. The parcel size is 6,250 sqft. Both assets are turnkey with additional upside at an in-place cap rate averaging 4.49% or a 4.72% cap rate if rent increases were provided to the immediately viable units. For an investor looking to further maximize returns, lightly renovated units could achieve a proforma cap rate of 5.80%. The asset includes 15 on-site parking spaces providing for a desirable 1 parking space per unit. An additional 5 tandem parking spaces could be achieved if the fence was pushed back on 3865-71 Menlo Ave
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning Multifamily Complete Comm
Interior
Laundry Common Area
Exterior
Pool None
Community Features Curbs
View Y/N No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard