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Alexander Pfleger
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P: 858.483.4687
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3864 35th Street
San Diego, California CA 92104
Price: $4,050,000
ACTIVE Status, Bedrooms, Full Baths
7,000 SqFt
Listing ID # 190001722

Property Description:

Las Palmas, constructed in 1986, is an 18 unit apartment complex consisting of eleven 2 bed/1 bath units, six 1 bed/1 bath units, and one studio. The 3 story structure consists of 11,422 rentable square feet situated on a 7,000 square foot lot. The property features an elevator, security entrance, tuck under parking, 4 tandem parking spaces in the front, 6 parking spaces in the rear and 2 laundry rooms. Las Palmas is located in the residential booming sub-market area of North Park. Many units have been renovated and there is additional upside in the rents. North Park is a neighborhood in Central San Diego, California, on either side of El Cajon Boulevard and near the 805 Freeway. The area is filled with a number of restaurants, coffee shops, boutiques, and artist's studios near Adams Avenue and University Avenue. Live entertainment can be found most nights. Adjacent to Hillcrest and Normal Heights, additional restaurants, bars, coffee shops, and night clubs are within easy reach.

Primary Features

Market Area: Metro Uptown
Short Sale: no
Number of Buildings: 1
Number of Units: 18

Interior Features

Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (1): 2
Number of Bedrooms (2): 1

External Features

Entry Only: No
Number of Carports: 2

Location Information

Zip/Area: NORTH PARK (92104)

Financial Details

Actual Gross Oper Income: 301883
Actual Gross Scheduled Income: 311220
Actual Operating Expense: 92575
Actual Vacancy & Credit Loss: 9337
Assessors Parcel Number: 447-452-27-00
Cap Rate Actual: 5.2
Cap Rate Projected: 5.9
Gross Equity: 2400000
Gross Multiplier: 12.9
Monthly Rent Total: 25935
Price per SqFt of Improvements: 354.58
Price/Unit: 225000
Projected Gross Multiplier: 11.9
Projected Gross Operating Income: 329587
Projected Gross Scheduled Income: 339780
Projected Net Income: 237012
Projected Operating Expense: 92575
Projected Vacancy & Credit Los: 10193
Sale/Rent: For Sale
Unit Rent (1): 1528
Unit Rent (2): 1267
Unit Rent (3): 1250
Unit Rent Total (1): 16808
Unit Rent Total (2): 7602
Unit Rent Total (3): 1250

Additional

Age: 1986
Association ID: San Diego Association of REALTORS (SDAR)
Have: Units
Mandatory Remarks: None Known
Number of Leased Apartments: 18
Number of Stories: 3
Number of Units (1): 11
Number of Units (2): 6
Number of Units (3): 1
Number of Units w/Ranges: 18
Number of Units w/Refrigerator: 18
Sales Restrictions: N/K
SqFt of Improvement: 11422

Zoning Info


Listing courtesy of South Coast Commercial, Inc.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) services provided by SDMLS and CRMLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. © 2019 San Diego Multiple Listing Service, Inc. © 2019 California Regional Multiple Listing Service. Data updated on Wednesday, June 26th, 2019 01:27:29 AM.

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The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited.

Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2019-05-20

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