$ 3,295,000
4342 Marlborough Avenue San Diego, CA 92105
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Listed by Maxwell Brown • Commercial Asset Advisors
$ 3,295,000
Est. payment | /mo
5,850 SqFt
$ 3,295,000
Est. payment | /mo
5,850 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,850 sqft
Price per Sqft $563
MLS Listing ID CRPTP2405882
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1980
Lot Size 6,257 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
Location
State CA
County San Diego
Interior
Fireplace No
Laundry Other, Inside
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