2022 Yr Built | Normal Heights | HUGE UNITS | 4321 33rd St
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2022 Yr Built | Normal Heights | HUGE UNITS 4321 33rd St
5 Unit Block of Flats £1,944,885 (£388,977/Unit) 4.75% Net Initial Yield San Diego, CA 92104
Investment Highlights
- 5.11% Market/Turnover Cap Rate
- Hip Normal Heights, San Diego location - walking distance to Adams Avenue corridor in Normal Heights
- Modern 2022 Construction - not subject to rent control 80% Large (1,000 SF) 2BR/2BA’s with 14' ceilings on top floor
- High end units, with AC, quartz counters, stainless appliances and luxury vinyl plank floors
- Minutes to North Park, University Heights, Kensington, South Park & Hillcrest
- Potential for 2-4 unit residential financing
Executive Summary
4321 33rd Street, San Diego, CA 92104 is a newly built (2022) 5 unit apartment property located in the trendy Normal Heights area of mid-city San Diego with walking distance to Adams Avenue’s bustling restaurant and brewery scene and just a short drive to North Park, University Heights, South Park, Hillcrest & Kensington.
The property boasts 80% HUGE 1,000 SF 2BR/2BA units with high end finishes and 14’ ceilings on the 2nd level. The property is extremely
efficient with limited landscaping and on-going maintenance. The units boast individual hot water heaters, and electric meters (no gas) and submeters for water. Although the rents are very close to market, there is still additional upside in rents on turnover/lease renewal for each unit. Property is also exempt for California Rent Control AB-1482, due to the newer age of construction.
NOTE that the property is 4 legal units with a 5th unit that is nonconforming. Due to recent changes to city density and ADU regulations,
a buyer should have a clear path to perfecting the 5th unit. Buyer to Investigate viability of perfecting the 5th unit.
Email listing agent for Offering Memorandum
The property boasts 80% HUGE 1,000 SF 2BR/2BA units with high end finishes and 14’ ceilings on the 2nd level. The property is extremely
efficient with limited landscaping and on-going maintenance. The units boast individual hot water heaters, and electric meters (no gas) and submeters for water. Although the rents are very close to market, there is still additional upside in rents on turnover/lease renewal for each unit. Property is also exempt for California Rent Control AB-1482, due to the newer age of construction.
NOTE that the property is 4 legal units with a 5th unit that is nonconforming. Due to recent changes to city density and ADU regulations,
a buyer should have a clear path to perfecting the 5th unit. Buyer to Investigate viability of perfecting the 5th unit.
Email listing agent for Offering Memorandum
Property Facts
| Price | £1,944,885 | Apartment Style | Low Rise |
| Price Per Unit | £388,977 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Net Initial Yield | 4.75% | Building Size | 4,550 SF |
| Gross Rent Multiplier | 14.49 | Average Occupancy | 100% |
| No. Units | 5 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 2022 |
| Property Subtype | Apartment | Parking Ratio | 1.98/1,000 SF |
| Price | £1,944,885 |
| Price Per Unit | £388,977 |
| Sale Type | Investment |
| Net Initial Yield | 4.75% |
| Gross Rent Multiplier | 14.49 |
| No. Units | 5 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 4,550 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 2022 |
| Parking Ratio | 1.98/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Heating
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+2 | 4 | £2,284 | 1,000 |
| 1+1 | 1 | £1,499 | 550 |
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Walk Score ®
Walker's Paradise (90)
zoning
| Zoning Code | CUPD-CT-2-4 (Central Urbanized Planned District) |
| CUPD-CT-2-4 (Central Urbanized Planned District) |
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2022 Yr Built | Normal Heights | HUGE UNITS | 4321 33rd St
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