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 4.32% 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.
Property Details
Price:
$3,295,000
MLS #:
PTP2405882
Status:
Active
Baths:
0
Address:
4342 Marlborough Avenue
Type:
Residential Income
Neighborhood:
92105eastsandiego
City:
San Diego
Listed Date:
Sep 23, 2024
State:
CA
ZIP:
92105
Lot Size:
6,257 sqft / 0.14 acres (approx)
Year Built:
1980
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Schools
Interior
Exterior
Community Features
Curbs
Garage Spaces
0.00
Lot Features
36-40 Units/ Acre
Parking Spots
0.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Financial
Association Fee
0.00
Map
Community
- Address4342 Marlborough Avenue San Diego CA
- Area92105 – East San Diego
- CitySan Diego
- CountySan Diego
- Zip Code92105
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Courtesy of Commercial Asset Advisors. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
4342 Marlborough Avenue
San Diego, CA
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