WD Land is pleased to present the opportunity to acquire The Kelly, a 27-unit multifamily community at
6701 Kelly Street in Linda Vista, one of central San Diego’s most accessible neighborhoods. Originally
constructed in 1941, the property underwent a comprehensive gut renovation in 2022 that delivered new
interiors, new windows, a new roof, plumbing upgrades and new electrical, positioning the asset as
turnkey product for its next owner.
The offering is composed of 12 townhome units, 12 apartment units, a duplex and an ADU on a ±45,738
SF (±1.05-acre) parcel with 56 on-site surface parking spaces, a 2.07-per-unit ratio. The mix spans three
one-bedroom, eight two-bedroom/one-bath, twelve two-bedroom/two-bath and four three-bedroom
homes, giving the property depth across household sizes. Renovated interiors feature quartz
countertops, white shaker cabinetry, stainless steel appliances, wide-plank flooring, ceiling fans and
refreshed tiled baths.
At the offering price of $8,975,000 ($332,407 per unit and $357.57 per SF), the property delivers a 6.08%
cap rate on in-place income and 6.43% at market rents, at a 10.35 gross rent multiplier. Modeled with
30% down at a 6.00% interest rate, in-place income covers debt service at 1.21x and produces a 3.5%
cash-on-cash return, rising to 1.28x and 4.7% at market.
With the major capital work behind it, ownership can focus on operations rather than construction. RUBS
utility reimbursement, laundry and pet rent income are in place, and the market scenario identifies further
savings in trash service and property management. Linda Vista’s central position between Mission Valley,
Kearny Mesa and the University of San Diego, with direct access to I-805, SR-163 and I-8, supports
durable renter demand. The Kelly offers 1031 exchange buyers, private capital and long-term holders a
renovated, income-producing asset at scale in the urban core