4342 Marlborough Avenue Pending Save Request In-Person Tour Request Virtual Tour
San Diego,CA 92105
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 6,158 sqft
Price per Sqft $507
MLS Listing ID CRPTP2500170
Year Built 1980
Lot Size 6,257 Sqft
Property Description
Priced to sell at $90k/unit less than renovated sale comparables! 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. The property produces $220,000 in gross annual income currently with 10%+ undermarket rents allowing for future income growth. 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. 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 ma
Location
State CA
County San Diego
Interior
Laundry Laundry Closet,Other