Listing ID: 210027259
Price: $1,750,000
Status: ACTIVE
Address: 5115-5117 Naranja Street
City: San Diego
State: California
Postal Code: 92114
SqFt: 19,773
County: San Diego
San Diego
CA
92114
The Naranja Street Homes is an 8 unit apartment community located in the Valencia Park submarket of San Diego. Situated over two buildings on two separate parcels totaling 19,773 square feet the property consists of two 3 Bed/2 Bath units, four 2 Bed/1 Bath units, and two 1 Bed/1 Bath units. The subject property has eighteen on site parking spots and an on site laundry facilities with owned machines. The property has been well kept over the years but an opportunity exists to remodel the units and substantially increase rents. The property is located approximately 5 miles from Downtown San Diego and is a few blocks away from the 805 and 94 freeways providing residents easy access to employments centers, shopping, dining, and entertainment. Additionally, the subject property is across the street from the newer Market Creek Plaza giving residents easy access to grocery, dining, and shopping options. The Naranja Street Homes is a fantastic opportunity for an investor looking for a value add opportunity with solid rent growth moving forward.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income

Interior

Number of Baths (1): 2
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (1): 3
Number of Bedrooms (2): 2
Number of Bedrooms (3): 1
Number of Stories: 2
SqFt of Improvement: 5752

External

Entry Only: No
Number of Buildings: 2
Number of Units: 8
Number of Units (1): 2
Number of Units (2): 4
Number of Units (3): 2
Parking Spaces Total: 18
Projected Gas & Electric: 1400

Location

Country: United States
Market Area: Metro Central
Zip/Area: ENCANTO (92114)

Additional

Age: 1971
Amenities: Other/Remarks
Class: COMMERCIAL-RES INCOME
Have: Real Estate
Mandatory Remarks: None Known

Financial

Actual Cash Flow: 20857
Actual Cash on Cash: 3.41
Actual Gardener Expense: 1440
Actual Gas & Electric Expense: 1400
Actual Gross Operating Income: 137366
Actual Gross Scheduled Income: 139140
Actual Insurance F&L Expense: 2400
Actual Maintenance Expense: 8000
Actual Operating Expense: 55215
Actual Other Expense: 1000
Actual Other Income: 2400
Actual Pest Control Expense: 700
Actual Property Management Expense: 6868
Actual Taxes Expense: 21606
Actual Total Expense: 55215
Actual Total P&I Pay: 61295
Actual Trash Expense: 4800
Actual Vacancy & Credit Loss: 4174
Actual Water/Sewer Expense: 7000
Cap Rate Actual: 4.69
Cap Rate Projected: 6.21
Gross Equity: 1750000
Gross Multiplier: 12.58
Price/Unit: 218750
Projected Annual P & I Expense: 61295
Projected Cash Flow: 47451
Projected Cash on Cash: 7.75
Projected F&L Insurange Expense: 2400
Projected Gardener Expense: 1440
Projected Gross Multiplier: 10.42
Projected Gross Operating Income: 165360
Projected Gross Scheduled Income: 168000
Projected Maintenance Expense: 8000
Projected Net Income: 108746
Projected Operating Expense: 56614
Projected Other Expense: 1000
Projected Other Income: 2400
Projected Pest Expense: 700
Projected Prop Management Expense: 8268
Projected Taxes Expense: 21606
Projected Total Expense: 56614
Projected Trash Expense: 4800
Projected Vacancy & Credit Los: 5040
Projected Water/Sewer Expense: 7000
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Unit Rent (1): 1628
Unit Rent (2): 1494
Unit Rent (3): 1183
Unit Rent Total (1): 3255
Unit Rent Total (2): 5975
Unit Rent Total (3): 2365

Zoning Info


This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, noncommercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2019 San Diego MLS. Data updated on Saturday, October 16th, 2021 12:46:19 PM.
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Listing courtesy of Acre Investment Real Estate

Contact - Listing ID 210027259

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Leslie Duvernay

1455 Frazee Rd. STE 500
San Diego, CA 92105
Phone: 6195548520

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Vibe Team Brokered by Big Block Realty CA DRE#01936896, Broker CA DRE#01885775

(800) 604-7547

leslie@VibeTeamRE.com

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