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$ 2,300,000
Est. payment /mo
Active
3877 Menlo Avenue San Diego, CA 92105
3 Beds
2 Baths
6,607 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2602399
Bedrooms 3
Lot Size 6,607 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
3877 Menlo Avenue presents an attractive opportunity to acquire a well located, value-add multifamily asset at a low price per unit in Central San Diegos high-demand, but still affordable workforce housing market. The property consists of 10 units totaling 5,788 rentable square feet on a 6,607 SF lot, featuring an efficient unit mix of (8) 1 Bed / 1 Bath and (2) 2 Bed / 1 Bath units, complemented by 10 off-street parking spaces. The 1 bedroom units are oversized and possess walk-in closets. The property produces $213-216k annual income yielding a 5.48% cap rate with strong upside to a projected 7.04% cap rate upon full renovation and lease-up to market rents. Built in 1964, the asset offers classic walk-up construction with a pitched roof and a secure, fully gated courtyard. Recent exterior improvements include a full paint completed in 2025. Three units have been renovated, providing a clear path for continued interior upgrades to capture significant rental upside. Additional income potential exists through the implementation of a utility billback program. The property benefits from excellent accessibility to major employment hubs including Downtown San Diego, North Park, Mission Valley, SDSU, USD, and Naval Base San Diego. Convenient access to I-15, I-805, I-8, and SR-94 further enhances tenant demand and long-term investment stability. The asset is situated walking distance to City Heights Park, City Heights Shopping Center, Radys Urgent Care, and a variety of neighborhood dining and retail options including Eagles Market, The Tower Bar, Key & Cleaver, and Cafeina Caf.
Location
State CA
County San Diego
Direction GPS
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 4715913200
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Maxwell Brown, DRE#02127395 Commercial Asset Advisors