3864 35th Street, North Park, CA 92104

List Price
Price Change
▼ $90,000 1679974376
Days on Market
Property Type
Property Sub Type
Mixed Use

Property Description

•Immediate 38% upside by marking rents to market •Additional increase in revenue through the implementation of a utility reimbursement program •1986 Construction / Newly Renovated •Less than one mile from Interstate-8, Interstate-805, and Interstate-15 the property offers great accessibility to all San Diego employment hubs •Cured of deferred maintenance, allowing for less capital upfront •Turnkey asset Las Palmas is a centrally located and newly renovated 18- unit trophy asset, set in between the walkable North Park and Cherokee Point submarkets within San Diego, CA. Built in 1986, the elevator served building consists of 1 studio, 6-one bedroom, and 11 two-bedroom units. The property exterior has been fully renovated within the past year including all new stucco/paint, new black trimmed vinyl windows, wood paneling highlights, roof repairs, and more. More than half of the interiors have been extensively renovated as well, including all new LVP throughout, new white/green shaker cabinets, all new appliances, quartz countertops, tiled in showers, private fenced in patios on the ground floor, undermount sinks, etc. The Property offers the next investor the opportunity to capitalize on an extremely well located, renovated asset with additional upside through the business plan proven renovation of the remaining units. Current ownership has not raised rents in the past year, offering substantial upside to the new owner. With all deferred maintenance taken care of, the opportunity exists for the next owner to implement RUBS, renovate the remaining units, and marking rents to market, all while enjoying a beautiful well taken care of property from day 1.

Additional Information

Attached Structure
Number Of Units Total
Gross Scheduled Income
Operating Expense

Listing courtesy of Listing Agent: Erik Anderson (eanderson@northmarq.com) from Listing Office: NorthMarq Multifamily.

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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.