3864 35th Street, North Park, CA 92104

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.