4341 Texas Street, San Diego, CA 92104

Property Description

New pricing for a quick sale! The highest return turnkey Northpark multifamily deal on the market AND it has excessive parking AND highly desirable 1987 construction! 4341 Texas Street, San Diego offers a fully renovated, 1987 construction, 9-unit multifamily asset with an excessive 14 off-street parking spaces, immediate cash flow and remaining rental upside. 100% of units have been renovated. Parking is highly demanded and necessary to drive strong rents and occupancy in the Northpark Submarket. 4341 Texas will outperform competing rentals by providing 10 parking spaces plus an additional 4 garage spaces yielding 14 total parking spaces for 9 units, which is just shy of 1 parking space per bedroom, an extremely rare commodity in the dense Northpark submarket. The property features full ABS plumbing, individual unit water heaters for reduced SDGE usage, Challenger brand electrical panels with Romex wiring (400 amp/220V main service), and a pitched shingle roof. Ownership will benefit from the highly desirable infrastructure systems of a 1987 construction asset while maintaining the operational simplicity of a low-density asset, 2 story walk up building. The asset currently generates $272,012 annual GSI and $182,696 NOI, yielding a 5.30% in-place cap rate. There is approximately 10% income upside remaining with select units, the implementation of a utility billback program, and separated billing one of the double car garages. The asset is forecasted to produce $290,340 GSI and a 5.79% market cap rate at full market operations, with minimal to no additional capital investment required to achieve that additional income.