Los Estudios de Stanson

09-09-2021
09-15-2021

1133 27th St, San Diego, CA 92102

Fully Renovated Golden Hill Complex Near Downtown Efficient Studios, 1-Beds and Penthouse Units With Views Private Gated Parking Lot With 6 Off-Street Parking Spaces Condo Quality Appliance Packages, Cabinetry and Countertops Rare Golden Hill Location Near Balboa Park & Entertainment High Return Investment In Highly Gentrifying Market

Property Description

Marcus and Millichap is pleased to present Los Estudios de Stanson at 1133 27th Street, a completely renovated 14+1*-unit multifamily property located in the Golden Hill neighborhood of San Diego, California. This complex consists of one 3-story building composed of thirteen studio apartment units, one 1-bedroom / 1-bath, and one non-conforming penthouse with panoramic views of downtown and Coronado bridge. This complex features major interior and exterior renovations featuring new vinyl windows, LVP click flooring, new appliance packages, custom cabinetry, quartz countertops, epoxied tubs, electrical upgrades, common area upgrades and a private parking lot with 6 parking spaces. The lot could be more efficiently configured to cater more parking spaces to the property. Golden Hill is one of San Diego’s most historic and architecturally eclectic zones, with many pre-1900 homes and apartments. Outlined by the I-5, Highway 94 and Interstate 15, talk has circulated for nearly a decade that this centralized locale is on the up-and-up. Golden Hill is a neighborhood of San Diego, California that is located south of Balboa Park, north of Sherman Heights/Highway 94 (M. L. King, Jr. Freeway), and east of Downtown. This neighborhood is also in walking distance of Downtown, City College and much of Balboa Park. Auto access is direct from freeways 5 and 94. The major through streets and bus routes are Broadway (East and West), and 25th Street and 30th Street (North and South). The zip code is a portion of 92102. Pedestrianism, like in other urban mesa neighborhoods surrounding Balboa Park, is high relative to the rest of San Diego. 1133 27th Street would be ideal for the pride-of-ownership investor seeking a stabilized piece of history with great cash flow in a premium market as well as further value-add opportunity to seek substantial property tax savings through historically designating the property.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
studio / 1-bath 13 360 $ 1,789
1-bed / 1-bath 1 550 $ 2,095

Key Property Information

Listing Status
Available
Multi-family type
Garden Style
Price
$ 5,250,000
No. of Units
15
Cap Rate
4.48%
GRM / GIM
15.71
Average Occupancy
100%
Year Built
1917
Building Size
7,200 Sq ft
Lot Size
7,023 Sq ft
No. of Stories
3
No. of Parking Spots
6
Opportunity Zone
Off
Price per unit
$ 350,000

Financial Details

Gross Income
$ 334,140
Effective Gross Income
$ 338,210
Operating Expenses
$ 103,088
Net Operating Income
$ 235,122
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