Redwood Terrace

06-16-2022
06-29-2022

3112 30th St, San Diego, CA 92104

  • Premier Location Right on 30th Street
  • Attractive Unit Mix of Large One & Two Bedroom Units
  • Extensive Interior & Exterior Renovations
  • Expansive Courtyard with BBQ Grill Area
  • Gated Entry & Security Cameras
  • On-Site Laundry & (20) Off-Street Parking Spaces

Property Description

Marcus and Millichap is pleased to present Redwood Terrace located at 3112 30th Street in San Diego, California. Originally built in 1964, the 18-unit apartment building is situated in the popular neighborhood of North Park with an impressive Walk Score of 87. The building rests on a large 18,884 square foot lot and has approximately 16,405 in rentable square feet.

The complex boasts large layouts with a unit mix of (4) two bedroom / two bathroom units, (6) two bedroom / one bathroom units, and (8) one bedroom / one bathroom units. The property has been meticulously maintained and extensively renovated in recent years. Units feature luxury vinyl plank flooring, granite countertops, and stainless steel appliances. Other impressive features include: ceiling fans, dual pane windows, oversized closets, and A/C. The electrical and plumbing systems have also been thoroughly upgraded in recent years, increasing the overall longevity of the property. The foundation was rebuilt in 2010 for further structural improvement.

Attractive tenant offerings include: a large communal courtyard with grill, gated access, on-site laundry, and 24/7 security surveillance system. Ample parking is available with (20) off-street parking spaces making the units highly desirable for prospective renters. With below market rents, an investor has the opportunity to maximize overall cash flow by bringing current rents to market through more aggressive management. Located on 30th Street and Redwood Street, the property enjoys proximity to all of North Park and South Park's best attractions. Redwood Terrace ultimately presents investors the rare opportunity to acquire a large trophy asset with remaining rental upside in one of San Diego's most premium rental markets. Contact agents for marketing package.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
2 Bed / 2 Bath 4 1,155 $ 2,258
2 Bed / 1 Bath 6 946 $ 2,140
1 Bed / 1 Bath 8 764 $ 1,782

Key Property Information

Listing Status
Under Contract
Price
$ 8,370,000
No. of Units
18
Cap Rate
3.06%
GRM / GIM
19.31
Year Built
1964
Building Size
16,405 Sq ft
Lot Size
18,884 Sq ft
No. of Stories
2
APN
453-540-24-00
No. of Parking Spots
20
Opportunity Zone
Off
Price per unit
$ 465,000

Financial Details

Income/Expense Info
Pro Forma
Financial Year
2022
Gross Income
$ 545,688
Effective Gross Income
$ 544,240
Operating Expenses
$ 172,518
Net Operating Income
$ 371,723
Pre-tax Cashflow
$ 371,723
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