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$ 8,975,000
Est. payment | /mo
55 Beds
1.05 Acres Lot
$ 8,975,000
Est. payment | /mo
55 Beds
1.05 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Linda Vista
MLS Listing ID OC26221659
Bedrooms 55
Lot Size 1.050 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
WD Land is pleased to present the opportunity to acquire The Kelly, a 27-unit multifamily community at 6701 Kelly Street in Linda Vista, one of central San Diegos most accessible neighborhoods. Originally constructed in 1941, the property underwent a comprehensive gut renovation in 2022 that delivered new interiors, new windows, a new roof, plumbing upgrades and new electrical, positioning the asset as turnkey product for its next owner. The offering is composed of 12 townhome units, 12 apartment units, a duplex and an ADU on a 45,738 SF (1.05-acre) parcel with 56 on-site surface parking spaces, a 2.07-per-unit ratio. The mix spans three one-bedroom, eight two-bedroom/one-bath, twelve two-bedroom/two-bath and four three-bedroom homes, giving the property depth across household sizes. Renovated interiors feature quartz countertops, white shaker cabinetry, stainless steel appliances, wide-plank flooring, ceiling fans and refreshed tiled baths. At the offering price of $8,975,000 ($332,407 per unit and $357.57 per SF), the property delivers a 6.08% cap rate on in-place income and 6.43% at market rents, at a 10.35 gross rent multiplier. Modeled with 30% down at a 6.00% interest rate, in-place income covers debt service at 1.21x and produces a 3.5% cash-on-cash return, rising to 1.28x and 4.7% at market. With the major capital work behind it, ownership can focus on operations rather than construction. RUBS utility reimbursement, laundry and pet rent income are in place, and the market scenario identifies further savings in trash service and property management. Linda Vistas cent
Location
State CA
County San Diego
Zoning Assessor
Direction Corner of Kelly St and Drescher St
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 4314100800
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Listed by Tosh Everett, DRE#02212773 Salvatore Joseph Provenza Jr
Nearby Locations
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