Indiana Street Apartments | 3525-3549 Indiana St
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Indiana Street Apartments 3525-3549 Indiana St
23 Unit Apartment Building $27,483,499 CAD ($1,194,935 CAD/Unit) 2.44% Cap Rate San Diego, CA 92104
INVESTMENT HIGHLIGHTS
- Available HUD Loan Assumption @ 2.5% Fixed for 35 Years
- High End, Condo Quality Upgrades Throughout
- Paid for Solar System
- Brand new 2019 Construction
- Rents are Aprox. 4.5% Below Market
- Portion of the Property Benefits from Mills Act gaining Property Tax Savings
EXECUTIVE SUMMARY
Price Reduced. Sellers will entertain all reasonable offers. Assumable 2.5% Loan fixed for 35 years! Brand New Construction, The Indiana is a 23 Unit Apartment Building Located in San Diego's (92103 Zip Code) Hillcrest/North Park Subdivision. Diverse Unit Mix of Cottages, Townhomes, 1 & 2 BR Units. Average unit size is greater than 800 Sq Ft.
Most units have balconies. High end interior amenities including wood flooring, high end cabinetry, counters, fixtures and appliances as well as in unit Washer/Dryers. Rents are stabilized but there should be an additional 4-5% immediate upside. Hillcrest is one of the strongest rental markets in San Diego County with very little vacancy and continued rental growth projected.
This is for the investor looking for one of the nicest properties in Mid-City San Diego and with the high end construction this should prove to be a low maintenance long term property that will be easy to manage and maintain.
Current Loan Balance can be assumed at $8,090,000 fixed till January 2057. P&I Payment is $30,471/month. The original existing 2 cottages have been completely remodeled and are currently benefiting from Property Tax Savings as they qualify for The Mills Act.
Most units have balconies. High end interior amenities including wood flooring, high end cabinetry, counters, fixtures and appliances as well as in unit Washer/Dryers. Rents are stabilized but there should be an additional 4-5% immediate upside. Hillcrest is one of the strongest rental markets in San Diego County with very little vacancy and continued rental growth projected.
This is for the investor looking for one of the nicest properties in Mid-City San Diego and with the high end construction this should prove to be a low maintenance long term property that will be easy to manage and maintain.
Current Loan Balance can be assumed at $8,090,000 fixed till January 2057. P&I Payment is $30,471/month. The original existing 2 cottages have been completely remodeled and are currently benefiting from Property Tax Savings as they qualify for The Mills Act.
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$1,317,341
|
$71.42
|
| Other Income |
$82,017
|
$4.45
|
| Vacancy Loss |
$47,779
|
$2.59
|
| Effective Gross Income |
$1,351,578
|
$73.28
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$600,838
|
$32.57
|
| Net Operating Income |
$750,739
|
$40.70
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,317,341 |
| Annual Per SF | $71.42 |
| Other Income (CAD) | |
|---|---|
| Annual | $82,017 |
| Annual Per SF | $4.45 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $47,779 |
| Annual Per SF | $2.59 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,351,578 |
| Annual Per SF | $73.28 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $600,838 |
| Annual Per SF | $32.57 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $750,739 |
| Annual Per SF | $40.70 |
PROPERTY FACTS
| Price | $27,483,499 CAD | Apartment Style | Mid Rise |
| Price Per Unit | $1,194,935 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.56 AC |
| Cap Rate | 2.44% | Building Size | 18,445 SF |
| Gross Rent Multiplier | 22 | No. Stories | 4 |
| No. Units | 23 | Year Built/Renovated | 1923/2019 |
| Property Type | Multifamily | Parking Ratio | 1.52/1,000 SF |
| Property Subtype | Apartment |
| Price | $27,483,499 CAD |
| Price Per Unit | $1,194,935 CAD |
| Sale Type | Investment |
| Cap Rate | 2.44% |
| Gross Rent Multiplier | 22 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 18,445 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1923/2019 |
| Parking Ratio | 1.52/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Vaulted Ceiling
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Views
- Walk-In Closets
- Wi-Fi
- Deck
- Vinyl Flooring
SITE AMENITIES
- Controlled Access
- Courtyard
- Gated
- Storage Space
- Bicycle Storage
- Car Charging Station
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 15 | $4,484 CAD | 650 |
| 1+1.5 | 3 | $5,244 CAD | 915 |
| 2+2 | 4 | $5,280 CAD | 1,040 |
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Walk Score®
Very Walkable (82)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $11,015,229 CAD | |
| Land Assessment | $1,840,090 CAD | Total Assessment | $12,855,318 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,840,090 CAD
Improvements Assessment
$11,015,229 CAD
Total Assessment
$12,855,318 CAD
ZONING
| Zoning Code | 9 |
| 9 |
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Indiana Street Apartments | 3525-3549 Indiana St
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