4562 Hamilton St 7 Unit Apartment Building $4,566,294 CAD ($652,328 CAD/Unit) 3.02% Cap Rate San Diego, CA 92116
INVESTMENT HIGHLIGHTS
- All 2-Bedroom Units
- Perfect Property To Add ADUs
- 11 Parking Spaces - 6 Covered & 5 Open
- Prime University Heights Location
- $900 Per Unit Rental Increase Possible With Renovation
- Walking Distance To All That Park Blvd. & Adams Ave. Have To Offer
EXECUTIVE SUMMARY
7 units in University Heights - All 2 Bedroom units. Perfect building to renovate, add additional dwelling units, and re-rent at market rates to add value. The 6-car parking garage looks to be the perfect place to add 2 or 3 ADU units while still preserving 5 parking spaces in front of the new ADUs. 5 additional open parking spaces in the rear. Current rents are low making this property the ideal candidate for the "Renovate & Raise" model. Laundry room and additional storage lockers for tenants are located under the partially enclosed parking garage. Prime University Heights location. **** Please do not walk on property as tenants unaware the property is for sale ******
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$233,487
|
$42.94
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,670
|
$0.86
|
| Effective Gross Income |
$228,817
|
$42.08
|
| Taxes |
$55,904
|
$10.28
|
| Operating Expenses |
$35,495
|
$6.53
|
| Total Expenses |
$91,398
|
$16.81
|
| Net Operating Income |
$137,418
|
$25.27
|
PROPERTY FACTS
| Price | $4,566,294 CAD |
| Price Per Unit | $652,328 CAD |
| Sale Type | Investment |
| Cap Rate | 3.02% |
| Gross Rent Multiplier | 19.5 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,438 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1980 |
| Parking Ratio | 2.02/1,000 SF |
UNIT AMENITIES
- Storage Space
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | $2,734 CAD | 774 |
| 2+1.5 | 1 | $2,844 CAD | 794 |
1 of 1
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 445-162-29 | Total Assessment | $2,564,387 CAD |
| Land Assessment | $1,612,394 CAD | Annual Taxes | $55,904 CAD ($10.28 CAD/SF) |
| Improvements Assessment | $951,992 CAD | Tax Year | 2024 |
ZONING
| Zoning Code | RM-2-5 |
