21-33 S 35th St

Price Reduced! 21–33 S. 35th St is a high-yield, mostly renovated, low-density multifamily investment situated on a rare triple-lot in Central San Diego, featuring a detached 3-bedroom / 2-bath house and strong value-add potential. The property includes three water meters, indicating a possible three-way lot split opportunity for additional upside. Originally built in 1960, the asset consists of 10 total units across five separate buildings, with 9 of the 10 units renovated in 2022, including the construction of two studio ADUs. The unit mix includes a detached 3 Bed / 2 Bath house, a detached 1 Bed / 1 Bath cottage, a quadplex of four 1 Bed / 1 Bath units, a duplex of two studios, and a duplex of two newly built 2022 studio ADUs. Nearly all units offer private mid-sized yards, enhancing tenant appeal and supporting long-term occupancy and premium rents. The property is also well parked with 13 off-street spaces for 10 units, providing more than one parking space per bedroom. Financially, the asset delivers strong in-place performance with $208,000 in gross scheduled annual income and immediate rent increase potential supporting a 5.60% cap rate, with further upside as current rents remain below market—projected market income of $240,000 equates to a potential 6.84% cap rate. Located in Logan Heights, the property offers quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, the Navy Base, airport, and bay, all within a 10-minute drive, with select units enjoying views of the Downtown skyline and Coronado Bridge.