Golden Heights is a well-maintained, newer 27-unit apartment community situated on 28th Street in the Golden Hill area of San Diego. The property is located in a very strong rental submarket, and is conveniently located just minutes from the I-5 and I-805 freeways within very close proximity to downtown and Balboa Park. Golden Heights provides excellent regional access and is located within walking distance to public transportation including the San Diego Trolley.
The interior amenities include standard appliances, disposals, balconies on select units, and views of downtown San Diego on select units. The exterior amenities include garage parking and ample off-street parking, and on-site laundry facility. Located in the Golden Hill area, close to the exciting Gaslamp District, Golden Heights is the perfect opportunity to offer quality housing in one of central San Diego’s strongest rental markets.
VALUE-ADD POTENTIAL / UPSIDE IN RENTS
A new owner will have the opportunity to continue the interior renovation program and further increase rents. Ownership is currently upgrading units upon turnover and has recently completed exterior improvements.
Golden Heights is a newer apartment building located on 28th Street close to downtown San Diego in Golden Hill, one of San Diego County’s most desirable and dynamic submarkets. The greater Golden Hill community is bound by Balboa Park to the north, South Park to the east and downtown to the west. Golden Hill has a long and colorful history which can be seen in the grand Craftsman and Victorian-style homes that line the streets.
The continued success of Petco Park and the associated developments surrounding it enforces the idea that downtown San Diego is going to continue to improve dramatically over the next few years, which will only enhance the location and value of Golden Heights. The major employment centers of downtown, Mission Valley, and Chula Vista are only a short drive away. Within blocks of the property are City College, the San Diego Police Headquarters, the Convention Center, and public transportation including major trolley and bus lines. The community’ s location, view opportunities, and historical characteristics are resources that will continue to encourage both redevelopment and new development within this charming neighborhood.
No. Units 27
Cap Rate 6.18%
Gross Rent Multiplier 9.99
Price/Unit $147,592.59
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Unit Mix Info
(3) studio’s
(6) 1/1
(4) 2/1
(14) 2/2
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Financial Summary (Proforma)
Scheduled Gross Income $398,820
Effective Gross Income $423,829
Operating Expenses $177,715
Net Operating Income $246,114
Rental Upside Potential
| Price: | $$3,985,000 |
| Address: | 28Th Street |
| City: | San Diego |
| State: | CA |
| Zip Code: | 92102 |
| MLS: | 000000000 |
| Floors: | 2 |
| Lot Square Feet: | 8500 |
| Pool: | NO |
| Property Type: | Multifamily Units |
