2559-2563 Fairmount Ave - Apartments FOR SALE


San Diego, CA 92105- Swan Canyon
$1,200,000 USD
858-248-1222
2559-2563 Fairmount Ave, San Diego, CA for Sale
$1,200,000 USD
Apartments - FOR SALE
1/15
null | 5.37% Cap Rate

2559-2563 Fairmount Ave
San Diego, CA 92105
Swan Canyon


HIGHLIGHTS

  • Strong In-Place Cash Flow with Upside - 5.37% In-Place Cap, 7.39% Pro Forma Cap
  • 2019 Interior/Exterior Remodel - New Kitchens, Bathrooms, Flooring, Appliances, Windows, Water Heaters, Front Doors; Main Sewer Line Replaced in 2024
  • In-Unit Washers and Dryers, Rare For One Bedrooms
  • ADU Potential - Opportunity to Convert Two Single Car Garages to a One-Bedroom ADU and Maintain 1:1 Parking Ratio
  • Further Upside Potential Through Implementation of a Utility Billback Program
  • Five On-Site Surface Level Parking Spaces with Two Garages, Potential to Create Six Total Surface Level Parking Spaces

OVERVIEW

CBRE is pleased to present 2559 Fairmount, a five-unit building that was renovated in 2019 with significant upside potential in the City Heights neighborhood of San Diego. Built in 1953, this well-maintained apartment building offers in-place rental upside along with the potential for a garage-to-ADU conversion. Located in a transit-friendly area in the City of San Diego, the property sits on the main thoroughfare of Fairmont Ave and is just North of the 94 freeway, offering residents easy access to nearby amenities and surrounding job and entertainment centers. The unit mix consists of five one-bedroom, one-bathroom units across two buildings. All units feature in-unit washer/dryers along with updated kitchens, bathrooms and flooring. Two single car garages are at the front of the building along with five surface parking spaces. In 2019 all units underwent an extensive interior and exterior remodel with new kitchens, bathrooms, flooring, appliances, windows, water heaters and new front doors with screen doors. The main sewer line was also replaced in 2024.

FOR SALE DETAILS

PRICE

$1,200,000 USD

PRICE/SF

$480 USD /SF

# OF UNITS

5

PRICE/UNIT

$240,000

CAP RATE

5.37%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1953

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

R4, San Diego

APN/PARCEL ID

476-531-05

ASK ABOUT THIS PROPERTY

Nate PepperCBREMore Info
858-248-1222

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Nate PepperCBREMore Info
858-248-1222

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.