2689 Reynard Way - Apartments FOR SALE


San Diego, CA 92103- Bankers Hill
$2,490,000 USD
720-841-8139
2689 Reynard Way, San Diego, CA for Sale
$2,490,000 USD
Apartments - FOR SALE
1/22
null | 4.92% Cap Rate

2689 Reynard Way
San Diego, CA 92103
Bankers Hill


HIGHLIGHTS

  • Extremely High Barriers To Entry Mission Hills Neighborhood Near Downtown
  • Front House Will Be Vacating In September For Owner/User OR Further Upgrades
  • One Of The Highest True Cap Rates (5 Units And Up) Around Balboa Park
  • Stabilized Investment For The Owner/User Or Investor; Upside Rasing Rents To Market
  • Brand New Construction Stand-Alone Middle Structure With Two Top-Quality 1-Bed ADUS
  • Brand New PEX Plumbing, Mini-Split HVACs, 3 Washer/Dryers, Drain Lines & Newer Roof

OVERVIEW

We are pleased to exclusively present for sale a rare, newly rehabilitated, and high-yield 7-unit apartment complex in the desirable south Mission Hills neighborhood of San Diego, CA. Comprised of three separate structures on a single 7,070 square foot lot, units include a front 2-bedroom / 1-bath casita (coming vacant in September), two brand new-construction 1-bedroom ADUs in the middle structure, and four 1-bedroom units in the rear structure. All units have been either fully renovated in 2016 and 2023 or newly built within the last year, featuring granite countertops, mini-split HVACs, brand new PEX plumbing, paint, solid wood and new custom cabinetry, stainless steel appliances, laminate flooring, sliding patio doors, tile in select showers, tankless water heaters, among several other upgrades. The property received drain lines to the street, full paint, new landscaping, EV Charger, and two new phone-controlled washer/dryers in 2024 as well as roof replacements in 2016. This property may be ideal for the high-yield-seeking investor as well as the owner/user wishing to live in the front cottage and raise rest of units to market. The Mission Hills neighborhood has long been known for its upscale affluent, and highly desirable charm. The neighborhood overlooks Old Town, popular Little Italy, Downtown and the San Diego Bay and is also proximate to the popular Hillcrest neighborhood and Balboa Park. The area is known for its architectural diversity and image as one of the oldest and best preserved neighborhoods in the County. Tenants enjoy close proximity to entertainment, nightlife, major roads, boutique shops, coffee shops and fine dining. Known for its picturesque views, historic architecture, and upscale ambiance, Mission Hills boasts close proximity to downtown San Diego and major employment centers makes it an attractive location for renters seeking convenience and accessibility. With a consistently strong demand for housing in the area, investors can expect steady rental income and high occupancy rates. Additionally, the neighborhood is home to a stable and appreciating real estate market, offering the potential for long-term capital appreciation and wealth accumulation. Investment in Mission Hills apartments provides diversification and resilience to a real estate portfolio. The neighborhood’s affluent demographic and limited housing supply contribute to its resilience against market downturns, ensuring a relatively stable investment environment. Moreover, ongoing development projects and infrastructure improvements in Mission Hills are enhancing the neighborhood’s appeal and driving property values upwards. By capitalizing on the opportunities presented by Mission Hills’ thriving rental market and favorable investment climate, investors can secure consistent cash flow and build wealth over time.

FOR SALE DETAILS

PRICE

$2,490,000 USD

PRICE/SF

$679 USD /SF

# OF UNITS

7

PRICE/UNIT

$355,714

CAP RATE

4.92%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Reynard Way Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1949

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

MCCPD-MR-1500

APN/PARCEL ID

452-671-32

ASK ABOUT THIS PROPERTY

720-841-8139

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720-841-8139

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