La Palma at 3939 7th Avenue is a rare multifamily offering in the heart of Hillcrest. The unit mix consists of sixteen large 500 square foot studios. All units are renovated and feature faux hardwood floors, brushed nickel fixtures, stainless steel appliances, new cabinets, quartz countertops, spacious floorplans, in-unit laundry,… Read More and full closets. The 8,568 square foot building built in 1928 features interior common hallways, rooftop storage, and onsite laundry facilities. There is ASSUMABLE FINANCING available at 3.89% fixed until December 2026. The growing rents are supplemented by utility billback income and can grow by leveling the current rents to market. The structure is situated on a 5,697 square foot lot across from Whole Foods and just blocks from Scripps Mercy Hospital and the shopping, entertainment, business, and transit on University Avenue. Read Less
Courtesy of NorthMarq Multifamily, 858-675-7865, Benn Vogelsang.
Listing Snapshot
Days Online
326
Last Updated
Property Type
Com-Res Income
Lot Size
0.13 Acres
Year Built
255912
MLS Number
240018814
30 Days Snapshot Of 92103
$1.37M
+14%
(avg) sold price
25
-24%
homes sold
38
+80%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
16 units with dishwasher, 16 units with range, 16 units with refrigerator
Building
1928 years old, 2 stories, 16 studio units
Expenses
Operating expense: $107,349
Income
Gross operating income: $363,261, Net operating income: $255,912
Lot
Approximately 5,697 lot square feet
Unit One
Individual rent: $1,894, Total rent: $30,304, 1 bathroom, 16 units of this type
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