6701 Kelly, San Diego, CA 92111
6701 Kelly, San Diego, CA 92111
6701 Kelly, San Diego, CA 92111
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Glen Henderson

Glen Henderson

+1(619) 889-7646
$8,975,000
Est. payment /mo
55 Beds
1.05 Acres Lot
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Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

Subdivision Linda Vista

MLS Listing ID OC26221659

Bedrooms 55

Lot Size 1.050 Acres

Property Sub-Type Res Income 2-4 Units

Type of Financing Cash,Conventional,Exchange

Property Type Res Income 2-4 Units

Property Description

WD Land is pleased to present the opportunity to acquire The Kelly, a 27-unit multifamily community at 6701 Kelly Street in Linda Vista, one of central San Diegos most accessible neighborhoods. Originally constructed in 1941, the property underwent a comprehensive gut renovation in 2022 that delivered new interiors, new windows, a new roof, plumbing upgrades and new electrical, positioning the asset as turnkey product for its next owner. The offering is composed of 12 townhome units, 12 apartment units, a duplex and an ADU on a 45,738 SF (1.05-acre) parcel with 56 on-site surface parking spaces, a 2.07-per-unit ratio. The mix spans three one-bedroom, eight two-bedroom/one-bath, twelve two-bedroom/two-bath and four three-bedroom homes, giving the property depth across household sizes. Renovated interiors feature quartz countertops, white shaker cabinetry, stainless steel appliances, wide-plank flooring, ceiling fans and refreshed tiled baths. At the offering price of $8,975,000 ($332,407 per unit and $357.57 per SF), the property delivers a 6.08% cap rate on in-place income and 6.43% at market rents, at a 10.35 gross rent multiplier. Modeled with 30% down at a 6.00% interest rate, in-place income covers debt service at 1.21x and produces a 3.5% cash-on-cash return, rising to 1.28x and 4.7% at market. With the major capital work behind it, ownership can focus on operations rather than construction. RUBS utility reimbursement, laundry and pet rent income are in place, and the market scenario identifies further savings in trash service and property management. Linda Vistas cent

Location

State CA

County San Diego

Zoning Assessor

Direction Corner of Kelly St and Drescher St

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 1

Level or Stories 1

Others

Senior Community No

Tax ID 4314100800

Acceptable Financing Cash, Conventional, Exchange

Listing Terms Cash, Conventional, Exchange

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MLS Router / San Diego MLS
Listed by Tosh Everett, DRE#02212773 Salvatore Joseph Provenza Jr 

Nearby School & Business

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Glen Henderson

Glen Henderson

+1(619) 889-7646

Broker Associate CA BRE #01384181

Broker Associate CA BRE #01384181

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