21 33 S 35th St San Diego, CA 92113
Logan Heights NeighborhoodEstimated payment $15,661/month
Highlights
- 0.33 Acre Lot
- Laundry Room
- No Heating
- No HOA
About This Home
We are pleased to present the opportunity to acquire a high-yield, mostly renovated, low-density, triple-lot multifamily asset with a detached 3 bed / 2 bath house in Central San Diego. The property possesses 3 water meters, suggesting a potential 3-way lot split as a possibility for additional value growth. 21-33 S. 35th Street was originally constructed in 1960, with 9 of the 10 units renovated in 2022, including the buildout of the two ADUs. The asset consists of 5 buildings: a detached 3 Bed/ 2 Bath house, a 1 Bed / 1 Bath detached cottage, a quadplex of (4) 1 Bed / 1 Bath units, a duplex of (2) studios, and a duplex of (2) 2022-completion studio ADUs. All but two units have mid-sized private yards, helping to drive longer-term occupancy and higher rents. The property is well parked, with 13 off-street parking spaces for the 10 units, providing over 1 parking space per bedroom. The asset is centrally located in Logan Heights, providing quick access to Downtown San Diego, Coronado Island, Balboa Park, North Park, South Park, and the San Diego Navy Base, airport, and bay—all within a 10-minute drive. Select units possess views of the Downtown San Diego skyline and the Coronado Bridge. 21-33 S. 35th Street offers strong in-place financial metrics at $213k gross scheduled annual income, with the immediately available rent increases yielding a 5.60% cap rate. Additionally, the existing rents are under market, allowing for further income potential with market gross income of $245,000 for a potential 6.80% cap rate.
Listing Agent
Commercial Asset Advisors Brokerage Email: mbrown@caacre.com License #02127395 Listed on: 09/18/2025
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1960
Lot Details
- 0.33 Acre Lot
- Two or More Common Walls
- Density is 11-15 Units/Acre
Home Design
- Property Attached
- Entry on the 1st floor
Interior Spaces
- 4,629 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Bathrooms
Utilities
- No Heating
Listing and Financial Details
- Tax Lot 546-136-02-00
- Tax Tract Number 363
- Assessor Parcel Number 5461360200
Community Details
Overview
- No Home Owners Association
- 5 Buildings
- 10 Units
Amenities
- Laundry Facilities
Building Details
- Rent Control
- 9 Separate Electric Meters
- 9 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $3,819
- Insurance Expense $6,272
- Professional Management Expense $10,347
- Water Sewer Expense $1,299
- New Taxes Expense $30,937
- Operating Expense $66,107
- Gross Income $212,928
- Net Operating Income $140,133
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 10/29/2025 10/29/25 | Price Changed | $2,499,500 | 0.0% | $540 / Sq Ft |
| 09/18/2025 09/18/25 | For Sale | $2,500,000 | -- | $540 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PTP2507131
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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