Description

1609–23 E. 10th Street is an 8-unit multifamily property for sale in National City, CA. Built in 1961, the Property offers an investor a defined apartment income stream, with an asking price of $1,895,000 and a 5.26% in-place cap rate.

The Property comprises 4,896 SF on 0.206 acres. Apartments average 612 SF, with average rent of $1,709.38 per month. Those figures put the unit size and current rent level at the center of the underwriting story, rather than requiring a buyer to infer them from the asking price. Parking totals 9 spaces, or 1.125 spaces per unit, an operating feature that matters when comparing the Property with other apartment offerings. The parcel carries APN 557-190-29, identifying the land associated with the sale.

At $236,875 per unit and $387 PSF, the asking price gives buyers two ways to compare the acquisition with their multifamily criteria. In-place NOI of $99,744 supports the 5.26% in-place cap rate and an 11.5 gross rent multiplier. Market rents of $15,000 compare with in-place rents of $13,675; the stabilized figures are $113,541 of NOI, a 6.0% cap rate and a 10.5 potential gross rent multiplier. That distinction keeps the current income separate from the stabilized case. For an apartment investor, the opportunity is to acquire an operating property with both an established income measure and a separately defined stabilization case.