6701 Kelly, San Diego, CA 92111

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 Diego's 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