The Mogharebi Group | Multifamily Investment Advisory

Property Summary

Price	Call for Details
Units	64
Lot Size Acres	1.06

Investment Highlights

Significant NOI Upside Potential
Property Tax Welfare Exemption
Additional Section 8 Voucher Upside
100% LIHTC With a Diverse Unit Mix
Placed in Service August 2008
Strategic Location With Affordability

Property Description

Colina Park North Apartments is a 64-unit affordable housing community situated on approximately 1.06 acres within a Qualified Census Tract (QCT) in San Diego, California. Placed in service in August 2008, this 100% LIHTC property offers a mix of 21.9% studio, 60.9% one-bedroom, and 17.2% two-bedroom units. Colina Park North is encumbered with a 55-year regulatory agreement that expires in 2063, which allows new ownership to be eligible for a real estate property tax exemption should they meet the necessary requirements. The property’s current resident base includes several Section 8 tenants. Rental income may be further increased by filling current and future vacancies with Section 8 vouchers. Additional NOI upside is also achievable by making operational improvements, considering rents are currently below the allowable maximum and in-place expenses are significantly above market compared to similar assets.

4333 Dawson Avenue
San Diego, CA 92115

Colina Park North occupies a prominent corner lot, with approximately 492 feet of street frontage on Dawson Avenue and 107 feet on Trojan Avenue. The property is strategically positioned just off El Cajon Boulevard, a major commercial corridor that provides easy access to daily grocery, shopping, and dining conveniences as well as connectivity to the greater San Diego area. Colina del Sol Park Recreation Center and the property’s assigned K-12 schools—Fay Elementary, Mann Middle, and Crawford High—are all within a 10-minute walk. The property is also well positioned within four miles of major employers such as San Diego State University and Kaiser Permanente Zion Medical Center and is a short 20-minute commute to the Naval Base San Diego and Downtown San Diego employment centers.