2642 48 44th Street , San Diego, CA 92105
San Diego, CA 92105
Description
2642-48 44th St presents the opportunity to acquire a turnkey 9-unit multifamily asset located in the residential focused lower City Heights area of San Diego with an ideal unit mix. The micro location is walking distance to Hamilton Elementary school and just off the beaten bath of the City Center primary thoroughfares providing for a family oriented neighborhood pocket. The 9,391 sqft lot is comprised of three separate buildings: a 6 unit apartment building consisting of (4) 1 bedroom units and (2) 2 bedroom units, a duplex with (2) 2 bedroom/1 bath units with small rear yards, and a detached 2 bedroom/1 bath house. The asset includes 11-12 on-site parking spaces, along with ample street parking. This property offers strong in-place financial metrics with $206,880 in gross annual income yielding a 5.81% cap rate with additional room for growth. An investor looking to maximize returns might consider renovating the units, which could achieve a pro forma cap rate of 7.05%, excluding renovation costs. The detached house could receive a fully fenced yard and private driveway to maximize rental income.
Details
| Mls | PTP2405613 |
|---|---|
| Listing Type | For Sale |
| Subtype | Resale |
| Status | Active |
| Year | 1984 |
| Days On Site | 90 |
| Listing Provided By | Commercial Asset Advisors 858-360-3000 | Maxwell Brown |
Features
| Sq Feet | 6,185 |
|---|---|
| Storys | 2 |
| Units | 9 |
| Buildings | 3 |
| Zoning | Multifamily |
| Acreage | 0.22 |
Market Activity 92105
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Learn More About This Property
| State | CA |
|---|---|
| County | San Diego |
| City | San Diego |
| Zip Code | 92105 |
| Area | 92105 East San Diego |
| Listing VS Median (in 92105) | |
Price: $2,400,000 low | high Med: $730,000 SqFt: 6,185 low | high Med: 1,262 $ / SqFt: $388 low | high Med: $583 On Site: 90 low | high Med: 98.500000 | |
