San Diego, CA 92116,4438 50 Park BLVD
San Diego, CA 92116,4438 50 Park BLVD
San Diego, CA 92116,4438 50 Park BLVD
20
$2,450,000
$2,789,999
12.2%
Est.Price: ?

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10,497 Sqft Lot

4438 50 Park BLVD San Diego, CA 92116

Est. payment /mo
SOLD DATE : 05/01/2024

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Key Details

Sold Price $2,450,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

MLS Listing ID PTP2305519

Sold Date 05/01/24

HOA Y/N No

Year Built 1930

Lot Size 10,497 Sqft

Property Description

4438-50 Park Blvd is an irreplaceable location Craftsman Cottage asset in prime University Heights San Diego just one block south of the University Heights sign. The asset consists of 6 detached one bedroom cottages, 1 detached three bedroom primary cottage, and 2 garages on a large 10,500 sqft lot. Existing operations yield an in-place 4.38% cap rate, 5.3% cap rate at market rents, and a 6.02% cap rate at fully renovated market rents. The property has received north of $350,000 in recent infrastructure upgrades to provide for a streamline operation and low maintenance operating expenses moving forward including new foundations, roofs, termite tented, electrical panels, air conditioning, misc plumbing under units, full exterior paint, renovated bathrooms, and partial interior upgrades. Additionally, the asset possesses huge development potential and would provide for an attractive covered land play. CN 1-4 zoning with a 65 foot height limit under the high density Complete Communities Tier 2 overlay allows for significant development potential of potentially 50+ units. Loan Quote in hand at 5.70%!

Location

State CA

County San Diego

Area 92116 - Normal Heights

Zoning Complete Communities Tier

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 2.0

Garage Description 2.0

Pool None

Community Features Suburban, Urban

View Y/N No

Total Parking Spaces 2

Private Pool No

Building

Lot Description 36-40 Units/Acre

Story 1

Sewer Public Sewer

Others

Senior Community No

Tax ID 4452022100

Acceptable Financing Conventional

Listing Terms Conventional

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com
Bought with Maxwell Brown • Commercial Asset Advisors

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Marie Goodloe

Agent | License ID: 01160799

+1(310) 251-0795

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