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4438 50 Park BLVD San Diego, CA 92116
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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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Bought with Maxwell Brown • Commercial Asset Advisors