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$2,400,000
Est. payment /mo
9,391 Sqft Lot
UPDATED:
12/05/2024 12:13 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2405613
HOA Y/N No
Year Built 1984
Lot Size 9,391 Sqft
Property 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.
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning Multifamily
Interior
Fireplace No
Laundry None
Exterior
Pool None
Community Features Curbs
View Y/N No
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4764913300
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
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Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com
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