1942 San Diego Avenue, San Diego, CA 92110

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Glen Henderson

[email protected] +1(619) 889-7646

$3,750,000

Est. payment - /mo

6 Beds

4 Baths

8,994 Sqft Lot

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UPDATED:

11/07/2024 03:01 AM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Contingent

Purchase Type For Sale

MLS Listing ID PTP2404992

Bedrooms 6

HOA Y/N No

Lot Size 8,994 Sqft

Type of Financing Conventional

Property Description

Huge $450k Price Reduction! 1942-54 San Diego Ave presents the opportunity to acquire a 14 unit multifamily asset in the rarely traded and desirable Old Town location. The asset consists of (1) Studio Unit, (11) One Bedroom units, (1) 2 Bedroom / 1 bath, and (1) 3 Bedroom / 1 Bath unit. Select units possess bay views. 8 out of the 14 units have received full interior renovations. Current gross scheduled annual income is $305,000 yielding a 4.83% cap rate. The remaining units possess notably under market rents allowing for an investor to achieve roughly $383,000 gross scheduled income potential yielding a proforma 7.04% cap rate on a proven rent roll. Four units at the rear of the property are single story with small rear yards providing tenants with additional privacy. There are (5) garage spaces at the property along with an on-site laundry room. A shared central courtyard could be further improved with a BBQ and table arrangement to provide tenants with additional outdoor utility to enjoy bay views with their gatherings. The property provides tenants with incredible accessibility to the majority of San Diegos primary entertainment, employment, restaurants, highway access, and activity hotspots. The asset is within short walking distance to Downtown of Old Town and International Restaurant Row and within biking distance of Little Italy & Liberty Station. Additional primary attractions such as Mission Bay, Fiesta Island, Petco Park, Downtown Hillcrest, Balboa Park, Bankers Hill etc are all within a 10 minute drive.
Huge $450k Price Reduction! 1942-54 San Diego Ave presents the opportunity to acquire a 14 unit multifamily asset in the rarely traded and desirable Old Town location. The asset consists of (1) Studio Unit, (11) One Bedroom units, (1) 2 Bedroom / 1 bath, and (1) 3 Bedroom / 1 Bath unit. Select units possess bay views. 8 out of the 14 units have received full interior renovations. Current gross scheduled annual income is $305,000 yielding a 4.83% cap rate. The remaining units possess notably under market rents allowing for an investor to achieve roughly $383,000 gross scheduled income potential yielding a proforma 7.04% cap rate on a proven rent roll. Four units at the rear of the property are single story with small rear yards providing tenants with additional privacy. There are (5) garage spaces at the property along with an on-site laundry room. A shared central courtyard could be further improved with a BBQ and table arrangement to provide tenants with additional outdoor utility to enjoy bay views with their gatherings. The property provides tenants with incredible accessibility to the majority of San Diegos primary entertainment, employment, restaurants, highway access, and activity hotspots. The asset is within short walking distance to Downtown of Old Town and International Restaurant Row and within biking distance of Little Italy & Liberty Station. Additional primary attractions such as Mission Bay, Fiesta Island, Petco Park, Downtown Hillcrest, Balboa Park, Bankers Hill etc are all within a 10 minute drive.

Location

State CA

County San Diego

Area Old Town Sd (92110)

Zoning Appraiser

Building

Lot Description Curbs

Story 2

Lot Size Range 7500-10889 SF

Others

Acceptable Financing Conventional

Space Rent $1,605

Listing Terms Conventional

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Listed by Maxwell Brown • Commercial Asset Advisors

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities