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 Diego’s 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, Banker’s Hill etc are all within a 10 minute drive.
|
DAYS ON MARKET
|
78
|
LAST UPDATED
|
10/11/2024
|
|
YEAR BUILT
|
1960
|
COMMUNITY
|
Old Town Sd
|
|
GARAGE SPACES
|
5.0
|
COUNTY
|
San Diego
|
|
STATUS
|
Active
|
PROPERTY TYPE(S)
|
Residential Income
|
|
Prior to Sep 24, '24
|
$4,200,000
|
|
Sep 24, '24 - Oct 11, '24 |
$4,199,000
|
| Oct 11, '24 - Today |
$3,750,000 |
| AREA |
Old Town Sd |
| GARAGE |
Yes |
| HOA DUES |
0 |
| LOT |
8994 sq ft |
| LOT DESCRIPTION |
26-30 Units/Acre |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| ZONING |
Multifamily |
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Listed with Commercial Asset Advisors
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 11/5/24 2:30 AM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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