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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 $205,752 in gross annual income yielding a 5.68% 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 6.81%, excluding renovation costs. The detached house could receive a fully fenced yard and private driveway to maximize rental income.
Property Type(s):
Residential Income
| Last Updated | 10/16/2024 | Year Built | 1984 |
|---|---|---|---|
| Community | East San Diego | County | San Diego |
Price History
| Prior to Oct 3, '24 | $2,475,000 |
|---|---|
| Oct 3, '24 - Oct 16, '24 | $2,400,000 |
| Oct 16, '24 - Today | $2,399,999 |
Additional Details
| AREA | East San Diego |
|---|---|
| HOA DUES | 0 |
| LOT | 9391 sq ft |
| LOT DESCRIPTION | 21-25 Units/Acre |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| ZONING | Multifamily |
Location
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The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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