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Listed by Maxwell Brown • Commercial Asset Advisors
$ 2,400,000
Est. payment /mo
Active
2642 44th Street San Diego, CA 92105
6,185 SqFt
UPDATED:
12/05/2024 10:30 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,185 sqft
Price per Sqft $388
MLS Listing ID CRPTP2405613
HOA Y/N No
Originating Board Datashare California Regional
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
Interior
Fireplace No
Laundry No Hookups
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