4438 Park Boulevard, San Diego, CA 92116
-
Sold Price :
$2,450,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
-
Year Built :
1930
Property Description
4438-50 Park Blvd is an irreplaceable location Craftsman Cottage asset in prime University Heights San Diego just one block south of the University Heights sign. The asset consists of 6 detached one bedroom cottages, 1 detached three bedroom primary cottage, and 2 garages on a large 10,500 sqft lot. Existing operations yield an in-place 4.38% cap rate, 5.3% cap rate at market rents, and a 6.02% cap rate at fully renovated market rents. The property has received north of $350,000 in recent infrastructure upgrades to provide for a streamline operation and low maintenance operating expenses moving forward including new foundations, roofs, termite tented, electrical panels, air conditioning, misc plumbing under units, full exterior paint, renovated bathrooms, and partial interior upgrades. Additionally, the asset possesses huge development potential and would provide for an attractive covered land play. CN 1-4 zoning with a 65 foot height limit under the high density Complete Communities Tier 2 overlay allows for significant development potential of potentially 50+ units. Loan Quote in hand at 5.70%!
Interior Features
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
Listing Information
| Address |
4438 Park Boulevard |
| City |
San Diego |
| State |
CA |
| Zip |
92116 |
| County |
San Diego |
| Listing Agent |
Maxwell Brown DRE #02127395 |
| Courtesy Of |
Commercial Asset Advisors |
| Close Price |
$2,450,000 |
| Status |
Closed |
| Type |
Residential Income |
| Structure Size |
N/A |
| Lot Size |
10,500 |
| Year Built |
1930 |
Listing information courtesy of: Maxwell Brown, Commercial Asset Advisors. *Based on information from the Association of REALTORS/Multiple Listing as of May 4th, 2024 at 11:32 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.
