4438 50 Park Boulevard, San Diego, CA 92116
Property
Sold May 2024
Listing Agent: Maxwell Brown (DRE #02127395) · Listing Office: Commercial Asset Advisors · Contact: mbrown@caacre.com · Bought with: Maxwell Brown · Commercial Asset Advisors · MLS #PTP2305519 · Source: CRMLS
About this property
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%!
Listing description from the May 2024 sale, as reported to CRMLS.
Sale history