2642-2648 44th St - Apartments FOR SALE


San Diego, CA 92105
$2,400,000 USD
925-872-6746
2642-2648 44th St, San Diego, CA for Sale
$2,400,000 USD
Apartments - FOR SALE
1/15
null | 5.81% Cap Rate

2642-2648 44th St
San Diego, CA 92105


HIGHLIGHTS

  • 5.81% True In-Place Cap Rate, 7.05% Proforma
  • 11.60 GRM In Place, 9.84 GRM at Market
  • Low Density, Double Lot
  • SFR, Duplex, + 6 Unit Complex
  • Ample Parking

OVERVIEW

Commercial Asset Advisors is pleased to present 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. The last 2 bed / 1 bath apartment unit turned over at $2,395 with only light renovations.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$388 USD /SF

# OF UNITS

9

PRICE/UNIT

$266,667

CAP RATE

5.81%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1984

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,391 SF

ZONING

RM-1-1, San Diego

APN/PARCEL ID

476-491-33

ASK ABOUT THIS PROPERTY

Maxwell BrownCommercial Asset AdvisorsMore Info
925-872-6746

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Maxwell BrownCommercial Asset AdvisorsMore Info
925-872-6746

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.