4017-4023 Illinois St - Apartments FOR SALE


San Diego, CA 92104
$2,225,000 USD
760-801-4416
4017-4023 Illinois St, San Diego, CA for Sale
$2,225,000 USD
Apartments - FOR SALE
1/41
null | 3% Cap Rate

4017-4023 Illinois St
San Diego, CA 92104


HIGHLIGHTS

  • A Walker's Paradise with a Walkability Score of 98
  • A Very Bikeable Community with a 71 Bike Score.
  • Minutes away from San Diego's finest beaches, Universities, Restaurants and Retail Stores.
  • Excellent Opportunity for the discerning Investor/Developer to take advantage of San Diego's many building growth programs.
  • One of the Top Rental Markets in all of San Diego County.
  • With a Transit Score of 55, there are multiple bus line stops within .2 miles.

OVERVIEW

One of THE BEST rental areas in the heart of North Park. With a 98 WALK SCORE, this property is located within walking distance to a vast variety of shops and restaurants, all part of the vibrant North Park lifestyle. Don't miss out on, not only this Walker's Paradise, but with a Bike Score of 71, and a Public Transit Score of 55, everything is within reach. The proximity of the 805, 163, and 5 freeways makes for a speedy commute. And you are only minutes away from San Diego's world renowned beaches, Downtown San Diego's Gaslamp District and Convention Center, as well as San Diego State University, Old Town, Snapdragon Stadium and Petco Park. Property is in fair condition, but can use some TLC. New roofs in 2024. In its present condition at 6 units, the city will allow 2 additional ADU's to be built. This is also a unique opportunity for an investor/developer to realize an even higher density. The city will allow 1 unit per every thousand square feet of area but with reconstruction will allow more units under various formulas per their guidelines. Please refer to sandiego.gov/planning/work/housing/toolkit. This property is IDEAL for redevelopment!

FOR SALE DETAILS

PRICE

$2,225,000 USD

PRICE/SF

$689 USD /SF

# OF UNITS

6

PRICE/UNIT

$370,833

CAP RATE

3%

% LEASED

83%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1930

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

7,013 SF

ZONING

RM-3-7, San Diego

APN/PARCEL ID

446-382-10

ASK ABOUT THIS PROPERTY

Michael MericaMerlin PropertiesMore Info
760-801-4416

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

Michael MericaMerlin PropertiesMore Info
760-801-4416

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