Pending
4438 Park BLVD
SAN DIEGO CA, 92116
$2,789,999
$645.83 per sqft
Pending
4,320 sqft
Residential
Built in 1930
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%!
PTP2305519MR
MLSⓇ ID
October 24, 2023
Listed
April 5, 2024
Updated
Map
4438 Park BLVD
SAN DIEGO CA, 92116
Interior Features
Total Stories
1
Laundry Description
Laundry Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.24 Acres
Sewer
Public Sewer
Other Property Details
Area Name
2231
Days on Market
118
Garage
Yes
Garage Spaces
2
Parking Total
2
View
No
County
San Diego
Water Source
Public
Pool
No
Pool Features
None
Zoning
Complete Communities Tier 2 with 8.0 ...
Listing History
Date | Event | Price |
---|---|---|
3/6/2024 | Pending | — |
12/27/2023 | Price Change | $2,789,999 -1% |
Listed by Maxwell Brown with Commercial Asset Advisors
Listing Contact: 925-872-6746
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Bobby Stefano shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 4/5/2024