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$3,750,000
1942 54 San Diego AVE San Diego, CA 92110
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$3,750,000
Est. payment /mo
8,995 Sqft Lot
Active Under Contract
1942 54 San Diego AVE San Diego, CA 92110
UPDATED:
11/06/2024 10:31 PM
Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID PTP2404992
HOA Y/N No
Year Built 1960
Lot Size 8,995 Sqft
Property Description
Huge $450k Price Reduction! 1942-54 San Diego Ave presents the opportunity to acquire a 14 unit multifamily asset in the rarely traded and desirable Old Town location. The asset consists of (1) Studio Unit, (11) One Bedroom units, (1) 2 Bedroom / 1 bath, and (1) 3 Bedroom / 1 Bath unit. Select units possess bay views. 8 out of the 14 units have received full interior renovations. Current gross scheduled annual income is $305,000 yielding a 4.83% cap rate. The remaining units possess notably under market rents allowing for an investor to achieve roughly $383,000 gross scheduled income potential yielding a proforma 7.04% cap rate on a proven rent roll. Four units at the rear of the property are single story with small rear yards providing tenants with additional privacy. There are (5) garage spaces at the property along with an on-site laundry room. A shared central courtyard could be further improved with a BBQ and table arrangement to provide tenants with additional outdoor utility to enjoy bay views with their gatherings. The property provides tenants with incredible accessibility to the majority of San Diego’s primary entertainment, employment, restaurants, highway access, and activity hotspots. The asset is within short walking distance to Downtown of Old Town and International Restaurant Row and within biking distance of Little Italy & Liberty Station. Additional primary attractions such as Mission Bay, Fiesta Island, Petco Park, Downtown Hillcrest, Balboa Park, Banker’s Hill etc are all within a 10 minute drive.
Location
State CA
County San Diego
Area 92110 - Old Town Sd
Zoning Multifamily
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Curbs
View Y/N No
Total Parking Spaces 5
Private Pool No
Building
Lot Description 26-30 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4517221900
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com