Pending
4438 50 Park Boulevard
San Diego CA, 92116
$2,789,999
$645.83 per sqft
Pending
4,320 sqft
Residential
Built in 1930
Listed by Maxwell Brown with Commercial Asset Advisors 858-360-3000
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%!
PTP2305519
MLSⓇ ID
October 24, 2023
Listed
March 31, 2024
Updated
Map
4438 50 Park Boulevard
San Diego CA, 92116
Interior Features
Total Stories
1
Laundry Description
Common Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.24 Acres
Lot Features
36-40 Units/Acre
Sewer
Public Sewer
Other Property Details
Area Name
92116 - Normal Heights
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
Buyer Agency Compensation
2%
Listing History
Date | Event | Price |
|---|---|---|
3/6/2024 | Pending | — |
12/27/2023 | Price Change | $2,789,999 -1% |
Listing Contact: 858-360-3000
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/31/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 3/31/2024 at 1:42 AM UTC