Presenting 2949–2957 Kalmia Street, a rare 8-unit Spanish-style bungalow court located between North Park and South Park, two of San Diego’s most desirable rental submarkets. This income-generating property features Five fully upgraded 2 bed/1 bath units, one 3 bed/2 bath unit and two newly constructed ADUs completed in 2025 —… Read More spacious 2 bed/2 bath, both featuring private yards. The bungalow court layout and lush landscaping provide excellent curb appeal and community charm. Situated on a large 10,679 sq ft lot with 4,136 sq ft of improvements, strong walkability to Target, Balboa Park, local cafes, and restaurants. Ideal for any investor seeking a stabilized, low-maintenance multifamily property in a premier San Diego location. This exceptional 8-unit property is a fully stabilized Spanish-style bungalow court located in the heart of North Park/South Park, two of San Diego’s most sought-after rental neighborhoods. The unit mix includes six upgraded 2 bed / 1 bath units, one 2 bed / 2 bath ADU, and one 3 bed / 2 bath ADU. Both ADUs were newly constructed in 2023 with final permits and feature modern finishes, in-unit laundry, and private yards. These newer additions complement the charm of the original bungalow-style layout, enhancing the appeal for tenants and boosting long-term rental value. The property sits on a large 10,679 sq ft lot with 4,136 sq ft of rentable living area, offering an excellent footprint for operations. The current scheduled gross annual income is $197,712.80, representing a 5.07% actual cap rate at list price. Tenants enjoy gated off-street parking and beautifully landscaped common areas. The location is highly walkable to Balboa Park, the San Diego Zoo, boutique coffee shops, breweries, and restaurants — making it one of the strongest rent-growth corridors in central San Diego. Renovations to five of the original six units include updated kitchens, bathrooms, paint, flooring, and finishes. One unit has been professionally staged to showcase its rental potential. This property is ideal for a 1031 exchange investor, long-term buy-and-hold owner, or anyone seeking a turnkey cash-flowing asset in a high-demand urban core. Additional documents available upon request include full rent roll, ADU permit history, and pro forma projections. Read Less
Listing Snapshot
Days Online
103
Last Updated
Property Type
Mixed Use
Lot Size
0.25 Acres
MLS Number
250034672SD
30 Days Snapshot Of 92104
$969k
+17%
(avg) sold price
20
-16%
homes sold
46
-36%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
6 buildings, Construction materials: Frame
Cooling
WallWindowUnits
Expenses
Operating expense: $52,780
Lot
0.2451 acres, 10,677 square feet, Size: 10,677
Parking
3 carport spaces, 3 totals parking
Property
Zoning: RS-1-7
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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