2642-48 44th St presents the opportunity to acquire a turnkey 9-unit multifamily asset located in the residential focused lower City Heights area of San Diego with an ideal unit mix. The micro location is walking distance to Hamilton Elementary school and just off the beaten bath of the City Center… Read More primary thoroughfares providing for a family oriented neighborhood pocket. The 9,391 sqft lot is comprised of three separate buildings: a 6 unit apartment building consisting of (4) 1 bedroom units and (2) 2 bedroom units, a duplex with (2) 2 bedroom/1 bath units with small rear yards, and a detached 2 bedroom/1 bath house. The asset includes 11-12 on-site parking spaces, along with ample street parking. This property offers strong in-place financial metrics with $206,880 in gross annual income yielding a 5.81% cap rate with additional room for growth. An investor looking to maximize returns might consider renovating the units, which could achieve a pro forma cap rate of 7.05%, excluding renovation costs. The detached house could receive a fully fenced yard and private driveway to maximize rental income. Read Less
Listing Snapshot
Days Online
103
Last Updated
Property Type
Other
Lot Size
0.22 Acres
Year Built
1984
MLS Number
PTP2405613
30 Days Snapshot Of 92105
$625k
-2%
(avg) sold price
7
-58%
homes sold
66
-17%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1984, Building area total: 6,185, 3 buildings, Architectural style: , Attached, Common walls: OneCommonWall
Community
Curbs
Expenses
New taxes expense: $29,589, Operating expense: $63,216
Income
Gross income: $206,880, Net operating income: $139,399
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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