Active

4438 Park Boulevard

Normal Heights CA, 92116

$2,789,999


$265.76 per sqft

Active

10,498 sqft

Multi-family

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

February 15, 2024

Updated

Map

4438 Park Boulevard
Normal Heights CA, 92116

Interior Features

Total Stories

1


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.24 Acres

Other Property Details

Days on Market

90


Garage

No


View

No


County

San Diego


Pool

No


Pool Features

None


Zoning

Estimated


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

12/27/2023

Price Change

$2,789,999

-1%

Listed by Commercial Asset Advisors, ,
Listing Contact: 925-872-6746 

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