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Rick Lee

rickjleehomes@gmail.com +1(714) 943-1598

$ 3,750,000

Est. payment -/mo

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Price Dropped by $449K

1942 54 San Diego AVE San Diego, CA 92110

6,781 SqFt

UPDATED:

10/28/2024 09:41 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 6,781 sqft

Price per Sqft $553

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

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

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

Rick Lee

Team Leader | License ID: 02130981

+1(714) 943-1598

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Rick Lee

Rick Lee

1942 54 San Diego AVE San Diego, CA 92110

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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1942 54 San Diego AVE