Pending
4438 Park Boulevard
Normal Heights CA, 92116
$2,789,999
$265.76 per sqft
Pending
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
March 14, 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
132
Garage
No
View
No
County
San Diego
Pool
No
Pool Features
None
Zoning
Estimated
Buyer Agency Compensation
2%
Listing History
Date | Event | Price |
|---|---|---|
3/6/2024 | Pending | — |
12/27/2023 | Price Change | $2,789,999 -1% |
Listed by Commercial Asset Advisors, ,
Listing Contact: 925-872-6746
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego Multiple Listing Service. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright.
© 2024 San Diego Multiple Listing Service. All rights reserved.
Data last updated 8:19 PM UTC, 3/14/2024
