1942 54 San Diego Avenue

San Diego, CA 92110

PRICE REDUCED

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-$450,000 (-10.71%)

$3,750,000

List Price

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straighten / sqft

1960

calendar_month Built

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.

Listing Information

List Price $3,750,000
Status Active
MLS PTP2404992
HOA $0
Type Residential Income
Year Built 1960
Lot Size 8,994
Structure Size N/A
DOM 70
Courtesy Of Commercial Asset Advisors
Listing Agent Maxwell Brown DRE#02127395

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms N/A

Exterior Information

Maps

Listing information courtesy of: Maxwell Brown, Commercial Asset Advisors 925-872-6746. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 28th, 2024 at 9:41 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.