Sold
4438 Park Boulevard
Normal Heights CA, 92116
$2,450,000
Sold
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
November 7, 2023
Listed
November 22, 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
Listing History
Date | Event | Price |
|---|---|---|
5/5/2024 | Sold | $2,450,000 |
3/6/2024 | Pending | — |
12/27/2023 | Price change | $2,789,999 -1% |
Listed by Commercial Asset Advisors, ,
Listing Contact: 925-872-6746
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Data last updated 10:11 PM UTC, 11/22/2024
