1942-54 San Diego Avenue

San Diego, CA 92110

$3,750,000
Price
6
Beds
14
Baths
6,781 Sq. Ft.
$553 / Sq. Ft.
6,781
Sq. Ft.
$553
per Sq. Ft.

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...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.
  1. Listed by Maxwell Brown • DRE #02127395 • Brokerage DRE #02077455 • Commercial Asset Advisors • mbrown@caacre.com

Property Details for 1942-54 San Diego Avenue

Parking Spaces Total
5
Private Pool
No
Total Units
14.0
Building Type
Attached
Lot Size Source
Public Records
Living Area
6781
Assessor Parcel Number
451-722-19-00
Property Attached YN
true
LISTING UPDATED: 11/06/2024 06:30 AM

Property Details for 1942-54 San Diego Avenue

StatusActive Under Contract
MLS #PTP2404992
Days on Market79
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1960
Lot Size0.21 AC / 8,994 SF
CountySan Diego County

Building Information for 1942-54 San Diego Avenue

Stories2Residences-Year Built1960Building Size-Lot Size0.21 AC / 8,994 SF

Property Information for 1942-54 San Diego Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $304,987
  • Gross Scheduled Income: $304,987
  • Net Operating Income: $181,052
  • Cap Rate: 4.83
Expense Details
  • Operating Expense: $113,260
  • New Taxes Expense: $46,287
  • Fuel Expense: $0
  • Electric Expense: $2,670
  • Insurance Expense: $0
  • Professional Management Expense: $14,716
  • Trash Expense: $7,200
  • Water Sewer Expense: $8,354
  • Total Expenses: $113,260
Tax / Assessment Info
  • Tax Tract Number: 19-00
  • Tax Lot: 451-722-19-00
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Unknown
  • Community Features: Curbs
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: street
  • Fence: No
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 26-30 Units/Acre
  • Number Of Units: 14
  • Land Lease: No
  • Land Lease Type: Fee
  • Sewer: Public Sewer
Parking Info
  • Garage Spaces: 5
  • Parking: No
  • Parking Garage Spaces: 5
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,605
  • Unit Type Total Rent: $1,605
  • Unit Type Pro Forma: 1650
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 11
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,833
  • Unit Type Total Rent: $1,833
  • Unit Type Pro Forma: 2095
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,120
  • Unit Type Total Rent: $1,120
  • Unit Type Pro Forma: 2695
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,790
  • Unit Type Total Rent: $1,790
  • Unit Type Pro Forma: 3600
  • Unit Type Type: 4
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 4
  • Number Of Separate Electric Meters: 15
  • Number Of Separate Gas Meters: 15
  • Number Of Separate Water Meters: 1

Property History for 1942-54 San Diego Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 1942-54 San Diego Avenue

This home is within San Diego Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 8
Public - 5 to 6
Public - 6 to 8
Public - 7 to 8
Rating
School
Distance
Grant K-8
PublicK to 8

Dana
Public5 to 6

Roosevelt International Middle School
Public6 to 8

Correia Middle School
Public7 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Listing Courtesy of Commercial Asset Advisors, Maxwell Brown, DRE #02127395

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