2642-48 44th Street

San Diego, CA 92105

$2,400,000
Price
3
Beds
9
Baths
6,185 Sq. Ft.
$388 / Sq. Ft.
6,185
Sq. Ft.
$388
per Sq. Ft.

Description

2642-48 44th St presents the opportunity to acquire a turnkey 9-unit multifamily asset located in the residential focused lower City Heights area of San Diego with an ideal unit mix. The micro location is walking distance to Hamilton Elementary school and just off the beaten bath of the City Center primary thoroughfares providing for a family oriented neighborhood pocket. The 9,391 sqft lot is comprised of three separate buildings: a 6 unit apartment building consisting of (4) 1 bedroom units and...2642-48 44th St presents the opportunity to acquire a turnkey 9-unit multifamily asset located in the residential focused lower City Heights area of San Diego with an ideal unit mix. The micro location is walking distance to Hamilton Elementary school and just off the beaten bath of the City Center primary thoroughfares providing for a family oriented neighborhood pocket. The 9,391 sqft lot is comprised of three separate buildings: a 6 unit apartment building consisting of (4) 1 bedroom units and (2) 2 bedroom units, a duplex with (2) 2 bedroom/1 bath units with small rear yards, and a detached 2 bedroom/1 bath house. The asset includes 11-12 on-site parking spaces, along with ample street parking. This property offers strong in-place financial metrics with $206,880 in gross annual income yielding a 5.81% cap rate with additional room for growth. An investor looking to maximize returns might consider renovating the units, which could achieve a pro forma cap rate of 7.05%, excluding renovation costs. The detached house could receive a fully fenced yard and private driveway to maximize rental income.
  1. Listed by Maxwell Brown • DRE #02127395 • Brokerage DRE #02077455 • Commercial Asset Advisors • mbrown@caacre.com

Property Details for 2642-48 44th Street

Parking Spaces Total
0
Private Pool
No
Total Units
9.0
Building Type
Attached
Lot Size Source
Public Records
Living Area
6185
Assessor Parcel Number
476-491-33-00
Property Attached YN
true
LISTING UPDATED: 12/04/2024 08:06 AM

Property Details for 2642-48 44th Street

StatusActive
MLS #PTP2405613
Days on Market99
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1984
Lot Size0.22 AC / 9,391 SF
CountySan Diego County

Building Information for 2642-48 44th Street

Stories2Residences-Year Built1984Building Size-Lot Size0.22 AC / 9,391 SF

Property Information for 2642-48 44th Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $206,880
  • Gross Scheduled Income: $206,880
  • Net Operating Income: $139,399
  • Cap Rate: 5.81
Expense Details
  • Operating Expense: $63,216
  • New Taxes Expense: $29,589
  • Fuel Expense: $0
  • Insurance Expense: $0
  • Professional Management Expense: $0
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $61,275
Tax / Assessment Info
  • Tax Tract Number: 956
  • Tax Lot: 956
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Buyer to Verify
  • Community Features: Curbs
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Entry Location: street
  • Fence: No
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 21-25 Units/Acre
  • Number Of Units: 9
  • Land Lease: No
  • Land Lease Type: Fee
  • Sewer: Public Sewer
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,674
  • Unit Type Total Rent: $1,674
  • Unit Type Pro Forma: 1850
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,090
  • Unit Type Total Rent: $2,090
  • Unit Type Pro Forma: 2400
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 9
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 2642-48 44th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 2642-48 44th Street

This home is within San Diego Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 8
Rating
School
Distance
Hamilton Elementary School
PublicK to 5

Clark Middle School
Public6 to 8

Hoover High School
Public9 to 12

Holly Drive Leadership Academy
CharterK 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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2642-48 44th Street is a multi-family home for sale in San Diego, CA 92105. This property was listed for sale on September 9, 2024 by Commercial Asset Advisors, it's currently listed at $2,400,000. This listing's school district is San Diego Unified School District. Nearby schools include Hamilton Elementary School, Clark Middle School and Hoover High School. 2642-48 44th Street is a 3-bed, 9-bath, 6,185 sqft multi-family home built in 1984.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

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

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