4440 Illinois Street

San Diego, CA 92116

$2,199,000
Price
7
Beds
3
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

A developers dream! Multiple value add opportunities and strong existing income ($9,445 monthly gross income)! This site presents an increasingly rare urban infill opportunity to purchase a 7,018 SF lot, with (3) income generating residential units in the heart of San Diego's hippest neighborhood, North Park. This property sits within the complete communities area and has a FAR of 6.5. The maximum buildable square feet is 45,617 subject to official approval to allow a complete communities project...A developers dream! Multiple value add opportunities and strong existing income ($9,445 monthly gross income)! This site presents an increasingly rare urban infill opportunity to purchase a 7,018 SF lot, with (3) income generating residential units in the heart of San Diego's hippest neighborhood, North Park. This property sits within the complete communities area and has a FAR of 6.5. The maximum buildable square feet is 45,617 subject to official approval to allow a complete communities project at this site. Alternatively and due to being fully remodeled, the existing units attract phenomenal renters in the asset's existing condition. The property is gated from the alley and tenants have the option to close the gate on Illinois for additional privacy. It is turfed with pavers throughout and laundry on site in the back.
  1. Listed by Brendan Flynn • DRE #01933302 • Brokerage DRE #01419860 • South Coast Commercial, Inc.

Property Details for 4440 Illinois Street

Zoning
RM 3-8
Cross Streets
Meade
Source Living Area
404
Area
Normal Heights (NLHS)
HOA Fee Frequency 1
Monthly
HOA Fee 2
$0
HOA Fee Frequency 2
Monthly
Assessor Parcel Number
446-121-19-00
LISTING UPDATED: 11/19/2024 11:12 AM

Property Details for 4440 Illinois Street

StatusActive
MLS #240014482SD
Days on Market180
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1940
Lot Size-
CountySan Diego County

Building Information for 4440 Illinois Street

Stories2Residences-Year Built1940Building Size-Lot Size-

Property Information for 4440 Illinois Street

Community / Development
Community / Development
  • Complex Name: NA
  • Number Of Units: 3
  • Pets Allowed: Call For Rules
  • Amenities: Laundry Facilities
  • Builders Tract Name: North Park
  • Earth Quake Insurance: 0
Structure Info
Structure Info
  • Number Of Stories: 2
  • View: No
  • Security Features: None
  • Water District: CITY OF SAN DIEGO
Contract Info
Contract Info
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Net Operating Income: $72,156.00
  • Gross Scheduled Income: $114,540
  • Cap Rate: 3.30%
  • Gross Rent Multiplier: $19.20
  • Other Income1: $.00
  • Total Annual Expense: 38948
Land / Lot Info
Land / Lot Info
  • Horse: No
  • Land Included: No
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Wall/Window
  • Heating Type: Electric, Wall
Exterior Features
Exterior Features
  • Pool: Yes
  • Pool Description: Private
  • Spa: No
  • Roof: Composition
  • Fence: Full
  • Sprinklers: Automatic
Lease Terms
Lease Terms
  • Listing Terms: Cal Vet Loan, Cash, Conventional, Exchange, FHA, VA
  • Tenant Pays: Electricity, Gas/Propane
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Rent: $2,880.00
  • Unit Actual Rent: $2,880.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Rent: $2,690.00
  • Unit Actual Rent: $2,690.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 1
  • Unit Rent: $3,875.00
  • Unit Actual Rent: $3,875.00
  • Unit Projected Rent: $4,000.00
  • Like Units: 1

Property History for 4440 Illinois Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 4440 Illinois Street

This home is within San Diego Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 1 to 12
Charter - K to 8
Rating
School
Distance
Garfield Elementary School
PublicK to 5

Roosevelt International Middle School
Public6 to 8

Alba School
Public1 to 12

San Diego Global Vision 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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4440 Illinois Street is a multi-family home for sale in San Diego, CA 92116. This property was listed for sale on June 24, 2024 by South Coast Commercial, Inc., it's currently listed at $2,199,000. It has been on the market for a total of 180 days and was last sold on May 8, 2019. This listing's school district is San Diego Unified School District. Nearby schools include Garfield Elementary School, Roosevelt International Middle School and Alba School. 4440 Illinois Street is a 7-bed, 3-bath, multi-family home built in 1940.

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Listing Courtesy of South Coast Commercial, Inc., Brendan Flynn, DRE #01933302

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