Investment Overview

The McCartin Group of Marcus & Millichap is pleased to present 4177 Illinois Street, an attractive 8-unit multifamily investment opportunity located in one of San Diego’s premier rental markets. The property features a desirable unit mix of four 1-bedroom/1-bathroom units and four 2-bedroom/2-bathroom units, appealing to a wide range of tenants seeking quality housing in a highly walkable and amenity-rich neighborhood. Current ownership has completed several strategic improvements that enhance both tenant appeal and operational efficiency. A new roof was installed in 2023, providing investors with significant capital expenditure savings. Additionally, the property's landscaping was comprehensively renovated within the past few years, creating excellent curb appeal and a welcoming environment for residents. The laundry room was also expanded by relocating the hot water tank outside, allowing for the installation of two new commercial-grade laundry machines operated by WASH Services, creating added convenience for tenants and supplemental income for ownership. The property also benefits from a RUBS (Ratio Utility Billing System) program that has been implemented on 7 of the 8 units, generating approximately $100 to $150 per unit per month in additional income with the opportunity to expand the program to the remaining unit. Further enhancing the property's appeal are eight off-street parking spaces, a valuable amenity in a supply-constrained urban location. With its strong unit mix, recent capital improvements, RUBS income, on-site laundry revenue, and ample parking, 4177 Illinois Street presents investors with an opportunity to acquire a well-maintained asset with stable cash flow and long-term growth potential.