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Multifamily

4546 Illinois St

4546 Illinois St, San Diego, CA 92116

Listing Price: $3,690,000

Cap Rate
4.71%
Number of Units
11
GRM
14.60
Occupancy
97.0%
Price/Unit
$335,455
Price/Gross SF
$530.78
Gross SF
6,952

Investment Overview

Marcus & Millichap is pleased to present 4546 Illinois Street located in San Diego, California. Built in 1965 with many upgrades over the past 10 years, this value-add 11-unit apartment complex sits in the highly desirable neighborhood of North Park and boasts a Walk Score of 89. The property rests on a 8,442 square foot lot and has approximately 6,952 rentable square feet.

The unit mix consists of (1) two-bedroom / two-bathroom unit and (10) one-bedroom / one bathroom units. All units interior finishes were redone to the same specifications in 2015 and have been well maintained since. Units feature ceiling fans, dual pane windows, kitchen backsplashes, stainless steel appliances, vinyl plank flooring, tiled bathroom floors, and more. A new roof was also installed in 2022. Attractive tenant offerings include secure gated access, an expansive courtyard with a barbecue grill area, on-site laundry, and (10) off-street parking spaces.

An investor can significantly increase overall cash flow by bringing current rents to market as units turnover or by implementing a modern renovation plan to include amenities like in-unit washer/dryers and A/C along with painting the kitchen cabinets and a more contemporary front facade. Located within two blocks of 30th Street, El Cajon Boulevard, and Adams Avenue, the property is walking distance to almost all of the best attractions in North Park. The Interstate 805 is easily accessible simplifying commutes. 4546 Illinois Street presents investors a unique opportunity to acquire a well-maintained value-add asset with significant rental upside in one of San Diego's most desirable rental markets.

Investment Highlights

  • Excellent North Park Location - A Few Blocks From 30th Street / Adams Avenue
  • Recent Capital Improvements
  • Strong Upside In Rents
  • (10) Off-Street Parking Spaces
  • Expansive Courtyard
  • Mostly 1 Bedrooms - Highest In Demand

Exclusively Listed By

Financing By

Multifamily

4546 Illinois St

Listing Price: $3,690,000

Cap Rate
4.71%
Number of Units
11
GRM
14.60
Occupancy
97.0%
Price/Unit
$335,455
Price/Gross SF
$530.78
Gross SF
6,952

Investment Highlights

  • Excellent North Park Location - A Few Blocks From 30th Street / Adams Avenue
  • Recent Capital Improvements
  • Strong Upside In Rents
  • (10) Off-Street Parking Spaces
  • Expansive Courtyard
  • Mostly 1 Bedrooms - Highest In Demand

Investment Overview

Marcus & Millichap is pleased to present 4546 Illinois Street located in San Diego, California. Built in 1965 with many upgrades over the past 10 years, this value-add 11-unit apartment complex sits in the highly desirable neighborhood of North Park and boasts a Walk Score of 89. The property rests on a 8,442 square foot lot and has approximately 6,952 rentable square feet. The unit mix consists of (1) two-bedroom / two-bathroom unit and (10) one-bedroom / one bathroom units. All units interior finishes were redone to the same specifications in 2015 and have been well maintained since. Units feature ceiling fans, dual pane windows, kitchen backsplashes, stainless steel appliances, vinyl plank flooring, tiled bathroom floors, and more. A new roof was also installed in 2022. Attractive tenant offerings include secure gated access, an expansive courtyard with a barbecue grill area, on-site laundry, and (10) off-street parking spaces. An investor can significantly increase overall cash flow by bringing current rents to market as units turnover or by implementing a modern renovation plan to include amenities like in-unit washer/dryers and A/C along with painting the kitchen cabinets and a more contemporary front facade. Located within two blocks of 30th Street, El Cajon Boulevard, and Adams Avenue, the property is walking distance to almost all of the best attractions in North Park. The Interstate 805 is easily accessible simplifying commutes. 4546 Illinois Street presents investors a unique opportunity to acquire a well-maintained value-add asset with significant rental upside in one of San Diego's most desirable rental markets.

Exclusively Listed By

Financing By

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