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Multifamily

44th Street Bungalows

4403 44th St, San Diego, CA 92115

Listing Price: $1,650,000

Cap Rate
2.77%
Number of Units
4
Occupancy
100.0%
Price/Unit
$412,500
Price/Gross SF
$642.52
Gross SF
2,568

Investment Overview

Marcus & Millichap and SVN Vanguard are pleased to present 4403-13 44th Street, a Multi-Family Investment Property located in one of San Diego's most desirable communities to rent and own. The offering has a unique structure that consists of Two attached 1-Bedroom/1-Bath Bungalows, a 1-Bed/1-Bath Standalone Cottage, and a detached 3-Bed/1-Bath House totaling 2,568 rentable square feet. Select units have undergone recent improvements that include new bathroom vanities and hardwood flooring. The exterior has recently been updated with new garage doors, sewer lines, solar security lighting, fencing, and security doors. In addition to a desirable detached unit structure, which commands a rental premium compared to a traditional apartment building, the property features an income-generating leased laundry room, Four Single-Car Garages that are included in the rent, and a tuff shed storage unit that can be rented out for additional income. Through capitalizing on renting the aforementioned amenities at market along with renovating the units; an investor can achieve a +30% upside in gross income. To make this deal even more enticing, the property sits on a large 10,590 square foot (.24 Acres) lot, where there is the potential to convert the garages and additional space into Accessory Dwelling Units to maximize the future value and income at the site. Talmadge is a historic and upscale mid-city urban area that offers a sense of community with an impressive collection of Spanish Revival-Style Homes, quiet winding streets, and a small business district nearby. The 44th Street Bungalows are just north of the retail-adorned El Cajon Boulevard and a block east of the area's major thoroughfare Fairmount Avenue. Meade Avenue bisects the property, which is the areas cut-off for superior zoning (CUPD-CT-2-4 & CC-Overlay Tier 3); which could allow an owner to change the property's zoning down the road. The new owner will also be able to finance with a 30-year fixed mortgage.

Investment Highlights

  • Desirable location North of El Cajon Boulevard
  • Located in an Opportunity Zone and Transit Priority Area
  • Large 10,590 square foot (.24 Acres) Lot
  • Four Single-Car Garages and a Storage Shed - Potential to Convert to ADUs
  • Zoned RM-1-1 (1 unit per 3,000 square feet; FAR of .75), but the cut-off for zone change is Meade Avenue, which bisects the property. Parcel immediately South is CUPD-CT-2-4 (1 Unit per 600 Square Feet) & Complete Communities Overlay (Tier 3 - 6.5x FAR); potential to change zoning
  • Diverse Unit Style Commands a Higher Rent than Traditional Apartments (Bungalow, Cottage, and House)
  • Low Expenses; 3-Bedroom is individually metered; Three 1-Bedrooms split the water bill
  • +25% Upside in Current Rental Income; All Tenants are Month-to-Month

Exclusively Listed By

Financing By

Multifamily

44th Street Bungalows

Listing Price: $1,650,000

Cap Rate
2.77%
Number of Units
4
Occupancy
100.0%
Price/Unit
$412,500
Price/Gross SF
$642.52
Gross SF
2,568

Investment Highlights

  • Desirable location North of El Cajon Boulevard
  • Located in an Opportunity Zone and Transit Priority Area
  • Large 10,590 square foot (.24 Acres) Lot
  • Four Single-Car Garages and a Storage Shed - Potential to Convert to ADUs
  • Zoned RM-1-1 (1 unit per 3,000 square feet; FAR of .75), but the cut-off for zone change is Meade Avenue, which bisects the property. Parcel immediately South is CUPD-CT-2-4 (1 Unit per 600 Square Feet) & Complete Communities Overlay (Tier 3 - 6.5x FAR); potential to change zoning
  • Diverse Unit Style Commands a Higher Rent than Traditional Apartments (Bungalow, Cottage, and House)
  • Low Expenses; 3-Bedroom is individually metered; Three 1-Bedrooms split the water bill
  • +25% Upside in Current Rental Income; All Tenants are Month-to-Month

Investment Overview

Marcus & Millichap and SVN Vanguard are pleased to present 4403-13 44th Street, a Multi-Family Investment Property located in one of San Diego's most desirable communities to rent and own. The offering has a unique structure that consists of Two attached 1-Bedroom/1-Bath Bungalows, a 1-Bed/1-Bath Standalone Cottage, and a detached 3-Bed/1-Bath House totaling 2,568 rentable square feet. Select units have undergone recent improvements that include new bathroom vanities and hardwood flooring. The exterior has recently been updated with new garage doors, sewer lines, solar security lighting, fencing, and security doors. In addition to a desirable detached unit structure, which commands a rental premium compared to a traditional apartment building, the property features an income-generating leased laundry room, Four Single-Car Garages that are included in the rent, and a tuff shed storage unit that can be rented out for additional income. Through capitalizing on renting the aforementioned amenities at market along with renovating the units; an investor can achieve a +30% upside in gross income. To make this deal even more enticing, the property sits on a large 10,590 square foot (.24 Acres) lot, where there is the potential to convert the garages and additional space into Accessory Dwelling Units to maximize the future value and income at the site. Talmadge is a historic and upscale mid-city urban area that offers a sense of community with an impressive collection of Spanish Revival-Style Homes, quiet winding streets, and a small business district nearby. The 44th Street Bungalows are just north of the retail-adorned El Cajon Boulevard and a block east of the area's major thoroughfare Fairmount Avenue. Meade Avenue bisects the property, which is the areas cut-off for superior zoning (CUPD-CT-2-4 & CC-Overlay Tier 3); which could allow an owner to change the property's zoning down the road. The new owner will also be able to finance with a 30-year fixed mortgage.

Exclusively Listed By

Financing By

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