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Multifamily

1844-46 Felton Street

1844 Felton St, San Diego, CA 92102

Listing Price: $1,020,000

Cap Rate
3.56%
Number of Units
2
Occupancy
97.0%
Price/Unit
$510,000
Price/Gross SF
$680.00
Gross SF
1,500

Investment Overview

MARCUS & MILLICHAP IS PLEASED TO PRESENT FOR SALE 1844-46 FELTON STREET, A CHARMING DUPLEX LOCATED IN THE ICONIC AND RAPIDLY GROWING NEIGHBORHOOD OF SOUTH PARK IN SAN DIEGO, CALIFORNIA. THE OFFERING CONSISTS OF A 3-BED/1-BATH FRONT UNIT AND A 2-BED/1-BATH REAR UNIT THAT TOTAL 1,500 RENTABLE SQUARE FEET. THIS RARE INVESTMENT SITS ON A 6,226 SQUARE FOOT (.14 ACRES) CORNER LOT THAT PROVIDES TENANTS WITH AMPLE LIVING SPACE, PRIVATE YARDS, AND PATIOS. BOTH UNITS WERE UPGRADED IN 2018 AND PRIOR TO LONG-TERM TENANCY, THE REAR UNIT WAS OPERATED AS AN AIRBNB WHILE THE FRONT UNIT WAS USED BY THE OWNER. IDEALLY LOCATED IN A PREDOMINANTLY RESIDENTIAL POCKET OF SOUTH PARK, THE PROPERTY PROVIDES TENANTS WITH EVERYTHING THEY COULD WISH FOR IN A SHORT DISTANCE. THE NEIGHBORHOOD'S MAIN THOROUGHFARES ARE THE RETAIL/EATERY ADORN FERN AND 30TH STREET THAT ARE LESS THAN A 1/2 MILE AWAY FROM THE SITE. ALSO, WITHIN A SHORT WALKING DISTANCE ARE THE HISTORIC BALBOA PARK & GOLF COURSE, TARGET, PIZZERIA LUIGI (AS FEATURED ON GUY FIERI'S 'DINERS, DRIVE-INS & DIVES), SAINT AUGUSTINE HIGH SCHOOL, AND THE WORLD-RENOWNED SAN DIEGO ZOO. SHOULD TENANTS EVER WANT TO VENTURE TO THE REST OF SAN DIEGO THE NEIGHBORHOOD IS BORDERED BY THE I-15 TO THE EAST, I-5 AND BALBOA PARK TO THE WEST, ROUTE 94 AND GOLDEN HILL TO THE SOUTH, AND NORTH PARK TO THE NORTH. SOUTH PARK IS ONE OF SAN DIEGO'S MOST DESIRABLE NEIGHBORHOODS DUE TO ITS CONTINUED GROWTH AS A MECCA FOR RESIDENTS AND VISITORS SEEKING GREAT DINING, BREWERIES, CAFES, ENTERTAINMENT, AND SHOPPING, AS WELL AS CULTURAL DIVERSITY. AS THE BOOMING NEIGHBORHOOD CONTINUES TO GROW, THE PROPERTY WILL CONTINUE TO BE IN HIGH DEMAND FOR MANY YEARS TO COME. WITH ROOM FOR CONTINUED RENT GROWTH AND APPRECIATION THROUGH FURTHER UPGRADES, 1844-46 FELTON PRESENTS INVESTORS AND OWNER-USERS THE IDEAL VALUE-ADD INVESTMENT OPPORTUNITY IN ONE OF SAN DIEGO'S MOST SOUGHT-AFTER REAL ESTATE MARKETS.

Investment Highlights

  • Desirable 2-BED & 3-BED Units; Upgraded in 2018
  • Roughly 20% Up-Side in Current Rental Income
  • Central South Park Location
  • Corner Lot in Quiet Predominantly Residential Neighborhood
  • Washer/Dryer Hook-Ups & Parking On-Site
  • Private Entry, Yards, & Patios
  • Potential to Add Accessory Dwelling Unit (ADU) or additional Building Square Footage

Exclusively Listed By

Multifamily

1844-46 Felton Street

Listing Price: $1,020,000

Cap Rate
3.56%
Number of Units
2
Occupancy
97.0%
Price/Unit
$510,000
Price/Gross SF
$680.00
Gross SF
1,500

Investment Highlights

  • Desirable 2-BED & 3-BED Units; Upgraded in 2018
  • Roughly 20% Up-Side in Current Rental Income
  • Central South Park Location
  • Corner Lot in Quiet Predominantly Residential Neighborhood
  • Washer/Dryer Hook-Ups & Parking On-Site
  • Private Entry, Yards, & Patios
  • Potential to Add Accessory Dwelling Unit (ADU) or additional Building Square Footage

Investment Overview

MARCUS & MILLICHAP IS PLEASED TO PRESENT FOR SALE 1844-46 FELTON STREET, A CHARMING DUPLEX LOCATED IN THE ICONIC AND RAPIDLY GROWING NEIGHBORHOOD OF SOUTH PARK IN SAN DIEGO, CALIFORNIA. THE OFFERING CONSISTS OF A 3-BED/1-BATH FRONT UNIT AND A 2-BED/1-BATH REAR UNIT THAT TOTAL 1,500 RENTABLE SQUARE FEET. THIS RARE INVESTMENT SITS ON A 6,226 SQUARE FOOT (.14 ACRES) CORNER LOT THAT PROVIDES TENANTS WITH AMPLE LIVING SPACE, PRIVATE YARDS, AND PATIOS. BOTH UNITS WERE UPGRADED IN 2018 AND PRIOR TO LONG-TERM TENANCY, THE REAR UNIT WAS OPERATED AS AN AIRBNB WHILE THE FRONT UNIT WAS USED BY THE OWNER. IDEALLY LOCATED IN A PREDOMINANTLY RESIDENTIAL POCKET OF SOUTH PARK, THE PROPERTY PROVIDES TENANTS WITH EVERYTHING THEY COULD WISH FOR IN A SHORT DISTANCE. THE NEIGHBORHOOD'S MAIN THOROUGHFARES ARE THE RETAIL/EATERY ADORN FERN AND 30TH STREET THAT ARE LESS THAN A 1/2 MILE AWAY FROM THE SITE. ALSO, WITHIN A SHORT WALKING DISTANCE ARE THE HISTORIC BALBOA PARK & GOLF COURSE, TARGET, PIZZERIA LUIGI (AS FEATURED ON GUY FIERI'S 'DINERS, DRIVE-INS & DIVES), SAINT AUGUSTINE HIGH SCHOOL, AND THE WORLD-RENOWNED SAN DIEGO ZOO. SHOULD TENANTS EVER WANT TO VENTURE TO THE REST OF SAN DIEGO THE NEIGHBORHOOD IS BORDERED BY THE I-15 TO THE EAST, I-5 AND BALBOA PARK TO THE WEST, ROUTE 94 AND GOLDEN HILL TO THE SOUTH, AND NORTH PARK TO THE NORTH. SOUTH PARK IS ONE OF SAN DIEGO'S MOST DESIRABLE NEIGHBORHOODS DUE TO ITS CONTINUED GROWTH AS A MECCA FOR RESIDENTS AND VISITORS SEEKING GREAT DINING, BREWERIES, CAFES, ENTERTAINMENT, AND SHOPPING, AS WELL AS CULTURAL DIVERSITY. AS THE BOOMING NEIGHBORHOOD CONTINUES TO GROW, THE PROPERTY WILL CONTINUE TO BE IN HIGH DEMAND FOR MANY YEARS TO COME. WITH ROOM FOR CONTINUED RENT GROWTH AND APPRECIATION THROUGH FURTHER UPGRADES, 1844-46 FELTON PRESENTS INVESTORS AND OWNER-USERS THE IDEAL VALUE-ADD INVESTMENT OPPORTUNITY IN ONE OF SAN DIEGO'S MOST SOUGHT-AFTER REAL ESTATE MARKETS.

Exclusively Listed By

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