6-Unit Multifamily Investment with Detached Front House

Highlights:

• Desirable North Park Location
• Walkability Score of 97
• Detached Three Bed House
• ABS Plumbing & New Electric Panel
• Dual Pane Windows
• Mature Landscaping

Description:

4010–16 Illinois Street presents a rare opportunity to acquire a six-unit multifamily asset located in one of the most desirable pockets of North Park, one of San Diego’s most dynamic and growing urban neighborhoods. Situated just blocks from the North Park commercial corridor along University Avenue and 30th Street, the property benefits from immediate proximity to some of San Diego’s most vibrant dining, nightlife, and retail amenities while maintaining convenient access to Downtown San Diego, Balboa Park, and major employment centers.

The property offers investors meaningful operational flexibility with four currently vacant units. An investor may elect to lease the vacant units in their current condition to achieve strong in-place cash flow, or implement an interior renovation program to drive rents to market levels without the time and cost associated with tenant relocation.

The unit mix consists of four (4) identical one-bedroom / one-bath units, one (1) larger one-bedroom / one-bath unit with a private balcony, and one (1) detached three-bedroom / one-bath house positioned at the front of the property. The detached home provides additional versatility, appealing to owner-occupants or tenants seeking a single-family living environment within an urban location.

Recent capital improvements include new dual-pane windows, partially upgraded ABS sewer lines, and new electrical sub-panels. In addition, the balconies have successfully passed recent SB-721 inspection requirements, reducing near-term capital expenditure risk for a new owner.

If an investor elects to lease the vacant units in their current condition and apply available rent increases to the occupied units, the property offers an estimated 4.89% going-in cap rate. Alternatively, executing a full interior renovation program across the vacant units provides a clear path to a projected 6.72% proforma cap rate.

The property also features multiple ancillary income opportunities, including three storage closets, an approximately 200 square foot storage shed, two single-car garages, and two carport spaces.

Residents benefit from an exceptional urban location with a Walk Score of 97, placing them within immediate walking distance of grocery stores, fitness studios, cafés, restaurants, and entertainment venues. North Park continues to experience strong rental demand driven by its proximity to Balboa Park, Downtown San Diego, major healthcare employers, and the broader Uptown urban core.

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