7 Cottage Units | Prime University Heights Location | FOR SALE
$2,790,000
4438-4450 Park Boulevard, San Diego, CA 92116
4.1
In-Place Cap Rate
5.74
Pro Forma Cap Rate
Details:
Highlights:
- $350,000 in recent capital improvements
- Huge development potential! - Complete communities tier 2 overlay, 850 far, 65' height limit
- Rent increase availability: An additional $140 monthly immediately available
- Rarely Traded University Heights Location
- Under market in-place rents
Description:
Commercial Asset Advisors is pleased to present an irreplaceable location Craftsman Cottage asset in prime University Heights San Diego. The asset consists of 7 detached cottage units and 2 garages on a large 10,500 square foot lot.
The property has received north of $350,000 in recent infrastructure upgrades to provide for a turnkey operation and low maintenance operating expenses moving forward including new foundations, roofs, electrical panels, air conditioning, full exterior paint, renovated bathrooms and partial interior upgrades.
Additionally, the asset possesses significant development potential and would provide for an attractive covered land play. CN 1-4 zoning with a 65 foot height limit under the high density Complete Communities Tier 2 overlay allows for significant development allowances of potentially
50+ units.
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