4341 Arizona St San Diego, CA 92104

Property Details for 4341 Arizona St

Year built

1942

Property type

Commercial real estate

Description

This exceptional 8-unit apartment building in San Diego's desirable North Park neighborhood presents a compelling investment opportunity. The property boasts 3,960 square feet of net rentable space, currently achieving 100% occupancy and generating a Net Operating Income (NOI) of $163,225, representing a 3.63% cap rate. Pro-forma NOI is projected at $187,912, yielding a 4.18% cap rate. Each of the eight units, meticulously renovated, features modern amenities including individual washer/dryer units and private fenced yards. The asking price is $4,500,000, or $562,500 per unit. Situated on a 13,994 square foot lot, the property offers significant upside potential. The RM-3-9 zoning allows for a 60-foot height limit, 2.7 FAR, and a density of 1 per 600 square feet, presenting opportunities for expansion via micro-unit density bonuses or the Complete Communities program. Further potential exists through the adaptive reuse of eight existing garages into additional Accessory Dwelling Units (ADUs). This stabilized investment offers immediate returns and substantial long-term growth potential in a highly sought-after San Diego location. The land value is $1,136.36 per square foot. The property was built in 1942 and is a single-story building. A 3D walkthrough is available.