4349-55 50Th St San Diego, CA 92115
- Apartment buildings
- 4,850 SF
Current Use by Public Records
- Apartment buildings
Property Details for 4349-55 50Th St
- Year built
- 1957
- Property size
- 4,850 SF
- Property type
- Apartment buildings
Description
This exceptional 6-unit apartment building presents a compelling value-add opportunity in San Diego's City Heights neighborhood. Located at 4349-55 50th Street, this 4,850 square foot property sits on a 6,251 square foot lot and boasts a current NOI of $69,956, with a pro-forma NOI of $172,214. The building, constructed in 1957, features a mix of five spacious 2-bedroom/1-bathroom units (approximately 850 sq ft each) and one 1-bedroom/1-bathroom unit (approximately 600 sq ft). Twelve parking spaces are available, including four large single-car garages with interior access. Recent upgrades include a new roof, sewer main, windows, flooring, LED lighting, and push-code gate entrances. Currently operating at 100% occupancy, significant rent increases are possible in March 2025, given rents are 30% below market value. The property benefits from low expenses, utilizing city trash and recycling services. Its location within the Complete Communities Housing Solution Overlay Zone suggests strong long-term appreciation potential. Nearby amenities include El Cajon Boulevard shopping and transit, a new retail center, the City Heights Library, and a new Police Station. Proximity to San Diego State University and popular neighborhoods like Kensington, North Park, Hillcrest, and Normal Heights further enhances its desirability. The property's central location provides easy access to major highways (I-8 and I-15), the coast, beaches, and downtown San Diego. The garages offer potential for conversion into Accessory Dwelling Units (ADUs), subject to buyer verification. The asking price is $1,675,000, representing a price per unit of $279,166.67 and a current cap rate of 4.18%, with a pro-forma cap rate of 10.28%. Please note that the seller has made no warranties on ADU potential or square footage measurements.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- San Diego
- County
- San Diego
- State
- California
- Longitude
- -117.087
- Latitude
- 32.7559
