375 49th St San Diego, CA 92113-2073
- Apartment buildings
- 8,984 SF
- 0.39 lot acres
May 20, 2021
Current Use by Public Records
- Apartment buildings
Property Details for 375 49th St
- Year built
- 1971
- Lot size
- 0.39 lot acres
- Property size
- 8,984 SF
- Zone code
- R-2:MINOR MULTIPLE
- Property type
- Apartment buildings
- APN
- 548-241-22-00
- APU
- 5482412200
Description
This exceptional 10-unit apartment building presents a compelling investment opportunity in San Diego's vibrant Encanto neighborhood. Situated on a substantial 17,694 square foot lot, the property boasts a mix of spacious units: four 3-bedroom/2-bathroom units (approximately 1,000 sq ft each) and six 2-bedroom/1-bathroom units (approximately 830 sq ft each). The 8,984 square foot building, constructed in 1971 and extensively renovated a decade ago, features updated kitchens and bathrooms with tile, new cabinets, vanities, and appliances. Bedrooms include mirrored closet doors. Residents enjoy convenient onsite laundry facilities and approximately 20 gated parking spaces, accessible via a rear entrance on S Willie James Jones Avenue. The property benefits from its location within an Opportunity Zone and the Complete Communities Plan, suggesting significant future development potential, particularly above the existing parking lot. Currently generating a NOI of $161,662 (with a pro-forma NOI of $198,349), and a 5.67% cap rate (6.96% pro-forma), this asset offers a strong return on investment. An assumable loan of $1,710,000 at a fixed 2.94% interest rate until June 2026 is available, further enhancing the financial appeal. The property is offered at $2,850,000 ($285,000 per unit and $317.23 per square foot). Showings are by appointment only with an accepted offer. Please do not disturb tenants.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,980,000
- ML approach
- $2,085,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,475,000
- 6.5%
- $2,285,000
- 7%
- $2,120,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,920,000 Current use
- AUTO REPAIR, GARAGE
- $3,460,000 Change: +19% Conversion: Difficult
- RETAIL STORES
- $2,790,000 Change: -4% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- San Diego
- County
- San Diego
- State
- California
- Longitude
- -117.089
- Latitude
- 32.7013
- CBSA code
- 41740
- CBSA name
- SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA
