4044 45th St 8 Unit Apartment Building $1,900,000 ($237,500/Unit) 3.45% Cap Rate San Diego, CA 92105

Marcus & Millichap is pleased to present 4044 45th Street located in San Diego, California. Originally built in 1969, the 8-unit complex is located in the high demand urban neighborhood of City Heights, known for its cultural vibrancy and boasting a Walk Score of 94. The property is situated on a 6,254 SF lot and totals approximately 5,350 rentable square feet.
The unit mix consists of (4) 2-bdrm / 1-bath units, (1) studio unit and (3) 1-bdrm / 1-bath units. Current ownership has diligently upgraded the property with a new roof, extensive SB721 compliant stairway and deck work. Select units have also been retrofitted with new dual pane windows and sliders, adding a modern look with greater functionality. The sewer mainline is also 100% ABS and had has been hydro jetted annually further increasing the building’s longevity. Attractive tenant offerings include a quaint communal courtyard, on-site laundry, and secure gated entry. Tenants also benefit from ample off-street parking including (4) off-street spaces and (2) attached double car garages which could also allow for potential ADUs. (5) units will be delivered vacant allowing an investor to immediately commence an interior renovation program to achieve market rents.
Centrally located on 45th Street, less than three blocks from El Cajon Blvd, the property is walking distance to all the best attractions City Heights has to offer. The property also boasts proximity to the eclectic neighborhoods of Talmadge and Kensington which offer an array of shops and restaurants. The I8 and I15 freeways are within 5 minutes of the subject property simplifying commutes. 4044 45th Street ultimately presents investors with a balanced value-add opportunity in one of San Diego’s most dynamic rental markets.