4333 Florida St 2 Unit Apartment Building $1,430,000 ($715,000/Unit) 4.07% Cap Rate San Diego, CA 92104

4333 Florida Street sits in the highly desirable neighborhood of University Heights, which continues to be one of the most in-demand rental markets in uptown San Diego. Built in 1953, the 2-unit complex boasts a Walk Score of 95 and totals approximately 1,661 rentable square feet. The lot size is approximately 5,622 square feet and is situated in Complete Communities Tier 3 (6.5 FAR), offering future redevelopment potential.
Both units are standalone cottages with no shared walls and ample yard space. The front unit is a 2-bedroom/1-bath cottage, and the back unit is a spacious 3-bedroom/1-bath cottage. Both units have been recently remodeled with new vinyl plank flooring, hardware, recessed lighting, and updated kitchens and bathrooms. The exteriors have also been extensively improved with new doors, dual-pane vinyl windows, siding, and paint. The units are ready to rent but could be further upgraded by adding in-unit washer/dryers and air conditioning. Attractive tenant offerings include ample yard and patio space for each unit and three detached single-car garages, which also have the potential for an ADU conversion. Both units will be delivered vacant, making this an ideal opportunity for investors, owner-users, and developers with ample possibilities.
Located only two blocks from Park Boulevard, the property is within walking distance of all the best of University Heights. The 8 and 163 freeways are also nearby, providing easy access for tenants. 4333 Florida Street ultimately presents the rare opportunity to acquire a recently updated asset with further upside and redevelopment potential.