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4454-4460 Illinois St 5 Unit Apartment Building $1,600,000 ($320,000/Unit) 3.75% Cap Rate San Diego, CA 92116
Investment Highlights
- ?Prime North Park location within the highly walkable 92116 zip code, offering strong and steady rental demand
- ?Abundant off-street parking for tenants with two (2) double-car garages
- ?Value-add opportunity with potential garage-to-ADU conversions, creating future upside through additional units and increased cash flow
- Boutique five-unit multifamily asset featuring four 1BD/1BA units (avg. 585 SF) and one large 2BD/2BA unit (approx. 1,300 SF)
- Highly walkable neighborhood providing residents convenient access to dining, retail, parks, and everyday amenities
Executive Summary
We are pleased to present 4454–60 Illinois Street, a boutique multifamily offering ideally positioned in the heart of North Park, one of San Diego’s most vibrant and supply-constrained urban rental markets.? Located within the highly walkable 92116 zip code, the property boasts a Walk Score of 84, providing residents with immediate access to neighborhood dining, retail, parks and daily conveniences - a lifestyle feature that continues to drive strong tenant demand.?
The property is comprised of five well-designed apartment homes, featuring four one-bedroom/one-bathroom residences averaging 585 square feet and one expansive two-bedroom/two-bathroom residence measuring approximately 1,300 square feet.? These efficient and functional floorplans cater to a wide range of renters seeking comfort, usability, and proximity to San Diego’s most desirable central neighborhoods.
Situated within a high-demand rental corridor known for its walkability, charm, and limited multifamily inventory, 4454–60 Illinois Street benefits from consistent occupancy and long-term renter appeal.? With its central location, neighborhood amenities, and strong connectivity to the greater San Diego region, the property represents a compelling opportunity for stable, durable rental performance.?
The property is comprised of five well-designed apartment homes, featuring four one-bedroom/one-bathroom residences averaging 585 square feet and one expansive two-bedroom/two-bathroom residence measuring approximately 1,300 square feet.? These efficient and functional floorplans cater to a wide range of renters seeking comfort, usability, and proximity to San Diego’s most desirable central neighborhoods.
Situated within a high-demand rental corridor known for its walkability, charm, and limited multifamily inventory, 4454–60 Illinois Street benefits from consistent occupancy and long-term renter appeal.? With its central location, neighborhood amenities, and strong connectivity to the greater San Diego region, the property represents a compelling opportunity for stable, durable rental performance.?
Property Facts
| Price | $1,600,000 | Property Subtype | Apartment |
| Price Per Unit | $320,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 3.75% | Building Size | 3,640 SF |
| Gross Rent Multiplier | 14.26 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1942 |
| Property Type | Multifamily | ||
| Zoning | R4 | ||
| Price | $1,600,000 |
| Price Per Unit | $320,000 |
| Sale Type | Investment |
| Cap Rate | 3.75% |
| Gross Rent Multiplier | 14.26 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,640 SF |
| No. Stories | 2 |
| Year Built | 1942 |
| Zoning | R4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,994 | 585 |
| 2+2 | 1 | $2,500 | 1,300 |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 446-121-21 | Improvements Assessment | $313,684 |
| Land Assessment | $544,156 | Total Assessment | $857,840 |
Property Taxes
Parcel Number
446-121-21
Land Assessment
$544,156
Improvements Assessment
$313,684
Total Assessment
$857,840
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4454-4460 Illinois St
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