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Listed by Eric M von Bluecher • Lee & Associates
$1,550,000
Est. payment /mo
3,000 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 3,000 sqft
Price per Sqft $516
MLS Listing ID 8N-2605803
Year Built 1937
Lot Size 7,427 Sqft
Source California Regional Multiple Listing Service (CRMLS)
Property Description
We're pleased to present Forty Second Street Apartments, a 5-unit multifamily investment opportunity located at 3753-3759 42nd Street in San Diego, California. Situated on an approximately 7,427 square foot lot, the property consists of three separate residential buildings totaling approximately 3,000 square feet and features a diverse unit mix of (1) four-bedroom/two-bath unit, (1) two-bedroom/one-bath unit, (1) one-bedroom/one-bath unit, and (2) studio units. Originally constructed in 1937, the property offers investors a unique blend of stable cash flow, strong rental demand, and significant value-add potential in the highly sought-after City Heights / Colina Del Sol submarket. The property benefits from separate gas and electric metering, helping reduce operating expenses and improve management efficiency. Additional amenities include two gated parking spaces, a secure gated entry, a communal courtyard, and supplemental income generated through parking revenue. The property's diverse unit mix appeals to a broad tenant base, ranging from individual renters to larger households seeking affordable housing options within central San Diego. Ideally located in the heart of City Heights, the property provides convenient access to major employment centers, shopping, dining, schools, and public transportation. Residents benefit from close proximity to Interstate 15, Interstate 805, Downtown San Diego, Mission Valley, North Park, Kensington, and Balboa Park, making the location highly desirable for commuters and long-term tenants alike. The surrounding neighborhood continues to experience reinvestment and revitalization, supporting strong rental demand and long-term appreciation prospects. With three separate buildings, a favorable unit mix, utility efficiencies, gated parking, and demonstrated rental upside, Forty Second Street Apartments presents an attractive opportunity for investors seeking a centrally located San Diego asset with both immediate income and future growth potential. Buyer to verify all property information, including but not limited to square footage, lot size, unit count, unit mix, parking configuration, utility metering, permits, financial information, rental projections, and all other material aspects of the property.
Location
State CA
County San Diego
Area 92105 - East San Diego
Zoning R4 - Buyer to verify
Interior
Laundry None
Exterior
Pool None
Community Features Curbs
View Y/N No
Building
Lot Description Rectangular Lot
Sewer Public Sewer
Others
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John R Thompson
Broker/Owner | License ID: 01200900
Broker/Owner License ID: 01200900