4349-55 50th Street is a value-add garden style apartment complex located in one of San Diego's most stable and growing rental markets. The offering consists of Five 2-Bedroom/1-Bath and One 1-Bedroom/1-Bath units totaling 4,850 square feet of living space. Each unit includes at least One surface parking space (8 Total) and there is a shared courtyard for tenants. There are Four Single-Car Garages that are currently included in the rent; but can be rented separately for additional income. Further, there is a vacant utility room that includes Four Storage Units and Washer/Dryer Hook-ups that is just waiting for coin-operated machines. Over the past six years the property has received upgrades that include: a new energy efficient roof; two heavy-duty, coded-entry security gates; two commercial gas water heaters; complete sewer line renovation; three-tone commercial exterior paint; and courtyard and parameter Commercial LED Drop Lighting. Most of the unit interiors have been updated with newer appliances and luxury vinyl flooring. With nearly a 40% up-side just by seeking market rents, this investment opportunity is ideal for a hands-on value-add investor to further improve the income in a wide-variety of ways. Such as inserting a new coin-operated machine in the vacant utility room, completely renovating the units, renting the garages individually, and ultimately within the public transit overlay there is potential to convert the garages and utility room into multiple ADUs (Accessory Dwelling Units) to significantly increase the income and unit count. 4349-55 50th Street is a rare opportunity with tremendous potential and future upside.
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Multi-Family Space
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