4560-66 Alabama Street

Address: 4560 Alabama St, San Diego, CA 92116, USA

California & West + Apartments

Created date: October 20, 2023

Date last updated: October 28, 2023

Exceptional University Heights Location – Walking Distance to Park Boulevard
Well-Maintained Units with (1) Unit Renovated
Value-Add Opportunity
Communal Courtyard, Yard Space, & On-Site Laundry
(3) Detached Garages Allowing for ADU Potential
(2) Off-Street Parking Spaces

Property Description

TENANTS ARE UNAWARE OF SALE. DO NOT WALK PROPERTY OR DISTURB TENANTS. Marcus & Millichap is pleased to present 4560-66 Alabama Street located in San Diego, California. The property 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 1924, the 5-unit apartment complex boasts a Walk Score of 93 and totals approximately 2,234 in rentable square feet. The lot size is approximately 7,014 square feet allowing the common areas to feel open and spacious. Spread across (2) duplexes and (1) stand-alone cottage, the unit mix consists of (4) one bedroom / one bathroom units, and (1) one bedroom / one bathroom unit with a den (the cottage). One unit has been recently remodeled with new flooring, updated kitchen, and mini-split air conditioning. The other four units have been well-maintained to preserve the classic craftsman look. Attractive tenant offerings include a large common courtyard, outdoor space for each unit, and on-site laundry. The property has parking for each unit spread across (3) detached garages, and (2) off-street parking spaces. With remaining potential for renovation, the property presents ample opportunity to bring current rents to market in order to maximize overall cash flow. Located only three 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. 4560-66 Alabama Street ultimately presents the rare opportunity to acquire a value-add asset with significant rental upside in one of San Diego's most desirable urban rental markets. Contact listing agent for marketing package.

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Key Property Information

Listing Status:	Under Contract
Multifamily type:	Apartments
Price:	$2,200,000
No. of Units:	5
Year Built:	1924
Building Size:	2,234 Sq ft
Lot Size:	7,014.00 Sq ft
No. of Stories:	1
APN:	445-141-30-00
Zoning Code:	RM-1-1
Opportunity Zone:	No
Price per unit:	$440,000

Address: 4560 Alabama St, San Diego, CA 92116, USA

Unit mix

Description	No. of Units	Sq ft.	Avg. Monthly Rent
1 Bed / 1 Bath + Den	1	675	1810
1 Bed / 1 Bath	4	500	1521

FINANCIAL DETAILS

Income/expense info:	Pro Forma
Financial year:	2023
Gross income:	153300
Effective Gross income:	149901
Operating expenses:	52934
Net operating income:	96967
Pre-tax cashflow:	96967