4017-4023 Illinois St
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4017-4023 Illinois St
6 Unit Apartment Building $2,225,000 ($370,833/Unit) 3% Cap Rate San Diego, CA 92104
Investment Highlights
- A Walker's Paradise with a Walkability Score of 98
- Minutes away from San Diego's finest beaches, Universities, Restaurants and Retail Stores.
- One of the Top Rental Markets in all of San Diego County.
- A Very Bikeable Community with a 71 Bike Score.
- Excellent Opportunity for the discerning Investor/Developer to take advantage of San Diego's many building growth programs.
- With a Transit Score of 55, there are multiple bus line stops within .2 miles.
Executive Summary
One of THE BEST rental areas in the heart of North Park. With a 98 WALK SCORE, this property is located within walking distance to a vast variety of shops and restaurants, all part of the vibrant North Park lifestyle. Don't miss out on, not only this Walker's Paradise, but with a Bike Score of 71, and a Public Transit Score of 55, everything is within reach. The proximity of the 805, 163, and 5 freeways makes for a speedy commute. And you are only minutes away from San Diego's world renowned beaches, Downtown San Diego's Gaslamp District and Convention Center, as well as San Diego State University, Old Town, Snapdragon Stadium and Petco Park.
Property is in fair condition, but can use some TLC. New roofs in 2024.
In its present condition at 6 units, the city will allow 2 additional ADU's to be built. This is also a unique opportunity for an investor/developer to realize an even higher density. The city will allow 1 unit per every thousand square feet of area but with reconstruction will allow more units under various formulas per their guidelines.
Please refer to sandiego.gov/planning/work/housing/toolkit.
This property is IDEAL for redevelopment!
Property is in fair condition, but can use some TLC. New roofs in 2024.
In its present condition at 6 units, the city will allow 2 additional ADU's to be built. This is also a unique opportunity for an investor/developer to realize an even higher density. The city will allow 1 unit per every thousand square feet of area but with reconstruction will allow more units under various formulas per their guidelines.
Please refer to sandiego.gov/planning/work/housing/toolkit.
This property is IDEAL for redevelopment!
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$111,420
|
$34.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$111,420
|
$34.48
|
| Taxes |
$22,250
|
$6.89
|
| Operating Expenses |
$24,799
|
$7.68
|
| Total Expenses |
$47,049
|
$14.56
|
| Net Operating Income |
$64,371
|
$19.92
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $111,420 |
| Annual Per SF | $34.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $111,420 |
| Annual Per SF | $34.48 |
| Taxes | |
|---|---|
| Annual | $22,250 |
| Annual Per SF | $6.89 |
| Operating Expenses | |
|---|---|
| Annual | $24,799 |
| Annual Per SF | $7.68 |
| Total Expenses | |
|---|---|
| Annual | $47,049 |
| Annual Per SF | $14.56 |
| Net Operating Income | |
|---|---|
| Annual | $64,371 |
| Annual Per SF | $19.92 |
Property Facts
| Price | $2,225,000 | Building Class | C |
| Price Per Unit | $370,833 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 3,231 SF |
| Cap Rate | 3% | Average Occupancy | 83% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 1.24/1,000 SF |
| Apartment Style | Low Rise |
| Price | $2,225,000 |
| Price Per Unit | $370,833 |
| Sale Type | Investment |
| Cap Rate | 3% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,231 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1930 |
| Parking Ratio | 1.24/1,000 SF |
Unit Amenities
- Kitchen
- Yard
Site Amenities
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,563 | 464 - 750 |
| 2+1 | 1 | $2,100 | 744 |
Walk Score ®
Walker's Paradise (97)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 446-382-10 | Total Assessment | $738,846 |
| Land Assessment | $369,423 | Annual Taxes | $22,250 ($6.89/SF) |
| Improvements Assessment | $369,423 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
446-382-10
Land Assessment
$369,423
Improvements Assessment
$369,423
Total Assessment
$738,846
Annual Taxes
$22,250 ($6.89/SF)
Tax Year
2024
zoning
| Zoning Code | RM-3-7, San Diego (Mixed Use Zone) |
| RM-3-7, San Diego (Mixed Use Zone) |
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4017-4023 Illinois St
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