4349-4355 50th St

4349-55 50th Street is a 6-unit garden-style apartment complex that consists of 4,850 rentable square feet built in 1957 and situated on a 6,251 square foot lot. The unit mix consists of five well laid out, large 2 Bedroom / 1 Bathroom units that are approximately 850 square feet and one spacious 1 Bedroom / 1 Bathroom unit that is approximately 600 square feet. The property features four large single car garages with walk-in access doors to the interior of the property, common washer and dryer hookups, and nine surface parking spaces. The property has been well-maintained with a new roof, new sewer main, new windows and new flooring in the units. There is new LED lighting and push-code gate entrances. Maximum rent increases can go into effect in March of 2025 making immediate upside possible without heavy renovation. Currently, the owner bills-back the tenants for utilities and rents are 30% below market. The garages have large footprints and could be converted to approximately 780 square foot and 520 square foot ADUs with entry to the courtyard. Buyer to investigate and verify. The property runs with low expenses and uses city trash and recycling. The property is located in the Complete Communities Housing Solution Overlay Zone which are special areas the city has focused their efforts to improve housing, mobility, parks and infrastructure. Properties in these designated areas are positioned well for long term property-value appreciation.
The property is located on a quiet residential street in the Teralta East submarket of City Heights just south of Talmadge. The 'Colina del Sol' neighborhood is named after the large park and recreation area that is a half mile walking distance away. It is located a few hundred feet from the shopping and transit on El Cajon Boulevard and blocks from the new retail center in Fairmount Village with El Super, Starbucks, Chase and Wells Fargo banks, as well as numerous restaurants. The City Heights Library and new Police Station are nearby. The College Area with the San Diego State University Campus is just 3 miles away as are the popular urban areas of Kensington, North Park, Hillcrest, and Normal Heights.
Socially and economically, Central San Diego has a high concentration of businesses and households. Businesses tend to be smaller and wider spread than to the north and east. Like other urban mesa neighborhoods north of Balboa Park, Central San Diego has a high rate of pedestrian activity, relative to the rest of San Diego. Central San Diego is located next to many of the major highways including the Interstates 8 and 15 with close access to the coast, beaches, business districts, downtown, and Mexico.
PLEASE DO NOT WALK ON THE PROPERTY OR DISTURB TENANTS. Seller and Broker have made no warranties on ADU potential or square footage measurements.