4033 Florida St, San Diego, CA 92104

Property Description

Pleased to present for sale a partially renovated 10-unit property in the highly desired neighborhood of North Park, bordering Hillcrest. 4033 Florida Street offers the rare opportunity to acquire a 60%+ renovated property while still having significant upside through interior/exterior renovations and boosting rents. Constructed in 1961, the complex rests on an approximate 7,494 SF lot with 6,042 rentable SF. This property is comprised of 8 one-bedroom/one-bathroom units and 2 two-bedroom/one-bathroom units. Just under $100k has been invested into the building over the past 18 months including complete renovations to 4 of the units, 2 partials, and a new commercial hot water heater. Two additional units were fully renovated with white appliances prior to 2019. The pitched roof was last replaced in 2011 and there is an owned community laundry that will transfer with the sale. Amenities include secure gated entry, a large courtyard area, off-street parking and a community BBQ that will also transfer with the sale. This complex offers investors the unique opportunity to be the proprietor of a well-maintained and well-located asset with upside. This significant upside from the demand for renovated apartments in North Park will provide for an approximate 29% rent increase from the current operations. With a walk score of 88, this property is within walking distance to North Park’s attractions on University Ave. and the vibrant neighborhood of Hillcrest. This asset is well positioned in the City of San Diego with the investor’s longevity in mind. Amenities: BBQ