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33502925
33502922

1913-27 Georgia Court, San Diego, CA 92104

BS
CA CA 02062416
Marcus & Millichap - Downtown San Diego
RC
CA CA 01297138
Marcus & Millichap - Downtown San Diego
Listed by Marcus & Millichap - Downtown San Diego
$3,250,000
1 day on market
Updated 1 day ago

1913-27 Georgia Court

Details
APN 453-182-03-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 5,100
Units 9
Cap Rate 3.01%
NOI $97,938
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 5.34%
Pro-Forma NOI $173,506
Price per SqFt $637
Year Built 1930
Buildings 6
Stories 2
Acreage 0.270
Zoning RM-3-7
Parking Spaces 9 spaces
Parking Per SqFt 1.76
Investment Type Value Add

Multifamily | 9 Units | $361,111/unit

Marketing description

Marcus & Millichap is pleased to present the exclusive listing for 1913–27 Georgia Court, a 9-unit multifamily investment opportunity located on the highly desirable border of the North Park and Hillcrest neighborhoods in San Diego, California. Originally constructed between 1930 and 1950, the character-rich property features a durable concrete foundation, classic stucco exterior, wood-framed roofing, and a distinctive courtyard-style layout. Offered for the first time in over 20 years, this unique property combines low-density, cottage-style living with strong near-term rental upside and long-term redevelopment potential.

The 5,100-square-foot property consists of five 2-bedroom / 1-bathroom cottages and four spacious 1-bedroom / 1-bathroom units. The attractive unit mix, select units with private yards and large designated storage space for each cottage unit. Abundant off-street parking includes (9) dedicated spaces (one per unit), and each unit is separately metered for SDG&E.

Recent exterior capital improvements include a new concrete driveway, dual-pane windows in four units, and all-new exterior siding on Cottage Unit 1919. Through a modern renovation, an investor could capture significant upside and bring rents to current market levels.

Investment highlights

  • Prime North Park Location Less than (2) Blocks to Balboa Park
  • Large 11,698 SF Lot in Complete Communities Tier 3 (6.5 FAR)
  • Value-Add Opportunity with Significant Upside Potential
  • Detached Cottage Units with No Shared Walls
  • Abundant Off-Street Parking - 9 Spaces (1 Per Unit)
  • Large Storage Spaces and Private Yards (Select Units)
  • Various Exterior Capital Improvements
  • In-Demand Unit Mix of One and Two Bedroom Units
  • 80 Walk Score in a Walker's Paradise
  • Easy Access to 163 Freeway, Interstate 8, Interstate 5, and Interstate 805

Listing Contacts

BS
CA CA 02062416
Marcus & Millichap - Downtown San Diego
RC
CA CA 01297138
Marcus & Millichap - Downtown San Diego
Listed by Marcus & Millichap - Downtown San Diego

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$
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$97,938.00
$8,161.50/mo

Valuation Metrics

0
DSCR
3.01%
Cap Rate
3.01%
ROI

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Additional Information

Name
Tony Solomon
License
CA 01238010
Title
Broker of Record
Name
Ben Sierpina
License
CA 02062416
Name
Raymond Choi
License
CA 01297138
Brokerage Phone
858-373-3136
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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