4118 Iowa St San Diego, CA 92104

This exceptional 6-unit apartment building, located in San Diego's desirable North Park neighborhood (zip code 92104), presents a compelling investment opportunity. Built in 1945, this fee-simple property boasts 3,140 square feet of net rentable space situated on a 0.16-acre lot. The property features a mix of unit types: one two-bedroom/one-bathroom cottage and five one-bedroom/one-bathroom units. Recent improvements include new roofs on all units and a complete renovation of the two-bedroom cottage, featuring new windows, electrical systems, kitchen, and bathroom. Additional amenities include gated access, laundry hookups in select units, ample yard space, and five attached single-car garages, offering potential for ADU conversion. The property benefits from a 100% occupancy rate, generating a current NOI of $14,959 and a pro-forma NOI of $128,811, reflecting a pro-forma cap rate of 5.99%. Its prime location, just blocks from University Avenue, El Cajon Boulevard, and 30th Street, provides easy access to shops, restaurants, and entertainment. The property's R3 zoning and upgraded 600-amp electrical systems further enhance its value. The asking price is $2,150,000, representing $358,333 per unit and $684.71 per square foot. This value-add property offers significant upside potential through further renovations and rent increases in a market experiencing strong rent growth and appreciation.