2020-22 Gregory St San Diego, CA 92104

Exceptional investment opportunity: a two-unit multifamily property in San Diego's desirable South Park neighborhood. This property consists of two free-standing homes on a single 4,737 sq ft lot, offering significant rental upside. The front home, approximately 750 sq ft, features two bedrooms and one bathroom, a private yard, and laundry facilities. The rear home, approximately 1,000 sq ft, boasts three bedrooms, one bathroom, a private balcony, and laundry hookups. Both homes benefit from stunning canyon views and a peaceful cul-de-sac location. Built in 1940, the property is classified as Class B and offers a total of 1,775 sq ft of net rentable space. Currently, the occupancy rate is 50%, generating a current NOI of $10,846. However, a pro-forma analysis projects a significantly higher NOI of $58,570 and a 4.51% cap rate, reflecting the substantial value-add potential. The property includes four parking spaces and is zoned RS 1-7. This fee-simple ownership opportunity presents a compelling investment for both owner-users and investors seeking to capitalize on the strong San Diego rental market. The asking price is $1,299,000, or $649,500 per unit. The property's location within South Park, known for its tree-lined streets, walkable business district, and historic architecture, further enhances its appeal.