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4010-4016 Illinois St 6 Unit Apartment Building $2,727,320 CAD ($454,553 CAD/Unit) 6.72% Cap Rate San Diego, CA 92104
Investment Highlights
- Prime North Park location with a Walk Score of 97.
- Four units currently vacant, offering immediate upside potential.
- On-site parking includes garages, carports, and tandem spaces.
- Six-unit property with detached three-bedroom front house.
- Recent upgrades include dual-pane windows and new electrical panels.
- Strong rental demand near Balboa Park and major employment hubs.
Executive Summary
4010-4016 Illinois Street presents a rare opportunity to acquire a six-unit multifamily property in the highly desirable North Park neighborhood of San Diego, CA. The property consists of four one-bedroom/one-bath units, one larger one-bedroom/one-bath unit with a private balcony, and a detached three-bedroom/one-bath home at the front of the lot, offering excellent flexibility for investors or owner-users. Situated on a 7,005 SF lot, the property includes two single-car garages, two carport spaces, and two tandem spaces. Recent capital improvements include new dual-pane windows, upgraded ABS sewer lines, and new electrical sub-panels. With four units currently vacant, investors can immediately capture strong in-place income or implement a renovation program to achieve a projected 6.72% pro forma cap rate. Located just blocks from the vibrant North Park commercial corridor, residents enjoy walkable access to dining, retail, and entertainment, with convenient proximity to Downtown San Diego and major employment centers.
Property Facts
| Price | $2,727,320 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $454,553 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.72% | Building Size | 4,258 SF |
| Sale Condition | High Vacancy Property | No. Stories | 2 |
| No. Units | 6 | Year Built | 1945 |
| Property Type | Multifamily | Parking Ratio | 1.41/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R1, San Diego | ||
| Price | $2,727,320 CAD |
| Price Per Unit | $454,553 CAD |
| Sale Type | Investment |
| Cap Rate | 6.72% |
| Sale Condition | High Vacancy Property |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,258 SF |
| No. Stories | 2 |
| Year Built | 1945 |
| Parking Ratio | 1.41/1,000 SF |
| Zoning | R1, San Diego |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 500 - 700 |
| 3+1 | 1 | - | 1,200 |
Exceptionally walkable
100/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 446-381-18 | Improvements Assessment | $509,133 CAD |
| Land Assessment | $507,108 CAD | Total Assessment | $1,016,241 CAD |
Property Taxes
Parcel Number
446-381-18
Land Assessment
$507,108 CAD
Improvements Assessment
$509,133 CAD
Total Assessment
$1,016,241 CAD
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4010-4016 Illinois St
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