4 on Olney 4527 Olney St 4 Unit Apartment Building $3,925,922 CAD ($981,481 CAD/Unit) 4.06% Cap Rate San Diego, CA 92109

4527-49 Olney St is a turnkey 4-unit Pacific Beach property featuring a detached 2BR/1BA single-family home plus three 2BR/1BA apartment units on a full-depth 6,237 SF RM-2-5 lot extending from Felspar St to the alley, just blocks from Mission Bay and the beach. Each unit features in-unit laundry and separate gas and electric meters, while alley access provides valuable off-street parking with two open spaces, two covered carport spaces and additional tandem parking.
Significant capital improvements include new roofs, upgraded electrical, upgraded windows, new horizontal fencing, refreshed landscaping with new turf, and new concrete site work. Two units have been fully renovated with new flooring, kitchens, appliances, bathrooms and paint, while the remaining units are in good condition. The detached home at 4527 was extensively rebuilt and features an island kitchen with farmhouse sink, mini-split climate control, stackable laundry, and a large private gated front, side and rear yard.
Two units will be delivered vacant and lease-ready, providing an incoming owner the opportunity to immediately establish market rents, while the remaining two units are occupied on month-to-month leases. With extensive improvements already completed, flexible occupancy and a desirable mix of apartments and a detached residence, 4527-49 Olney St offers a rare turnkey investment opportunity in the heart of Pacific Beach.