2434 Broadway, San Diego, CA 92102

Description

Restored 1932 Golden Hill fourplex on a 7,000 SF RM-1-1 lot, moments from Balboa Park. A comprehensive, fully permitted renovation preserved the building's original character while adding modern systems and finishes: quartz waterfall islands, white oak floors and matte-black fixtures throughout. The mix is two stacked 2BD/2BA front residences, a 1BD/1BA cottage, and the 1BD/1BA Brickhouse unit with original exposed brick and a private balcony. Every unit has in-unit laundry, and the property has 6+ off-street parking spaces. The Tulum-inspired courtyard has stone paths, a communal fire pit and cabana lounges, plus an Airstream suite currently operated as a short-term rental (not a legal dwelling unit; buyer to verify STR permitting). In-place rents are at market. Possible Mills Act candidate, with significant remaining FAR under current zoning and potential for additional ADUs under SB 1211, all buyer to verify. On Broadway's walkable restaurant row near Kingfisher and Turf Supper Club, with quick access to Downtown, I-5 and SR-94. Tenant occupied. Please do not disturb tenants. RENT ROLL (monthly): Unit 1 (front lower) 2BD/2BA, 12-mo lease, $3,800. Unit 2 (front upper) 2BD/2BA, 12-mo lease, $3,700. Unit 3 (Cottage) 1BD/1BA, month-to-month, $3,030. Unit 4 (Brickhouse) 1BD/1BA, month-to-month, $2,965. Airstream STR suite (not a legal unit), nightly, ~$1,500 average. Parking income $3,000/yr. FINANCIALS: Gross scheduled rent (4 units) $161,940; other income $21,000; operating expenses $38,835; NOI $140,506; cap rate 4.76%. Building 2,810 SF per Assessor; lot 7,000 SF; zoning RM-1-1; APN 534-272-16-00. Mills Act eligibility, FAR and ADU potential are illustrative and not confirmed; buyer to verify all with the City of San Diego and qualified consultants.