
UNIVERSITY HEIGHTS - San Diego, CA (May 8, 2024) – On May 1, 2024, a unique property at 4438-50 Park Blvd in San Diego’s desirable University Heights neighborhood sold for $2,450,000. The property, featuring seven detached Craftsman-style cottages—primarily one-bedroom units—was partially renovated and sold for an impressive $350,000 per unit.
Maxwell Brown, Lead Agent at Commercial Asset Advisors, represented the seller in the transaction.
“This was an opportunity to acquire a rare, irreplaceable property in University Heights,” Brown explained. “With a 4.95% cap rate in place and potential to reach a 6.25% cap rate at market rents, the buyer saw strong future cash flow potential. Despite deferred maintenance requiring six-figure capital expenditures, the property's prime location and development potential made it a strategic acquisition. The 10,500 sq. ft. lot, with Complete Communities 8.0 FAR density zoning, could allow for future development of 40+ units.”
Commercial Asset Advisors represents buyers and sellers across all property types throughout San Diego County. The firm’s ability to maximize value across different locations and situations showcases their expertise and adaptability in the competitive real estate market.
For additional information, you may contact:
Maxwell Brown, Senior Vice President (DRE Lic. #02127395), at mbrown@caacre.com
#sandiegocre #investments #cre #sandiego #NAIOP #costar #loopnet #commercialrealestate #commercialassetadvisors #caacre #strategicinvestments #RealEstateOpportunities #SanDiegoRealEstate #PropertyInvestment #RealEstateSales #InvestmentProperty #RealEstateMarket #RealEstateNews #CapRate #multifamily #apartmentsales #sandiegomultifamily #MultiUnitInvestment #sandeigoapartment #universityheights #completecommunitites
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,500 sale and lease transactions totaling over $1.5 billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.
Comments