3854 50th Street is a 10 unit apartment complex that consists of 5,696 rentable SF situated on a 12,502 SF lot with over 16 parking spaces. The unit mix consists of 2 well laid out 2 Bed / 1.5 Bath units and 8 spacious 1 Bed / 1 Bath units, several of which have been remodeled. The property was built in 1980 and features new windows, laundry facilities, and a clean exterior. There is additional income from Utility Billback from the tenants and upside in the current rents. This is a true value add deal.
The property is located on a quiet residential street. This property is located a few hundred feet from the shopping and transit on University Avenue and blocks from the new retail center in Fairmount Village with El Super, Starbucks, Chase and Wells Fargo banks, as well as numerous restaurants. The City Heights Library and new Police Station are nearby.
Socially and economically, Central San Diego has a high concentration businesses and households. Businesses tend to be smaller and wider spread than to the north and east. Like other urban mesa neighborhoods north of Balboa Park, Central San Diego has a high rate of pedestrian activity, relative to the rest of San Diego. Central San Diego is located next to many of the major highways with close access to the coast, beaches, business districts, downtown, and Mexico.
