San Diego, CA92104
| 0 sqft | MLS# 250034672SD
Tract:
For Sale $3,900,000
Description
Presenting 2949–2957 Kalmia Street, a rare 8-unit Spanish-style bungalow court located between North Park and South Park, two of San Diego’s most desirable rental submarkets. This income-generating property features Five fully upgraded 2 bed/1 bath units, one 3 bed/2 bath unit and two newly constructed ADUs completed in 2025 — spacious 2 bed/2 bath, both featuring private yards. The bungalow court layout and lush landscaping provide excellent curb appeal and community charm. Situated on a large 10,679 sq ft lot with 4,136 sq ft of improvements, strong walkability to Target, Balboa Park, local cafes, and restaurants. Ideal for any investor seeking a stabilized, low-maintenance multifamily property in a premier San Diego location. This exceptional 8-unit property is a fully stabilized Spanish-style bungalow court located in the heart of North Park/South Park, two of San Diego’s most sought-after rental neighborhoods. The unit mix includes six upgraded 2 bed / 1 bath units, one 2 bed / 2 bath ADU, and one 3 bed / 2 bath ADU. Both ADUs were newly constructed in 2023 with final permits and feature modern finishes, in-unit laundry, and private yards. These newer additions complement the charm of the original bungalow-style layout, enhancing the appeal for tenants and boosting long-term rental value. The property sits on a large 10,679 sq ft lot with 4,136 sq ft of rentable living area, offering an excellent footprint for operations. The current scheduled gross annual income is $197,712.80, representing a 5.07% actual cap rate at list price. Tenants enjoy gated off-street parking and beautifully landscaped common areas. The location is highly walkable to Balboa Park, the San Diego Zoo, boutique coffee shops, breweries, and restaurants — making it one of the strongest rent-growth corridors in central San Diego. Renovations to five of the original six units include updated kitchens, bathrooms, paint, flooring, and finishes. One unit has been professionally staged to showcase its rental potential. This property is ideal for a 1031 exchange investor, long-term buy-and-hold owner, or anyone seeking a turnkey cash-flowing asset in a high-demand urban core. Additional documents available upon request include full rent roll, ADU permit history, and pro forma projections.
Facts
| Built in 0 | Lot Size: sqft | HOA Dues: $0/month
Features
Listing provided by Steve Aguilar, eXp Realty of California, Inc.
Based on information from California Regional Multiple Listing Service, Inc. as of August 21, 2025. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
