2949-57 Kalmia, North Park, CA 92104

Property 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.