Multi Family In San Diego

5067 Alumni Place presents a rare opportunity to acquire a fully gut-remodeled 2-unit property with architectural plans to be submitted to city add two additional units with STREET ACCESS from both sides, offering both high rental income (BY SDSU) and clear development upside. The existing improvements consist of two spacious units, each featuring 4 bedrooms and 2 bathrooms at approximately 1,500 square feet per unit (Total 8B/4B). Both units have been completely renovated, providing modern layouts, updated systems, and strong rental appeal. Bank just appraised it for 1.7M! Plans call for the construction of a new two-story building featuring two additional units with a patio deck: a 4-bedroom, 2-bath unit of approximately 1,200 square feet and a 2-bedroom, 1-bath unit of approximately 600 square feet, with one unit on each level (Total 6B/3B). Strategically located in the College Area, directly adjacent to San Diego State University, the property sits in one of San Diego’s strongest and most consistent rental corridors. Proximity to campus, transit, and neighborhood amenities makes this an ideal asset for investors seeking stable cash flow today with the ability to significantly increase density and long-term value. This property offers rare both front and back street access to both levels and the proposed new 2 unit. Parking is abundant on Reservoir Dr and does not require a permit. The top unit has been rented out for 5K/month on a 6 month lease to help carrying cost until summer rental season. This property offers more value compared to recent listings or sold comps in the area.