4028 46th St, San Diego 92105 – 4-Unit Townhome Multifamily Sale

Property Overview

Located in the rapidly improving Teralta East / City Heights submarket near the College Area, 4028 46th St represents a rare 2005-built townhome-style 4-unit multifamily asset. These modern configurations—with private entries, high ceilings, and in-unit laundry—are exceptionally scarce in central San Diego.

This property category remains one of the most desirable for both long-term holds and 1031 exchange buyers seeking low-maintenance multifamily assets with strong rentability.

Deal Summary

• Sold For: $1,165,000

• Submarket: City Heights / College Area (Central San Diego)

• Unit Mix:

  • (4) Three-Bedroom / Two-Bath Townhomes

• Year Built: 2005 – modern construction

• Features: High ceilings, washer/dryer hookups, private entrances

• Monthly Income at Sale: $5,800

• Representation: Seller

Investment Highlights

• Hard-to-find townhome-style units ideal for family renters

• 2005 construction = lower maintenance costs and reduced capital expenditure needs

• Spacious 3BR layouts — outperforming typical 1–2BR inventory in the submarket

• Strong in-place income with additional upside through systematic upgrades

• Located minutes from major transit corridors and employment centers

City Heights continues to attract investors seeking strong yields and improving property fundamentals.

City Heights Multifamily Market Insight

The City Heights / Teralta East submarket remains one of the most active and competitively priced areas for multifamily investors due to:

• High renter-demand driven by central location

• Strong year-over-year rent growth relative to entry pricing

• Diverse housing stock with strong investor interest in post-1990 construction

• Increasing owner renovations and repositioning activity

• A growing pool of 1031 buyers seeking “yield plus appreciation” assets

Townhome-style properties of this vintage rarely hit the market, making this sale an important benchmark in the area.

Advisory Strategy & Execution

Representing the seller, Arby executed a targeted strategy focused on maximizing buyer demand for this highly desirable asset class.

Key strategic actions included:

• Positioning the property as a low-maintenance, high-rentability building suitable for long-term investors

• Highlighting modern construction benefits (reduced deferred maintenance)

• Showcasing family-friendly layouts and strong rental stability

• Leveraging buyer relationships in the 3–8 unit acquisition space

• Managing competitive interest to secure maximum pricing

The strategy resulted in a strong sale price relative to comparable 4-unit assets in central San Diego.

Result

4028 46th St sold for $1,165,000, providing the seller with a strong return in a submarket where updated and modern units command premium rents and remain in short supply.

Considering Selling Your Multifamily Property?

Owners of 3–20 unit properties in City Heights and the College Area continue to see strong buyer demand.

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