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4281 College Ave, San Diego, California 92115, San Diego, - bed, bath

home-pic
ACTIVE$1,045,000
4281 College Ave, San Diego, California 92115
6Beds
5Baths
2,818Sqft
Lot
Year Built
1960
Close
-
List price
$1.04M
Original List price
$1.09M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
250032672SD
Home ConditionFair
Features
Patio
View-

About this home

INVESTOR’S DREAM | HIGH INCOME POTENTIAL | 6BR/5BA | $57K NOI Welcome to this expansive 6-bed, 5-bath home boasting 2,818 sq ft of flexible living space — currently generating $6,438/month in rental income + average $683/mo RUBS. Whether you're a seasoned investor or looking for your new home, this property offers both immediate cash flow and exciting upside potential. Multiple value-add opportunities, including ADU/JADU options, maximizing your rental income potential. Zoned RS-1-7. Inside, the layout is ideal for multigenerational living or shared housing, with spacious bedrooms, multiple ensuite baths, 2 laundry rooms, & one ensuite has a kitchenette. Some rooms have private entrances. Located in a desirable, high-demand rental area close to schools, shopping, and transit, this home is a rare find offering both size and scalability. Don’t miss your chance to own a truly versatile, income-producing property with room to grow.

Nearby schools

5/10
Clay Elementary School
Public,•K-5•0.7mi
4/10
Mann Middle School
Public,•6-8•0.8mi
4/10
Crawford High School
Public,•9-12•0.7mi

Price History

Date
Event
Price
10/30/25
Price Change
$1,045,000
07/07/25
Listing
$1,095,000
Neighborhood Comparison
 SubjectAverage HomeNeighbourhood Ranking (139 Listings)
Beds63
97%
Baths52
99%
Square foot2,8181,401
93%
Lot Size07,429
Price$1.04M$928K
64%
Price per square foot$371$681.5
3%
Built year19609755976
93%
HOA
Days on market121146
33%
Condition Rating
Fair
The property was built in 1960, making it over 60 years old. While some bathrooms and the main kitchen appear to have been recently updated with modern fixtures, white shaker cabinets, stainless steel appliances, and new tile, other areas, including at least one bathroom (Image 3) and the exterior, show significant age and a lack of recent comprehensive renovation. The presence of multiple basic kitchenettes and exterior security bars suggests a conversion for rental income, prioritizing functionality over high-end finishes or cohesive design. Flooring is primarily wood laminate, which is functional but not premium. The overall condition is maintained but inconsistent, with some updated components alongside older elements, fitting the 'aged but maintained' and 'outdated' criteria for a 'Fair' rating, rather than a full recent renovation.
Pros & Cons

Pros

Exceptional Income Generation: Currently generating significant rental income of $6,438/month plus an average of $683/month in RUBS, resulting in a $57K Net Operating Income (NOI), making it highly attractive for investors seeking immediate cash flow.
Significant Value-Add Potential: The property offers multiple value-add opportunities, including potential for ADU/JADU development, supported by its RS-1-7 zoning, which can further maximize rental income and long-term appreciation.
Highly Flexible Living Arrangements: Designed for versatility, the 6-bed, 5-bath layout is ideal for multigenerational living or shared housing, featuring multiple ensuite baths, two laundry rooms, a kitchenette in one ensuite, and private room entrances, enhancing its rental appeal.
Prime Rental Market Location: Situated in a desirable, high-demand rental area of San Diego, the property benefits from proximity to schools, shopping, and transit, ensuring consistent tenant interest and strong occupancy rates.
Spacious and Well-Configured: With 2,818 sq ft and a generous 6 bedrooms and 5 bathrooms, the property offers ample space and a configuration perfectly suited for its intended use as a high-capacity, income-producing asset.

Cons

Age of Construction: Built in 1960, the property may require significant updates to major systems (e.g., plumbing, electrical, HVAC) or cosmetic renovations to meet modern tenant expectations, which are not explicitly detailed as completed.
Intensive Management Requirements: The multi-unit/shared housing setup, while profitable, inherently demands more intensive property management and tenant oversight compared to a traditional single-family rental, potentially increasing operational costs or time commitment.
Recent Price Reduction: The property has undergone a recent price reduction from its original list price of $1.095M to $1.045M, which could indicate initial overpricing or a longer market time, potentially signaling buyer resistance at the higher price point.

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