NORTH PARK PROPERTY MANAGEMENT

ABOUT NORTH PARK

North Park is a popular area in central San Diego with an origin that dates back to late 1800. In the past, North Park was known for large lemon groves, but it now has a large collection of private homes, small size businesses, and open spaces accessible to the public.

Balboa Park, which is close to North Park, is one of the attractive city premiere and this is where the San Diego Air & Space Museum and the San Diego Zoo are located. The amazing Ray Street Arts District with its world class restaurant services, nightclubs, and retail destinations for permanent residents and visitors is also located in North Park. Different events take place in the neighborhood such as the weekly farmers market, which is listed among the top 40 markets in the U.S., takes place in North Park.

North Park's long popularity has made residential homes in the neighborhood abound. The rent prices of properties are higher than other similar properties in San Diego. The growth of North Park over the years has brought about great development. As a result of this, you can find world class assortment of real estate masterpiece that includes small apartment complexes as well as single family homes.

North Park Home Prices

These are the stats for October 2021 and are the year to date numbers. For monthly stats, visit the San Diego Association of Realtors website

North Park 92104 Single Family Home: $922,450

North Park 92104 Condo: $475,000

North Park Rental Rates

North Park has a good mix of small apartments and single family homes. The average single family home rents for around $2,800/month. The average condo rents for closer to $2,100. One bedroom apartments go for around $1,600-$1,700. 

NORTH PARK PROPERTy Video

Pros of Investing in North Park Property Management

92104 is currently the most popular real estate zip code in San Diego. Its central proximity to major San Diego attractions (beaches, downtown, etc.) will likely lead to reliable appreciation over the long-term. There are always plenty of people that want to live in North Park due its location and nearby bars, breweries, and restaurants. This means that when priced appropriately, you won't struggle to rent out the home. 

Cons of Investing in North Park Property Management

North Park's popularity leads to heavy competition from both buyers and investors so you will likely be paying retail value (or more) to secure a property. There is a chance of the area's "trendiness" fading as gentrification moves eastward into Normal and City Heights.

Sample Deals in North park

4188 Illinois Street - Full Deal Report 

  • $730,000 purchase price ($167,900 cash needed) 
  • -$1,441/month cash flow 
  • 2.2% cap rate 
  • -10.3% COC

Craftsman-style homes are a trademark of North Park and are one of the most highly sought after pieces of real estate in the county. On top of that, if you find one on a street in North Park named after another US state you can almost guarantee that the property will fly off the shelves when placed on the rental market. As a cash flow investment the numbers are never great; however, the detached garages on the big North Park lots lend themselves nicely to constructing and ADU and making the property a cash flow positive asset!

4368 Ohio St Unit #1 - Full Deal Report 

  • $440,000 purchase price ($101,200 cash needed) 
  • -$691/month cash flow
  • 2.7% cap rate
  • -8.2% COC

There is always a plethora of 1B and 2B condos and apartments available for rent in North Park. This leads to a reliable renter base to keeping them occupied, but it also makes for a very competitive environment for landlords. The renters in North Park are savvy and know what market rates are, so if you are overpriced even slightly you will be ignored. The renters in HOAs and apartment communities are also transient, staying usually no longer than two years. Keep this in mind when budgeting for turnover costs. It's a huge plus to have two reserved parking spaces and the third garage parking space for this one would stand out in the crowd. Quickly pass over any 2B condo that has only one reserved parking space!

North Park Property Management

Good Life Property Management has become experts in North Park property management over the last 7 years. As a result, we know how to effectively market and manage your North Park home. We find that days on market are lower on average when compared to other areas and vacancy is about average. North Park property management can be challenging, but doesn’t have to be with Good Life.

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