SOUTH PARK PROPERTY MANAGEMENT

ABOUT SOUTH PARK

South Park is a great neighborhood to own rental property. Its architecturally significant homes (mostly Craftsman and Spanish style), tree-line streets, and thriving business districts are attractive to tenants and homeowners alike. Located adjacent to San Diego’s Balboa Park, many homes in South Park are walking or biking distance to much of what Balboa Park has to offer. South Park also puts on the very popular quarterly South Park Walkabouts, where attendees can take a free trolley ride around the neighborhood and sample the various businesses there.

If you are a current resident or looking to visit, stop in to Kindred, contemporary vegan dining and drinks. If you need a meeting place or an espresso pick me up, Cafe Madeleine has what you need. If you are new to the area, or looking to buy property, attend the old house fair to visit historical homes, with a walking and trolley tour, Festival Street fair, music, food, art, local shops and more. South Park is a great place to live and with its vintage row and contemporary home stores, you can turn your home into whatever decor fits your style.

South Park Average 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

South Park 92102 Single Family Homes: $660,000

South Park 92102 Condos: $430,000 

Rental Rates in South Park

The average single family home in South Park is around $2,800/month. The area has mostly single family homes as opposed to apartments and condos. If you do manage to luck out and get a 1 bedroom, they tend to go for around $1,700/month.

Pros of Investing in South Park 

South Park is a popular rental neighborhood due to its proximity to Downtown/North Park/Balboa Park.  Depending on which neighborhood you're in, you can find properties that pencil out nicely for cash flow, in the path of progress, and will likely see appreciation in decades to come.

Cons of Investing in South Park

You'll need to be careful as each neighborhood and even blocks are vastly different classes of properties. There are 5 distinct zones separated by major highways: South Park, Golden Hill, Sherman Heights, Mt. Hope, and Ridgeview. 

South Park Map

Neighborhoods by Price 

As evidenced by the map above, the darker areas are the more expensive areas to purchase a home and the lighter areas are cheaper. This isn't surprising, as the neighborhoods closer to Balboa Park and North Park tend to be very popular among people in their 20s and 30s and families. 

Sample Deals in South Park 

1415 Fern St - Full Deal Report South Park Deal Example 1

  • $738,500 purchase price ($216,780 cash needed) 
  • -$1,249/month cash flow 
  • 2.3% cap rate 
  • -6.9% COC 

South Park is the cream of the crop in 92102. It is a charming pocket of San Diego composed almost entirely of historic craftsman homes like this 3B/1BA. Downtown South Park is the less popular but just as cool sibling of North Park and the historic nature of the homes drives prices up. This property also would require fixing up before being put on the rental market as there is likely a significant amount of deferred maintenance.

2650 Broadway Unit 303 - Full Deal Report South Park Deal Example 2

  • $240,000 purchase price ($55,200 cash needed) 
  • -$197/month cash flow 
  • 3.6% cap rate 
  • -4.3% COC

Golden Hill is the next most desirable area of 92102 and the only other one we currently manage in. The remaining neighborhoods in the zip code may have appealing price-to-rent ratios, but in our experience the tenant base is reliable enough to justify investing there quite yet. This is a great 1B/1BA condo that nearly breaks even with conservative numbers! The HOA fees are also reasonable at $300/month.

WHAT TO AVOID IN South Park NEIGHBORHOODS

When choosing where to buy your investment property, you should be on the lookout for a few things. These things can be a red flag for the kind of area you want to avoid. 

  • Trash in the front or backyard 
  • Vandalism nearby (graffiti, damaged property, etc.) 
  • Multiple vacant homes close by 
  • Poor street light; street feels unsafe
  • Backs up or is close to a major highway or freeway 
  • Foundation issues 

 

South Park Property Management

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

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