Property Detail
Description
4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property's twenty units and invested in major capital improvements including a new roof, plumbing upgrades, upgraded electrical, and a bolted foundation reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04%cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis.
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Listing provided courtesy of Douglas Steinriede of Dover Management Corp.. Last updated 2026-08-24 08:10:57.000000. Listing information © 2026 CRMLS.
John Collins
DRE# 01948188
888 Prospect St. Suite 140
La Jolla, CA 92037
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858.252.0200
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Address
888 Prospect St. Suite 140 La Jolla CA 92037
Coldwell Banker Realty, CalBRE# 00616212
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