Description
Current 4-unit building has very large backyard with ability to add 8 MORE UNITS to create a 12-unit apartment community. MASSIVE UPSIDE and seller may be open to staying on to complete the development with buyer. Amazing opportunity to own an income producing 4 unit property in a highly desirable neighborhood near SDSU! All units have been remodeled with new interior/exterior paint, new flooring, new kitchen cabinets/countertop, can lights in every room, remodeled bathrooms, laundry rooms, new windows, new electrical outlets, & new ceiling fans. The renovated units will ensure your income stream is reliable at acquisition with 1 unit already rented out and the others soon to follow as the development is under professional management. Additional Opportunity exists with recent law changes allowing for an increased FAR with the ability to add 4 additional ADUs at 500 sq. ft. each. Assuming construction cost of $720K and each new unit renting at $1900/month, this property would perform over 5% cap rate, excellent for San Diego! The Sellers are willing to assist in helping the new owners build the new ADU units and maximize their investment!
Property Details
- Stories1
Measurements
- Acres0.1603
Construction Details
- Property TypeMulti-Family
Condition
- Year Built2000
Community and Neighborhood Details
- SubdivisionSan Diego
Location
- CountySan Diego
Financial Details
- Original List Price$2,295,000
Other
- MLS #240024215SD
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Seth OByrne (#SAND-634331)
Listing Office: Compass (#SAND-8355)
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