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Alexander Pfleger
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P: 858.483.4687
ListingAgentSanDiego.com
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San Diego, California CA 92103
Price: $2,099,000
PENDING Status, Bedrooms, Full Baths
5,000 SqFt
Listing ID # 180063329

Property Description:

Mixed use. Zoning CC-3-8 high density-1 unit per 600sf-100 foot ht. Potential future land bank or continue as apt, office, medical, dental, etc. 3 of 4 units completely renovated. New kitchens, baths, flooring, interior texture/paint, windows, newer roof/stucco, 3 new FAU & A/C units, upgraded electrical panel/outlets, etc.. 3 of 4 units completely furnished w/high end finishes/furnishings negotiable. Current short-term rental income $175,000 gross for 3 units. 1) 1br/1ba+3 gar=$27,600. Total =$202,000.Financial document attached. Complete renovation to 3 of the 4 units including new kitchen, baths, upgraded flooring, fresh interior paint, new baseboards, upgraded windows, newer roof, newer stucco, forced air heaters, new central a/c, upgraded electrical panel and outlets, and much more. Former 5 unit, 2 story apartment building which was converted, with permits into 4 apartments. Unit mix includes: 1) 3 bedroom+den/office and 2 full baths (~1425sf) 2) 2 bedroom, one bath apartments (~1000sf each) 1) 1 bedroom, one bath apartment (~680 sf) 3) Single car garages Show w/accepted offer but your client will be more than impressed with interior inspection. 3 of 4 apartments currently highlighted as short term rentals. Owners paid premium with "super host" rating management. Completely furnished with high end finishes and furnishings are negotiable. Short term rental income ~$220,000 with all 4 apartments included if short term rentals continue. In house management would retain majority of income putting cap rate in the 7-8% range!! Trophy property and potential land "bank" Great potential for future development. High density commercial zoning (CC-3-8) allows 1 unit per 600 square foot of lot area (8 units total) or mixed use commercial/residential. Potential new construction building height is 100 feet. High end luxury condominiums, office condominiums, retail or medical/dental offices, etc. High end medical building directly behind subject with same zoning.

Primary Features

Community: HILLCREST
Neighborhood: Hillcrest
Complex/Park: Hillcrest
Short Sale: no
Net Operating Income Projected: 132570
Number of Buildings: 1
Number of Units: 4
Tenant Pays: Electricity, Gas/Propane, Other/Remarks
Water: Meter on Property
Sewer/Septic: Sewer Connected
Security: Other/Remarks
Roof: Composition
Pool: N/K
Exterior: Stucco
Heat Equipment: Forced Air Unit
Cooling: Central Forced Air, Zoned Area(s), Other/Remarks

Interior Features

Levels: 2 Story
Total Stories: 2
Unit 1 Estimated SqFt: 1425
Unit 1 Laundry Hook Ups: No
Unit 1 Number of Bedrooms: 4
Unit 1 Number of Full Baths: 2
Unit 1 Number Total Baths: 2
Unit 2 Estimated SqFt: 1050
Unit 2 Laundry Hook Ups: No
Unit 2 Number of Bedrooms: 2
Unit 2 Number of Full Baths: 1
Unit 2 Number Total Baths: 1
Unit 3 Estimated SqFt: 680
Unit 3 Laundry Hook Ups: No
Unit 3 Number Bedrooms: 1
Unit 3 Number of Full Baths: 1
Unit 3 Number Total Baths: 1
Unit 4 Laundry Hook Ups: No
Unit 4 Number of Bedrooms: 2
Unit 4 Number of Full Baths: 1
Unit 4 Number Total Baths: 1
Water Heater Type: Gas

External Features

Entry Only: no
Fencing: Full, Gate
Irrigation: N/K
Lot Size: 4,000-7,499 SF
Parking for RV: None Known
Parking Garage Unit 1: Attached
Parking Garage Unit 2: Attached
Parking Garage Unit 3: Attached
Parking Garage Unit 4: N/K
Parking Non-Garage Unit 1: Assigned, Tandem
Parking Non-Garage Unit 2: Assigned, Tandem
Parking Non-Garage Unit 3: Assigned, Tandem
Parking Non-Garage Unit 4: Assigned
Site: Curbs, Public Street, Sidewalks, Street Paved
Topography: Level
Unit 1 Exclusive Use Yard: no
Unit 1 Parking Garage Space: 1
Unit 2 Exclusive Use Yard: yes
Unit 2 Parking Garage Space: 1
Unit 3 Exclusive Use Yard: no
Unit 3 Parking Garage Space: 1
Unit 4 Exclusive Use Yard: Yes
View: N/K

Location Information

Cross Street(s): Lewis St.
Market Area: Metro Uptown
Zip/Area: MISSION HILLS (92103)
Zoning: CC-3-8

Financial Details

Annual Expense Actual: 54116
Annual Expense Projected: 69281
Assessors Parcel Number: 444-513-06-00
Cap Rate Actual: 6.5
Gross Rent Multiplier Act: 10.4
Gross Scheduled Income Actual: 201851
Sale/Rent: For Sale
Terms: Cash, Conventional
Unit 3 Rent Actual: 1550

Additional

Additional Property Use: Res/Business Use OK
Age Restrictions: N/K
Association ID: San Diego Association of REALTORS (SDAR)
Heat Source: Natural Gas
Miscellaneous: N/K
Number of Furnished Units: 3
Number of Units w/Garage: 3
Number of Units w/Patios: 2
Number of Units w/Range/Oven: 4
Number of Units w/Refrigerator: 3
Number Units w/Cooling: 3
Number Units w/Dishwashers: 3
Possession: Close of Escrow
Property Type: 2-4 UNITS
Sales Restrictions: N/K
Telecommunications: Cable (coaxial)
Unit Number for Unit 1: 4109
Unit Number for Unit 2: 4111
Unit Number for Unit 3: 4113
Unit Number for Unit 4: 4115

Zoning Info


Listing courtesy of Glenbrook Advisors
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) services provided by SDMLS and CRMLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. © 2019 San Diego Multiple Listing Service, Inc. © 2019 California Regional Multiple Listing Service. Data updated on Tuesday, October 15th, 2019 09:58:05 PM.

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This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited.

Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2019-05-20

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