Listing ID: 200015416
Price: $5,100,000
Status: PENDING
Address: 5021 - 5029 Logan Avenue
City: San Diego
State: California
Postal Code: 92113
SqFt: 26,531
County: San Diego
San Diego
CA
92113
We are pleased to present the Solmelia Condominiums, a 1997 Built - gated community of (14) Three Bed / Two Bath condos and (7) Two Bed / Two bath condos and (18) Garages on a 26,531 SF lot with additional off-street parking. Current ownership is 95% of the HOA (21 out of 22 total units). All units are in great condition and tenants share pride of ownership. All units were built condo spec with forced AC/Heat, granite countertops, updated kitchens/baths from gut conversion in 2006. Pitched roofs, garages, new dual pane vinyl windows included. Located in an Opportunity Zone.

Primary Features

County: San Diego
Price Before Reduction: 5150000
Price Reduction Date: 2020-07-21T01:40:36+00:00
Property Type: Commercial-Residential Income
Zoning: RM

Interior

Number of Baths (1): 2
Number of Baths (2): 2
Number of Baths (3): 1
Number of Bedrooms (1): 2
Number of Bedrooms (2): 3
Number of Bedrooms (3): 2
Number of Stories: 2
SqFt of Improvement: 17794

External

Entry Only: No
Number of Buildings: 5
Number of Units: 21
Number of Units (1): 7
Number of Units (2): 14
Number of Units (3): 1
Number of Units w/Disposals: 21
Number of Units w/Garage: 18
Number of Units w/Ranges: 21
Number of Units w/Refrigerator: 21
Number Units w/Dishwashers: 21
Parking Spaces Total: 14

Location

Country: United States
Market Area: Metro Central
Zip/Area: LOGAN HEIGHTS (92113)

Additional

Age: 1997
Class: COMMERCIAL-RES INCOME
Have: 21 Condo Spec 3's and 2's
Mandatory Remarks: None Known

Financial

Actual Cash on Cash: 4.3
Actual Gross Scheduled Income: 433584
Actual Operating Expense: 169640
Cap Rate Actual: 5.25
Cap Rate Projected: 5.6
Gross Equity: 3400000
Gross Multiplier: 11.8
Monthly Rent Total: 36132
Price/Unit: 242
Projected Cash on Cash: 5.3
Projected Gross Multiplier: 10.9
Projected Gross Scheduled Income: 460800
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Tenant Pays Electric: Y
Tenant Pays Water: N
Unit Rent (1): 1500
Unit Rent (2): 1808
Unit Rent (3): 1400
Unit Rent Total (1): 10500
Unit Rent Total (2): 25312
Unit Rent Total (3): 1400

Zoning Info


Area Info


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Listing courtesy of South Coast Commercial, Inc.

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