Listing ID: 210020516
Price: $4,480,000
Status: ACTIVE
Address: 1479-1499 J Street
City: San Diego
State: California
Postal Code: 92101
SqFt: 4,552
County: San Diego
San Diego
CA
92101
REDUCED PRICE! Continuously renovated and upgraded since 2012, Isaac Lyon provides an investor the opportunity to purchase a “turn key” apartment building in an irreplaceable downtown location. There are several new multifamily projects within a three-block radius that have recently been completed or are under construction. These new projects have dramatically improved the immediate neighborhood and are attract high quality tenants. The property is comprised of 16 one-bedroom and studio units in two buildings located on a 4,552 square foot lot with 1 parking space. Isaac Lyon boasts an exceptional and convenient location, providing accessibility to the exciting 24-hour live-work-play environment in Downtown San Diego. The location is convenient to the Trolley, I-5, SR-163 and 94-freeway.

Primary Features

County: San Diego
Price Before Reduction: 4530000
Price Reduction Date: 2021-10-04T19:41:16+00:00
Property Type: Commercial-Residential Income
Zoning: CCPD-NC

Interior

Cooling: Wall/Window
Floor Covering: Hardwood
Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Bedrooms (3): 1
Number of Stories: 2
SqFt of Improvement: 5500
SqFt Source: Buyer to Verify, Owner
Unit Type: Apartment

External

Entry Only: No
Exterior: Metal Fence
Lot Dimensions Approximate: 65' X 69'
Lot Size: .25 Acres or less
Number of Buildings: 2
Number of Units: 16
Number of Units (1): 1
Number of Units (2): 7
Number of Units (3): 8

Location

Country: United States
Market Area: Metro Central
Zip/Area: SAN DIEGO DOWNTOWN (92101)

Additional

Class: COMMERCIAL-RES INCOME
Have: 16 Units
Mandatory Remarks: None Known

Financial

Actual Gross Scheduled Income: 286500
Actual Operating Expense: 104558
Cap Rate Projected: 4.56
Financial Info Source: Owner
Gross Equity: 1800000
Gross Multiplier: 15.64
Price/Unit: 280000
Projected Gross Multiplier: 14.5
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Unit Rent (1): 1275
Unit Rent (2): 1412
Unit Rent (3): 1589

Zoning Info


Area Info


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, noncommercial 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) service provided by San Diego MLS. 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. Compilation © 2019 San Diego MLS. Data updated on Tuesday, October 19th, 2021 06:11:42 PM.
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Listing courtesy of Eric D. Comer, Broker

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