Listing ID: 210024197
Price: $13,250,000
Status: ACTIVE
Address: 1929 Columbia St
City: San Diego
State: California
Postal Code: 92101
SqFt: 5,011
Acres: 0.120
County: San Diego
San Diego
CA
92101
Wealth Accumulation has never been so beautiful with this architecturally daring ultra modern and sleek apartment building in the center of Little Italy; Downtown San Diego's hottest and most developing neighborhood! A world class asset surpassing every expectation for Southern California’s high-end real estate and truly a unique phenomenon anywhere in the globe, this penthouse is highly cultivated and detail rich, with sweeping views of the San Diego Bay and Pacific Ocean. Not only is it first in class, it also generates substantial income from the 17 apartment units to which it soars above. The offering is the ENTIRE building, which includes the nearly 7,000 sq. ft. penthouse (interior and exterior) in addition to 4 x 2 bedroom units, 12 x 1 bedroom units and a ground floor studio. While the building has verifiable income today, the possibilities are endless as entire floors can be adapted for other use types: convert a floor for employees’ office space, host out of town guests, run your own bed and breakfast, the options are truly endless!

Primary Features

County: San Diego
Property Type: Commercial-Residential Income
Zoning: COMMERCIAL

Interior

Cooling: Central Forced Air Elec
Floor Covering: Other/Remarks
Floors: Slab
Heating: Central Forced Air Elec
Laundry: Owned
Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Baths (4): 4
Number of Bedrooms (2): 1
Number of Bedrooms (3): 2
Number of Bedrooms (4): 3
SqFt of Improvement: 13984
SqFt Source: Plans
Unit Type: Apartment

External

Construction: Block, Stucco
Entry Only: No
Exterior: Fully Landscaped
Number of Buildings: 1
Number of Units: 18
Number of Units (1): 1
Number of Units (2): 12
Number of Units (3): 4
Number of Units (4): 1
Number of Units w/Disposals: 18
Number of Units w/Ranges: 18
Number of Units w/Refrigerator: 18
Number Units w/Dishwashers: 18
Parking: Garages
Parking Spaces Total: 9
Projected Gas & Electric: 9000
Roof: Other/Remarks

Location

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

Additional

Amenities: Elevator
Class: COMMERCIAL-RES INCOME
Have: 17 Units + PH
Mandatory Remarks: None Known

Financial

Actual Cash on Cash: 3.34
Actual Gas & Electric Expense: 9000
Actual Gross Operating Income: 690967
Actual Gross Scheduled Income: 711598
Actual Insurance F&L Expense: 8560
Actual Maintenance Expense: 16200
Actual Operating Expense: 248087
Actual Other Expense: 19542
Actual Property Management Expense: 20729
Actual Taxes Expense: 163736
Actual Total Expense: 248087
Actual Trash Expense: 6000
Actual Water/Sewer Expense: 4320
Cap Rate Actual: 3.34
Cap Rate Projected: 3.63
Financial Info Source: Owner
Fiscal Year From: 21
Fiscal Year To: 21
Gross Multiplier: 18.62
Monthly Rent Total: 57307
Other Income Amount: 23914
Other Income Source: Park, Etc.
Price/Unit: 736000
Projected Cash on Cash: 3.63
Projected F&L Insurange Expense: 8560
Projected Gross Multiplier: 17.63
Projected Gross Operating Income: 729580
Projected Gross Scheduled Income: 751414
Projected Maintenance Expense: 16200
Projected Net Income: 480335
Projected Operating Expense: 249245
Projected Other Expense: 19542
Projected Other Income: 23614
Projected Prop Management Expense: 21887
Projected Taxes Expense: 163736
Projected Total Expense: 249245
Projected Trash Expense: 6000
Projected Vacancy & Credit Los: 21834
Projected Water/Sewer Expense: 4320
Sale/Rent: For Sale
Sales Restrictions: N/K
Tenant Pays Electric: Y
Tenant Pays Gas: Y
Tenant Pays Water: Y
Terms: Cash, Owner May Carry 1st, Owner May Carry 2nd, Exchange Down, Exchange Up
Unit Rent (1): 1500
Unit Rent (2): 2200
Unit Rent (3): 2775
Unit Rent (4): 20000
Unit Rent Total (1): 1500
Unit Rent Total (2): 24782
Unit Rent Total (3): 11025
Unit Rent Total (4): 20000

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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