Listing ID: 210025902
Price: $19,500,000
Status: ACTIVE
Address: 5526 Lauretta St
City: San Diego
State: California
Postal Code: 92110
County: San Diego
San Diego
CA
92110
New construction 30-unit apartment building featuring all 2 bed, 2 baths just 3 blocks to the University of San Diego. Projected rent for 27 market rate units is $3,300 each. Three density bonus units rent at $1,260 each. Units feature open concept kitchen and living room, vinyl flooring throughout, quartz countertops in baths and kitchen, central AC, in-unit laundry, and balcony(s). Tenants pay their own utilities. All units are ADA compliant. Building has keyed and code entry, elevator, solar for common areas, and secure garage parking for 30 vehicles. ** Fully approved condo map. ** 2021 construction will have final approval by 9/20/2021 with leasing starting immediately. Currently vacant. Central and highly walkable location 3 blocks to the west entrance of the University of San Diego campus, 0.5 walking-miles to Mission Valley YMCA, 0.4 walking-miles to the Morena/Linda Vista Trolley Stop, 1.5 driving-miles to the Fashion Valley Mall, and a short stroll to many more neighborhood attractions including Starbucks and many restaurants. Easy access to I-8 and I-5 for trips to the airport, downtown, and nearby beaches.

Primary Features

County: San Diego
Price Before Reduction: 20000000
Price Reduction Date: 2021-09-28T07:20:59+00:00
Property Type: Commercial-Residential Income

Interior

Cooling: Central Forced Air Gas
Floor Covering: Vinyl
Heating: Central Forced Air Gas
Laundry: Owned
Number of Stories: 3
SqFt of Improvement: 29828
SqFt Source: Plans
Stories: 4 Story
Unit Type: Apartment, Condo

External

Entry Only: No
Exterior: Solar Owned
Number of Buildings: 1
Number of Units: 30
Number of Units (1): 30
Number of Units w/Disposals: 30
Number of Units w/Ranges: 30
Number of Units w/Refrigerator: 30
Number Units w/Dishwashers: 30
Parking: Spaces
Parking Spaces Total: 30
Roof: Composition

Location

Country: United States
Market Area: Metro
Zip/Area: OLD TOWN SD (92110)

Additional

Amenities: Elevator
Class: COMMERCIAL-RES INCOME
Have: 30 x NEW 2BR/2BA Units
Mandatory Remarks: None Known

Financial

Cap Rate Projected: 4
Financial Info Source: Owner
Price/Unit: 650000
Projected Gross Multiplier: 17.5
Projected Gross Scheduled Income: 1114560
Projected Net Income: 780192
Projected Operating Expense: 334368
Sale/Rent: For Sale
Sales Restrictions: N/K
Tenant Pays Electric: Y
Tenant Pays Gas: Y
Tenant Pays Water: Y

Zoning Info


Area Info


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Listing courtesy of Berkshire Hathaway HomeService

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