Listing ID: 210027260
Price: $5,300,000
Status: PENDING
Address: 3845-59 50th Street
City: San Diego
State: California
Postal Code: 92105
SqFt: 24,829
County: San Diego
San Diego
CA
92105
The 50th Street Villas is a 22 unit apartment community located in the City Heights submarket of San Diego. Situated over three separate buildings on a 24,829 square foot parcel the property consists of twenty two 3 Bed/2 Bath units. The subject property has twenty eight on site parking spots, four garages, and an on site laundry facility with owned machines. The property has been well kept over the years but an opportunity exists to remodel the units and substantially increase rents. The property is located approximately 7 miles from Downtown San Diego and is close proximity to the 15 and 8 freeways providing residents easy access to employments centers, shopping, dining, and entertainment. Additionally, the property is approximately 3.5 miles from San Diego State University. The 50th Street Villas is a fantastic opportunity for an investor looking for a value add opportunity with solid rent growth moving forward.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income

Interior

Number of Baths (1): 2
Number of Bedrooms (1): 3
Number of Stories: 2
SqFt of Improvement: 21136

External

Entry Only: No
Number of Buildings: 3
Number of Units: 22
Number of Units (1): 22
Projected Gas & Electric: 5700

Location

Country: United States
Market Area: Metro Uptown
Zip/Area: EAST SAN DIEGO (92105)

Additional

Age: 1986
Amenities: Other/Remarks
Class: COMMERCIAL-RES INCOME
Have: Real Estate
Mandatory Remarks: None Known

Financial

Actual Cash Flow: 44775
Actual Cash on Cash: 2.41
Actual Gardener Expense: 1440
Actual Gas & Electric Expense: 5700
Actual Gross Operating Income: 410235
Actual Gross Scheduled Income: 415500
Actual Insurance F&L Expense: 6600
Actual Maintenance Expense: 22000
Actual Manager Expense: 6000
Actual Operating Expense: 179825
Actual Other Expense: 3000
Actual Other Income: 7200
Actual Pest Control Expense: 2500
Actual Property Management Expense: 20512
Actual Taxes Expense: 66074
Actual Total Expense: 179825
Actual Total P&I Pay: 185635
Actual Trash Expense: 12000
Actual Vacancy & Credit Loss: 12465
Actual Water/Sewer Expense: 34000
Cap Rate Actual: 4.35
Cap Rate Projected: 6.97
Gross Equity: 5300000
Gross Multiplier: 12.76
Price/Unit: 240909
Projected Annual P & I Expense: 185635
Projected Cash Flow: 183829
Projected Cash on Cash: 9.91
Projected F&L Insurange Expense: 6600
Projected Gardener Expense: 1440
Projected Gross Multiplier: 9.36
Projected Gross Operating Income: 556608
Projected Gross Scheduled Income: 566400
Projected Maintenance Expense: 22000
Projected Manager Expense: 6000
Projected Net Income: 369464
Projected Operating Expense: 187144
Projected Other Expense: 3000
Projected Other Income: 7200
Projected Pest Expense: 2500
Projected Prop Management Expense: 27830
Projected Taxes Expense: 66074
Projected Total Expense: 187144
Projected Trash Expense: 12000
Projected Vacancy & Credit Los: 16992
Projected Water/Sewer Expense: 34000
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Unit Rent (1): 1574
Unit Rent Total (1): 34625

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 Acre Investment Real Estate

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