Listing ID: 210028440
Sold For: $5,570,000
Status: SOLD
Sold Date: 4/20/2022
Address: 526-28 Anderson Pl.
City: San Diego
State: California
Postal Code: 92103
SqFt: 7,135
Acres: 0.160
County: San Diego
San Diego
Prime Hillcrest location a few blocks from Balboa Park! Two Spanish-style buildings. Large units with high ceilings. All kitchens and most bathrooms have been tastefully remodeled. Seller installed a $45k solar water heating system with four large storage tanks to provide hot water to tenants and laundry, making utility bills much lower than average. Owner resurfaced the roof and then painted/sealed it with white reflective silicone. He reported that the roof temperature dropped more than 40 degrees. Residents report that their summer interior temperature dropped 10 degrees. Their lower A/C bills makes the asset more desirable and boosts the rent potential. On premises owners workshop and storage area. Owner reports vacancy loss is less than 1% over past several years. One resident of 7 1/2 years states that parking is not a problem. 6th St. has no meters. 5th St. has meters. Some pay for one hour parking just prior to the meter requirements ending and are good for the rest of the night and just drive away in the morning. The resident manager is the seller's sister. She is currently credited $9,000/year for her resident manager services.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income


Number of Baths (1): 1
Number of Baths (2): 1
Number of Bedrooms (2): 1
Number of Stories: 2
SqFt of Improvement: 8732


Entry Only: No
Number of Buildings: 2
Number of Units: 16
Number of Units (1): 7
Number of Units (2): 9
Number of Units w/Ranges: 16
Number of Units w/Refrigerator: 16
Projected Gas & Electric: 1766


Country: United States
Market Area: Metro Uptown
Zip/Area: MISSION HILLS (92103)


Age: 1911
Have: 16 units to sell.
Mandatory Remarks: None Known


Actual Cash Flow: 31420
Actual Gardener Expense: 1200
Actual Gas & Electric Expense: 1766
Actual Gross Operating Income: 308582
Actual Gross Scheduled Income: 314880
Actual Insurance F&L Expense: 4800
Actual Maintenance Expense: 12000
Actual Manager Expense: 9000
Actual Operating Expense: 124155
Actual Other Income: 2880
Actual Property Management Expense: 15429
Actual Taxes Expense: 64760
Actual Total Expense: 124155
Actual Total P&I Pay: 153008
Actual Trash Expense: 4000
Actual Vacancy & Credit Loss: 6298
Actual Water/Sewer Expense: 11200
Cap Rate Actual: 3.3
Cap Rate Projected: 3.8
Financing: Cash to New Loan
Gross Equity: 2678940
Gross Multiplier: 17.6
Monthly Rent Total: 26000
Number of Leased Apartments: 16
Other Income Amount: 240
Other Income Source: lau
Price per SqFt of Improvements: 634
Price/Unit: 345938
Projected Annual P & I Expense: 153008
Projected Cash Flow: 56517
Projected F&L Insurange Expense: 4800
Projected Gardener Expense: 1200
Projected Gross Multiplier: 16.3
Projected Gross Operating Income: 333680
Projected Gross Scheduled Income: 340490
Projected Maintenance Expense: 12000
Projected Net Income: 209525
Projected Operating Expense: 124155
Projected Other Income: 2880
Projected Taxes Expense: 64760
Projected Total Expense: 124155
Projected Trash Expense: 4000
Projected Vacancy & Credit Los: 6810
Projected Water/Sewer Expense: 11200
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
SP$/LP$: 1.01
Tenant Pays Electric: y
Tenant Pays Gas: y
Unit Rent (1): 1501
Unit Rent (2): 1721
Unit Rent Total (1): 10510
Unit Rent Total (2): 15490

Zoning Info

Area Info

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