Listing ID: 210028440
Price: $5,535,000
Status: ACTIVE
Address: 526-28 Anderson Pl.
City: San Diego
State: California
Postal Code: 92103
SqFt: 7,135
Acres: 0.160
County: San Diego
San Diego
CA
92103
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

Interior

Number of Baths (1): 1
Number of Baths (2): 1
Number of Baths (3): 1
Number of Baths (4): 1
Number of Baths (5): 1
Number of Baths (6): 1
Number of Baths (7): 1
Number of Bedrooms (2): 1
Number of Bedrooms (3): 1
Number of Bedrooms (4): 1
Number of Bedrooms (5): 1
Number of Bedrooms (6): 1
Number of Bedrooms (7): 1
Number of Stories: 2
SqFt of Improvement: 8732

External

Entry Only: No
Number of Buildings: 2
Number of Units: 16
Number of Units (1): 7
Number of Units (2): 1
Number of Units (3): 2
Number of Units (4): 2
Number of Units (5): 1
Number of Units (6): 1
Number of Units (7): 2
Number of Units w/Ranges: 16
Number of Units w/Refrigerator: 16
Projected Gas & Electric: 1766

Location

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

Additional

Age: 1911
Class: COMMERCIAL-RES INCOME
Have: 16 units to sell.
Mandatory Remarks: None Known

Financial

Actual Cash Flow: 31480
Actual Gardener Expense: 1200
Actual Gas & Electric Expense: 1766
Actual Gross Operating Income: 305584
Actual Gross Scheduled Income: 311820
Actual Insurance F&L Expense: 4800
Actual Maintenance Expense: 12000
Actual Manager Expense: 9000
Actual Operating Expense: 124005
Actual Other Income: 2880
Actual Property Management Expense: 15279
Actual Taxes Expense: 64760
Actual Total Expense: 124005
Actual Total P&I Pay: 150099
Actual Trash Expense: 4000
Actual Vacancy & Credit Loss: 6236
Actual Water/Sewer Expense: 11200
Cap Rate Actual: 3.3
Cap Rate Projected: 3.8
Gross Equity: 2678940
Gross Multiplier: 17.3
Monthly Rent Total: 25745
Number of Leased Apartments: 100
Other Income Amount: 240
Other Income Source: lau
Price per SqFt of Improvements: 634
Price/Unit: 345938
Projected Annual P & I Expense: 150099
Projected Cash Flow: 58871
Projected F&L Insurange Expense: 4800
Projected Gardener Expense: 1200
Projected Gross Multiplier: 16.3
Projected Gross Operating Income: 332974
Projected Gross Scheduled Income: 339770
Projected Maintenance Expense: 12000
Projected Net Income: 208970
Projected Operating Expense: 124005
Projected Other Income: 2880
Projected Taxes Expense: 64760
Projected Total Expense: 124005
Projected Trash Expense: 4000
Projected Vacancy & Credit Los: 6795
Projected Water/Sewer Expense: 11200
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no
Tenant Pays Electric: y
Tenant Pays Gas: y
Unit Rent (1): 1501
Unit Rent (2): 1750
Unit Rent (3): 1725
Unit Rent (4): 1695
Unit Rent (5): 1685
Unit Rent (6): 1660
Unit Rent (7): 1650
Unit Rent Total (1): 10510
Unit Rent Total (2): 1750
Unit Rent Total (3): 3450
Unit Rent Total (4): 3390
Unit Rent Total (5): 1685
Unit Rent Total (6): 1660
Unit Rent Total (7): 3300

Zoning Info


Area Info


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Listing courtesy of Apartment Consultants, Inc.

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