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2481 Ulric St

San Diego, CA 92111
  • $7,430,000
  • STATUS: ACTIVE
  • ON SITE: 17 Days
  • ID#: 240012520
$7,430,000
  • 3
    BEDS
  • 0.42
    ACRES
  • 3
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Senior complex for 62+ and disabled residents. The existing conditional use permit will convey with the sale. There are no additional restrictions on rental income, other than standard CA rent control law. There is the possibility of adding 3 ADUs. There is a 320 SF recreation room. Large communal grassy yard with picnic tables. There have been two new construction developments in the last five years within three blocks of subject property; one on Fulton and one on Ulric. USD has made many improvements to their campus in the last decade, which has had a cascade affect improving the zip code. Walking distance to public transportation, a supermarket, other shopping, dining and services. Two 1/1 apartments are being used by the resident manager as a 2/2. Seller assumes that a door could be reinstalled to restore the two 1/1 units. In effect the resident manager receives a 2/2 for less than $600 a month. In effect that is about $20k compensation.

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San Diego MLS logo 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, non-commercial 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 © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/151285188
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2481 Ulric St San Diego, CA 92111

  • Price: $7,430,000
  • Status: ACTIVE
  • On Site: 17 Days
  • ID#: 240012520
3
Beds
3
Baths
0
½ Baths
0.42
Acres
Neighborhood:
Linda Vista (92111)
County:
San Diego
Area:
Linda Vista (92111)
Property Description
Senior complex for 62+ and disabled residents. The existing conditional use permit will convey with the sale. There are no additional restrictions on rental income, other than standard CA rent control law. There is the possibility of adding 3 ADUs. There is a 320 SF recreation room. Large communal grassy yard with picnic tables. There have been two new construction developments in the last five years within three blocks of subject property; one on Fulton and one on Ulric. USD has made many improvements to their campus in the last decade, which has had a cascade affect improving the zip code. Walking distance to public transportation, a supermarket, other shopping, dining and services. Two 1/1 apartments are being used by the resident manager as a 2/2. Seller assumes that a door could be reinstalled to restore the two 1/1 units. In effect the resident manager receives a 2/2 for less than $600 a month. In effect that is about $20k compensation.
Exterior Features

Parking Spaces Total 17

Interior Features

Sq Ft Of Improvement 14738 Units With Ranges 36 Units With Refrigerators 36

Property Features

Actual Cap Rate 3.7 Actual Cash Flow 46842 Actual Fl Ins Expense 9800 Actual Gardener Expense 2830 Actual Gas And Electric 12960 Actual Gross Operating Income 478113 Actual Gross Scheduled Income 492900.0 Actual Maintenance Expense 28800 Actual Operating Expense 203027 Actual Prop Management 23906 Actual Taxes Expense 86931 Actual Total Expense 203027 Actual Total Pi Pay 228244 Actual Trash Expense 10800 Actual Vacancy And Credit Loss 14787 Actual Water Sewer Expense 27000 Assumable Finance 0 Buildings 1 Gross Equity 4420776 Gross Multiplier 15.1 Have 36 Senior units to sell. Leased Apartments 36 Mandatory Remarks None Known Market Area Metro Monthly Rent Total 40875 Motive Want Cash out Other Income Actual 2400 Other Income Amount 200 Other Income Source Laundry Projected Annual Pi Expense 228244 Projected Cap Rate 4.4 Projected Cash Flow 95032 Projected Fl Ins Expense 9800 Projected Gardener Expense 2830 Projected Gas And Electric 12960 Projected Gross Multiplier 13.7 Projected Gross Operating Inc 526303 Projected Gross Scheduled Inc 542580 Projected Maintenance Expense 28800 Projected Net Income 323276 Projected Operating Expense 203027 Projected Other Income 2400 Projected Property Mgmt Expense 23906 Projected Total Expense 203027 Projected Trash Expense 10800 Projected Vacancy And Credit Loss 16277 Projected Water And Sewer Expense 27000 Short Sale No Unit Number1 34 Unit Number2 1 Unit Rent Total1 40290 Unit Rent Total2 585 Unit Rent1 1185 Unit Rent2 585

San Diego MLS logo Listing provided courtesy of Terry Moore of Apartment Consultants Incorporated: 619-686-6122. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo 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, non-commercial 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 © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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