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    5137 Groveland Drive

    San Diego, CA 92114
    • $3,895,000
    • STATUS: ACTIVE
    • ON SITE: 67 days
    • ID#: 200039939
    UPDATED: 50 min ago
    $3,895,000
    • 4
      BEDS
    • N/A
      ACRES
    • 2
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    Pleased to offer Groveland Manor, one of the highest yielding multi family investment opportunities in San Diego County. The property boasts a superior units mix of fifteen 3br/1ba 980sqft apartments and one non-conforming 1br/1ba apartment. Current ownership recently replaced all roofing systems (January 2020), has renovated five of the fifteen 3br/1ba apartments, replaced security entry gate motor systems, upgraded laundry equipment, etc. Conservatively there is 12% of rental upside for 2/3 of the units which can easily be obtained, in a short period of time (~2yrs), via maximum rental increases in the newer rent controlled environment. The property lies on an oversized approx.acre lot which sets itself up perfectly to add exterior amenities or multiple ADU's. Other important features, include but are not limited to, fully gated access, ample off street parking, upgraded kitchens and bathrooms (select units), and spacious private patios (select units).

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    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 © 2020 San Diego MLS, Inc. Licensed in the state of California.
    www.sellsandiego.com/homes/109131701
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    5137 Groveland Drive San Diego, CA 92114

    • Price: $3,895,000
    • Status: ACTIVE
    • Updated: 50 min ago
    • ID#: 200039939
    4
    Beds
    2
    Baths
    0
    ½ Baths
    N/A
    Acres
    Neighborhood:
    Encanto (92114)
    County:
    San Diego
    Area:
    Encanto (92114)
    Property Description
    Pleased to offer Groveland Manor, one of the highest yielding multi family investment opportunities in San Diego County. The property boasts a superior units mix of fifteen 3br/1ba 980sqft apartments and one non-conforming 1br/1ba apartment. Current ownership recently replaced all roofing systems (January 2020), has renovated five of the fifteen 3br/1ba apartments, replaced security entry gate motor systems, upgraded laundry equipment, etc. Conservatively there is 12% of rental upside for 2/3 of the units which can easily be obtained, in a short period of time (~2yrs), via maximum rental increases in the newer rent controlled environment. The property lies on an oversized approx.acre lot which sets itself up perfectly to add exterior amenities or multiple ADU's. Other important features, include but are not limited to, fully gated access, ample off street parking, upgraded kitchens and bathrooms (select units), and spacious private patios (select units).
    Exterior Features

    Carports 0 Construction Stucco Exterior Remarks Parking Spaces Parking Spaces Total 32 Roof Other/Remarks Units With Garages 0

    Interior Features

    Cooling Other Floor Coverings Other/Remarks Floors Other/Remarks Heating Other/Remarks Laundry Owned Sq Ft Of Improvement 14672 Unit Furnished1 0 Unit Furnished2 0

    Property Features

    Actual Cap Rate 4.57 Actual Gross Scheduled Income 317520.0 Actual Operating Expense 123525 Assumable Finance 0 Complex Features Other/Remarks Existing Financing Other/Remarks Financial Information Source Other/Remarks Gross Equity 1350000 Gross Multiplier 12.3 Have Units Leased Apartments 16 Mandatory Remarks None Known Market Area Metro Central Monthly Rent Total 25110 Motive Want Sell Other Income Amount 350 Other Income Source Laundry Unit Number1 15 Unit Number2 1 Unit Rent Total1 25085 Unit Rent Total2 1025 Unit Rent1 $1470-$1850 Unit Rent2 1025

    Listing provided courtesy of The Browar Group. Listing information © 2020 San Diego MLS Inc. Source: SDMLS
    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 © 2020 San Diego MLS, Inc. Licensed in the state of California.
     
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    Neuman & Neuman Real Estate Inc.
    516 5th Avenue
    San Diego CA, 92101