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    865 21st St

    San Diego, CA 92102
    • $3,099,000
    • STATUS: ACTIVE
    • ON SITE: 31 days
    • ID#: 210002144
    Price Reduced
    $3,099,000
    • 1
      BEDS
    • 0.12
      ACRES
    • 1
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    865 21st is a TURN KEY 8 Unit property overlooking Downtown and the Coronado bridge and is offered at a 5.7 CAP on current numbers. Nestled in a quiet pocket of Golden Hill, the property has undergone extensive renovations inside and out within the past 3 years including a new roof, modern kitchens/cabinets, refinished hardwood floors, and much more. The property is currently master-leased to a single tenant that operates the building as a short-term rental. They typically host nurses, government workers, and other agencies on up to a 4 month basis. The operator controls over 100 units between San Diego, Los Angeles, and Miami. Current lease is for a total of $18,428/ month or $2,266 per unit plus $300 for storage and extends through 11/30/23 with 3% yearly increases. Tenant pays all utilities and management fees. Landlord is responsible for landscaping, building maintenance, taxes and insurance. Add Value by converting the storage spaces to ADU(s)

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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 © 2021 San Diego MLS, Inc. Licensed in the state of California.
    www.sellsandiego.com/homes/113648410
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    865 21st St San Diego, CA 92102

    • Price: $3,099,000
    • Status: ACTIVE
    • ID#: 210002144
    1
    Beds
    1
    Baths
    0
    ½ Baths
    0.12
    Acres
    Neighborhood:
    San Diego (92102)
    County:
    San Diego
    Area:
    San Diego (92102)
    Property Description
    865 21st is a TURN KEY 8 Unit property overlooking Downtown and the Coronado bridge and is offered at a 5.7 CAP on current numbers. Nestled in a quiet pocket of Golden Hill, the property has undergone extensive renovations inside and out within the past 3 years including a new roof, modern kitchens/cabinets, refinished hardwood floors, and much more. The property is currently master-leased to a single tenant that operates the building as a short-term rental. They typically host nurses, government workers, and other agencies on up to a 4 month basis. The operator controls over 100 units between San Diego, Los Angeles, and Miami. Current lease is for a total of $18,428/ month or $2,266 per unit plus $300 for storage and extends through 11/30/23 with 3% yearly increases. Tenant pays all utilities and management fees. Landlord is responsible for landscaping, building maintenance, taxes and insurance. Add Value by converting the storage spaces to ADU(s)
    Exterior Features

    Construction Stucco Parking Spaces Total 6

    Interior Features

    Sq Ft Of Improvement 5208 Units With Dishwashers 8 Units With Disposals 8 Units With Ranges 8 Units With Refrigerators 8

    Property Features

    1st Loan Assumable Y 1st Loan Balance 1900000 1st Loan Interest 4.25% Actual Cap Rate 5.7 Actual Gross Scheduled Income 221136.0 Actual Operating Expense 45687 Assumable Finance 1900000 Buildings 1 Gross Equity 0 Gross Multiplier 14 Have 8 Units Fully Leased Leased Apartments 8 Mandatory Remarks None Known Market Area Metro Central Motive Want 1031 Exchange Projected Cap Rate 6.0 Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water Y Unit Number1 8 Unit Rent Total1 18128 Unit Rent1 2266 Zoning R-4:Multip

    Listing provided courtesy of South Coast Commercial, Inc.. Listing information © 2021 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 © 2021 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