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$ 2,295,000
Est. payment /mo
Price Dropped by $100K
312 Brookes Ave San Diego, CA 92103
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260020675SD
HOA Y/N No
Year Built 2010
Property Description
RE-PRICED TO SELL! Turnkey Hillcrest multifamily investment offering four extensively renovated 1BR/1BA residences in a highly desirable central San Diego location. Fully leased with approximately $143,880 in annual gross scheduled income and approximately $111,690 stabilized NOI. New asking price represents an approximate 4.87% stabilized cap rate. The property has undergone extensive improvements including updated kitchens and bathrooms, flooring, dual-pane windows, electrical and plumbing upgrades, mini-split heating and air conditioning, in-unit laundry, fire sprinkler improvements, secured entry and landscaped common areas. Select residences include private outdoor space and parking. Located near Balboa Park, UC San Diego Health Hillcrest, Scripps Mercy Hospital, Mission Hills, Downtown San Diego, dining, shopping, transit and major transportation corridors. A compelling opportunity to acquire a fully leased, renovated four-unit property with established in-place income and limited near-term capital improvement requirements. Exceptional opportunity to acquire a fully leased, extensively renovated four-unit property in the heart of Hillcrest. Each residence offers one bedroom and one bathroom with an updated kitchen, stainless-steel appliances, modern flooring, newer windows, wall-mounted air conditioning, and in-unit laundry. Additional property improvements include upgraded electrical systems, fire sprinklers, and a newer water main. Select units include gated parking. Offered at $2,295,000, the property currently generates approximately $143,880 in gross scheduled annual income with an estimated stabilized NOI of $111,690, equating to an approximate 4.87% stabilized capitalization rate based on the current asking price and operating assumptions. The property provides immediate income from four existing leases. The seller may consider facilitating a potential vacancy for a buyer who intends to occupy one unit as a primary residence. This may provide an opportunity for a qualified buyer to pursue owner-occupied financing while using eligible rental income from the remaining units to assist with loan qualification. Financing terms, occupancy requirements, and the amount of rental income considered are subject to lender underwriting and approval. No vacancy is guaranteed, and any vacancy must comply with the existing lease, tenant agreement, and applicable law. Conveniently located near major medical and employment centers, restaurants, shopping, public transportation, Balboa Park, and Downtown San Diego. An attractive opportunity for an investor or potential owner-user seeking a stabilized residential income property in one of San Diego's most desirable rental markets. Offering Memorandum and additional financial information are available upon request. Buyer to verify all property information, permits, square footage, income, expenses, financing options, capitalization rate, and operating assumptions.
Location
State CA
County San Diego
Area 92103 - Mission Hills
Building/Complex Name 312 Brookes Ave
Zoning RM-3-9
Interior
Heating Combination, Electric
Cooling Zoned
Fireplace No
Appliance Electric Water Heater, Gas Water Heater
Exterior
Community Features Gated
View Y/N No
Roof Type Composition,Rolled/Hot Mop
Building
Lot Description Sprinkler System
Story 2
Entry Level Two
Level or Stories Two
Others
Senior Community No
Tax ID 4522851300
Security Features Gated Community
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://www.propertypanorama.com/instaview/snd/260020675
Listed by Jean Paul Schwarz The Schwarz Group #01915341