2860-2862 State St.

    San Diego, CA 92103
    • $2,184,000
    • STATUS: ACTIVE
    • ON SITE: 6 days
    • ID#: 190038177
    New On Site 6 Days Ago
    UPDATED: 49 min ago
    $2,184,000
    • 5
      BEDS
    • 0.13
      ACRES
    • 3
      BATHS
    • 0
      1/2 BATHS
    • 3,150
      SQFT
    • $693
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1979
    County:

    School Ratings & Info

    Description

    INCREDIBLE combined investment property and Business Opportunity!!! Rare FULLY UPGRADED huge duplex in the heart of San Diego’s coveted Mission Hills neighborhood. Unmatched Panoramic Views of the San Diego Harbor, the Bay, Downtown, and Coronado Island!! Everything is updated inside: from the contemporary bathrooms to the gleaming gourmet kitchens outfitted with top-of-the-line appliances to the airport approved acoustic windows and ductless A/C units throughout. What sets this property apart is the Business Opportunity that comes with the sale – a fully compliant short-term vacation rental business with a solid track record of profitability. Gross revenue for both units exceed traditional rental units by nearly 3 times. YOY Gross revenue was up over 30% in 2018 and is on track to be up again in 2019!! The one-of-a-kind property was recently featured on the Travel Channel’s “Top Vacation Rental Destinations in San Diego.” It can be rented as an individual 2bd and a 3bd, or as a combined 5bd luxury villa. The property also comes with a nearly approved set of plans to construct an additional 1633 square foot 3rd story, consisting of 3 beds, 2 baths, and a 326 sq ft panoramic deck with Jacuzzi. New unit should generate and additional $80k in revenue. Only selling because owners need some cash. The current Property Management company is so confident in its turnkey system, it has agreed to offer a 1 YEAR GROSS REVENUE GUARANTEE to new owners beginning at close of escrow. Absolutely unheard of!

    Monthly Payment Calculator

    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 © 2019 San Diego MLS, Inc. Licensed in the state of California.
    www.lajollaagent.com/homes/96781640

    2860-2862 State St. San Diego, CA 92103

    • Price: $2,184,000
    • Status: ACTIVE
    • Updated: 49 min ago
    • ID#: 190038177
    5
    Beds
    3
    Baths
    0
    ½ Baths
    0.13
    Acres
    3,150
    SQFT
    $693
    $/SQFT
    1979
    Built
    Neighborhood:
    Mission Hills
    County:
    San Diego
    Area:
    Mission Hills (92103)
    Property Description
    INCREDIBLE combined investment property and Business Opportunity!!! Rare FULLY UPGRADED huge duplex in the heart of San Diego’s coveted Mission Hills neighborhood. Unmatched Panoramic Views of the San Diego Harbor, the Bay, Downtown, and Coronado Island!! Everything is updated inside: from the contemporary bathrooms to the gleaming gourmet kitchens outfitted with top-of-the-line appliances to the airport approved acoustic windows and ductless A/C units throughout. What sets this property apart is the Business Opportunity that comes with the sale – a fully compliant short-term vacation rental business with a solid track record of profitability. Gross revenue for both units exceed traditional rental units by nearly 3 times. YOY Gross revenue was up over 30% in 2018 and is on track to be up again in 2019!! The one-of-a-kind property was recently featured on the Travel Channel’s “Top Vacation Rental Destinations in San Diego.” It can be rented as an individual 2bd and a 3bd, or as a combined 5bd luxury villa. The property also comes with a nearly approved set of plans to construct an additional 1633 square foot 3rd story, consisting of 3 beds, 2 baths, and a 326 sq ft panoramic deck with Jacuzzi. New unit should generate and additional $80k in revenue. Only selling because owners need some cash. The current Property Management company is so confident in its turnkey system, it has agreed to offer a 1 YEAR GROSS REVENUE GUARANTEE to new owners beginning at close of escrow. Absolutely unheard of!
    Exterior Features

    Exterior Stucco Fencing Full Frontage BayOcean/Bluff Irrigation N/K Parking For RV GarageOn-Site Parking Parking Garage Desc Unit1 Attached Parking Garage Desc Unit2 Attached Parking Garage Spaces Unit1 2 Parking Garage Spaces Unit2 1 Parking Non Garage Desc Unit1 Guest Parking Parking Non Garage Desc Unit2 Guest Parking Pool N/K Pool Heat None Known Roof Tile/Clay Spa Private Portable Spa Heat Electric Topography Slope Gentle Unit1 Exclusive Use Yard Yes Unit2 Exclusive Use Yard Yes Units With Garages 2 Units With Patios 2 View BayCityEvening LightsOceanPanoramicPanoramic Ocean

    Interior Features

    Cooling Central Forced AirZoned Area(S) Furnished Units 2 Half Baths Unit1 0 Half Baths Unit2 1 Heat Equipment Forced Air Unit Heat Source ElectricNatural Gas Stories 2 Story Total Baths Unit1 2 Total Baths Unit2 2 Total Baths Unit3 0 Total Baths Unit4 0 Unit1 Laundry Hook Ups Yes Unit2 Laundry Hook Ups Yes Units With Cooling 2 Units With Dishwashers 2 Units With Dryers 2 Units With Fireplaces 0 Units With Range Oven 2 Units With Refrigerators 2 Units With Washers 2 Water Heater Type Gas

    Property Features

    Actual Cap Rate 6.6 Additional Property Use Res/Business Use Ok Age Restrictions N/K Annual Expense Actual 53692 Association ID San Diego Association Of Realtors (Sdar) Buildings 1 Cfd Mello Roos Fee 0 Community Mission Hills Complex Features Spa/Hot Tub Complex Park N/A Cross Streets Palm St Gross Rent Multiplier Actual 131 Gross Scheduled Income Actual 197894 Home Owners Assoc Fee Includes N/K Mandatory Remarks None Known Market Area Metro Uptown Monthly Total Fees 0 Other Fee Type N/K Other Fees 0 Other Income Actual 0 Sales Restrictions N/K Security Other/Remarks Sewer Septic Sewer Connected Short Sale No Telecommunications Cable (Coaxial)Computer (Cat5)Other/Remarks Tenant Pays N/K Terms CashConventional Unit Number For Unit1 2860 Unit Number For Unit2 2862 Unit1 Deposit 0 Unit1 Occupied Tenant Unit1 Rent Actual 0 Unit2 Deposit 0 Unit2 Occupied Tenant Unit2 Rent Actual 0 Vacation Rental By Owner Yes Water Meter On Property

    Listing provided courtesy of Home Solutions Group. Listing information © 2019 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 © 2019 San Diego MLS, Inc. Licensed in the state of California.
     
    Coldwell Banker Residential Brokerage
    888 Prospect St. Suite 100
    La Jolla CA, 92037