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3718-24 1st Ave.

San Diego, CA 92103
  • $2,250,000
  • STATUS: ACTIVE
  • ON SITE: 6 Days
  • ID#: 220011542
New On Site 6 Days Ago
UPDATED: 25 min ago
$2,250,000
  • 6
    BEDS
  • 0.15
    ACRES
  • 5
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

This charming property in the popular walkable community of Hillcrest consists of three rental units in the front house, two separate cottages in the rear, a laundry room and is zoned RM-3-9. The Hall-Sherman house, built in 1891, is designated as a Historical Landmark, allowing owners to benefit from property tax relief under the Mills Act. This tax benefit is transferred to the new owner upon sale. The Victorian home maintains its original moldings, doorknobs, fireplace surround, and hardwood floors in most areas. A new roof and white picket fence were installed in 2017, and the front and rear façades were repainted in March 2022. Foundation upgrades completed include additional posts, piers, bolting, and cross-bracing. One of the cottages was completely renovated in 2020 with new windows, paint, carpet, heater, and handrail. The 2 bedroom/1 bath downstairs unit will be vacant by the end of May and new rent is expected to be $2,500 by close of escrow. Seller pays water for all 5 units, electricity for 3 units and gas for 1 unit. Buyer could sub-meter the property to have tenants pay utility costs.

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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 © 2022 San Diego MLS, Inc. Licensed in the state of California.
www.lajollaagent.com/homes/128650180
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3718-24 1st Ave. San Diego, CA 92103

  • Price: $2,250,000
  • Status: ACTIVE
  • On Site: 6 Days
  • Updated: 25 min ago
  • ID#: 220011542
6
Beds
5
Baths
0
½ Baths
0.15
Acres
Neighborhood:
Mission Hills (92103)
County:
San Diego
Area:
Mission Hills (92103)
Property Description
This charming property in the popular walkable community of Hillcrest consists of three rental units in the front house, two separate cottages in the rear, a laundry room and is zoned RM-3-9. The Hall-Sherman house, built in 1891, is designated as a Historical Landmark, allowing owners to benefit from property tax relief under the Mills Act. This tax benefit is transferred to the new owner upon sale. The Victorian home maintains its original moldings, doorknobs, fireplace surround, and hardwood floors in most areas. A new roof and white picket fence were installed in 2017, and the front and rear façades were repainted in March 2022. Foundation upgrades completed include additional posts, piers, bolting, and cross-bracing. One of the cottages was completely renovated in 2020 with new windows, paint, carpet, heater, and handrail. The 2 bedroom/1 bath downstairs unit will be vacant by the end of May and new rent is expected to be $2,500 by close of escrow. Seller pays water for all 5 units, electricity for 3 units and gas for 1 unit. Buyer could sub-meter the property to have tenants pay utility costs.
Interior Features

Sq Ft Of Improvement 3402 Units With Ranges 5 Units With Refrigerators 5

Property Features

Actual Cap Rate 3.0 Actual Cash Flow 11391 Actual Fl Ins Expense 1722 Actual Gardener Expense 1650 Actual Gas And Electric 3940 Actual Gross Operating Income 92678 Actual Gross Scheduled Income 96540.0 Actual Maintenance Expense 5000 Actual Operating Expense 26233 Actual Prop Management 4634 Actual Taxes Expense 6153 Actual Total Expense 26233 Actual Total Pi Pay 55054 Actual Vacancy And Credit Loss 3862 Actual Water Sewer Expense 3134 Assumable Finance 0 Buildings 3 Fiscal Year From 21 Fiscal Year To 22 Gross Equity 1253250 Gross Multiplier 23.3 Have 5 Units To Sell Leased Apartments 5 Mandatory Remarks None Known Market Area Metro Uptown Monthly Rent Total 8030 Motive Want Cash Out Other Income Actual 180 Other Income Amount 15 Other Income Source Laundry Projected Annual Pi Expense 55054 Projected Cap Rate 3.3 Projected Cash Flow 19681 Projected Fl Ins Expense 1722 Projected Gardener Expense 1722 Projected Gas And Electric 3940 Projected Gross Multiplier 21.4 Projected Gross Operating Inc 100969 Projected Gross Scheduled Inc 105176 Projected Maintenance Expense 5000 Projected Net Income 74736 Projected Operating Expense 26233 Projected Other Income 180 Projected Property Mgmt Expense 4634 Projected Taxes Expense 6153 Projected Total Expense 26233 Projected Vacancy And Credit Loss 4207 Projected Water And Sewer Expense 3134 Short Sale No Unit Number1 1 Unit Number2 1 Unit Number3 1 Unit Number4 1 Unit Number5 1 Unit Rent Total1 2500 Unit Rent Total2 1795 Unit Rent Total3 1385 Unit Rent Total4 1230 Unit Rent Total5 1120 Unit Rent1 2500 Unit Rent2 1795 Unit Rent3 1385 Unit Rent4 1230 Unit Rent5 1120

San Diego MLS logo Listing provided courtesy of Apartment Consultants, Inc.. Listing information © 2022 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 © 2022 San Diego MLS, Inc. Licensed in the state of California.
 
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