Brand new, Turn Key, 3 Unit, Class A Apartment Building in HUD QUALIFIED OPPORTUNITY ZONE which is a huge tax benefit. This Property is located in the very popular South Park/Golden Hill area. New Units are also Exempt from CA Rent Control (Ask attorney)! Property's Current Annual Gross Rents are $147,000 ($12,250 Mthly) and Net Operating Income is $116,900 annual ($9,750 Mthly). Actual GRM is 15.64 and actual 5.1% Cap. The Operating Expenses are very low as the tenants pay ALL utilities & the new property has little maintenance requirements. Each unit is individually metered for water (sub metered), gas (front house only) & electric. Property has solar which is owned. There is off street parking for tenants a 1 to 1 ratio. Close to transit lines & 4 major freeways. Views of Coronado Bridge, Downtown & Ocean from units. Front house recently remodeled, designer inspired finish and completely upgraded. It is a single story craftsman with built-in cabinets, original hardwood floors, a amazing large front porch, & exclusive use front, back and side yards. Back units are Townhouses, built in 2022 with upgraded finishes, expansive 1,500 sq. ft floorpan (unique and very desirable for South Park), impressive views from private patios and master bedrooms, new stainless appliances, quartz counter tops, 2 full baths, and high end vinyl plank flooring. Washer & Dryer in all units. Very walkable area close to restaurants, bars, golf course, Balboa Park, Coronado, beaches, dog park, & shops. 5 Min to downtown & North Park.
Courtesy of Joseph M. Galascione, Broker, Joseph Galascione,
Listing Contact: 619-518-9426
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