26 bedroom house for sale

Overview

The subject property is a mixed use Residential/Retail opportunity in the East Village neighborhood of San Diego. This East Village location affords this property easy access to all the businesses, restaurants, art galleries and the numerous parks in and around East Village. Petco Park, Home of the San Diego Padres baseball team is within walking distance and the subject property is located directly next to the MTS Trolley Line. Additionally, the East Village is a thriving new residential neighborhood with thousands of high-end apartment and condominium units in various stages of completion and planning. The building was built in 1930 and consists of a retail space on the ground floor of approximately 4, 900 square feet and what was believed to be originally 30 Single Room Occupancy (SRO) Units on the top floor. The retail is currently on a lease with Urban Pedicabs of San Diego. Urban Pedicabs also subleases a portion of their space to Urban Sign and Print. The upper floor SRO units are on a Master Lease for a total of $2, 000/Month with the lessor responsible for all utilities, maintenance, and management of the units. The SRO units are all roughly 100 square feet or 10 x 10 with some that are 10 x 8. There are a total of 5 bathrooms, 3 showers, 1 kitchen, 1 dining room, 1 laundry room, and 1 room that contains refrigerators. Access to the upper SRO units is by a secure entrance on Park Ave., with another exit on Broadway. The underwriting in this package assumes a new owner will end the master lease on the SRO units and rent them out themselves, dramatically increasing cash flow. Current rents for SRO units in the immediate area range from $650 to over $850 and exceeds $1, 000 in buildings with more amenities. The downstairs retail space is currently leased at a below market rate of only $1.12/foot on a gross basis. For more details and to contact: https://realtyww.info/homes_san-diego-d523497/for-sale_i70084262

---

Disclaimer

The information about this listing comprises a listing advertisement. Listanza makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information. Further, Listanza has no control over the content. The information is provided and maintained by the owner/agent. Please contact the owner/agent directly to obtain any additional information.