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    5502 - 5508 University Ave

    San Diego, CA 92105
    • $2,349,605
    • STATUS: ACTIVE
    • ON SITE: 16 days
    • ID#: 200055014
    UPDATED: 33 min ago
    $2,349,605
    • 14
      BEDS
    • 0.49
      ACRES
    • 10
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    Motivated sellers! True value add deal, large lot may have further dev opp & zoning incentives. Clear Phase 1 environmental report & recent survey available for review. Owners received zoning deviation from the current commercial zoning, and the property is now permitted as ALL multi family. 2 of units have monthly rent limits in place under affordable housing agreement for 65% AMI (for zoning deviation); this rent cap is well above market @ $1503-1 BR, $1690-2 BR. Rent cap adjusted for median income annually by HUD. Owner is in process of instituting Water/Sewer RUBS program with tenants. Buyer will be able to reap benefits of completing this. Laundry facility on site, potential for additional income. Add’l exterior improvements include, new roof, new stucco, security lighting, asphalt reseal, fascia repair, new paint, perimeter fencing with automatic entry gate and keypad, underground water/sewer replaced.

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    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 © 2021 San Diego MLS, Inc. Licensed in the state of California.
    www.dreamlivingsd.com/homes/112976958
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    5502 - 5508 University Ave San Diego, CA 92105

    • Price: $2,349,605
    • Status: ACTIVE
    • Updated: 33 min ago
    • ID#: 200055014
    14
    Beds
    10
    Baths
    0
    ½ Baths
    0.49
    Acres
    Neighborhood:
    East San Diego (92105)
    County:
    San Diego
    Area:
    East San Diego (92105)
    Property Description
    Motivated sellers! True value add deal, large lot may have further dev opp & zoning incentives. Clear Phase 1 environmental report & recent survey available for review. Owners received zoning deviation from the current commercial zoning, and the property is now permitted as ALL multi family. 2 of units have monthly rent limits in place under affordable housing agreement for 65% AMI (for zoning deviation); this rent cap is well above market @ $1503-1 BR, $1690-2 BR. Rent cap adjusted for median income annually by HUD. Owner is in process of instituting Water/Sewer RUBS program with tenants. Buyer will be able to reap benefits of completing this. Laundry facility on site, potential for additional income. Add’l exterior improvements include, new roof, new stucco, security lighting, asphalt reseal, fascia repair, new paint, perimeter fencing with automatic entry gate and keypad, underground water/sewer replaced.
    Exterior Features

    Carports 0 Parking Spaces Parking Spaces Total 17 Units With Garages 0

    Interior Features

    Floor Coverings HardwoodOther/Remarks Heating Other/RemarksWall Laundry Owned Sq Ft Of Improvement 5866 Stories 2 Story Units With Dishwashers 0 Units With Disposals 0 Units With Ranges 10 Units With Refrigerators 10

    Property Features

    1st Loan Assumable Y 1st Loan Balance 1140000 1st Loan Interest 4.75 Actual Cap Rate 4.5 Actual Gross Scheduled Income 160656.0 Actual Operating Expense 50100 Actual Vacancy And Credit Loss 3% Assumable Finance 1140000 Buildings 2 Gross Equity 822361 Gross Multiplier 14.62 Have 0 Mandatory Remarks None Known Market Area Metro Uptown Monthly Rent Total 13393 Motive Want Sell Present Loan Conventional/Assumable Short Sale No Tenant Pays Electric 6 Tenant Pays Gas 6 Terms Assumable 1StCashSubmitOther/Remarks Unit Number1 1 Unit Number10 1 Unit Number2 1 Unit Number3 1 Unit Number4 1 Unit Number5 1 Unit Number6 1 Unit Number7 1 Unit Number8 1 Unit Number9 1 Unit Rent Total1 1120 Unit Rent Total10 1500 Unit Rent Total2 1180 Unit Rent Total3 1200 Unit Rent Total4 1250 Unit Rent Total5 1550 Unit Rent Total6 1500 Unit Rent Total7 1250 Unit Rent Total8 1425 Unit Rent Total9 1250 Unit Rent1 1120 Unit Rent10 1500 Unit Rent2 1180 Unit Rent3 1200 Unit Rent4 1250 Unit Rent5 1550 Unit Rent6 1500 Unit Rent7 1250 Unit Rent8 1425 Unit Rent9 1250 Unit Type Apartment Zoning Mf

    Listing provided courtesy of Aperture Real Estate Services. Listing information © 2021 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 © 2021 San Diego MLS, Inc. Licensed in the state of California.
     
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