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Listing 1 out of 163
$1,990,000 For Sale

2860-2862 State St.
San Diego, CA 92103

2 units | Multi Family 2-4 - MLS# 190038177
Property Photo
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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!

Features

  • Property Type: Multi Family 2-4
  • Sub Type: Multi Family 2-4
  • Listing Status: Active
  • County/Area: San Diego County
  • Zip Code: 92103
  • Year Built: 1979
  • Subdivision/Neighborhood: Mission Hills
  • Units: 2 units
  • Pool or Spa: Private Portable
  • View: Bay, City, Evening Lights, Ocean, Panoramic, Panoramic Ocean
  • Waterfront: Yes, See Frontage Features
  • # Units w/Cooling: 2
  • # Units w/Dishwashers: 2
  • # of Buildings: 1
  • # of Furnished Units: 2
  • # of Units w/Dryers: 2
  • # of Units w/Garage: 2
  • # of Units w/Patios: 2
  • # of Units w/Range/Oven: 2
  • # of Units w/Refrigerator: 2
  • # of Units w/Washers: 2
  • Additional Property Use: Res/Business Use OK
  • Annual Expense Actual: 53692
  • Cap Rate Actual: 6.6
  • Community: Mission Hills
  • Complex Features: Spa/Hot Tub
  • Cooling: Central Forced Air, Zoned Area(s)
  • Fencing: Full
  • Frontage Features: Bay, Ocean/Bluff
  • Gross Rent Multiplier Act: 131
  • Gross Sched Income Actual: 197894
  • Heat Equipment: Forced Air Unit
  • Heat Source: Electric, Natural Gas
  • Listing Area: MISSION HILLS (92103)
  • Lot Size Area: 4, 000-7, 499 SF
  • Lot SqFt: 5624
  • Parking Garage Unit 1: Attached
  • Parking Garage Unit 2: Attached
  • Parking Non-Garage Unit 1: Guest Parking
  • Parking Non-Garage Unit 2: Guest Parking
  • Parking for RV: Garage, On-Site Parking
  • Roof: Tile/Clay
  • Sewer/Septic: Sewer Connected
  • Siding: Stucco
  • Spa Heat: Electric
  • Telecommunications: Cable (coaxial), Computer (cat5)
  • Terms: Cash, Conventional
  • Topography: Slope Gentle
  • Unit # for Unit 1: 2860
  • Unit # for Unit 2: 2862
  • Unit 1 # Bedrooms: 3
  • Unit 1 # Total Baths: 2
  • Unit 1 # of Full Baths: 2
  • Unit 1 Estimated SqFt: 1850
  • Unit 1 Exclusive Use Yard: Yes
  • Unit 1 Laundry Hook Ups: Yes
  • Unit 1 Prkng Garage Space: 2
  • Unit 2 # Bedrooms: 2
  • Unit 2 # Total Baths: 2
  • Unit 2 # of Full Baths: 1
  • Unit 2 # of Half Baths: 1
  • Unit 2 Estimated SqFt: 1300
  • Unit 2 Exclusive Use Yard: Yes
  • Unit 2 Laundry Hook Ups: Yes
  • Unit 2 Prkng Garage Space: 1
  • Water: Meter on Property
  • Water Heater Type: Gas
Courtesy of Home Solutions Group

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Krystal Lane

Krystal Lane
SDHomes Enterprises
San Diego, CA 92104

858-382-5793
Contact Me

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Krystal Lane | CA DRE# 01918284 | 858-382-5793 | Contact Me
2358 University Ave #33 - San Diego, CA 92104
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