The Bove Group is pleased to present The Jordanhouse, a 12-unit SRO (single-room occupancy) asset located in the Golden Hill neighborhood of San Diego. This 1900’s prairie-style building has retained it’s original charming character, and the property is meticulously maintained and closely managed by the owner. The property comprises a total of twelve fully-furnished rooms including amenities such as televisions, linens, complimentary coffee, and wi-fi. Residents share a single kitchen, two full bathrooms, and one water closet. The property also features an on-site laundry facility, front patio breakfast nook, and a backyard barbecue area, including a seating area with an outdoor large screen TV, in a beautiful garden setting. The attic was finished and is used as an office and storage area, and there is an additional manager’s workspace with a computer. Many of the tenants are longer-term, quality tenants who pay weekly with rates varying based on the size and view of the room.
The property is in excellent condition and has had many upgrades completed in recent years such as a high-end security system, electrical updating, new windows, foundation reinforcement, main sewer drain reline, a tankless water heater, and new furnace.
The Jordanhouse is a rare opportunity for an investor to acquire a turnkey SRO asset in the desirable Golden Hill submarket, an ideal residential neighborhood that is a short walk or bike ride to bustling downtown San Diego and fun-filled Balboa Park. The property has a long and stable cash flow history with current upside in rates as well as potential repositioning as a higher-turnover vacation rental home.
