PORTFOLIO SALE: includes single-family rental home at 3996 Teak St, 92113 and mixed-use, 9-unit multifamily property located at 3071-79 Imperial Ave, 92102 (can be sold together or separately)
TEAK:
Price: $505K
Price/SF: $369
Rent Upside: 47%
The Teak Street Rental Home is a two story single family home built in 1949 which contains 3 bedrooms and 1 bathroom and is approximately 1,368 square feet. It has a single car garage and additional tandem driveway parking. It is situated on a corer parcel of roughly 6,600 square feet, features front and rear yards, and has alley access from the rear of the property.
Zoned RM-1-1, the parcel allows a maximum density by right of 1-unit for every 3,000 square feet of land, meaning there may be the possibility to subdivide the existing structure or build another unit to create a duplex. In fact, there is a 240 sqft basement which has a separate, side entrance on S 40th Street on the eastern side of the property, which could possibly be converted to a small studio unit. Or, perhaps the ample backyard could support an additional structure of your design. All buyers must perform their due diligence with the City to make sure the property is suitable for any proposed changes.
While relatively well-maintained, it is in mostly original condition. The interior, exterior, and outside landscaping are all ready for your creative touch and represent a great fix-n-flip project to modernize the finishes and improve the curb appeal. Thus, the property offers sophisticated investors an opportunity to increase income through renovations, possibly creating an additional unit, and increasing rents to market rates. We estimate there is roughly
47% rent upside.
It is located just south of Ocean View Blvd, about a 12-minute drive southeast of Downtown. It is adjacent to
Mountain View Park and community center, which provides family-friendly activities including sports, classes, and other community events.
IMPERIAL:
Price: $1.595M
GRM (Current): 15.00
Cap Rate (Current): 3.78
GRM (Market): 12.53
Cap Rate (Market): 5.16
Price/Unit: $177K
Price/SF: $302
Rent Upside: 39%
Built 1953, the subject property contains a front, two-story, mixed-use apartment complex with (5), 2nd-floor studio units averaging roughly 300 sqft each, and a ground-floor commercial space that is approximately 1,820 sqft, which is currently operated as a church. In the rear of the property, there are 2 additional structures: a duplex and a single, bungalow unit comprised of (3) 2bed+1bath units averaging roughly 654 sqft each.
Situated on a roughly 9,036 sqft lot zoned RM-3-7, the parcel allows for medium density multiple dwelling units with limited commercial uses. As such, there may be the possibility to convert the commercial space into additional residential units, or to some other type of commercial use like retail or office, for higher income. Of course, all buyers must perform their own due diligence to make sure the property is suitable for any proposed changes. Additionally, there is gated entry, up to 7 spaces of parking, and rear alley access.
The property has had recent interior renovations in a few of the units and has been recently painted. The recent interior renovations include vinyl floors, laminate counter tops, and new cabinets. This property represents a fantastic value-add opportunity as there is roughly 40% upside in the rents.
Centrally located in Logan Heights, zip code 92102, these units are extremely well positioned for easy access to down town San Diego, restaurants, and freeways.
