This property is located in a US designated “OPPORTUNITY ZONE”
No need to get bank financing. The seller will carry a note for you! (With FANTASTIC terms!)
This is a VERY well maintained, CASH FLOWING property –> Watch the unit Walk-Through Video
Purchase Price: $1,100,000 (See Comps below)
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Down Payment: $300,000 (You only pay this down payment, to own the property!!)
Loan Amount: $800,000 (The seller will carry a note for you!)
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Seller Financing Loan Terms –
Balance: $800,000
Interest Rate: ONLY 5.0% IO for the first 5 years! Then 5% P&I, 30 year Am, for the remaining 5 years
Payment: $3,334/month, for first 5 years. Then $4,295 for next 5 years
Term: 10 years (balloon payment due at 120 months)
Prepay: No prepay penalty! Refinance at any time
These are fantastic terms for seller financing!
===> WATCH Walk-Through Unit VIDEO here <===
(Please Do Not Disturb Tenants)
3529-31 46th Street, San Diego, CA 92105
3535-37 46th Street, San Diego, CA 92105
Property Features:
- VERY well-maintained interior units and exterior property
- Granite countertops in two units. Nice wooden cutting board countertops in other two units
- Washer/Dryer hookups in each unit
- Inviting courtyard between two buildings for tenants to enjoy
- Newly installed wooden fence to enclose courtyard
- Two parking spots per unit
- See unit Walk-Through Video here
- All units are 2 bed / 1 bath
- Each unit is 864 square feet
- Beautiful canyon views from balconies
- Tenants pay utilities
- Tenants pay their own electric
- Water is currently billed back to tenants
- Property cashflows with ACTUALS (see details below)
- Potential to raise rents to market value (see details below)
Current Cap Rate: 5.21%
With Purchase price of $1,100,000 and current annual rents of $74,400, a conservative Capitalization Rate is 5.21%
Pro Forma Cap Rate: 6.08%
Value Add Opportunity:
Potential to raise rents to market value. Current ACTUAL Rents & Potential Rent:
- Unit 1 – Actual Rent: $1,600 Potential Rent: $1,775
- Unit 2 – Actual Rent: $1,600 Potential Rent: $1,775
- Unit 3 – Actual Rent: $1,700 Potential Rent: $1,725
- Unit 4 – Actual Rent: $1,300 Potential Rent: $1,725
That would raise current annual rents from $74,400 to $84,000!
With simply raising rents market value, the Cap Rate raises to 6.08%:
Comparables:
This subject property is two duplexes. Each comparable is a single duplex.
| Subject Property | Bed/Ba per unit |
Sqft per unit |
Asking Price per duplex |
– | Price per SqFt |
|---|---|---|---|---|---|
| 3529-31 46th St 3535-37 46th St |
2/1 2/1 |
864 864 |
$550,000 $550,000 |
– | $318.28 |
| Comp Address | Bed/Ba per unit |
Sqft per unit |
Comp Duplex SOLD Price |
Sold Date | Price per SqFt |
| 3621-25 Highland Ave | 2/1 & 1/1 | 709 | $550,000 | 10/10/19 | $387.59 |
| 3536-38 46th St (across the street) |
2/1 | 864 | $670,000 | 06/24/19 | $387.73 |
| 2434-36 Shamrock St | 2/1 | 744 | $587,000 | 06/25/19 | $394.49 |
| 3225-27 38th St | 2/1 | 707 | $560,000 | 11/21/18 | $396.03 |
| 5366-68 Rex Ave | 2/1 | 665 | $630,000 | 10/08/19 | $473.68 |
(Please Do Not Disturb Tenants)
Current Occupancy: All four units are currently occupied with on-time paying tenants.
Call us at 858-252-3662 to make an offer on this great property!
All information and number provided are deemed reliable, but should be verified by buyer.
Property under contract by True Real Estate Solutions, a principal party in a valid and assignable Purchase and Sales Agreement; which allows us to purchase the property. Due to time constraints of other properties, the decision has been made to offer this Purchase and Sales Agreement to another cash buyer and allow them the opportunity to buy this property. New Buyer will be assigned the contract to close and price includes the assignment fee to True Real Estate Solutions, LLC