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$1,375,000
Est. payment /mo
2 Beds
2 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision San Diego
MLS Listing ID 240018236
Bedrooms 2
Year Built 1941
Property Sub-Type Res Income 2-4 Units
Property Description
Property has been successfully UPGRADED. The parcels consisting 534-301-02-00 and 534-301-01-00 have been MERGED by the County into a single NEW PARCEL #534-301-24-00. We previously received a great deal of interest from smaller investors, but conventional financing had been difficult as 534-301-01-00 (.06 acres) was a vacant lot. Now, 534-301-24-00 (.12 acres) is duplex with 4 garages with .06 acres of it being undeveloped. It should be possible for a buyer to move into one of the cottages and rent out the other to help pay for the mortgage. Fannie Mae, owner-occupied financing should be possible for the ENTIRE PROPERTY now. An additional UPGRADE was the EXTENSION OF THE DRIVEWAY to be entirely on the 534-301-24-00 parcel to eliminate a shared driveway from B Street with the neighbor to the East. This should allow the entire parcel to be developable. This duplex is located in a vibrant part of Golden Hill. It is on the path of redevelopment. Pershing Drive turns into 26th street, and therefore 26th Street is a main gateway to Golden Hill and Balboa Park! Each unit has a small patio and off-street parking which is highly desirable in this part of the town. There are two 1-car garages below each cottage for a total of 4 garages. This property in the path of major redevelopment and has the potential for of over 30 units. There are many possibilities. Buyers to verify the number of entitlements with the City of San Diego. The Projected Income was based on $1850 with each cottage having 1 garage. The 2 remaining 2 garages could fetch $200/month separately.
Location
State CA
County San Diego
Area Metro Central
Zoning variable
Direction Off of highway 5, take Pershing Drive ... Pershing drive becomes 26th street. 26th Street is a gateway to Golden Hill!
Interior
Fireplace No
Exterior
Fence Partial
View Y/N No
Roof Type Composition
Building
Story 1
Level or Stories 1
Schools
School District San Diego Unified School Distric
Others
Tax ID 534-301-02-00
Virtual Tour https://www.propertypanorama.com/instaview/snd/240018236
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Listed by Brant L Candelore Brant Candelore, Broker
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Donita Thompson
Broker Associate | License ID: 01113919
Broker Associate License ID: 01113919