Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Duplex

Bedrooms

2

Building size

1,248 sqft

Lot size

0.22 sqft

Year built

1942

Stories

1

Garage spaces

0

Pool

None

Status

Active

Days on market

0

MLS #

248848019

About this property

Rare Linda Vista duplex in a highly convenient location, offering remodeled, income-producing units today and exceptional development potential tomorrow. 2022: both 2BR/1BA units fully remodeled with updated kitchens and baths, new flooring, dual-pane windows, mini-split heating/AC (six heads total), instant electric water heaters and updated electrical. 2024: all plumbing retrofitted, including 4" ABS sewer lateral to the main. Paid-off solar grandfathered on SDG&E Net Energy Metering 2 with approx. 15+ years remaining, a valuable rate structure new solar no longer qualifies for, helping keep utility costs low. Sizable driveway for off-street parking, shared washer/dryer on site, and notable ocean views. Development upside: the approx. 9,514 sf lot is zoned RM-3-7 (base density approx. 9 units) and sits within the City's Sustainable Development Area, Transit Priority Area and Complete Communities Housing Solutions FAR Tier 4. Under the Housing Solutions program, qualifying projects that deed-restrict 40% of base units as affordable may build up to 4.0 FAR (roughly 38,000 sf of floor area), with height governed by FAR, no required parking near transit, and potential for 25+ units. Collect rent now, build later. All this, just a short stroll to the Linda Vista Plaza Shopping Center, nearly a mile to USD, minutes to Fashion Valley, Mission Valley and the I-8/163 corridors, and steps to the bus line. Buyer to verify zoning, density and development potential with the City of San Diego. Renderings are conceptual and not approved plans.

Location

3 Drescher Street

San Diego, San Diego, CA, 92111