We are proud to present a very rare and amazing opportunity in Barrio Logan, located less than 5 minutes from Coronado Bridge, Downtown San Diego, Petco Park, the Convention Center, Gaslamp, Etc. There is almost NO inventory in this area. For sale is a newly COMPLETELY renovated 2 bed/1 bath house on a very large lot with APPROVED permits and plans to build a spacious duplex in the back. The duplex drawings have a bottom unit that is 3 rooms/2 bath, upstairs unit of 4 rooms/2 bath, and a carport. The property has ally access from the back so the main house has an entrance from the main street (Irving) and the back units will have their own entrance from the ally side. The seller got a building quote of $225,000 for the unit build so for just over $1,000,000 invested, a new buyer can have a house to either rent or live in, and a duplex in the back. Current rent estimates show this complex will yield rent in excess of $10,000 monthly. If the buyer lives in the front house, the units in the back should cover the mortgage! It’s a great location that is very impacted. When seller listed property for rent they received over 100 inquiries. Also this property is in an OPPORTUNITY ZONE, meaning it’s a great option for any investor with capital gains to defer or eliminate federal taxes. Permits were ALL approved by city of San Diego. It took seller over 18 months and numerous obstacles and over $100,000 to get the permits finally approved. The project will be shovel ready by closing. Tenant is leaving end of May so property can be delivered vacant June 1, 2021. Equipment: Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL
Listing courtesy of Marianne Malek from Marianne Malek, Broker
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