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Key Details
Sold Price $5,300,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 17,748 sqft
Price per Sqft $298
MLS Listing ID CL23301383
Sold Date 11/13/23
HOA Y/N No
Year Built 1982
Lot Size 0.880 Acres
Acres 0.88
Property Description
748 N. 3rd St is a 17-unit townhouse-style complex located in the suburban family-focused east county region of San Diego. Built in 1982, this sprawling townhouse complex is 30 minutes from downtown San Diego and consists of (17) 2-bdrm. and 1.5-bath townhomes that are approx. 1,045 SF. Each bright and spacious unit includes a back patio, washer, and dryer. 748 N. 3rd St presents approx. 56% rental upside compared to renovated townhomes in the area. The property is offered at $264,000 per unit and $254 per foot, and at the list price, it stabilizes at an 8.56% CAP rate & 8.50 market GRM with projected market rents. Please note, 748 N. 3rd is not subject to local rent control, allowing for an annual rent increase of 5% + CPI (currently 10%). In addition to the spacious units and significant rental upside, this townhouse complex resides on nearly an acre lot (38,333 SF) with abundant parking (approx. 33 parking spaces) and a well-maintained community pool.
Location
State CA
County San Diego
Area Listing
Zoning C
Interior
Heating Other
Cooling Central Air
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Exterior
View Y/N false
View None
Parking Type Other, Side By Side
Building
New Construction No
Others
Tax ID 5072832000
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© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Bought with AthirMarkos