Justin Roberts
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Justin@JustinSellsSD.com

Buy


Listing IDPTP2204123
Price$1,724,800$74K
Price/SqFt$579.76
StatusACTIVE
Bedrooms8
Total Baths4
Full Baths4
SqFt 2,975
Acres 0.360
CountySan Diego
Year Built1948
Property TypeResidential
Property Sub TypeDetached
LOCATION, VALUE ADD, + DEVELOPMENT OPPORTUNITY! In the opportunity zone, this SFR + Duplex have potential to add value. This is a double lot located in West Chula Vista with freeways, public transportation, and shopping accessible. This property boasts a 4 bed + loft, 2 bath Single Family Residence as well as a Duplex with 2 beds, 1 bath per unit (newly constructed). The existing 3 units are all built on 1 side of the almost 16,000 sqft lot. New owners can LOT SPLIT or continue to develop the west half of the property utilizing SB-9 regulations to their advantage. Each unit has designated parking and washer/dryer hookup. Take advantage of South Bay's growth and appreciating rental market by buying into an investment property within close proximity to some of the region's most rapidly growing job locations including the Navy's newly built $1B Silver Strand Training Complex, the $1.3B Chula Vista Bayfront Development, and Amazon's new $3M facility. All 3 units are currently rented on a month-to-month lease, have ample parking, and have their own washer/dryer hookup. Seller is willing to Carry Back. Unit 1: SFR 3 bed/2 bath, Rent is $2955, Pro Forma: $3455. Unit 2: Duplex Side A 2 bed/1 bath, Rent is $2045, Pro Forma: $2345. Unit 3: Duplex Side B 2 bed/1 bath, Rent is $1795, Pro Forma: $2345. Gross Income: $81,540. Cap Rate is approximately 4% but can be increased with Pro Forma rents up to 4.9%. ATTENTION DEVELOPERS: This Property falls within the "Opportunity Zone" which provides tax incentives with the intention to promote investment in economically distressed neighborhoodsLOCATION, VALUE ADD, + DEVELOPMENT OPPORTUNITY! In the opportunity zone, this SFR + Duplex have potential to add value. This is a double lot located in West Chula Vista with freeways, public transportation, and shopping accessible. This property boasts a 4 bed + loft, 2 bath Single Family Residence as well as a Duplex with 2 beds, 1 bath per unit (newly constructed). The existing 3 units are all built on 1 side of the almost 16,000 sqft lot. New owners can LOT SPLIT or continue to develop the west half of the property utilizing SB-9 regulations to their advantage. Each unit has designated parking and washer/dryer hookup. Take advantage of South Bay's growth and appreciating rental market by buying into an investment property within close proximity to some of the region's most rapidly growing job locations including the Navy's newly built $1B Silver Strand Training Complex, the $1.3B Chula Vista Bayfront Development, and Amazon's new $3M facility. All 3 units are currently rented on a month-to-month lease, have ample parking, and have their own washer/dryer hookup. Seller is willing to Carry Back. Unit 1: SFR 3 bed/2 bath, Rent is $2955, Pro Forma: $3455. Unit 2: Duplex Side A 2 bed/1 bath, Rent is $2045, Pro Forma: $2345. Unit 3: Duplex Side B 2 bed/1 bath, Rent is $1795, Pro Forma: $2345. Gross Income: $81,540. Cap Rate is approximately 4% but can be increased with Pro Forma rents up to 4.9%. ATTENTION DEVELOPERS: This Property falls within the "Opportunity Zone" which provides tax incentives with the intention to promote investment in economically distressed neighborhoods. Investor's Keep all Appreciation on this purchase if they hold the property for at least 10 Years! Through this program, investors can achieve the following three significant tax benefits. ALL INFORMATION PROVIDED IS DEEMED RELIABLE. Buyer to verify all before the close of escrow including but not limited to: permits, units, square footage, and development opportunities allowed.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, noncommercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2022 San Diego MLS. Data updated on Friday, August 19th, 2022 07:45:46 PM.
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Listing courtesy of Premier Properties

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Justin Roberts

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