Property Detail

Description

Incredible opportunity to own a high revenue generating property in one of San Diego's most desirable locations. This amazing triplex is in the heart of North Park, it is just a short walk away from 30th St. and University. This income property is rarely vacant and always rents at a premium. Unit #1 is a large 3 bedroom 2 bathroom home with 2 pleasant balconies attached. The entire 2nd floor is comprised of this unit. Downstairs you will find unit #2 which is a 2 bed 1 bath home with rear access to a shared yard. Unit #3 is a large 1 bed 1 bath with large spaces throughout, this unit also has rear access to the shared yard. Any of these three units could easily be an owner occupied unit providing the new owner with a beautiful home, an outstanding lifestyle and significant supplemental income. The property currently has a good sized backyard with a paved parking area for 5 cars along, as well as a long driveway thats allows for tandem parking in the front. This home was built in the 1890's and converted to a triplex in the 1920's so there is a real good likelihood of getting it approved for historical designation/Mills Act ( Huge Tax Benefit ). The property has been meticulously maintained over the past few years and improvements have been made when needed. But the Biggest bonus that comes with the purchase of this beautiful property, is that the owners are weeks away from attaining fully approved city plans to build 2 ADU's. This process has taken over 12 months and is finally fully approved. Plans are for construction of two new additional dwelling units totaling just under 2000 square feet. ADU#1 (3 bed 3 bath/ 1196 SQFT) & ADU#2 (2 Bed 2.5 Bath / 800 SQFT). Projected income from the 2 new ADU's is estimated to be between $90,000-$96,000. These plans can be transferred to the new owners and the new owners can take this great property to the next level from an income perspective. This is a great opportunity for anyone interested in owning a reliable wealth and income producing property in a highly sought after neighborhood. North Park is undoubtably one of San Diego's best neighborhoods and this is one of North Park's best properties. Do not let this unique opportunity go.