4503 University Ave., San Diego, CA 92105

Property Description

Rare find. A detached commercial storefront with two detached homes each are 1 bd. 1 ba, 500sf with private backyards and a billboard that produces income. Rare find, a detached commercial retail storefront with two detached homes on a 4,500-sf. lot on the corner of University Ave. and 45th Street in San Diego, California. Each house is a 1 bed/1bath, approximately 500sf with private backyards. Both homes have newer roofs, exterior paint, hardwood floors and upgraded tile in the bathrooms. These are clean, well maintained units. The commercial unit was recently painted inside and out, new carpet, new tile, new drop ceiling and LED lights and wired CAT -5 throughout. The property is 100% occupied and all tenants have a history of paying rent on time. The gross annual rents are $50,502. The monthly rent for each home is $900 per month. The storefront rents for $2,008.50 a month and the billboard rents for $400 minimum per month or 25% of the gross annual income, whichever is greater. In 2017 the owner received $1,812.42 in addition to the $400 per month for the billboard. The commercial storefront is rented to Bergstrom & Bergstrom Insurance Services until July 31, 2019, with monthly rent of $2,008.50 with 3% annual increases and one 2-year option. One home is on a month-to-month that the same tenants have occupied since 2013 and the other home is on an annual lease that expires in October 2017. These units are that are easy to rent and could easily rent for $1,000 per month. Recurring annual expenses for 2017 (not including property taxes) was $5,601, which included: insurance $1,317, landscaping $1,440 ($120 per month), water $2,460 (average) and annual cost for pest control of $384. Each tenant pays for their own gas & electric.Property taxes for 2017 were $5,647.96. The property tax rate for this parcel was .0116967 and the fixed charges assessments were $632.86. The CAP rate of 5.1% is based on the purchase price of $705k including property taxes at $8,246 (...