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Key Details
Sold Price $5,300,000
Property Type Single Family Home
Listing Status Sold
Purchase Type For Sale
Square Footage 17,748 sqft
Price per Sqft $298
MLS Listing ID 23301383
Sold Date 11/13/23
Bedrooms 34
HOA Y/N No
Year Built 1982
Lot Size 0.880 Acres
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 92021 - El Cajon
Zoning C
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dishwasher, Refrigerator, Dryer, Washer
Exterior
Parking Features Garage, Side By Side
Garage Spaces 2.0
Garage Description 2.0
View Y/N No
View None
Total Parking Spaces 33
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5072832000
Special Listing Condition Standard
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Bought with Athir Markos Keller Williams Realty