San Diego Apartments: 2016

4260 Campus Ave.

21 Units Priced at 4.55M

The iconic Torrey Arms was once owned by renowned botanist Dr. John Torrey, who famously discovered and named the Torrey pine tree. The Victorian structure built in 1885 is one of San Diego’s oldest buildings. Coupled with the 1930’s courtyard units, this property provides all the charm and character that tenants in this area desire. The property is well positioned to acquire substantial property tax savings via the Mills Act (as much as 90% off in some cases).*

This property could be amazing. Its in a sleepy part of University Heights, but only 1.5 blocks over to Park Blvd.

The owner has well maintained and improved the property, however it appears to need a skosh of work. I dont know how much work this property needs, I guesstimated 35K to account for painting the main house, wood work & Unknown. Seller has told me that electrical, plumbing and foundation are all updated. New Water heater as well. Owner suggested that if you want to push rents a couple grand per door would suffice.

I have ran the numbers with a 500 dollar per door reserve and increased the vacancy to 3.5 percent to account for the small units and the lack of parking.

Suggested offer price of $4,260,000 (numbers on below summary are ran at 4.260)

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Excel Version of Summary

I had the privilege to be involved in the acquisition and the renovations of a property called "The Dorchester " which was very similar in vintage and style. That property paid the owner back in spades, but it was a very large upfront capital investment and a lot of time and energy.

*Description courtesy of Owner/Agent Mr. Swanson