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TURNKEY 5-STAR RATED AIRBNB MULTI UNIT. 6.3% CAP RATE! 1bd/1ba House w/ private detached Studio in Golden Hill. Centrally located in SD making units loved by guests (118 reviews in 1.5 yrs). Owner has managed the property from 4 hrs North with help of a cleaner/landscaper. Read reviews for unbiased ideas for owner occupied opt. Lush landscaping and privacy within 2 miles of Downtown makes this a repeat business. Or rent one, live in the other. Both units show 5-Star rating. 56k gross income 2018. SEE sup 2018 gross income was over $57k with a net of over $41k. Property was blocked out for owner over a cumulative of about 25 days in 2018. Open up the calendar and add the unit on VRBO to maximize potential earnings (property was taken off VRBO in March because owner couldn’t manage both websites during his normal career). This as a 365-day, self-managed, self-cleaned vacation rental has a realistic potential of $70k gross a year. Option 2: Live in one, rent or Airbnb the other! Living in one while vacation renting the second can nearly pay for itself. Benefit of short term vs. long term; much higher earnings, less use of property/appliances, ability to block out dates for friends and family, cleaner property in general. Long term expected rents are $1950 for the house and $1000 for the studio (previous renters loved the privacy of a place so close to downtown, no shared walls, and private yards). Owner has full expense sheet for 2018 showing $14,857 in expenses (including over 5k in cleaning expenses that could be done by new owner) and $56,145 in earnings YTD. Airbnb links attached will show the great reviews. Over 118 reviews to give buyers a first hand non-biased review of the property (can be found in the links to read). The interiors are turnkey with low-maintenance landscaping. Future earnings can be used to make landscaping even more user friendly (turf, pergola, expanded deck, jacuzzi, etc.). Owner is 100% willing to help any new short-term rental owners with starting in the industry (or experienced ones that want some advice on this particular property). Potential to buy out all furnishings is an option to begin vacation renting with practically zero legwork. Details: Property built in 1939 and sits on a 3,634 sqft lot (that was previously split from an earlier 4-unit property with the property to the east). The city data shows 744 sqft total with an unverified 781 sqft. total (557 sqft. house with 224 sqft. studio). There is a 2010 8’x10’ Tuff Shed for the house yard and a couple plastic sheds around the property for storage). The house was remodeled circa 2007 and the studio in 2010, both updated in June 2017 when property was changed to a vacation rental. Both units have a private yard. Studio has private entrance from front walkway. Both properties have been updated with dual pane windows. Updated appliances (other than stove in studio). Washer and dryer is located in the house while the studio is without. Central heating in house. Studio has a gas radiant heater and an older gas stove. No garage. No driveway. Street has unlimited free parking with no street sweeping hours. No issues to date with parking in the reviews (other than one about parking on a hill). Owner is selling due to investment opportunities closer to home. Owner understands the value of this property for people looking for cash flow, easy operability, and property condition. Short term renting has been growing every year and San Diego is repeatedly been one of the best cities for such opportunities. A unique business opportunity or mortgage reducer, the property has little to no comps because of the square footage. Income speaks for itself!
Big Block Realty, Inc.