2430 Union Street, San Diego, CA 92101
Property · 2 recorded sales since 2012
Sold April 2022
Listing Agent: Thomas McCartin (DRE #01427348) · Listing Office: Marcus & Millichap · Contact: 858-373-3100 · Bought with: Thomas McCartin · Marcus & Millichap · MLS #220007137SD · Source: CRMLS
About this property
Rare Opportunity to own a practically brand new building in one of San Diego's most prestigious neighborhoods that generates enough income to have leveraged cash flow! Union 4 is that opportunity. Original historic house that has been renovated and still carries a Mills Act designation for lower property taxes along with 3 units built in 2013 by a well known San Diego architect. The location will attract both young professionals looking to live within walking distance to downtown but you can also operate the building as a Short Term Vacation Rental. The Penthouse 2BR suite is going to remain as a Vacation Rental which will allow an investor to decide how to operate it moving forward. Offered at a 4.13% cap with long term rentals this is easily one of the best opportunities in Southern CA considering the quality and location. Operated as a full time vacation rental the property has the potential to generate >$260,000 and over a 6% Cap Rate. In addition the current owners have worked with the city and there are approved plans for a 257 Sq Ft Accessory Dwelling Unit (ADU) that should generate an additional $24K to $28K of income. Do not miss this opportunity. Exterior: Metal Unit # for Unit 1: 1 Unit # for Unit 2: 2 Unit # for Unit 3: 3 Unit # for Unit 4: 4 Number of Furnished Units: 1
Listing description from the April 2022 sale, as reported to CRMLS.
Sale history
