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$1,599,000
Est. payment /mo
8 Beds
4 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision College Park (Cp)
MLS Listing ID 260001711
Bedrooms 8
Full Baths 4
Year Built 1978
Property Sub-Type Res Income 2-4 Units
Property Description
5067 Alumni Place presents a rare opportunity to acquire a fully gut-remodeled 2-unit property with SUBMITTED plans to add two additional units, offering both high rental income (BY SDSU) and clear development upside. The existing improvements consist of two spacious units, each featuring 4 bedrooms and 2 bathrooms at approximately 1,500 square feet per unit (Total 8B/4B). Both units have been completely renovated, providing modern layouts, updated systems, and strong rental appeal. Expected rental income for the existing two units is 6K each unit (12K total). Bank just appraised it for 1.7M! Submitted plans call for the construction of a new two-story building featuring two additional units with a patio deck: a 4-bedroom, 2-bath unit of approximately 1,200 square feet and a 2-bedroom, 1-bath unit of approximately 600 square feet, with one unit on each level (Total 6B/3B). This configuration is well suited for maximizing rental income in a high-demand market. Strategically located in the College Area, directly adjacent to San Diego State University, the property sits in one of San Diego's strongest and most consistent rental corridors. Proximity to campus, transit, and neighborhood amenities makes this an ideal asset for investors seeking stable cash flow today with the ability to significantly increase density and long-term value. This property offers rare both front and back street access to both levels and the proposed new 2 unit. Parking is abundant on Reservoir Dr and does not require a permit. Reach out for OM, proforma and submitted plans. Property is vacant.
Location
State CA
County San Diego
Area Metro Uptown
Zoning RS-1-7
Interior
Heating Forced Air Unit
Cooling Central Forced Air
Fireplace No
Exterior
Fence Gate
Utilities Available Sewer Connected
View Y/N No
Water Access Desc Meter on Property
Roof Type Composition
Building
Story 2
Water Meter on Property
Level or Stories 2
Others
Senior Community No
Tax ID 467-250-14-00
Acceptable Financing Cash, Conventional, Exchange, FHA, VA
Listing Terms Cash, Conventional, Exchange, FHA, VA
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Listed by Rory M Cornelius ROA California Inc
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