865 21st St

865 21st is a beautifully remodeled 8 Unit property overlooking Downtown and the Coronado bridge and just 7 minutes by car to the San Diego International Airport. Nestled in a quiet pocket of Golden Hill, the property has undergone extensive renovations inside and out within the past 3 years including a new roof, modern kitchens/cabinets, refinished hardwood floors, and much more.
The property is currently master-leased to a single tenant that operates the building as a short-term rental. They typically host nurses, government workers, and other agencies on up to a 4 month basis. The operator controls over 100 units between San Diego, Los Angeles, and Miami. Current lease is for a total of $18,428 / month or $2,266 per unit plus $300 for storage and extends through 11/30/23 with 3% yearly increases. The tenant pays all utilities and management fees. Landlord is responsible for landscaping, building maintenance, taxes and insurance.
There is potential to add value by converting the existing storage space into Additional Dwelling Units.