$1,495,000
SOLD NOV 20, 2017

1015 W Palm St San Diego, CA 92103

Middletown Neighborhood
6 Beds
5 Baths
3,317 Sq Ft
7,099 Sq Ft Lot

Recently Sold

$451 Per Sq Ft

9% Below List Price

35 Days on Market

Highlights

  • Ocean View
  • 4-minute walk to Middletown
  • Property is Fully Fenced
  • Grant K-8 Rated A-
  • Corner Lot
  • Gentle Sloping Lot

About This Home

As of November 2017

INCREDIBLE combined investment property and Business Opportunity!!! Rare FULLY UPGRADED 3-unit on Large Corner Lot in the heart of San Diego’s coveted Mission Hills neighborhood. Unmatched Panoramic Views of the San Diego Harbor, the Bay, Downtown, and Coronado Island!! Everything is updated inside: from the contemporary bathrooms to the gleaming gourmet kitchens outfitted with top-of-the-line appliances to the restored Hardwood flooring. Includes All-New Windows, New Electrical system, AC & Furnace! What sets this property apart is the Business Opportunity that comes with the sale – a fully compliant short-term vacation rental business with a solid track record of profitability. 2016 gross revenue was $151,885 - just for these 3 units!!! Only selling because current owners need liquidity. The current property management company is so confident in its system they have agreed to give a 1 YEAR GROSS REVENUE GUARANTEE to new owners, beginning at close of escrow. Absolutely unheard of!

Last Agent to Sell the Property

Jim Tyner

Home Solutions Group- Realty & Mortgage License #01803901 Listed on: 09/06/2017

Last Buyer's Agent

Tugg Snowbarger

Grand Pacific Properties Group License #01311637

Property Details

Home Type

  • Multi-Family

Year Built

  • 1950

Lot Details

  • 7,099 Sq Ft Lot
  • Property is Fully Fenced
  • Corner Lot
  • Gentle Sloping Lot

Property Views

  • Ocean
  • Bay
  • Panoramic
  • City Lights

Home Design

  • Split Level Home
  • Composition Roof
  • Stucco Exterior

Utilities

  • Heating System Uses Natural Gas
  • Separate Water Meter
  • Gas Water Heater
  • Prewired Cat-5 Cables
  • Cable TV Available

Community Details

  • 3 Units
  • Net Operating Income $96,261

Listing and Financial Details

  • Assessor Parcel Number 451-662-16-00

Property Details

Home Type

Multi-Family

Year Built

1950

Lot Details

0

Listing Details

  • Class: 2-4 UNITS
  • Market Area: Metro Uptown
  • Cross Street: State St.
  • Neighborhood: Mission Hills
  • Supplement: What sets this property apart is the Business Opportunity that comes with the sale – a fully compliant short-term vacation rental business with a solid track record of profitability. 2016 gross revenue was $151,885 - just for these 3 units!!! Only selling because current owners need liquidity. The current property management company is so confident in its system they have agreed to give a 1 YEAR GROSS REVENUE GUARANTEE to new owners, beginning at close of escrow. Absolutely unheard of!
  • Stories: Split Level
  • Sale Price List Price: 0.91
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1950

Exterior Features

  • Exterior Material: Stucco
  • Fencing: Full
  • Roof: Composition
  • View: Bay, City, Evening Lights, Ocean, Panoramic, Panoramic Ocean

Utilities

  • Cooling: Central Forced Air
  • Sewer/Septic: Sewer Connected
  • Water: Meter on Property
  • Water Heater Type: Gas
  • Telecommunications: Cable (coaxial), Computer (cat5)
  • Heat Equipment: Forced Air Unit

Condo/Co-op/Association

  • Community: SAN DIEGO

Schools

  • School District URL: https://www.sandiegounified.org/

Lot Info

  • Lot Size: 4,000-7,499 SF
  • Site: Corner Lot
  • Topography: Slope Gentle
  • Zoning: R-4:MULTIP
  • Assessor Parcel Number: 451-662-16-00
  • Land Use Code: R-4
  • Estimated Lot Sq Ft: 7099

Multi Family

  • No. of Units: 3
  • Actual Net Operating Income: 96261
  • Annual Expense Actual: 66345
  • Gross Rent Multiplier Actual: 10.85
  • Gross Sched Income Actual: 151885
  • Number Of Buildings: 1
  • Number Of Furnished Units: 3
  • Number Of Units With Cooling: 3
  • Number Of Units With Dishwashers: 3
  • Number Of Units With Dryers: 3
  • Number Of Units With Fireplaces: 2
  • Number Of Units With Garage: 2
  • Number Of Units With Patios: 3
  • Number Of Units With Range Oven: 3
  • Number Of Units With Refrigerator: 3
  • Number Of Units With Washers: 3
  • Other Income Actual: 10720

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/23/2020 04/23/20 Rented $2,800 -3.3% --
04/22/2020 04/22/20 Price Changed $2,895 -3.3% $2 / Sq Ft
04/08/2020 04/08/20 For Rent $2,995 0.0% --
11/20/2017 11/20/17 Sold $1,495,000 -9.3% $451 / Sq Ft
10/12/2017 10/12/17 Pending -- -- --
09/06/2017 09/06/17 For Sale $1,649,000 +109.4% $497 / Sq Ft
09/04/2012 09/04/12 Sold $787,500 +5.1% $246 / Sq Ft
07/03/2012 07/03/12 Pending -- -- --
06/13/2012 06/13/12 For Sale $749,000 -- $234 / Sq Ft
Source: San Diego MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Greg Flaherty

    Seller's Agent in 2020

    Greg Flaherty

    Penny Realty

    (858) 692-0185

    38 Total Sales

    Greg Flaherty
    Section Image

  • G

    Buyer's Agent in 2020

    Gregory Flaherty

    Penny Realty

  • Jim Tyner

    Seller's Agent in 2017

    Jim Tyner

    Home Solutions Group- Realty & Mortgage

    (619) 392-4074

    1 in this area

    15 Total Sales

    Jim Tyner
    Section Image
  • Tugg Snowbarger

    Buyer's Agent in 2017

    Tugg Snowbarger

    Grand Pacific Properties Group

    (619) 318-9600

    52 Total Sales

    Tugg Snowbarger
    Section Image
  • Jim Scott

    Seller's Agent in 2012

    Jim Scott

    Scott & Quinn Real Estate

    (619) 920-9511

    3 in this area

    35 Total Sales

    Jim Scott
    Section Image
  • Rocky Rockhill

    Seller Co-Listing Agent in 2012

    Rocky Rockhill

    Coldwell Banker West

    (619) 972-3033

    2 in this area

    36 Total Sales

    Rocky Rockhill
    Section Image
See All Agents

Map

Source: San Diego MLS

MLS Number: 170046786

San Diego MLS

APN: 451-662-16-00

California San Diego County San Diego 92103 Middletown

1015 W Palm St, San Diego, CA

This home is located at 1015 W Palm St, San Diego, CA 92103 and is currently priced at $1,495,000, approximately $450 per square foot. This property was built in 1950. 1015 W Palm St is a home located in San Diego County with nearby schools including Grant K-8, Richard Henry Dana Middle School, and Roosevelt International Middle School.

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