NOT LISTED FOR SALE

979 W Laurel St San Diego, CA 92101

Little Italy Neighborhood

Estimated Value: $1,528,507 - $1,688,000

2 Beds
4 Baths
2,000 Sq Ft
$803/Sq Ft Est. Value

Last Sold August 07, 2023

Last sale price $1,537,000 $768 Per Sq Ft

Est. 5% increase in value since last sale

Current estimated payment $10,104/month

105 Days on Market

About This Home

As of August 2023

We are pleased to present the opportunity to acquire 979 Laurel Street, San Diego, CA 92101, located in the heart of Little Italy. Two income-producing units plus a garage that can be converted for additional income. Perfect investment for a 1031 exchange. Both units are fully remodeled. This duplex can be utilized for a variety of different investment options. Can operate as one unit or independently and also can be used as a work / live space. Current short-term rental restrictions allow for one unit to automatically gain a short-term rental license while the other unit is occupied either by the owner or long-term tenant. A total of 2,200 SF with updated amenities and move-in ready. Just minutes from the airport, walkable to bars, restaurants and the bay, this location can’t be beat. The project location, strong market fundamentals and lack of new inventory should lead to a stable cash-flow.

Last Agent to Sell the Property

Marc Lipschitz

Compass License #01048968 Listed on: 04/04/2023

Compass

Co-Listed By

Jenica Martin

Douglas Elliman of California, Inc. License #01933551

Douglas Elliman of California, Inc.

Last Buyer's Agent

Jenica Martin

Douglas Elliman of California, Inc. License #01933551

Douglas Elliman of California, Inc.

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $19,425

Year Built

  • Built in 2007

Lot Details

  • 1,059 Sq Ft Lot
  • Property is Fully Fenced

Home Design

  • Composition Roof

Interior Spaces

  • 3-Story Property

Community Details

  • Net Operating Income $97,152

Listing and Financial Details

  • Assessor Parcel Number 533-630-06-00

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$19,425

Year Built

Built in 2007

Lot Details

0

Listing Details

  • Class: 2-4 UNITS
  • Type: Res Income 2-4 Units
  • Market Area: Metro Central
  • Cross Street: Kettner
  • Neighborhood: Little Italy
  • LP / Sq Ft: 12.6
  • Stories: 3 Story
  • Sale Price List Price: 1.0
  • Total Stories: 3
  • Year Built: 2007
  • Allow Comments Review: Yes
  • Internet Address Field: Full Address
  • Internet Syndication Y N: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Exterior Features

  • Exterior Material: Block
  • Fencing: Full
  • Roof: Composition

Utilities

  • Cooling: Central Forced Air

Condo/Co-op/Association

  • Complex Name: y
  • Community: SAN DIEGO

Lot Info

  • Lot Size: 1-3,999 SF
  • Zoning: COMMERCIAL
  • Assessor Parcel Number: 533-630-06-00
  • Estimated Lot Sq Ft: 1059
  • Estimated Number of Acres: 0.02
  • Map Code Column: J
  • Map Code Page: 1288
  • Map Code Row: 1

Multi Family

  • No. of Units: 1
  • Actual Net Operating Income: 97152
  • Annual Expense Actual: 19680
  • Annual Expense Projected: 22000
  • Gross Rent Multiplier Actual: 13.0
  • Gross Rent Multiplier Projected: 11.0
  • Gross Sched Income Actual: 116832
  • Gross Sched Income Projected: 144000
  • Number Of Buildings: 1
  • Number Of Furnished Units: 2
  • Number Of Units With Cooling: 2
  • Number Of Units With Dishwashers: 2
  • Number Of Units With Dryers: 2
  • Number Of Units With Fireplaces: 1
  • Number Of Units With Garage: 1
  • Number Of Units With Patios: 2
  • Number Of Units With Range Oven: 2
  • Number Of Units With Refrigerator: 2
  • Number Of Units With Washers: 2

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Dec 19, 2023
Sold by
Alarico Paul and Alarico Shantal
Bought by
Alarico Living Trust and Alarico
Current Estimated Value
$1,606,836

Purchase Details

Closed on
Jul 19, 2021
Sold by
Pello Llc
Bought by
Coal Investments Llc

Purchase Details

Closed on
Jan 16, 2014
Sold by
West Laurel Studios Lp
Bought by
Pello Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$255,600
Interest Rate
4.45%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
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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

Purchase History

Date Buyer Sale Price Title Company
Alarico Living Trust -- None Listed On Document
Alarico Paul -- None Listed On Document
Coal Investments Llc $880,000 Lawyers Title Company
Pello Llc $639,000 First American Title Company
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Pello Llc $255,600
Previous Owner Pello Llc $319,500
Previous Owner Pello Llc $265,000
Previous Owner West Laurel Studios Lp $1,250,000
Previous Owner West Laurel Studios Lp $1,700,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/07/2023 08/07/23 Sold $1,537,000 -3.9% $769 / Sq Ft
07/19/2023 07/19/23 Pending -- -- --
04/04/2023 04/04/23 For Sale $1,599,000 -- $800 / Sq Ft
Source: San Diego MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $19,425 $1,591,200 $530,400 $1,060,800
2024 $19,425 $1,560,000 $520,000 $1,040,000
2023 $11,246 $897,600 $510,000 $387,600
2022 $10,943 $880,000 $500,000 $380,000
2021 $9,146 $723,667 $339,750 $383,917
2020 $9,037 $716,248 $336,267 $379,981
2019 $8,870 $702,205 $329,674 $372,531
2018 $8,296 $688,437 $323,210 $365,227
2017 $8,095 $674,939 $316,873 $358,066
2016 $7,962 $661,706 $310,660 $351,046
2015 $7,839 $651,767 $305,994 $345,773
2014 $4,911 $401,572 $133,368 $268,204
Source: Public Records

Agents Affiliated with this Home

  • Marc Lipschitz

    Seller's Agent in 2023

    Marc Lipschitz

    Compass

    (619) 857-2882

    1 in this area

    15 Total Sales

    Marc Lipschitz
    Section Image
  • Jenica Martin

    Seller Co-Listing Agent in 2023

    Jenica Martin

    Douglas Elliman of California, Inc.

    (925) 787-1911

    1 in this area

    123 Total Sales

    Jenica Martin
    Section Image
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Map

Source: San Diego MLS

MLS Number: 230006178

San Diego MLS

APN: 533-630-06

California San Diego County San Diego 92101 Little Italy

979 W Laurel St, San Diego, CA

This home is located at 979 W Laurel St, San Diego, CA 92101 since 04 April 2023 and is currently estimated at $1,606,836, approximately $803 per square foot. This property was built in 2007. 979 W Laurel St is a home located in San Diego County with nearby schools including Washington Elementary School, Roosevelt International Middle School, and Museum School.

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