Apartment - San Diego, CA

Motivated sellers! True value add deal, large lot may have further dev opp & zoning incentives. Clear Phase 1 environmental report & recent survey available for review. Owners received zoning deviation from the current commercial zoning, and the property is now permitted as ALL multi family. 2 of units have monthly rent limits in place under affordable housing agreement for 65% AMI (for zoning deviation); this rent cap is well above market @ $1503-1 BR, $1690-2 BR. Rent cap adjusted for median income annually by HUD. Owner is in process of instituting Water\/Sewer RUBS program with tenants. Buyer will be able to reap benefits of completing this. Laundry facility on site, potential for additional income. Add\u00e2\u0080\u0099l exterior improvements include, new roof, new stucco, security lighting, asphalt reseal, fascia repair, new paint, perimeter fencing with automatic entry gate and keypad, underground water\/sewer replaced.