This property is being sold, AS IS, WHERE IS, WITH ALL FAULTS! Fix and Flip Opportunity - Development Opportunity - Bring your Contractor! Built in 1951, the property consists of Two separate Homes. Unit 1 – 3 Bed/1 Bath totaling approximately 985 square feet, Unit 2 – 5 Bed/2 Bath totaling approximately 1544 square feet. Building Size – 2529 SF Lot Size – 5,975 SF The two buildings’ total square footage of approximately 2,529 square feet sits on a lot of approximately 5,975 square feet. The property has not been well maintained and has quite a bit of deferred maintenance. The Units need to be updated with new kitchens, baths, flooring, etc., to compete in the areas rental market. The property is zoned R-3 Restricted Multiple, however it falls within certain zoning overlays which are the following. CCHS – Complete Communities Housing Solution (Tier 3 Zoning, 6.5 FAR). This is a big advantage for developers in the area. Based on a building size of approximately 2,529 square feet x 6.5 FAR = 16,438 buildable square footage for a new development. CCMC – Complete Communities Mobility Choices (a program in San Diego, California that aims to improve mobility options for residents). SDA - Sustainable Development (a geographic area within walking distance of a major transit stop in San Diego, California). TPA – Transit Priority Area (a geographic area within ½-mile of a major transit stop included in a Transportation Improvement Program). CN1-2 – Commercial Category allowing auto oriented development, 1-Unit per 1,500 square feet of lot size. All set-backs are 10’, maximum height limit 30’. This property is in a very favorable zoning location for re-development. Tier 3 Zoning with 6.5 FAR. The average rents in the area considering the units are updated, refurbished and cleaned. Unit 1 - 3-bed + 1-bath = $3,500.00 Unit 2 – 5-bed + 2-bath = $4,500.00 Total Rental Income: $8,000.00 per month The CAP rates for Sales in the area are approximately (4.4%-6.25%) depending on the condition, unit mix and location of the property. In a 1-mile radius of the property, Single-Family homes are selling for an average of approximately $450-$600 per square foot for updated and remodeled homes.