Deal of the Week | 5 UTC Townhomes
In this episode of Deal of the Week, Justin showcases 5 individual free-standing townhomes that are being sold as part of a portfolio deal. Great investment opportunity with the location and long time rental income potential. If you or someone you know is looking to buy, sell, or invest in San Diego real estate, we would love to be a resource for you!
A great deal of the week in UTC. 5 townhomes that are kind of being sold as a mini portfolio. Properties have a decent cap rate for someone looking to park money is a great tangible asset and just sit back and collect mailbox money. This deal also has a value add play to it.
The neighborhood is Genesse Highlands which is a great little townhome neighborhood in the UTC area. Rents are going to be on average in the high 2,000s around $2,800 all the way to $3,200 depending on the unit. Located near the UCSD college, you'll have consistent rents because of the demand. There aren't any properties currently on the market in UTC in this area so that goes to show you how high the demand is for property in this area.
The value add play is to buy it around that $2.7 to $2.9mil range, you'll see an initial cap rate of around 4%, but go in there and spend $20k upgrading each unit and you'll see much greater returns as rents are going to increase, the value will increase, and demand will stay strong.
The neighborhood is Genesse Highlands which is a great little townhome neighborhood in the UTC area. Rents are going to be on average in the high 2,000s around $2,800 all the way to $3,200 depending on the unit. Located near the UCSD college, you'll have consistent rents because of the demand. There aren't any properties currently on the market in UTC in this area so that goes to show you how high the demand is for property in this area.
The value add play is to buy it around that $2.7 to $2.9mil range, you'll see an initial cap rate of around 4%, but go in there and spend $20k upgrading each unit and you'll see much greater returns as rents are going to increase, the value will increase, and demand will stay strong.
Justin Brennan
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