717 Homeward Way

Alpine, CA 91901 View Map $1,099,000 Ask a Question
Sq.Ft. Lot87,555
Year1984
United Realty Group

United Realty Group

(877) 393-8648

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Status: Sold
Property Type:Residential Income (Multi-Family)
MLS #:220024446SD
Date Sold:1/26/2023
Lot Size:87,555 Sq. Ft.
County:San Diego
Variance granted, Contingent on Cancellation of Current Escrow - 2-4 INCOME UNITS & THE PRICE REDUCED $100,000 - BEST OFFER OR TRADE. Paid Solar! Amazing opportunity!! Main House rent $3,000/$3,500 or more, Detached ADU would rent for at least for $1,800 and each 1,000 sq ft workshop for $1.800 each. Haven't even started on the other opportunities like the RV parking with water, power and sewer all utilities. Or what else someone might do with all the other property since this is a 2+ acre parcel. And you can actually see all of this -- all Floor Plans are in the Virtual Tour and the 3D tours. You can get a good idea of the property with the 3D presentation allowing you to virtually walk through the property. But the entire property will blow your expectations when you actually see it in person. This one of a kind property. Contingent on Cancellation of Current Escrow. PRICE REDUCED $100,000. BEST OFFER OR TRADE. OWNER HAS MOVED TO MISSOURI AND WANTS HOME SOLD NOW. ALL OFFERS CONSIDERED. Paid Solar with new high volume and deep well makes this property almost self-contained. The single-story home is perfect. It is 2-bedroom 2 bath home with optional 273 sq ft office or gym or craft room makes this 1,718 sq. ft. Main home is beautiful and will rent $3,000$3,500 a month or more. The detached over the garage apartment/ADU/granny flat is 2 bedrooms, 1 bath 900 sq ft with private entrance will rent for $1,800/$2,000 a month. The garage has two doors and the left one would be assigned to the apartment/ADU and the right one with the adjacent covered carport assigned to the house. There is paved parking in the area in front of the garages that is 79 ft by 79 ft for additional parking. This parking area is great for extra vehicles, guest and toys like boats, jet skis, ATV's and more. And near that is full hookup RV parking which would be rented for $150 to $200 a month. The workshops would rent for $15 to $20 a sq ft depending on what someone wants to use it for or use both for because these are designed to be production workshops. That is $1,500 to $2,000 a month recognizing that the dimensions of the workshops are 20 ft wide, 50 ft deep and 18 ft high with fully paid solar, wired for heavy use like welders and more, have central air compressor and LED lighting. A creative owner could find even more opportunities recognizing that there are other areas that are yet developed. There is a very large shipping container that based on security, square footage and cubic footage would rent for $500 a month or $6,000 a year that isn't in the financials. As an example, the house could be an Airbnb. OR, this property could be a boutique senior care center and with 6 residence would generate about $30,000 a month or $360,000 a year. As presented as a regular rental this property would generate $7,550 to $9,350 a month or over $100,000 a year. Utility costs are minimal because of the large amount of solar panels and actually 2 wells. This is not your average under rented needing repair rental opportunity. This is ready to go and upon COE the entire property goes to market rent. Cap rate 5.6% on the low end and/or 6.9%.

Detailed Maps

Community Information

Address:717 Homeward Way, Alpine, CA 91901
Area:91901 - Alpine
County:San Diego
City:Alpine
Zip Code:91901

Architecture

Year Built:1984
Stories:Multi/Split
Number of Buildings: 4
Total Units: 4
Unit 1: 2 Beds • 2 Baths • $3,500 pro forma
Unit 2: 2 Beds • 1 Bath • $2,000 pro forma
Unit 3: $1,800 pro forma
Unit 4: $1,800 pro forma
Roof: Composition

Features / Amenities

Appliances: Electric Water Heater, Propane Water Heater, Solar Hot Water
Security Features: Security Gate
Cooling: Central Air, Zoned
Heating: Combination, Electric, Forced Air, Propane, Solar

Property Features

Lot Size: 2.01 Acres / 87,555 Sq. Ft.
Lot Dimensions:316x266
Lot Features: DripIrrigationBubblers, SprinklersManual
View: Panoramic
Directions:Tavern Road turnoff from the 8 freeway. Turn left or North and head up Victoria Park Terrace and turn left on W. Victoria. CrossStreet: N. Victoria

Tax and Financial Info

Buyer Financing: Conventional
Terms: Cash, Conventional, FHA

Listing Agent/Office

Agent:Pete Mylerberg
Office:United Realty Group

Schools

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Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.
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