It’s not uncommon for investors to look at flipping properties as a means of producing income, and investments in real estate for sale in downtown San Diego could turn major profits. A nine-unit residential apartment property in North Park sold for its complete asking price of $3.78 million, after investors remodeled both the interior and exterior of the property.
Renovations to the exterior of the property include a contemporary front facade with redwood siding, They also update the electrical work and plumbing, while replacing concrete as needed. Inside of each apartment unit, remodelers installed wood laminate flooring and completely redesigned the kitchens and bathrooms in each unit.
The seller was represented by Carson Trujillo, a first vice president for Marcus & Millichap in their downtown San Diego office. Marcus & Millichap is a commercial real estate brokerage firm that specializes in financing, research and advisory services, and investment sales.
The renovated property, located at 4576 Idaho St. in North Park, consists of three two-bedroom units and six one-bedroom units equipped with upgraded kitchen and bathrooms as well as new flooring. The unit does not accept Section 8 applicants and prefers residents be nonsmokers. One small pet is welcome, however, with an additional $500 security deposit. Off-street parking is available for tenants.
Declared one of the “best hipster neighborhoods” by Forbes, North Park is packed with bars, microbreweries, and other aspects of nightlife. The neighborhood is within walking distance to Balboa Park, San Diego’s largest green space.
Apartments in the newly renovated unit are likely to be attractive to students moving to the area for its Life & Sciences benefits. While the buyer made a large investment, the payout could potentially be extremely profitable as many businesses relocate to the downtown San Diego area for its many amenities. Investors interested in turning a profit on flipping properties should consider browsing real estate for sale in the area, as interest continues to grow.