1334-1336 29th Street

Top Gun CRE, Inc. is pleased to present 1334 -1336 29th St, a charming and well-maintained, 2-unit multifamily property currently operated as a single-family home, extremely well-located in the South Park neighborhood of San Diego.

The subject property is comprised of 1922-built craftsman house containing roughly 1,223 total livable square feet, currently laid out as a 2bed/2bath single-family home. The property boasts plentiful craftsman charm with original hardwood floors, built-in wood shelving and wall accents, arched entryways, and private front porch. There is a very secluded rear patio area with terraced garden and mature landscaping. There is also a driveway for multiple cars and a small, 240 SF 1-car covered garage/shed.

Per the County Assessor, an addition was completed in 1953, and according to Title, the property has a duplex (2-unit) multifamily use code. Previously, the property was configured as a 1bed/1bath and separate studio unit. Accordingly, there are 2 electric meters, only 1 of which is currently in use. The kitchen area for the rear studio unit (which was part of the '53 addition) has been converted into a laundry room, but a counter and sink and all requisite plumbing still exist for a full kitchen. Permits for the current combined configuration are unknown, but it’s plausible an investor can bring back the studio kitchen and further divide the existing layout to create 2 legal living units for maximum efficiency and cash flow. A rough floorplan is provided for reference. Recent improvements include newer wall texture and paint, newer flooring in some areas, a newer foundation, new fireplace/chimney, and refurbished exterior. Some electrical and plumbing has also been more recently updated.

The property is currently rented to a month-month tenant for $3,300/month. However, said tenant is in the process of moving, and it is estimated the property will be vacant by December 2023. This allows a new owner to immediately get to work upon closing improving or re-working the property, or to move in themselves.

The property sits on a 4,971 SF lot zoned RS-1-7 with Transit Priority Area, Transit Area Overlay, and Historic District overlay zones. There may be the possibility of expanding/converting the existing garage into an ADU, or razing that structure altogether and building a new ADU. It is important to note, however, that the property itself does carry a formal historical designation.

Owned long-term by current ownership, this property represents a fantastic value-add opportunity for astute investors looking to maximize density by dividing the structure and/or adding an ADU. Or, a buyer may simply enjoy living in the main house and renting the studio and any future-added units for additional cash flow in this extremely desirable area.

This property is extremely well-located in the highly sought-after South Park rental submarket, which is one of San Diego's hottest neighborhoods featuring classic turn-of-the-century architecture and charm. Numerous local shops, mom-and-pop restaurants, and trendy breweries are only a few blocks away...not to mention fantastic amenities and additional activities at Balboa Park, the San Diego Zoo, Hillcrest, and downtown San Diego which are minutes by car.

Finally, the area has also been recently designated as a San Diego Historic District, and therefore, a new owner can apply for the Mills Act which can save a significant amount on property taxes upon qualification.