REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 1,599,000
Est. payment | /mo
$ 1,599,000
Est. payment | /mo
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260001711SD
HOA Y/N No
Year Built 1978
Property Description
5067 Alumni Place presents a rare opportunity to acquire a fully gut-remodeled 2-unit property with SUBMITTED plans to add two additional units with STREET ACCESS from both sides, offering both high rental income (BY SDSU) and clear development upside. The existing improvements consist of two spacious units, each featuring 4 bedrooms and 2 bathrooms at approximately 1,500 square feet per unit (Total 8B/4B). Both units have been completely renovated, providing modern layouts, updated systems, and strong rental appeal. Expected rental income for the existing two units is 6K each unit (12K total). Bank just appraised it for 1.7M! Submitted plans call for the construction of a new two-story building featuring two additional units with a patio deck: a 4-bedroom, 2-bath unit of approximately 1,200 square feet and a 2-bedroom, 1-bath unit of approximately 600 square feet, with one unit on each level (Total 6B/3B). This configuration is well suited for maximizing rental income in a high-demand market. Strategically located in the College Area, directly adjacent to San Diego State University, the property sits in one of San Diego's strongest and most consistent rental corridors. Proximity to campus, transit, and neighborhood amenities makes this an ideal asset for investors seeking stable cash flow today with the ability to significantly increase density and long-term value. This property offers rare both front and back street access to both levels and the proposed new 2 unit. Parking is abundant on Reservoir Dr and does not require a permit. The top unit has been rented out for 5K/month on a 6 month lease to help carrying cost until summer rental season. This property offers more value compared to recent listings or sold comps in the area.
Location
State CA
County San Diego
Area 92115 - San Diego
Zoning RS-1-7
Interior
Heating Forced Air, Natural Gas
Cooling Central Air
Fireplace No
Appliance Gas Water Heater
Exterior
View Y/N No
Roof Type Composition
Building
Lot Description Sprinkler System
Story 2
Entry Level Two
Level or Stories Two
Others
Senior Community No
Tax ID 4672501400
Acceptable Financing Cash, Conventional, FHA, VA Loan
Listing Terms Cash, Conventional, FHA, VA Loan
Virtual Tour https://www.propertypanorama.com/instaview/snd/260001711
Listed by Rory Cornelius ROA California Inc #02161116
NEARBY SCHOOL & BUSINESS
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA
GET MORE INFORMATION