Property Description
The Anderson Group is proud to present the Olive Villas (the “Property”), an attractive rental community that presents real estate investors with the opportunity to acquire a coveted Spanish architecture asset in San Diego’s desirable Bankers Hill neighborhood. The property is being offered free and clear of any debt encumbrances.
The Property consists of four separate buildings totaling 5,269 square feet, situated on a corner 7,544 square foot lot. Olive Villas were originally constructed in 1935 are comprised of ten, one-bedroom / one-bath units. The units have been upgraded, with the most recent being units 313 and 317, which were completely remodeled and in-unit laundry added in 2017. These units are beautifully appointed with fresh white Shaker cabinets, Quartz countertops, recessed lighting, modern stainless steel appliances, a dishwasher (unit 313), built-in microwaves, vinyl plank flooring, and modern interior paint throughout. Unit 303 was remodeled in 2019 as well and is equipped with a tankless water heater. Additionally, unit 309 received a new water heater in 2020. The property’s exterior wood, rails, and fences were painted in 2019 and new roofs were installed in 2018.
The Property has been professionally managed and provides tenants with a charming common area, laundry amenities, and security gated entry. There are also four garages with four off-street parking spaces.
This offering provides an opportunity to purchase a pride-of-ownership multifamily asset in one of the highest-demand rental submarkets in San Diego. The new owner will enjoy the security of having the property situated near comparable apartment communities as well as new development, local shopping, restaurants, and all that Balboa Park has to offer.
