June 1, 2018
We’re currently renting out the 3 unit as short-term vacation rentals, which is the highest rent per square foot given their location and the time of year. Once the rent roll is established, after about two months of rentals, we will begin marketing the property for sale as an investment property. Additionally, since the property is very close to University of San Diego, we will be renting it out as 9-month student housing beginning in September. It should be an attractive investment property for the right buyer, but to keep our options open, we have begun the condo mapping process with the city, which would give us the option to sell each of the 3 units separately if we cannot find a buyer for the whole property. The condo mapping process takes about 6 months. We are exploring these different options in hopes of getting the best sales price for the property and will keep investors apprised of the situation as it unfolds.
Projected completion: Done. Cash flowing.