Buy Of The Week – Great Deal in the Gaslamp Quarters
Trellis is the only high rise condo community in Downtown San Diego’s Gaslamp Quarters. Trellis is just steps from some of Gaslamp’s best dining and night life, as well as Petco Park. The community is comprised of 2 towers with a common area courtyard in the middle. The amenities include common area BBQs, outdoor seating, a fitness facility, underground parking and controlled access lobby.
Trellis Condo For Sale:
- 530 K Street, San Diego, CA 92101
- 2 Bedroom
- 2 Bathrooms
- 939 Square Feet
- 3rd Floor
- Split Bedrooms
- 2 Parking Spaces
- Offered at $499,900
- Homeowners Dues: $647/mo
*Listing Courtesy Of “Berkshire Hathaway HomeService”
Text “BOTW” to (619) 430-4212 for the latest “Buy of the Week”
Why Is This A Great Buy?
Three two bedroom units in the building sold in May 2017. All 3 residences were in the 900 square foot range. #402 sold for $525,000, #412 sold for $550,000 and the model match #414 sold for $550,000 as well. #414 is the exact same floor plan, just one floor higher, and sold for $50,000 more than this condo’s asking price! With these 3 comparable sales, you would essentially have built in equity when you purchased.
This building allows for 30 day minimum rentals. This presents a unique opportunity to use this property as a furnished corporate rental. This excellent location would command a significant premium. The company I typically recommend that manages corporate rentals in downtown has a few other rentals in the building. Majority of these rentals are 1 bedroom condos, but they do have a 2 bedroom available. They ask $4,900 during the month of July, $4,700 in June and August, and $3,900 during non peak months. That would the owner the opportunity to use it as a second home occasionally, but rent it out while it is vacant. This company has a proven track record and would be able to provide rental estimates and past vacancy rates for serious prospects.