Union Square 3 Bedroom Under $500k!
Union Square is located in the rapidly growing neighborhood of East Village. This complex sits on a super block, which is two city blocks combined into one. The lot is more than 2x a normal city block once you combine the street space that would be between the who blocks. Union Square has great amenities for the low homeowner’s dues. These amenities include a community room with a kitchen, an indoor spa, fitness facility, BBQ area with seating, an onsite manager, gated underground parking, and secure entry. Watch the video for more information on Union Square.
Union Square Condo For Sale:
- 3 Bedrooms
- 3 Bathrooms
- 1,215 Square Feet
- 5th Floor
- 2 Parking Spaces
- Corner Unit
- City views
- Offered at $479,000 – $499,000
- Homeowners Dues: $486/mo
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Why Is This A Great Buy?
Three bedroom condos are extremely difficult to find in Downtown San Diego. Currently there are only 10 options in all of downtown and they are listed at an average price of $2,873,780! The 2nd lowest priced option in price is a detached bungalow listed at $1,200,000 and the next lowest priced 3 bedroom condo in downtown is in Pinnacle listed at $1,969,000. This is a rare opportunity to own a great investment property or starter home.
I would estimate rents on this condo to be around $2,800-2,900 per month. After property taxes and HOA dues, you would net approximately $21,886 at $2,800 per month. At the full list price of $499,000, that would be a return of 4.4% before any potential appreciation. Most investors that purchase condos don’t do it for the cash flow, but rather the potential appreciation. I don’t use appreciation in projections because they aren’t predictable, but I will tell you that the over the last 5 years we have averaged over 6% annual appreciation in downtown. I will let you do the math!
This neighborhood has so much growth potential. Between I.D.E.A. District, Makers Quarter and the new plans for UCSD’s research facility, the future of this neighborhood looks very promising!