3453-3459 Ocean View, Logan Heights

Case Study: 3453–3459 Ocean View Blvd, Logan Heights

Four detached one-bedroom cottages sold for $555,000 ($138,750 per unit) with $3,400 a month in income at sale. Arby Eivazian represented the seller.

Sale snapshot

• Sale price: $555,000 ($138,750 per unit)

• Units: 4 detached cottages, all 1BD/1BA

• Income at sale: $3,400 a month ($40,800 a year), about 13.6 times gross rents at the sale price

• Submarket: Logan Heights / Southeast San Diego

• Representation: Seller

The property

Four standalone one-bedroom cottages on one lot. Detached units give tenants privacy, and they often lease well and turn over less than stacked units. Few are built today, so they come to market rarely.

How we positioned it

• Priced from micro-market comparables in Logan Heights, Mountain View and Southcrest, not general Southeast San Diego averages

• Presented the cottages to buyers who specifically look for detached small-unit rentals

• Led with the in-place income and the simplicity of operating four detached units

For owners of cottage or bungalow properties

Detached-unit properties don't fit neatly into either single-family or apartment comparables, so buyers and appraisers can value them very differently. Getting the comparable set right is most of the pricing work.

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