5111-5113 Tipton St Listing Details & Market Data

The College Area is a residential community in the Mid-City region of San Diego, California, United States. The College Area is dominated by San Diego State University (SDSU), after which the area is named. Several neighborhoods in the College Area were developed in the 1930s, with others becoming established in the post-war period. The College Area is bordered on the west by Kensington and Talmadge and on the east by the city of La Mesa. El Cajon Boulevard is a busy shopping district; additional retail, entertainment and dining establishments are located in a new housing and commercial complex known as South Campus Plaza on College Avenue at Aztec Center. The communities immediately surrounding the university are made up of single houses - many with ADUs that operate as student rental housing. It is notable that San Diego State University is expanding its footprint and accepting more and more students each year. The university has not built enough housing for students relative to the increased enrollment numbers. This has caused rents to rise significantly in these neighborhoods. Most houses are leased 6 months in advance to the following school year, illustrating the extremely strong rental demand for this area.Pleased to present for sale a well-located student rental by San Diego State. 5111-13 Tipton is a stone's throw from the SDSU Campus in one of the most desired neighborhood by students. This fully remodeled 5bed/3ba House plus 4bed/2ba ADU totals 9beds/5baths. The property is currently rented through August 2024 for for $10,500 per month! 2024-25 school year is partially leased and expected to bring in $12,400 per month - a 6.1% CAP rate WITH MANAGEMENT in place! Current management is very effective in negotiating high rental lease rates and is willing to stay on if desired at 6% GSI. Excellent Turn-Key return for an investor. Residential OR Commercial financing and rate options available! These properties are operate on 12 month leases and just a 3-5 day turnover period between move ins, so vacancy factor is incredibly low at around 1.5%.