I have sold a property at 4032-4034 Bonita St. N in Spring Valley.
Superior unit mix of one-2 bed/1.5 bath detached house and eight-2 bed/one bath apartments. *There is an additional non-permitted one bed/one bath unit below the house. Built in 1950. Almost all units have been renovated upon turnover. Seller has done about $220k of renovations with a new roof on the detached house and interior upgrades. Laundry room with owned newer Speed Queen Quantum Gold top of the line washer/dryers. Density bonus law of 2018 grants the right of owners of multifamily assets to convert non-permitted residential space to permitted. Local jurisdiction, San Diego County, has 60 days to approve the conversion. That means relatively easy recognition or legalization of a non-permitted unit. Part of a 6 asset portfolio, all of which are available individually.