3217 Island Ave
$540,000

3217 Island Ave

Description

Fantastic 2 unit property in Logan Heights. Front house is a 3bdrm, 1.5bath detached home, back unit is an upgraded studio built from the ground up with vaulted ceilings. Both units have their own yard and parking. Projected rent is $2200. Back unit projected rent is $1500. Ability to build a third unit and make property a triplex. Property is located in an opportunity zone, read supplement for more info This Property falls within the Opportunity Zone! Investor's Keep all Appreciation on this purchase if they hold the property for at least 10 Years! The 2017 Tax Cuts and Jobs Act includes a new tax incentive provision intended to promote investment in economically distressed communities, referred to as “Opportunity Zones.” Through this program, investors can achieve the following three significant tax benefits: 1. Deferral of Gain: tax on capital gains following disposition of property are deferred if such gains are invested in a “Qualified Opportunity Fund” within 180 days of disposition until the earlier of the date on which the subsequent investment is sold or exchanged, or December 31, 2026; 2. Up to 15% of Taxable Gain Extinguished: 10% of the tax on the gain invested in the 0QOF is eliminated after 5 years and an additional 5% (for a total of 15%) is eliminated after 7 years; and 3. Elimination of Gain on Investment in Fund: if the investment is held in the QOF for at least 10 years, taxes on the appreciation in value of the investment in the QOF are eliminated. ALL INFORMATION PROVIDED IS DEEMED RELIABLE BY THE SELLER. IT IS THE BUYER'S RESPONSIBILITY TO PERFORM ALL INSPECTIONS AND VERIFY ALL INFORMATION INCLUDING BUT NOT LIMITED TO: NUMBER OF UNITS, PERMITTED ROOMS, SQUARE FOOTAGE, EXPENSES, AND ALL OTHER BUYER DUE DILIGENCE BEFORE THE CLOSE OF ESCROW Neighborhoods: Grant Hill Other Fees: 0 Unit # for Unit 1: 3217 Unit # for Unit 2: 3219 Number of Furnished Units: 0

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Location

3217 Island Ave, San Diego, CA 92102

Status

Sold

Property Amenities

Area & Lot
Lot Area 4,984 Sq.Ft.
MLS® ID 200018376
Year Built 1920
Type RESIDENTIAL
Status Sold
Exterior
Heat type Natural Gas
Finance
Sales Price $540,000

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