This Trellis 2 Bedroom Makes a Great Investment/Second Home Option.
Trellis is in the heart of Gaslamp and features secure underground parking, controlled access, fitness facility, 2nd floor common area terrace with BBQs and an unbeatable location! There are so many restaurants, bars, parks, the San Diego Convention Center, and Petco Park within a few blocks.
Trellis Condo For Sale:
- 10th Floor
- 2 Bedrooms
- 2 Bathrooms
- 943 Square Feet
- Views of the Petco Park, Coronado Bridge and a peek of the Bay
- Offered at $599,900-$629,900
Why is this a great deal?
This 10th floor Trellis home is a corner unit and is upgraded throughout. The owner installed new hardwood floors, upgraded both bathrooms, put in a walk in shower in the master, and upgraded the kitchen. The condo also has 11′ ceilings, only found on the 10th and 11th floors. This southeast corner unit looks out towards Petco Park and has great city views.
The unique opportunity with this condo comes with the furnished rental potential. The complex allows 30 day minimum rentals and its location is perfect. I did some analysis on the numbers and they worked out pretty well. Hypothetically, if you paid cash for the property the return is 5%, even when a 2 month vacancy rate is factored in. I work with a corporate rental specialist downtown. She had said that 2 bedrooms in Gaslamp are extremely popular and in high demand. The company manages another corporate rental in the building that is not a corner unit and it rents for $3,800-$4,800/month depending on the season. Since this condo is on a higher floor, a corner unit, and has a view of the stadium, this would average get around $4,000 – $5,000 a month as a furnished short term rental. At a 5% return after property taxes and HOA dues, this is a great investment option. If you factor in a very conservative appreciation rate of 3%, that puts the return at 8% a year!
Estimated Annual Income
Estimated Net Return
Estimated Return with Appreciation
There are a couple other options that would work well in the building. There is a 2 bedroom/2 bathroom condo on the 8th floor that is listed for $535,000. Click Here to see the 8th floor condo. In the same scenario, taking lower rents into consideration, the return would be just under 6%.
There is also an option on the 4th floor southeast corner that is a bit larger at 1,002 sf. The condo features large bedrooms, plenty of natural light and an open feel. The condo is listed for $549,000 and the return is approximately 5.5%. Click Here to see this 4th floor condo.