This 2 Bedroom Rowhome is a Very Rare Find!
Titan Lofts is a small project located in Little Italy. The community was designed and developed by the famed Jonathan Segal, who has created popular infill projects and custom homes throughout San Diego. All of his buildings in Downtown San Diego feature extremely low homeowner’s dues, unique architectural designs, and no amenities.
Titan Lofts Rowhome For Sale:
- 2 Bedrooms
- 2 Bathrooms
- 1 Parking Space
- 1,228 Square Feet
- Architecturally Stunning
- Offered at $695,000
- Homeowners Dues: $185/mo
- HOA approval as a Vacation Rental!
*Listing Courtesy Of “Pacific Sotheby’s Int’l Realty”
Why is this condo a great buy?
Besides the fact that this is an extremely rare opportunity to own a home that is also a work of art in Little Italy, this property has huge investment potential. It is extremely rare to find a home that is able to be rented on a short term basis. This is one of three homes in the community that have the homeowner’s association’s approval to rent short term*.
Titan Lofts #8 also features a covered rooftop deck that can be customized into a private entertaining area. If you are looking to purchase this home as a short term rental, this will really appeal to visitors from out of town looking to enjoy San Diego’s great weather year round!
I ran the numbers as a short term vacation rental on sites like Airbnb and VRBO. The numbers work out extremely well. I would estimate that you could rent the property out for $300-$450 a night, and drastically more during events like Comic Con, the Little Italy Art Walk, and FESTA. The property could sleep 6 comfortably, or 8 with a pull out sleeper sofa in the loft space.
Now let’s assume the property rents at $350 a night on average, which I believe is a very conservative estimate. It is rented for an average of 20 days a month. That would be $7,000 a month in income, excluding peak rates and special event weekends! If you put 25% down and took a loan of 75%, your carrying costs would be approximately $3,335 per month including homeowner’s dues and property taxes. That comes out to a net of $3,665 per month! Your initial investment would be approximately $175,000 at 25% down, meaning you are looking at a return of about 25.1% per year!
Return Per Year
*These statements and calculations, while believed to be true, are not guaranteed. Buyers are to verify all information with the Homeowner’s Association. Rental rates, carrying costs and returns are all estimations and should be independently verified.