3420 Bancroft Dr, Spring Valley, CA 91977

Property Description

The property at 3420 Bancroft Drive is comprised of 5 units located in Spring Valley, California. A 35-40% upside in rental income is projected after the completion of renovations. The property was built in 1989 and consists of all 2-bedroom/1-bath units that are approximately 726 SF (3,630 total SF) on a large 10,360 SF lot. Additionally, the property features private yards, balconies, patios, a concrete driveway, and eight parking spaces. Featuring an on-site laundry facility that yields additional income, the property is further enhanced by a front-facing landscape design, a pitched roof, and the recent installation of new AC units. The property layout also allows for the addition of a large sixth unit with an ADU replacing the existing tuck under parking. A value-add opportunity is presented through the implementation of RUBS, allowing tenants to pay a portion of the utilities cost. The City of Spring Valley is considered one of the strongest rental markets in East San Diego County with great demand for apartment rentals. Historical occupancy in this sub-market is estimated to be approximately 97%-100% and rental rates continue to rise. This neighborhood offers excellent access to the Interstate 94, Interstate 125, and Interstate 8 freeways, which connect to major employment centers in the greater San Diego area. Please do not communicate with or disturb any of the residents. Unit square footage is estimated based on the number provided by title services. Buyer to verify on their own.