8911 Troy St

Top Gun CRE, Inc. is pleased to present 8911 Troy St, a unique and rare opportunity to acquire a renovated, 2-unit multifamily property with additional storage sheds, on a large, almost half-acre lot, with ADU and/or development potential, in the desirable East County San Diego rental submarket of Spring Valley, CA.

The subject property is comprised of roughly 2,642 total existing rentable square feet, including a front 2bed/1bath residential unit with private front yard (est. @ 842 SF), a middle 1bed/1bath residential unit (est. @ 720 SF), and (5) rear storage sheds (est. @ 216 SF each). The structures sit on a nearly 21K SF lot with parking for at least 35 cars in current configuration. It is estimated the front 2 structures were originally built in 1961 and 1997 respectively, but due to substantial recent renovations, the assessor is in the process of updating the County building records, indicating “substantial equivalent of new” and an effective year built of 2010. It is the opinion of the listing brokers that, due to the substantial recent renovations, the units are effectively some of the nicest (if not the nicest) in the immediate area.

The units are currently vacant and in turn-key condition, and ready for a new investor to rent at market rates. This creates an attractive opportunity for investor/developers to reap healthy cash flow from the existing remodeled units while pursuing development entitlements for the under-utilized portions of the lot.

Recent improvements to the existing residential structures include full utility upgrades (gas and electric), new plumbing, tankless water heaters, windows, stucco/paint, new fencing and front gate, and fully renovated interiors with high-quality finishes (flooring, counters, cabinets, tile backsplashes, etc.). The rear unit has a full-size W/D (electric dryer) that will convey with the sale. The front unit has a gas stove, the rear unit has electric. All built-in appliances and fixtures will convey with the sale. Furniture and furnishings will be removed prior to close.

The rear storage sheds are primed for tear-down to potentially construct additional residential units which have tentatively been confirmed subject to further permitting and approval by the County of San Diego Planning and Development Services department.

The subject lot measures roughly 62.5’ wide by 340’ deep, for nearly 21K total SF of land, zoned C-36. Spring Valley C-36 zoning is a broad, mixed-use zoning, which allows for a wide range of development possibilities including commercial, residential, mixed-use, and industrial, among other things. Additional uses may be allowed with “special-use” permitting. All buyers should of course verify, but it appears likely that at least 16-18 residential units could be built in the rear half of the parcel. Perhaps additional density could be created with County-approved affordable unit density bonuses. There is an existing irrigation ditch that runs perpendicular to the lot, over which a vehicular bridge provides a path to the rear half of the parcel. The Seller has tentatively confirmed said bridge may need to be widened to allow fire dept. access, and which may also be used for additional parking.

The property is well-located in the family-friendly East County San Diego submarket of Spring Valley, named
for the natural spring located there. Originally home to the indigenous Kumeyaay people, Spring Valley later
evolved into a census designated place within greater San Diego County. Today, Spring Valley is a vibrant
suburban area home to 28K+ residents, with a diverse population and a strong sense of community.

The area has seen steady development and expansion, with the construction of modern housing
developments, shopping centers, and recreational facilities. Residents of Spring Valley enjoy a
range of amenities, including parks, schools, and community services that cater to the needs of
families and individuals alike.

With its rich history and continuous development, Spring Valley offers a unique blend of small-town charm and modern conveniences. Its growth over the years has transformed it into a thriving community that attracts residents who appreciate its scenic beauty, convenient location, and sense of community that comes with living in this remarkable East County city.

In total, this property represents a fantastic multifamily development and investment opportunity positioned in the path of progress in one of East County San Diego's notable suburban multifamily
markets.