Reditus Fund
Phone:
(858) 227-6895
4805-7 Iroquois Ave, San Diego, CA 92117
4805-7 Iroquois Ave is a duplex situated in a quiet neighborhood behind the west side of Clairemont Dr. with a detached garage and views of Mission Bay. The existing garage off the back alley will be demolished, and in its place, two 3-story 1200 sqft. ADU’s with a garage on the ground floor are expected be built in the rear left corner of the property. This will maximize bay views with decks off the side of the ADU’s as well as a rooftop deck on the main house. The existing duplex will be repaired, and a duplex ADU will be built behind it, creating a four-unit property.
| Purchase Date | July 2021 |
|---|---|
| Anticipated Hold Time | 14 Months |
| Original Units | 2 |
| Units Added | 2 |
| Purchase Price | $940,000 |
| Renovation Cost | $700,000 |
| Entitlement Cost | - |
| Carry Cost + Reserves | $200,000 |
| Cap Rate on Cost | 8.27% |
| Total Cost on Project | $1,840,000 |
| Return on Cost | 43% |
| Expected Sale Price | $3,202,105 |
| Anticipated Fund Profit* | $681,053 |
* Profit splits with Operating Partner