Casa de Alvarado is a complex of 188 condos and town homes located in close proximity to SDSU. The complex was built in 1970 and continues to be very popular because of the generous size of the units and the location between College Ave and 70th St. on Alvarado Rd, a frontage road with easy access to Interstate 8. The trolley stop on Alvarado Rd is just a 5 minute walk from the complex providing easy access to the University, Mission Valley and downtown.
The buildings on the back of the complex feature condos on 3 stories. They are 2 bedroom, 2 bath units at a surprisingly large 1139 square feet. They also feature a long hallway of cabinets for an impressive amount of storage, and the master bedroom not only has a walk-in closet but a second exterior door leading to a hallway or outside access. These units have either a balcony or on the ground floor, an enclosed patio. The condo units come with one assigned parking space.
The center of the complex has 2-story town homes that are 2 and 3 bedroom. The 2 bedroom units are 1120 square feet and have 1 bathroom upstairs and a ½ bath downstairs. The 3 bedroom units are 1445 square feet. The bedrooms are upstairs along with a master bath and shared bathroom. There is a ½ bath downstairs. Both models have enclosed patio areas accessed by a sliding door in the living room. These units have 2 assigned parking spaces.
All of the units have central AC and heat, which is a real plus considering the age of the complex. The only downside is that there are no in-unit washers and dryers, but there are large community laundry facilities. Casa de Alvarado also features a pool, spa, bbqs and a clubhouse. The HOA monthly fees are currently $390 which covers exterior maintenance, water and trash.
Owner occupancy is below 50% and the complex is not VA or FHA approved. Many of the tenants are university students so there tends to be large rental turnover mid-summer. Many of the units are owned by parents who buy as an investment while their kids are attending SDSU, then sell after graduation.
I recently represented a buyer who purchased one of the 2 bedroom condos for $217,000. The home is in good repair, but the kitchen has not been remodeled. Prices for the 2 bedroom units range from $205,000 if in poor repair up to $248,000 for remodeled units, and the 3 bedroom models have sold for up to $289,000.
Casa de Alvarado is a solid investment opportunity as it is very difficult to find condos under $300,000 in such a central location. And because of the proximity to the university, it is very easy to rent the units which rent for $1495 - $2000 per month. I currently have 2 buyers who are each looking to purchase a 2 bedroom unit on the 2nd or 3rd floors. Please contact me if you have a unit to sell, or you are interested in purchasing in this complex.
