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Key Details
Sold Price $19,000,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 230003007SD
Sold Date 06/07/23
HOA Y/N No
Lot Size 1.280 Acres
Acres 1.28
Property Description
This is an amazing opportunity to own one of San Diego County’s largest coastal Apartment Buildings. The bonus is that this property is very well maintained by long term ownership & management but there is immediate upside in the Rental Income! Rents are 30% below market. 50% of the units have been upgraded along with a substantial amount of Capital Improvements to the Exteriors. Opportunity to raise rents and initiate a RUBS (Utility Reimbursement) program to increase NOI. Stabilized cap rate close to 5.5% cap. Seller may consider carrying a 1st or 2nd Note. Call agent for details.
Location
State CA
County San Diego
Area 91932 - Imperial Beach
Zoning R-3 RM
Interior
Fireplace No
Exterior
Total Parking Spaces 79
Others
Tax ID 6321304500
Acceptable Financing Owner May Carry
Listing Terms Owner May Carry
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Bought with Thomas McCartin • Marcus & Millichap
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