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Key Details
Sold Price $19,000,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 230003007
Sold Date 06/07/23
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 Imperial Beach (91932)
Zoning R-3 RM
Exterior
Garage Spaces
Total Parking Spaces 79
Building
Story 2
Lot Size Range .75 through 1.5 Acres
Others
Acceptable Financing Owner May Carry 1st, Owner May Carry 2nd
Space Rent $1,099,790
Listing Terms Owner May Carry 1st, Owner May Carry 2nd
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Kobe Zimmerman
Berkshire Hathaway Home Services California Properties
kobezimmerman@bhhscalifornia.com +1(858) 753-3353Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Thomas McCartin • Marcus & Millichap