$4,450,000
$5,000,000
11.0%For more information regarding the value of a property, please contact us for a free consultation.
0.92 Acres Lot
SOLD DATE : 01/11/2023
Key Details
Sold Price $4,450,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 220024840SD
Sold Date 01/11/23
HOA Y/N No
Lot Size 0.920 Acres
Property Description
20 Unit Garden Style Apartments located on a hill above the valley in Vista, CA. Perfect opportunity to Add Value by renovating the units and bringing rents to market. Rents are 30% below nearby renovated units. The 2 most recent turns were lightly upgraded and 2BR leases signed for $2,020/month. Continuing with this the property should generate well over a 5% cap rate. Ownership has spent almost $200,000 in recent years replacing most of the decks, placing a new roof and renovating 5 of the units. There are 14 carports and 5 tuck under parking spaces that could be converted to garages and/or dwelling units. In addition the new owner could initiate a utility reimbursement system to increase the NOI. Increased zoning and density may also allow up to 4 ADUs.
Location
State CA
County San Diego
Area 92083 - Vista
Zoning R-3R
Interior
Fireplace No
Exterior
Carport Spaces 20
Total Parking Spaces 40
Others
Tax ID 1803300100
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Bought with Thomas McCartin • Marcus & Millichap
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
1610 R Street, Sacramento, California, 95811, United States