Vista, CA 92083,991 Postal Way
Vista, CA 92083,991 Postal Way
Vista, CA 92083,991 Postal Way
Vista, CA 92083,991 Postal Way
Vista, CA 92083,991 Postal Way
Vista, CA 92083,991 Postal Way
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$4,450,000

$5,000,000

11.0%
Est.Price: ?

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Est. payment /mo

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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California Regional MLS (CRMLS)
Listed by Thomas McCartin • Marcus & Millichap
Bought with Thomas McCartin • Marcus & Millichap
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1610 R Street, Sacramento, California, 95811, United States

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