$11,500,000

  • COMMERCIAL-RES INCOME
  • ACTIVE
  • MLS# 180062923

Description

Rare 50 unit apartment opportunity in Lemon Grove, an urban San Diego area community close to all including San Diego State University. Excellent unit mix of larger sized apartments with 16 x 2/1's and 34 x 1/1's. 2 story low density development over 1.7 acres includes ample parking, community pool/BBQ area, leasing office, onsite laundry room. Recent capital improvements include new silicon roof, all new energy efficient windows, 2 x 100 gal water heaters, 10 owned coinless washer/dryers and 13 completely gutted/renovated apartments (12 of the 16 two bedrooms). Value add upside in rental income and remaining interior apartment improvements. Please see the virtual tour and Project OM. Shown with accepted offer.

Property Details

Property type:
Commercial-Res Income
Age of Building:
1980
Acreage:
2
Number of Buildings:
1
Number of Stories:
2
Total Number of Parking Spaces:
60

Location

County:
San Diego

Additional Details

Number of Units:
50
Number of Leased Apartments:
50
Number of Stories:
2
Total Monthly Rent:
$65,542
Price Per Unit:
$230,000
Down Payment:
$4,925,000
Gross Equity:
$4,925,000
Existing Finance:
ARM, Conventional
SqFt of Improvement:
39,680
Lot Square Footage:
75,794
Assessors Parcel #:
480-171-18-00
Tenant Pays Gas:
Yes
Tenant Pays Electric:
Yes
Units with Disposals:
50
Units with Ranges:
50
Units with Refrigerator:
50
Cooling:
Wall/Window
Exterior:
All Auto Sprinklers, Cable Available, Part Fenced
Heating Equipment:
Wall
Roof:
Other/Remarks
Laundry:
Owned
Parking:
Spaces

Unit Details

Unit 1
Number of Units:
34
Number of Bedrooms:
1
Number of Baths:
1
Rent:
$1,219
Unit Rental Total:
$41,446
Unit 2
Number of Units:
16
Number of Bedrooms:
2
Number of Baths:
1
Rent:
$1,506
Unit Rental Total:
$24,096

Features

Amenities:
BBQ
Floor Coverings:
Vinyl, Wall to Wall Carpet
Construction Features:
Frame, Stucco
Laundry Utilities:
Owned

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Lemon Grove

Once known for its orange and lemon groves, the city of Lemon Grove proudly bares its name on a ten-foot wide, 3,000-pound monument of a lemon. Originally built as a parade float in 1928, the town’s motto “Best Climate on Earth” can be found at its base. Just under four square miles, the area of Lemon Grove is bordered by State Route 94 to the north and Route 125 on its easte... Read More

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Presented By
Beth
Roach

DRE# 01516268

619.300.0389

Email Me
Presented By
Beth
Roach

DRE# 01516268

619.300.0389

Email Me

Willis Allen Real EstateThis information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by Sandicor®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2018 Sandicor®, Inc.