1147-1149 Grove Ave - Apartments FOR SALE


Imperial Beach, CA 91932
$3,250,000 USD
858-248-1222
1147-1149 Grove Ave, Imperial Beach, CA for Sale
$3,250,000 USD
Apartments - FOR SALE
1/14
null | 4.6% Cap Rate

1147-1149 Grove Ave
Imperial Beach, CA 91932


HIGHLIGHTS

  • Front House + Five Units on Large Lot
  • Turnkey Fully Leased Coastal Asset
  • Significant Upside Potential with Construction of Multiple ADU's
  • Superior Unit Mix - Large Three and Two Bedrooms
  • Prime Imperial Beach Location – Nearby Schools, Retail and Beaches
  • Well Amenitized with 12 Parking Spaces, Pool, and Bbq Area

OVERVIEW

CBRE is pleased to present 1147 Grove Avenue, a recently renovated six-unit property located in the charming family-friendly coastal community of Imperial Beach, San Diego's most southern beach town. This unique offering provides a phenomenal owner-user house hack opportunity with a large front house on Grove Avenue and five apartment units in the back. The property sits on a generous 20,129 square foot lot offering potential for construction of multiple ADU units making it an attractive investment for both owner-users and value-add investors. The property consists of six large fully renovated apartment units, three of which are furnished. There are (4) three-bedroom, one-bath units, (1) two-bedroom, one-and-a-half bath townhouse and (1) three-bedroom, one-bath detached house at the front of the property. The extensive renovations completed in 2024 have modernized both the unit interiors and exterior of the property. The upgrades include hard surface countertops, new appliances, new cabinetry, vinyl plank flooring, air conditioning, exterior paint and stucco, a new roof, new electrical systems, and refinishing of the pool and pool area. Additionally, the parking lot has been re-slurried and striped, providing ample parking with a total of 12 surface spaces. Since 2015, only 29 new apartment units have been constructed in Imperial Beach, excluding ADU units. This scarcity of new and well-maintained units creates high demand for properties like 1147 Grove Avenue, which offers large modern, turnkey living spaces. View DD Info Here: https://www.cbredealflow.com/buyer/agreement?pv=qyHOBU2cBRLbfV-oP28uL7_tQ72WJqnwyiFli3xnBqO62ECZJjDth2fgsd6Mjprt

FOR SALE DETAILS

PRICE

$3,250,000 USD

PRICE/SF

$511 USD /SF

# OF UNITS

6

PRICE/UNIT

$541,667

CAP RATE

4.6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1978

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.47 AC

LAND SF

20,278 SF

ZONING

R2A, Imperial Beach

APN/PARCEL ID

633-150-53

ASK ABOUT THIS PROPERTY

Nate PepperCBREMore Info
858-248-1222

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Nate PepperCBREMore Info
858-248-1222

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.