1536 Reed Ave - Apartments FOR SALE


San Diego, CA 92109
$2,995,000 USD
619-261-1472
1536 Reed Ave, San Diego, CA for Sale
$2,995,000 USD
Apartments - FOR SALE
1/29
null | 5.04% Cap Rate

1536 Reed Ave
San Diego, CA 92109


HIGHLIGHTS

  • 4 Fully Remodeled Turn-Key Units + One Non-Conforming Unit
  • 5% Cap Rate On Current In-Place Rents (includes non-conforming rent)
  • Property Consists Of: (1) Detached House, (2) Two Bed/Two Bath, (1) One Bed/One Bath, & (1) Studio (non-conforming) Unit
  • Four Single-Car Garages (New Doors/Jambs with Electric Openers) + Tandem Driveway
  • Upgraded Home: ABS Pipes, Dual-Pane Windows, Granite Counters, New Cabinets, Dishwasher, In-Unit Washer/Dryer, Wood Floors & Private Front Yard
  • Repaved Driveway and Concrete Throughout the Property

OVERVIEW

Exceptional opportunity to acquire 4 turn-key units plus one non-conforming on a quiet residential street in the highly sought after Sail Bay community of Pacific Beach. A short walking distance to the bay, this property is ideal for long-term investment. The complex is comprised of two buildings. The front building is a 2Bed/2Bath detached house. The back building is two stories: lower level consists of 1Bed/1Bath and a non-conforming studio unit. The upper level consists of two 2Bed/2Bath units and a large outdoor patio space. The lower level was originally a 2Bed /2Bath and was split into a 1Bed/1Bath and a studio unit. This can easily be converted back to a 2Bed/2Bath. Current 5.04% cap rate includes rent from the non-conforming studio and would remain at that level in the event it was converted back to a 2bed/2bath unit. The property has been extensively remodeled and features spacious layouts, on-site laundry room, washer/dryer in front house, granite counters, hardwood/tiled/vinyl floors, four single-car garages and a tandem driveway.

FOR SALE DETAILS

PRICE

$2,995,000 USD

PRICE/SF

$815 USD /SF

# OF UNITS

4

PRICE/UNIT

$748,750

CAP RATE

5.04%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1984

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

R3

APN/PARCEL ID

423-193-13

ASK ABOUT THIS PROPERTY

Anni Grimes, CCIMColdwell Banker CommercialMore Info
619-261-1472

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Anni Grimes, CCIMColdwell Banker CommercialMore Info
619-261-1472

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