481 Palm Ave - Apartments FOR SALE


Imperial Beach, CA 91932
$4,000,000 USD
619-884-5456
481 Palm Ave, Imperial Beach, CA for Sale
$4,000,000 USD
Apartments - FOR SALE
1/16
null | 4.58% Cap Rate

481 Palm Ave
Imperial Beach, CA 91932


HIGHLIGHTS

  • Recorded Condo Map
  • Rent increase potential
  • In-unit washer/dryers
  • 10 Off-street parking spaces
  • Upgraded appliances
  • Renovated

OVERVIEW

Offered for sale is a ten-unit residential income property located in the coastal community of Imperial Beach. This opportunity offers a desirable coastal location, preferred unit mix of all two-bedroom units, upgraded property, rent increase potential, recorded condo map, and attractive assumable financing. Residents enjoy convenient access to the beach, restaurants, shopping and local amenities. The neighborhood is a fun bikeable community with flat surface streets, beach vibes and the Bayshore Bike path that circles San Diego Bay. Imperial Beach is known for surfing and volleyball with a casual beach scene and year-round mild weather. Further, Imperial Beach has enjoyed rapid rent and value appreciation due to the military impact on this submarket. The Navy Seal training center at Silver Strand has expanded, bringing more employment and housing demand in addition to the Naval Outlying Landing Field Imperial Beach and other naval facilities in the submarket. The property offers an easy to maintain income property with many upgrades. The property has vinyl windows, six panel exterior doors, modern texture walls, washer/dryers in unit, individual water heaters, vinyl plank floors, upgraded appliances, granite countertops, 10 parking spaces, and ample off-street parking. The property has a recorded condo map and has increased value sold as condominiums. Finally, there is an existing assumable loan on the property at 3.06% fixed until November of 2026 with monthly interest only payments. Please drive by the property discreetly without disturbing the tenants or management. The property can be shown with an acceptable offer.

FOR SALE DETAILS

PRICE

$4,000,000 USD

PRICE/SF

$556 USD /SF

# OF UNITS

10

PRICE/UNIT

$400,000

CAP RATE

4.58%

% 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

1989

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

12,223 SF

ZONING

R-1500

APN/PARCEL ID

625-241-01

ASK ABOUT THIS PROPERTY

Ray AdamsKidder MathewsMore Info
619-884-5456

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Ray AdamsKidder MathewsMore Info
619-884-5456

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