637 10th St - Apartments FOR SALE


Imperial Beach, CA 91932
$1,975,000 USD
858-352-6742
637 10th St, Imperial Beach, CA for Sale
$1,975,000 USD
Apartments - FOR SALE
1/7
null | 3.88% Cap Rate

637 10th St
Imperial Beach, CA 91932


HIGHLIGHTS

  • Desirable Dolphin Bay area of Imperial Beach near Bayshore Bikeway
  • Walk to central retail hub of IB, near many national retailers.
  • Good Unit Mix with mostly spacious 1-bedroom/1-bathroom units and a pair of 3-bedroom/2-bathroom units.
  • Ample Off-Street Parking (11 Surface Off-Street Spaces).
  • Laundry On-Site
  • Value Add Opportunity in Coastal San Diego Sub-Market

OVERVIEW

It is an honor to present for sale the well-constructed six (6) unit apartment property at 637 10th Street in Imperial Beach, on the outskirts of its desirable northerly Dolphin Bay neighborhood, close to the Bayshore Bikeway and several neighborhood centers, with many national retailers. The property is also close to the beach (11 blocks) and its vibrant retail scene, with several notable breweries and restaurants. The unit mix consists of four (4) one-bedroom/one-bathroom units and two (2) three-bedroom/two-bathroom units, several of which have private patios/balconies and/or have been updated with vinyl plank flooring. Units are spacious, and the property has a total of eleven (11) surface off-street parking spaces, as well as a laundry room on-site. Built of wood-frame construction upon a concrete slab foundation with a flat roof and stucco exterior, apartments all have screen doors and aluminum frame windows. The apartment building is separately metered for electricity and master metered for gas. Inside units have radiant heat and a standard appliance packages. An opportunity exists to modernize the apartments with higher-end finishes, fixtures and appliances, sufficient to justify significantly increased rents and much improved operating income, in line with upgraded multifamily units in the immediate area. Owned by the same family for around 20 years, this is a rare opportunity with upside in the desirable northerly (Dolphin Bay) section of Imperial Beach, which abuts the Bayshore Bikeway, providing easy access to Sliver Strand and Coronado beaches.

FOR SALE DETAILS

PRICE

$1,975,000 USD

PRICE/SF

$446 USD /SF

# OF UNITS

6

PRICE/UNIT

$329,167

CAP RATE

3.88%

% 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

1970

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,497 SF

ZONING

C1, Imperial Beach

APN/PARCEL ID

284-172-52

ASK ABOUT THIS PROPERTY

Joseph BurroughPalma CommercialMore Info
858-352-6742

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Joseph BurroughPalma CommercialMore Info
858-352-6742

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