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$5,100,000
Est. payment /mo
5,000 Sqft Lot
UPDATED:
11/15/2024 02:49 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 230019662
Lot Size 5,000 Sqft
Property Description
Cherry Apartments are located in the desirable beach community of Carlsbad, California. This 7 unit apartment investment was built in 1958 and consists of 6 one bedroom/one bath units, and 1 non-conforming studio unit. The property amenities include off -street parking, lush tropical landscaping, and small yards/patios in select units and balconies. The interiors feature gas appliances and dual pane windows. There are storage closets in the carport area and ocean views from some of the units. The property has been well maintained and professionally managed and shows a true pride of ownership. The property’s proximity to the ocean is a great draw for potential renters and results in premium rental rates for each unit. The location of the property is less than 1/2 a block from one of the most desirable beaches in Southern California. It is also a short distance to restaurants, premier shopping malls, and major employers. The Cherry Apartments is a rare investment asset that will provide future appreciation opportunity and steady cash fl ow for years to come. There are several opportunities for an investor looking to add value: * Remodel and update the interiors of the units and raise rents by $300/$400per unit. * Remodel the units in rent some or all as short-term vacation rentals. * Scrape the existing structures and build 4-8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to proximity to the beach.
Location
State CA
County San Diego
Area Carlsbad (92008)
Zoning R-3
Interior
Heating Wall
Cooling None
Flooring Tile, Vinyl, Wall to Wall Carpet
Laundry Leased
Exterior
Exterior Feature All Auto Sprinklers, Block Fence, Fully Landscaped, Wood Deck
Parking Features Carports
Roof Type Composition,Tar & Gravel
Total Parking Spaces 8
Building
Story 2
Lot Size Range .25 Acres or less
Others
Acceptable Financing Cash, Cash to New Loan
Space Rent $172,824
Listing Terms Cash, Cash to New Loan
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Listed by Craig Stewart • Acre Investment Real Estate
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Mary Ellen Haywood
Broker Associate | CA DRE#01264878
Broker Associate CA DRE#01264878