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$ 11,050,000
Est. payment | /mo
0.29 Acres Lot
$ 11,050,000
Est. payment | /mo
0.29 Acres Lot
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 230009615SD
HOA Y/N No
Lot Size 0.290 Acres
Property Sub-Type Mixed Use
Property Description
Cherry Apartments is located in the desirable beach community of Carlsbad, California. This 13 unit apartment investment was built in 1959 and consists of 11 one bedroom/one bath units, 1 two bedroom/one bath house, and 1 non-conforming studio. 00 These units are located on two adjoining parcels, APN 204-232-15-00 and APN 204-232-16-00. The property amenities include off-street parking, lush tropical landscaping, and small yards/patios in select units, balconies, and on-site laundry. 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 ?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/$400 per 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
Location
State CA
County San Diego
Area 92008 - Carlsbad
Zoning R-4
Interior
Heating Wall Furnace
Fireplace No
Exterior
Carport Spaces 13
Roof Type Composition,Tar/Gravel
Total Parking Spaces 13
Others
Tax ID 2 APN Pkg
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Listed by Craig Stewart Acre Investment Real Estate #01060001
Nearby Locations
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