Address not disclosed, San Diego, CA 92111
Address not disclosed, San Diego, CA 92111
Address not disclosed, San Diego, CA 92111
Address not disclosed, San Diego, CA 92111
Address not disclosed, San Diego, CA 92111
Address not disclosed, San Diego, CA 92111
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Ruby Raymond

Ruby Raymond

+1(805) 201-6341
$ 4,500,000
Est. payment | /mo
Save Virtual Tour
$ 4,500,000
Est. payment | /mo
Save Virtual Tour

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

MLS Listing ID PTP2302669

HOA Y/N No

Year Built 1987

Property Sub-Type Multi Family

Property Description

Rare, 15-unit, 2-building, 3-story multifamily complex built 1987 in Linda Vista. All 3-bed/2-bath units, averaging over 900 SF each. Estimated 13,776 total rentable SF situated on a 15,822 SF corner lot zoned RM-3-9, which allows for base density of 1-unit/600 SF of land. Some units feature semi-private balconies, and there are upper catwalks between the 2 buildings, which provide limited outdoor space for some tenants. Estimated total of (33) off-street parking spaces, some of which are situated off the ample rear cul-de-sac. Property is in average current condition for the area, and the current rents are substantially below market. Four of the units have been more recently refreshed. There is significant upside in rents as units turn and further capital improvements performed to the interiors. Property has Complete Communities zoning overlay and is located in a City-designated Transit Priority Area. This provides an investor with a bonus FAR of 4.0x the lot, and therefore, there is considerable future development potential and relaxed parking requirements for mixed-use developments situated near transit corridors. Located near recently renovated apartment complexes of similar vintage, setting the stage for the value-add potential of this asset. Recent sales comps of like-kind properties suggest an average valuation of well over $300K/unit, with significant upside for astute investors who are able to improve building economics and achieve market rents. Don't miss this rare opportunity to acquire a larger value-add apartment complex in this highly desirable semi-coastal San Diego location.

Location

State CA

County San Diego

Area 92111 - Linda Vista

Zoning RM-3-9

Interior

Fireplace No

Exterior

Community Features Park

Total Parking Spaces 33

Building

Lot Description Near Park, Walkstreet

Story 3

Water Public

Others

Tax ID 4320701000

Acceptable Financing Cash, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac, Trust Deed

Listing Terms Cash, Conventional, 1031 Exchange, FHA, Fannie Mae, Freddie Mac, Trust Deed

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2302669

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Kenneth Herskind Top Gun CRE kenh@topguncre.com, DRE #01872460

REVIEWS

Ximena Ames Nugent

Professional & Paid Attention to My Needs

I am very impressed with the professionalism of this team! They worked very hard with terrific attention to details and respect for my needs. I would highly recommend Ruby and Patrick as they are knowledgeable, and dedicated to their clients.

Jeff M

Purchase

Ruby and the Raymond Team were great. We're in our new home right now writing this. Ruby helped make this happen and if you are looking for a home in the 5 Cities area I suggest you give Ruby a call. Thanks Ruby, SM

RonSteinback

The broker that everyone hopes to hire!

Patrick listed and sold two properties for me this year, and I intend to use him on a third transaction. Patrick is responsive and knows the local area. I am a broker myself, but located in southern California. Patrick is the broker that everyone hopes to hire!

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How Does The Raymond Team Deliver Exceptional Real Estate Service?

Expert Guidance

We educate you on the market and guide you to the best best decision about your move.

Proven Systems

Over 23 years of real estate experience  has helped us perfect our results-driven buying and selling systems.

Results Driven

We listen, we communicate, and we track every step of the process to ensure a seamleass transaction.

Ruby Raymond
Ruby Raymond

Broker Associate | License ID: 01342959

+1(805) 201-6341 | homes@raymondteamre.com

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By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from or on behalf of Ruby Raymond, including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.