Log In/Sign Up
Your email has been sent.
1147-1149 Grove Ave 6 Unit Apartment Building $3,825,768 CAD ($637,628 CAD/Unit) 5.41% Cap Rate Imperial Beach, CA 91932
Investment Highlights
- Front House + Five Units on Large Lot
- Superior Unit Mix - Large Three and Two Bedrooms
- Well Amenitized with 12 Parking Spaces, Pool, and Bbq Area 1
- Turnkey Fully Leased Coastal Asset
- Low Vacancy Market - Lack of New Supply
- Significant Upside Potential with Construction of Multiple ADU's
Executive Summary
CBRE is pleased to present 1147 Grove Avenue, a recently renovated six-unit property located in the charming family-friendly coastal community of Imperial Beach, San Diego's most southern beach town. This unique offering provides a phenomenal owner-user house hack opportunity with a large front house on Grove Avenue and five apartment units in the back. The property sits on a generous 20,129 square foot lot offering potential for construction of multiple ADU units making it an attractive investment for both owner-users and value-add investors.
The property consists of six large fully renovated apartment units, three of which are furnished. There are (4) three-bedroom, one-bath units, (1) two-bedroom, one-and-a-half bath townhouse and (1) three-bedroom, two-bathroom detached house at the front of the property. The extensive renovations completed in 2024 have modernized both the unit interiors and exterior of the property. The upgrades include hard surface countertops, new appliances, new cabinetry, vinyl plank flooring, air conditioning, exterior paint and stucco, a new roof, new electrical systems, and refinishing of the pool and pool area. Additionally, the parking lot has been re-slurried and striped, providing ample parking with a total of 12 surface spaces.
Since 2015, only 29 new apartment units have been constructed in Imperial Beach, excluding ADU units. This scarcity of new and well-maintained units creates high demand for properties like 1147 Grove Avenue, which offers large modern, turnkey living spaces.
The property consists of six large fully renovated apartment units, three of which are furnished. There are (4) three-bedroom, one-bath units, (1) two-bedroom, one-and-a-half bath townhouse and (1) three-bedroom, two-bathroom detached house at the front of the property. The extensive renovations completed in 2024 have modernized both the unit interiors and exterior of the property. The upgrades include hard surface countertops, new appliances, new cabinetry, vinyl plank flooring, air conditioning, exterior paint and stucco, a new roof, new electrical systems, and refinishing of the pool and pool area. Additionally, the parking lot has been re-slurried and striped, providing ample parking with a total of 12 surface spaces.
Since 2015, only 29 new apartment units have been constructed in Imperial Beach, excluding ADU units. This scarcity of new and well-maintained units creates high demand for properties like 1147 Grove Avenue, which offers large modern, turnkey living spaces.
Property Facts
| Price | $3,825,768 CAD | Apartment Style | Garden |
| Price Per Unit | $637,628 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.47 AC |
| Cap Rate | 5.41% | Building Size | 6,366 SF |
| Gross Rent Multiplier | 11.87 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 1.89/1,000 SF |
| Zoning | R2A, Imperial Beach - Multi-Family 10 units or less | ||
| Price | $3,825,768 CAD |
| Price Per Unit | $637,628 CAD |
| Sale Type | Investment |
| Cap Rate | 5.41% |
| Gross Rent Multiplier | 11.87 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 6,366 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1978 |
| Parking Ratio | 1.89/1,000 SF |
| Zoning | R2A, Imperial Beach - Multi-Family 10 units or less |
Amenities
Unit Amenities
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Laundry Facilities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 1 | - | 1,000 |
| 3+1 | 4 | - | 1,000 |
| 3+2 | 1 | - | 1,200 |
1 1
Property Taxes
| Parcel Number | 633-150-53 | Improvements Assessment | $997,467 CAD |
| Land Assessment | $1,852,438 CAD | Total Assessment | $2,849,905 CAD |
Property Taxes
Parcel Number
633-150-53
Land Assessment
$1,852,438 CAD
Improvements Assessment
$997,467 CAD
Total Assessment
$2,849,905 CAD
1 of 15
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
1147-1149 Grove Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.