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141 Cherry Ave
Carlsbad, CA 92008
Multifamily Property For Sale
·
7 Units
Investment Highlights
- Ocean Views from Select Units
- Two Units Have Yards & Patios
- No Deferred Maintenance
- Amazing Location - Less than 1/2 Block to the Beach
- Perfect Candidate for Conversion to Vacation Rentals
- Under-Market Rents - Room for Revenue Growth
Executive Summary
ACRE Investment Real Estate Services is proud to present the Cherry Apartments located in the desirable beach community of Carlsbad, California. This 7-unit apartment investment was built in 1959 and consists of 6 one-bedroom/one-bath units, and 1 non-conforming studio.
The property amenities include o?-street parking, lush tropical landscaping, 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 opportunities 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 multi-million dollar townhomes
* Leave as is and enjoy future appreciation due to the proximity to the beach.
The property amenities include o?-street parking, lush tropical landscaping, 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 opportunities 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 multi-million dollar townhomes
* Leave as is and enjoy future appreciation due to the proximity to the beach.
Property Facts
| Price Per Unit | $809,960 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 2.54% | Lot Size | 0.15 AC |
| Sale Condition | Redevelopment Project | Building Size | 2,728 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1959 |
| Zoning | R-4 - Multi-Family Establishment | ||
| Price Per Unit | $809,960 CAD |
| Sale Type | Investment |
| Cap Rate | 2.54% |
| Sale Condition | Redevelopment Project |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 2,728 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1959 |
| Zoning | R-4 - Multi-Family Establishment |
Amenities
Unit Amenities
- Balcony
- Disposal
- Ceiling Fans
- Carpet
Site Amenities
- Storage Space
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $3,473 CAD | 450 |
| Studios | 1 | $2,126 CAD | 150 |
Property Taxes
| Parcel Number | 204-232-15 | Improvements Assessment | $509,770 CAD |
| Land Assessment | $609,984 CAD | Total Assessment | $1,119,754 CAD |
Property Taxes
Parcel Number
204-232-15
Land Assessment
$609,984 CAD
Improvements Assessment
$509,770 CAD
Total Assessment
$1,119,754 CAD
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