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141-155 Cherry Avenue

Carlsbad, CA 92008
  • $13,550,000
  • STATUS: ACTIVE
  • ON SITE: 194 Days
  • ID#: 230019590
$13,550,000
  • 3
    BEDS
  • 0.34
    ACRES
  • 3
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Cherry Apartments is located in the desirable beach community of Carlsbad, California. This 17-unit apartment investment was built in 1959 and consists of 14 one-bedroom/one-bath units, 1 two-bedroom/one-bath house, and 2 non-conforming studios. These units are located on three adjoining parcels. The property amenities include off-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 flow 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 8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to the proximity to the beach.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/144091171
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141-155 Cherry Avenue Carlsbad, CA 92008

  • Price: $13,550,000
  • Status: ACTIVE
  • On Site: 194 Days
  • ID#: 230019590
3
Beds
3
Baths
0
½ Baths
0.34
Acres
Neighborhood:
Carlsbad (92008)
County:
San Diego
Area:
Carlsbad (92008)
Property Description
Cherry Apartments is located in the desirable beach community of Carlsbad, California. This 17-unit apartment investment was built in 1959 and consists of 14 one-bedroom/one-bath units, 1 two-bedroom/one-bath house, and 2 non-conforming studios. These units are located on three adjoining parcels. The property amenities include off-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 flow 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 8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to the proximity to the beach.
Exterior Features

Carports 14 Construction FrameLath/PlasterStucco Exterior All Auto SprinklersBlock FenceCable AvailableFully LandscapedWood Fence Parking CarportsGaragesSpaces Parking Spaces Total 20 Roof CompositionTar & Gravel Units With Garages 1

Interior Features

Cooling None Floor Coverings TileVinylWall to Wall Carpet Floors SlabWood Heating Wall Laundry Leased Sq Ft Of Improvement 7935 Stories 2 Story Unit Furnished1 No Unit Furnished2 No Unit Furnished3 No Units With Dishwashers 1 Units With Disposals 17 Units With Drapes 17 Units With Ranges 17 Units With Refrigerators 17

Property Features

Actual Gross Scheduled Income 426864.0 Actual Operating Expense 205656 Assumable Finance 0 Buildings 4 Complex Features None Existing Financing Conventional Financial Information Source Owner Flood Zone Hazard Unknown Geological Hazard Zone Hazard Unknown Gross Equity 13550000 Gross Multiplier 31.74 Have Units Leased Apartments 17 Mandatory Remarks None Known Market Area Coastal North Motive Want Cash Short Sale No Special None Sq Ft Source Buyer to Verify Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water N Terms CashCash to New Loan Unit Number1 1 Unit Number2 14 Unit Number3 2 Unit Rent Total1 3215 Unit Rent Total2 31500 Unit Rent Total3 3375 Unit Rent1 3215 Unit Rent2 2250 Unit Rent3 1687 Unit Type ApartmentDuplex Zoning R-3

San Diego MLS logo Listing provided courtesy of Craig Stewart of Acre Investment Real Estate: 760-809-3626. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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