Skip To Content

--
  • --
    BEDS
  • --
    ACRES
  • --
    BATHS
  • --
    1/2 BATHS
  • --
    SQFT
  • --
    $/SQFT

Listing Details

Status
--
On Site
--
On Market
--
MLS #
--
Neighborhood
--
Type
--
Built
--
County
--
Area
--

School Ratings & Info

Description

The Elder Street Apartments represent a true value add opportunity in the North San Diego County community of Fallbrook. The opportunity consists of a 4 unit building enabling the investor to lock in 30 year fixed rate debt at historically low rates. Constructed in 1965, 729 E. Elder rests on a slab foundation with stucco and frame construction. The 2 story building has a unit mix consisting of four 3 bedroom 1.5 bath units, with all units over 1050 square feet. The 2 ground level units were completely rehabbed in 2016. Separately metered for gas and electric, the units have long term tenants with a solid payment history. The roof was replaced in 2015 and the boiler in 2016 so major systems are relatively new. All plumbing angle stops have been replaced, all toilets are low flow, and plumbing lines are copper. There is a laundry room with leased equipment providing the residents with onsite convenience plus extra income for the owner. Parking is via carports. Purchase this as a 4 unit investment with no income fluctuation from interest rate uncertainty due to the ability to use 30 year fixed rate debt.

Monthly Payment Calculator

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 © 2021 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/117785915
Print Image

729 E Elder Fallbrook, CA 92028

  • Price: $1,200,000
  • Status: ACTIVE
  • Updated: 70 min ago
  • ID#: 210014904
12
Beds
4
Baths
0
½ Baths
N/A
Acres
4,200
SQFT
$286
$/SQFT
1965
Built
Neighborhood:
Elder
County:
San Diego
Area:
Fallbrook (92028)
Property Description
The Elder Street Apartments represent a true value add opportunity in the North San Diego County community of Fallbrook. The opportunity consists of a 4 unit building enabling the investor to lock in 30 year fixed rate debt at historically low rates. Constructed in 1965, 729 E. Elder rests on a slab foundation with stucco and frame construction. The 2 story building has a unit mix consisting of four 3 bedroom 1.5 bath units, with all units over 1050 square feet. The 2 ground level units were completely rehabbed in 2016. Separately metered for gas and electric, the units have long term tenants with a solid payment history. The roof was replaced in 2015 and the boiler in 2016 so major systems are relatively new. All plumbing angle stops have been replaced, all toilets are low flow, and plumbing lines are copper. There is a laundry room with leased equipment providing the residents with onsite convenience plus extra income for the owner. Parking is via carports. Purchase this as a 4 unit investment with no income fluctuation from interest rate uncertainty due to the ability to use 30 year fixed rate debt.
Exterior Features

Exterior Stucco Fencing Partial Parking Garage Spaces Unit1 0 Parking Garage Spaces Unit2 0 Parking Garage Spaces Unit3 0 Parking Garage Spaces Unit4 0 Parking Non Garage Desc Unit1 Carport Parking Non Garage Desc Unit2 Carport Parking Non Garage Desc Unit3 Carport Parking Non Garage Desc Unit4 Carport Roof Other/Remarks Unit1 Exclusive Use Yard No Unit2 Exclusive Use Yard No Unit3 Exclusive Use Yard No Unit4 Exclusive Use Yard No Units With Garages 0 Units With Patios 0

Interior Features

Cooling Wall/Window Furnished Units 0 Half Baths Unit1 1 Half Baths Unit2 1 Half Baths Unit3 1 Half Baths Unit4 1 Stories 2 Story Total Baths Unit1 2 Total Baths Unit2 2 Total Baths Unit3 2 Total Baths Unit4 2 Unit1 Laundry Hook Ups No Unit2 Laundry Hook Ups No Unit3 Laundry Hook Ups No Unit4 Laundry Hook Ups No Units With Cooling 4 Units With Dishwashers 0 Units With Dryers 0 Units With Fireplaces 0 Units With Range Oven 4 Units With Refrigerators 4 Units With Washers 0

Property Features

Actual Cap Rate 4.01 Age Restrictions N/K Annual Expense Actual 26534 Association ID San Diego Association Of Realtors (Sdar) Buildings 1 Cfd Mello Roos Fee 0.0 Community Fallbrook Complex Features Laundry Facilities Complex Park Elder Apartments Cross Streets Potter & Elder Gross Rent Multiplier Actual 15.7 Gross Scheduled Income Actual 74400 Mandatory Remarks None Known Market Area North County Monthly Total Fees 0 Other Fees 0.0 Other Income Actual 1800 Sales Restrictions N/K Security N/K Short Sale No Tenant Pays Cable TvElectricityGas/Propane Terms CashConventional Unit1 Deposit 500 Unit1 Occupied Tenant Unit1 Rent Actual 1550.0 Unit2 Deposit 500 Unit2 Occupied Tenant Unit2 Rent Actual 1550.0 Unit3 Deposit 500 Unit3 Occupied Tenant Unit3 Rent Actual 1550.0 Unit4 Deposit 500 Unit4 Occupied Tenant Unit4 Rent Actual 1550.0

Listing provided courtesy of South Coast Commercial, Inc.. Listing information © 2021 San Diego MLS Inc. Source: SDMLS
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 © 2021 San Diego MLS, Inc. Licensed in the state of California.
 
https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_210014904-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_210014904-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_210014904-2.jpg
Logo
Neuman & Neuman Real Estate Inc.
516 5th Avenue
San Diego CA, 92101