$ 13,550,000
141-155 Cherry Avenue Carlsbad, CA 92008
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$ 13,550,000
Est. payment | /mo
0.34 Acres Lot
$ 13,550,000
Est. payment | /mo
0.34 Acres Lot
Key Details
Property Type Condo, Multi-Family
Sub Type Apartment,Duplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID 230019590
Lot Size 0.344 Acres
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.
Location
State CA
County San Diego
Area Carlsbad (92008)
Zoning R-3
Interior
Heating Wall
Cooling None
Flooring Tile, Vinyl, Wall to Wall Carpet
Laundry Leased
Exterior
Exterior Feature All Auto Sprinklers, Block Fence, Cable Available, Fully Landscaped, Wood Fence
Garage Carports, Garages, Spaces
Roof Type Composition,Tar & Gravel
Total Parking Spaces 20
Building
Story 2
Lot Size Range .25 Acres or less
Others
Acceptable Financing Cash, Cash to New Loan
Space Rent $426,864
Listing Terms Cash, Cash to New Loan
Listed by Craig Stewart • Acre Investment Real Estate