2241-2247 Prospect St - Apartments FOR SALE


National City, CA 91950
$1,599,000 USD
619-565-5616
2241-2247 Prospect St, National City, CA for Sale
$1,599,000 USD
Apartments - FOR SALE
1/47
null | 4.34% Cap Rate

2241-2247 Prospect St
National City, CA 91950


HIGHLIGHTS

  • Separate Single Family Detached House for Owner Occupant Living
  • Tremendous Upside
  • Desirable Location

OVERVIEW

2241-2247 Prospect Street offers two distinct investment strategies in one asset. A value-add investor can pursue substantial rental upside across the property, while an owner-user can occupy the detached three-bedroom home and benefit from income generated by the four additional units. The physical separation of the detached residence from the income units is a meaningful differentiator for buyers who want the economics of multifamily ownership without living in a conventional apartment setting. The current rent roll is materially below the stated conservative pro forma. Excluding the owner-occupied unit, current collected rent totals approximately $8,300 per month. Stabilized pro forma rent across all five units is approximately $13,550 per month, creating approximately $5,250 per month / $63,000 per year of potential gross rental upside before considering vacancy, collection loss, turnover costs, repairs, capital expenditures or other operating expenses. Asset can be viewed with accepted offer.

FOR SALE DETAILS

PRICE

$1,599,000 USD

PRICE/SF

$317 USD /SF

# OF UNITS

5

PRICE/UNIT

$319,800

CAP RATE

4.34%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.5 AC

LAND SF

21,780 SF

ZONING

RS-2

APN/PARCEL ID

561-420-08

ASK ABOUT THIS PROPERTY

John RonisColdwell Banker CommercialMore Info
619-565-5616

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John RonisColdwell Banker CommercialMore Info
619-565-5616

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.