7163-7169 Central Ave - Apartments FOR SALE


Lemon Grove, CA 91945
$1,750,000 USD
760-929-7846
7163-7169 Central Ave, Lemon Grove, CA for Sale
$1,750,000 USD
Apartments - FOR SALE
1/15
null | 4.83% Cap Rate

7163-7169 Central Ave
Lemon Grove, CA 91945


HIGHLIGHTS

  • 1980s construction on a large 19,979 SF lot
  • One 3-bedroom SFR plus six 2-bedroom units
  • Two 2-bedroom townhome-style units
  • Two 2-bedroom units with direct-access garages and washer/dryer hookups
  • 14 parking spaces with select private yards and balconies
  • More than $90,000 in completed capital improvements

OVERVIEW

Built in approximately 1988, the property consists of approximately 6,316 square feet on a large 19,979 square foot lot. The unit mix includes one 3-bedroom, 2.5-bath front house and six 2-bedroom units, including two townhomes. Two of the 2-bedroom units provide direct access to garages, and those garages include washer/dryer hookups. The property offers 14 parking spaces, select private yards and balconies, separate SDG&E meters, and more than $90,000 in completed capital improvements, including plumbing, roofing, decking, stairways, and HVAC work. Current scheduled income is approximately $146,064 annually, compared with estimated market income of approximately $199,200. This represents approximately $53,136 in potential annual gross-income upside through future rent increases and lease-up, subject to buyer verification and market conditions. At the asking price, the property reflects an estimated 4.83% current cap rate and 7.78% market cap rate, along with a 4.03% current return on cost and estimated 6.48% market return on cost. Located along Central Avenue, the property provides convenient access to State Routes 94 and 125, La Mesa, Spring Valley, Downtown San Diego, local shopping, restaurants, parks, and surrounding employment centers. All financial information, rents, expenses, square footage, parking, and property characteristics are estimates or information provided by ownership and should be independently verified by the buyer. Please do not enter or walk the property, or contact any tenants or property management, without the prior approval of the Listing Agent.

FOR SALE DETAILS

PRICE

$1,750,000 USD

PRICE/SF

$277 USD /SF

# OF UNITS

7

PRICE/UNIT

$250,000

CAP RATE

4.83%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

7 Units | Lemon Grove | 3-Bed SFR + 6 Two-Bed

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2000

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.46 AC

LAND SF

20,038 SF

ZONING

RM

APN/PARCEL ID

479-210-33

ASK ABOUT THIS PROPERTY

Eric von BluecherEric von BluecherMore Info
760-929-7846

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Eric von BluecherEric von BluecherMore Info
760-929-7846

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