$ 5,100,000
141 Cherry Carlsbad, CA 92008
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$ 5,100,000
Est. payment | /mo
5,000 Sqft Lot
$ 5,100,000
Est. payment | /mo
5,000 Sqft Lot
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 230019662SD
HOA Y/N No
Lot Size 5,000 Sqft
Property Description
Cherry Apartments are located in the desirable beach community of Carlsbad, California. This 7 unit apartment investment was built in 1958 and consists of 6 one bedroom/one bath units, and 1 non-conforming studio unit. The property amenities include off -street parking, lush tropical landscaping, and small yards/patios in select units and balconies. 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 opportunity and steady cash fl ow 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/$400per unit. * Remodel the units in rent some or all as short-term vacation rentals. * Scrape the existing structures and build 4-8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to proximity to the beach.
Location
State CA
County San Diego
Area 92008 - Carlsbad
Zoning R-3
Interior
Heating Wall Furnace
Fireplace No
Exterior
Carport Spaces 7
Roof Type Composition,Tar/Gravel
Total Parking Spaces 8
Others
Tax ID 2042321500
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Listed by Craig Stewart • Acre Investment Real Estate
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
Scott Greenspan
Broker Owner