1031 Imperial Beach Blvd., Imperial Beach, CA 91932
Commercial property
Sold June 2023
Listing Agent: Thomas McCartin (DRE #01427348) · Listing Office: Marcus & Millichap · Contact: 858-373-3100 · Bought with: Thomas McCartin · Marcus & Millichap · MLS #230003007SD · Source: CRMLS
About this commercial property
This is an amazing opportunity to own one of San Diego County’s largest coastal Apartment Buildings. The bonus is that this property is very well maintained by long term ownership & management but there is immediate upside in the Rental Income! Rents are 30% below market. 50% of the units have been upgraded along with a substantial amount of Capital Improvements to the Exteriors. Opportunity to raise rents and initiate a RUBS (Utility Reimbursement) program to increase NOI. Stabilized cap rate close to 5.5% cap. Seller may consider carrying a 1st or 2nd Note. Call agent for details.
Listing description from the June 2023 sale, as reported to CRMLS.
Sale history