141 Cherry, Carlsbad, CA 92008

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Kobe Zimmerman

kobezimmerman@bhhscal.com +1(858) 753-3353

$5,100,000

Est. payment - /mo

5,000 Sqft Lot

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UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID 230019662

Lot Size 5,000 Sqft

Property Sub-Type Apartment

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 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, Fully Landscaped, Wood Deck

Parking Features Carports

Roof Type Composition,Tar & Gravel

Total Parking Spaces 8

Building

Story 2

Lot Size Range .25 Acres or less

Others

Acceptable Financing Cash, Cash to New Loan

Space Rent $172,824

Listing Terms Cash, Cash to New Loan

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Listed by Craig Stewart • Acre Investment Real Estate

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141 Cherry Carlsbad, CA 92008