$13,550,000
141 Cherry Avenue, Carlsbad 92008
15,000
Lot Size
Listing Agent
Craig Stewart - Acre Investment Real EstateCherry Apartments is located in the desirable beach community of Carlsbad, California. This 17-unit apartment investment was built in 1959 and consists of 14 one-bedroom/one-bath units, 1 two-bedroom/one-bath house, and 2 non-conforming studios. These units are located on three adjoining parcels. The property amenities include off-street parking, lush tropical landscaping, small yards/patios in select units, balconies, and on-site laundry. 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 opportunities and steady cash flow 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/$400 per unit. * Remodel the units in rent some or all as short-term vacation rentals. * Scrape the existing structures and build 8 multi-million dollar townhomes * Leave as is and enjoy future appreciation due to the proximity to the beach.
Facts & Features
MLS® # | 230019590SD |
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Price | $13,550,000 |
Bathrooms | 0.00 |
Lot Size | 15,000 |
Type | Commercial Sale |
Sub-Type | Mixed Use |
Status | Active |
# Of Units | 17 |
Community Information
Address | 141 Cherry Avenue |
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Area | 92008 - Carlsbad |
City | Carlsbad |
County | San Diego |
Zip Code | 92008 |
Amenities
Parking Spaces | 20 |
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Is Waterfront | No |
Has Pool | No |
Interior
Heating | Wall Furnace |
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Has Basement | No |
Fireplace | No |
Exterior
Exterior | Frame, Plaster, Stucco |
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Roof | Composition, Tar/Gravel |
Construction | Frame, Plaster, Stucco |
Additional Information
Date Listed | October 4th, 2023 |
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Days on Market | 232 |
Zoning | R-3 |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Craig Stewart |
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Office | Acre Investment Real Estate |