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Key Details
Sold Price $2,180,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 6,062 sqft
Price per Sqft $359
MLS Listing ID CRPTP2405253
Sold Date 10/08/24
HOA Y/N No
Year Built 1970
Lot Size 7,000 Sqft
Acres 0.16
Property Description
Commercial Asset Advisors is pleased to present the opportunity to acquire an attractive investment opportunity for a value-add 9-unit multifamily asset in the desirable, centrally located Cherokee Point neighborhood. The asset consists of six 1 Bed / 1 Bath and three 2 Bed / 1 Bath units on a 7,000 sqft lot. All tenants possess notably below-market rents and are on a month-to-month basis. The asset possesses a forecasted 7.33% Proforma Cap Rate post full renovation with installation of in-unit laundry. The building contains a 50 sqft laundry room contiguous to a 150 sqft storage room containing an existing bathroom with plumbing, gas supply, and electricity. A savvy investor may seek to convert this 200 sqft of plumbed and powered non-living square footage into an additional studio unit as an ADU or expand on the existing contiguous 1 Bed / 1 Bath unit to create a 2 Bed / 2 Bath unit for increased rent potential. The property passed SB721 deck inspections in 2023
Location
State CA
County San Diego
Area Listing
Zoning Mult
Interior
Fireplace No
Laundry Other
Building
Sewer Public Sewer
New Construction No
Others
Tax ID 4473422900
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© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Bought with MaxwellBrown