141-145-155 Cherry Avenue
- 3 Separate Parcels
- Ocean Views from Select Units
- Amazing Location - Less than 1/2 Block to the Beach
- Several Units Have Yards & Patios
- Perfect Candidate for Conversion to Vacation Rentals
- No Deferred Maintenance
- Under-Market Rents - Room for Revenue Growth
Property Description
ACRE Investment Real Estate Services is proud to present the Cherry Apartments located in the desirable beach community of Carlsbad, California. This 16-unit apartment investment was built in 1959 and consists of 13 one-bedroom, one-bathroom units, 1 two-bedroom, one-bath unit, 1 one-bedroom, one-bath non-conforming unit, and 1 non-conforming studio. 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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $12,000,000 |
| No. of Units: | 16 |
| Average Occupancy: | 2.09 |
| Year Built: | 1959 |
| Lot Size: | 0.04 Acres |
| Opportunity Zone: | No |
| Price per unit: | $750,000 |
| Property Website | Click Here |
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