The Carthage Apartments

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Address: 515 Greenbrier Dr, Oceanside, California, US
Created date: September 19, 2023
Date last updated: November 21, 2023
  • Goat Hill Golf Course adjacent property
  • Located only one block from shops & stores on Oceanside Blvd. & 1.6 miles to beach
  • Extremely desirable unit mix of eleven 1-bed /1-bath, eight 2-bed / 1-bath, & one 3-bed / 2.5 bath townhouse
  • Extremely well-maintained value-add opportunity with a 5.72% proforma cap rate
  • Twenty-one single garages, three off-Street parking spaces, onsite laundry, and a large storage room
  • Opportunity to convert garages into five ADUs

Property Description

We are pleased to to present The Carthage Apartments, a 20-unit multifamily property in Oceanside, CA. This property was built in 1969 and has been well-maintained and thoroughly upgraded. Nestled upon the Goat Hill Golf Course, this asset is conveniently located one block from restaurants and stores, 0.7 miles from I-5, and 1.6 miles to the beach. The building is 18,176 square feet situated on a large 22,215 square foot lot. The unit mix is extremely attractive, with eleven 1-bed / 1-bath, eight 2-bed / 1- bath, & one large 3-bed / 2.5-bath townhouse unit.

The neighborhood is experiencing major developments, including the Greenbrier Village (60-unit apartment building) & the Ocean Creek mixed-use development (295 apartments and 3,000 SF. of retail space). The Carthage Apartments has been renovated with granite countertops, vinyl plank floors, cabinets, and dual pane windows. There are twenty-one single-car garages and three off-street parking spaces. Tenants enjoy gated entry into a courtyard full of lush landscaping and gardens. This asset will allow savvy investors to add value by renovating units further, raising rents to market, potentially converting garages into ADUs, and holding an asset in one of the quickest appreciating and developing beach neighborhoods.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments | Garden Style
Price: $6,450,000
No. of Units: 20
Cap Rate: 3.72%
Year Built: 1969
Building Size: 18,176 Sq ft
Lot Size: 22,215.00 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $322,500
Address: 515 Greenbrier Dr, Oceanside, California, US

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