$12,750,000
$13,500,000
5.6%For more information regarding the value of a property, please contact us for a free consultation.
1.54 Acres Lot
SOLD DATE : 05/15/2024
Key Details
Sold Price $12,750,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 240000587SD
Sold Date 05/15/24
HOA Y/N No
Lot Size 1.540 Acres
Property Description
The Sussex Gardens Apts is a true pride of ownership 53 unit community with significant value add potential via new more proactive Management. There are 36-1Bed units of various floorplans, 16-2Bed units with two separate floorplans and a detached 3Bed house on Ivy Lane (same parcel) totaling 53 current leased units. Current ownership has kept rents significantly under market while nearly half of the units have been remodeled in the last few years with new wood cabinets, flooring, quartz countertops, new vanities, paint, ceiling popcorn removal among other upgrades. Common area amenities include ample parking, a clubhouse, pool, 8-garages and a large laundry room with owned equipment that produces significant extra monthly income. Ownership is charging extra rent for select extra parking spaces and pet rent. ADU possibilities exist from the current clubhouse, a bonus storage unit on the front upper level of the property and 8 detached garages on the West side of the property.
Location
State CA
County San Diego
Area 91932 - Imperial Beach
Zoning Multi-Res
Interior
Heating Radiant
Fireplace No
Exterior
Roof Type Tar/Gravel
Total Parking Spaces 68
Others
Tax ID 6321223300
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan
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Bought with Chris Robinson • Mango Tree Real Estate Corp.
Real Estate Consultant | License ID: 01971542
+1(562) 595-3264 | karen@iwakoshirealtor.com