Listing ID: 220009464
Price: $6,700,000
Status: ACTIVE
Address: 3295-99 Imperial Avenue
City: San Diego
State: California
Postal Code: 92102
County: San Diego
San Diego
CA
92102
We are proud to present the Imperial Villas (the “Property”), an attractive, fully-rehabbed, turn-key rental community that presents real estate investors the opportunity to acquire a pride-of-ownership opportunity in San Diego’s central district of Logan Heights. The property is being offered free and clear of debt encumbrances. Imperial Villas consists of 20 apartment homes totaling 18,056 rentable square feet that are situated on a large 23,474 square foot lot, spread out into 2 separate residential buildings of two stories each. The Property’s well-designed floor plans include twelve (12) two-bedroom, one-bath units that are approximately 838 square feet each and eight (8) three-bedroom, two-bath units that are approximately 1,000 square feet each. The Property provides tenants with an array of amenities including -controlled access entry, modern laundry facilities, multiple open picnic areas, and secured covered off-street parking. Imperial Villas, were originally constructed in 1982 and are nestled in a beautiful, lushly landscaped garden setting. The property has undergone a major exterior and interior rehab, which was completed in 2013. Interior renovations include, but are not limited to: carpet and vinyl flooring, window coverings, doors, complete kitchen and bathroom upgrades including granite countertops, toilets, bathtubs with custom tile work, all new appliances, new custom cabinets, ceiling fans, lighting, paint, and baseboards.

Primary Features

County: San Diego
Property Type: Commercial-Residential Income
Zoning: Commercial

Interior

Number of Stories: 2
SqFt of Improvement: 18056
Stories: 2 Story
Unit Type: Apartment

External

Entry Only: No
Number of Buildings: 2
Number of Units: 20
Parking: Spaces
Parking Spaces Total: 32

Location

Country: United States
Market Area: Metro Central
Zip/Area: SAN DIEGO (92102)

Additional

Age: 40
Class: COMMERCIAL-RES INCOME
Have: Apt
Mandatory Remarks: None Known

Financial

Actual Gross Operating Income: 440277
Actual Gross Scheduled Income: 445320
Actual Operating Expense: 172525
Actual Other Income: 3864
Actual Vacancy & Credit Loss: 8906
Cap Rate Actual: 4
Cap Rate Projected: 5.43
Gross Multiplier: 15.05
Price/Unit: 335000
Projected Gross Multiplier: 12.24
Projected Gross Operating Income: 540120
Projected Gross Scheduled Income: 547200
Projected Net Income: 363602
Projected Operating Expense: 176518
Projected Other Income: 3864
Projected Vacancy & Credit Los: 10944
Sale/Rent: For Sale
Sales Restrictions: N/K
Short Sale: no

Zoning Info


Area Info


This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, noncommercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2022 San Diego MLS. Data updated on Thursday, June 30th, 2022 04:09:26 PM.
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Listing courtesy of Acre Investment Real Estate

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